TWFG (TWFG) Cash Flow: Operating & Free Cash Flow

TWFG Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for TWFG, Inc. (TWFG) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022
Operating Activities
Net Income	41.17	28.59	25.26	23.35
Depreciation & Amortization	18.35	12.02	4.86	3.30
Stock Based Compensation	4.58	2.22	0.00	0.00
Change in Working Capital	-10.82	-3.40	-1.44	-4.24
Change in Accounts Receivable	-9.89	-9.78	-4.47	-8.39
Change in Accounts Payable	1.32	1.36	3.11	4.94
Change in Other Working Capital	1.34	5.02	-0.08	-0.79
Other Operating Activities	1.34	1.05	1.47	3.34
Net Cash from Operating Activities	53.50	40.48	30.15	25.76
Investing Activities
Capital Expenditures	-62.27	-3.20	-15.65	-12.28
Sales/Maturities of Investments	0.00	-21.85	0.00	0.00
Other Investing Activities	-10.00	-21.85	-14.40	-2.23
Net Cash from Investing Activities	-70.38	-25.06	-14.66	-14.50
Financing Activities
Debt Repayment	-1.91	-43.44	38.34	-2.56
Common Stock Issued	-0.45	193.55	0.00	0.00
Common Stock Repurchased	-3.15	0.00	0.00	0.00
Dividends Paid	-15.86	-9.31	-33.41	-20.56
Other Financing Activities	-2.77	2.62	-14.63	7.85
Net Cash from Financing Activities	-20.55	143.43	-9.70	-15.26
Summary
Net Change in Cash	-37.42	158.86	5.80	-4.01
Cash at Beginning of Period	205.32	46.47	40.66	44.68
Cash at End of Period	167.90	205.32	46.47	40.66
Free Cash Flow	-8.77	37.28	14.51	13.48
Supplemental Disclosures
Interest Paid	-	2.30	0.83	0.40

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About TWFG Cash Flow

What is TWFG's free cash flow?

TWFG had negative free cash flow of $8.77M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $53.50M minus $62.27M of capital expenditures.

How much does TWFG spend on capital expenditures?

TWFG spent $62.27M on capital expenditures in fiscal 2025, compared with $3.20M a year earlier. That equals 116.4% of operating cash flow.

Does TWFG pay dividends or buy back shares?

Yes. In fiscal 2025 TWFG returned $15.86M in dividends and $3.15M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition