The Baldwin Insurance Group, Inc. (BWIN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BWIN SEC filings page.
The Baldwin Insurance Group, Inc. (BWIN) reported $1.7B in revenue over the twelve months to Jun 30, 2026, up 18.9% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue expansion has finally produced operating profit, but interest costs and renewed cash outflows keep reported earnings negative.
Operating profitability became positive in FY2024 and FY2025, yet net income remained negative in both years, showing financing costs still sit between operating success and shareholder earnings. The reversal in operating cash flow from positive in FY2024 to negative in FY2025 adds a second gap: new operating profit has not yet translated consistently into cash.
Revenue increased from
The debt-to-equity ratio rose from 3.7x in FY2021 to 4.6x in FY2025, so growth has come with a more leveraged capital structure. FY2025 operating cash flow was
Financial Health Signals
The Baldwin Insurance Group, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
The Baldwin Insurance Group, Inc. passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
The Baldwin Insurance Group, Inc. reported a net loss of $54.2M while operations used $29.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
The Baldwin Insurance Group, Inc. earns $0.61 in operating income for every $1 of interest expense ($73.9M vs $121.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
The Baldwin Insurance Group, Inc. generated $492.9M in revenue in Q2 2026. This represents an increase of 30.1% from the same quarter a year earlier. Against the prior quarter it is down 7.4%.
The Baldwin Insurance Group, Inc.'s EBITDA was $50.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 9.2% from the same quarter a year earlier. Against the prior quarter it is up 214.2%.
The Baldwin Insurance Group, Inc. reported -$39.0M in net income in Q2 2026. This represents a decrease of 1132.5% from the same quarter a year earlier. Against the prior quarter it is down 1765.7%.
The Baldwin Insurance Group, Inc. earned -$0.42 per diluted share (EPS) in Q2 2026. This represents a decrease of 740.0% from the same quarter a year earlier. Against the prior quarter it is down 2200.0%.
Cash & Balance Sheet
The Baldwin Insurance Group, Inc. generated $30.4M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 208.1% from the same quarter a year earlier. Against the prior quarter it is up 262.1%.
The Baldwin Insurance Group, Inc. held $184.5M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
The Baldwin Insurance Group, Inc.'s operating margin was -1.7% in Q2 2026, reflecting core business profitability. This is down 9.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 17.3 percentage points.
The Baldwin Insurance Group, Inc.'s net profit margin was -7.9% in Q2 2026, showing the share of revenue converted to profit. This is down 7.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 8.3 percentage points.
The Baldwin Insurance Group, Inc.'s ROE was -4.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 3.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.7 percentage points.
Not reported for Q2 2026.
Capital Allocation
The Baldwin Insurance Group, Inc. spent $79.9M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is up 70.1%.
The Baldwin Insurance Group, Inc. invested $15.2M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 33.5% from the same quarter a year earlier. Against the prior quarter it is up 19.9%.
Not reported for Q2 2026.
BWIN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $492.9M+30.1% | $532.2M+28.7% | $347.3M+5.3% | $365.4M+7.8% | $378.8M+11.5% | $413.4M+8.7% | $329.9M+15.9% | $338.9M+10.7% |
| SG&A Expenses | $264.3M+35.2% | $283.6M+43.2% | $191.0M-10.3% | $193.0M+11.8% | $195.5M+11.3% | $198.0M-1.5% | $212.9M+814.5% | $172.6M-21.7% |
| Operating Income | -$8.3M-129.9% | -$101.3M-280.8% | -$13.2M-141.8% | $3.2M-79.1% | $27.9M+69.8% | $56.0M+63.5% | -$5.5M+81.6% | $15.4M+17814.0% |
| EBITDA | $50.5M-9.2% | -$44.2M-152.9% | $27.4M+21.9% | $35.3M-19.6% | $55.6M+28.1% | $83.5M+39.6% | $22.5M+543.0% | $43.9M+77.4% |
| Interest Expense | -$45.7M-45.8% | -$38.9M-29.8% | -$29.0M+1.5% | -$31.1M+0.6% | -$31.3M0.0% | -$30.0M+5.0% | -$29.4M+7.6% | -$31.3M-2.4% |
| Income Tax | $84K-87.7% | -$144.5M | $1.0M+348.6% | $0 | $685K-53.8% | $0-100.0% | -$420K-210.2% | $0-100.0% |
| Net Income | -$39.0M-1132.5% | $2.3M-83.2% | -$46.2M-25.8% | -$18.7M-123.6% | -$3.2M+82.0% | $13.9M-35.4% | -$36.7M+66.1% | -$8.4M+52.5% |
| EPS (Basic) | -$0.42-740.0% | $0.02-90.5% | -$0.38-18.8% | -$0.27-107.7% | -$0.05+82.1% | $0.21-40.0% | -$0.32+43.9% | -$0.13+55.2% |
| EPS (Diluted) | -$0.42-740.0% | $0.02 | -$0.38-18.8% | -$0.27-107.7% | -$0.05+82.1% | $0.20-39.4% | -$0.32 | -$0.13+55.2% |
| Diluted Shares (Avg) | 93M+36.4% | 97M | N/A | 69M+7.2% | 68M+7.7% | 69M+6.1% | N/A | 64M+5.7% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
BWIN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.2B+65.1% | $5.9B+67.5% | $3.9B+9.3% | $3.8B+7.2% | $3.7B+1.6% | $3.5B+1.1% | $3.5B+0.9% | $3.5B+3.4% |
| Current Assets | $1.8B+48.9% | $1.6B+51.0% | $1.2B+16.9% | $1.1B+9.1% | $1.2B+9.0% | $1.1B+11.0% | $1.0B+10.9% | $1.0B+26.4% |
| Cash & Equivalents | $184.5M+74.6% | $146.4M+79.0% | $123.7M+37.3% | $89.7M-50.6% | $105.7M-49.3% | $81.8M-27.1% | $90.0M-22.5% | $181.8M+130.2% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $2.7B+86.7% | $2.7B+87.8% | $1.5B+7.4% | $1.5B+7.4% | $1.4B+0.6% | $1.4B0.0% | $1.4B0.0% | $1.4B-0.7% |
| Total Liabilities | $4.8B+76.8% | $4.4B+75.6% | $2.8B+10.0% | $2.7B+6.5% | $2.7B+2.0% | $2.5B+2.5% | $2.5B+1.7% | $2.5B+6.5% |
| Current Liabilities | $1.7B+70.8% | $1.5B+58.0% | $1.0B-2.2% | $959.7M-7.0% | $1.0B-12.9% | $933.4M-11.4% | $1.1B+2.2% | $1.0B+29.2% |
| Non-Current Liabilities | $3.0B+80.4% | $2.9B+86.1% | $1.7B+18.8% | $1.7B+16.0% | $1.7B+13.5% | $1.6B+13.1% | $1.5B+1.4% | $1.5B-5.2% |
| Total Equity | $884.4M+40.2% | $963.9M+55.6% | $600.2M+2.9% | $619.7M+4.1% | $630.8M+6.8% | $619.6M+3.6% | $583.2M+4.1% | $595.4M+0.8% |
| Retained Earnings | -$368.5M-83.6% | -$274.9M-39.2% | -$245.2M-16.0% | -$219.4M-14.7% | -$200.6M-9.7% | -$197.5M-19.5% | -$211.4M-13.1% | -$191.3M-25.5% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Long-Term Debt.
BWIN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $45.6M+372.5% | -$6.1M+90.5% | $10.3M+546.3% | $41.0M+26.6% | -$16.7M-191.2% | -$64.0M-2227.8% | -$2.3M+89.9% | $32.4M+356.6% |
| Depreciation & Amortization | $58.8M+112.6% | $57.1M+107.8% | $40.7M+45.4% | $32.0M+12.6% | $27.7M+2.6% | $27.5M+7.5% | $28.0M+13.5% | $28.5M+15.5% |
| Stock-Based Compensation | $20.7M+21.8% | $12.8M+0.1% | N/A | $22.0M+22.9% | $17.0M+15.6% | $12.8M-9.2% | N/A | $17.9M+22.6% |
| Capital Expenditures | $15.2M+33.5% | $12.7M+41.8% | $10.4M-14.8% | $8.9M-13.0% | $11.4M+7.8% | $8.9M+9.7% | $12.2M+68.3% | $10.2M+84.2% |
| Free Cash Flow | $30.4M+208.1% | -$18.7M+74.3% | -$84K+99.4% | $32.2M+44.7% | -$28.1M-461.1% | -$72.9M-1318.9% | -$14.5M+51.8% | $22.2M+222.3% |
| Investing Cash Flow | -$29.7M+21.1% | -$491.2M-5603.7% | -$10.7M+13.1% | -$83.4M-734.3% | -$37.6M-317.1% | -$8.6M-119.3% | -$12.3M-147.5% | -$10.0M-57.3% |
| Financing Cash Flow | $138.7M-0.2% | $606.5M+929.9% | $21.4M+223.3% | -$15.4M+59.3% | $139.0M+19.2% | $58.9M+246.2% | -$17.3M-128.8% | -$37.9M-7974.2% |
| Share Buybacks | $79.9M | $47.0M | N/A | N/A | $0 | $0 | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
BWIN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -1.7%-9.1pp | -19.0%-32.6pp | -3.8%-2.2pp | 0.9%-3.7pp | 7.4%+2.5pp | 13.6%+4.5pp | -1.7%+8.8pp | 4.5%+4.5pp |
| Net Margin | -7.9%-7.1pp | 0.4%-2.9pp | -13.3%-2.2pp | -5.1%-2.7pp | -0.8%+4.3pp | 3.4%-2.3pp | -11.1%+26.9pp | -2.5%+3.3pp |
| Return on Equity | -4.4%-3.9pp | 0.2%-2.0pp | -7.7%-1.4pp | -3.0%-1.6pp | -0.5%+2.5pp | 2.3%-1.4pp | -6.3%+13.0pp | -1.4%+1.6pp |
| Return on Assets | -0.6%-0.5pp | 0.0%-0.3pp | -1.2%-0.2pp | -0.5%-0.3pp | -0.1%+0.4pp | 0.4%-0.2pp | -1.0%+2.1pp | -0.2%+0.3pp |
| Current Ratio | 1.07-0.2x | 1.080.0x | 1.16+0.2x | 1.15+0.2x | 1.23+0.2x | 1.13+0.2x | 0.97+0.1x | 0.980.0x |
| Debt-to-Equity | 5.37+1.1x | 4.56+0.5x | 4.63+0.3x | 4.30+0.1x | 4.26-0.2x | 4.040.0x | 4.33-0.1x | 4.20+0.2x |
| Asset Turnover | 0.080.0x | 0.090.0x | 0.090.0x | 0.100.0x | 0.100.0x | 0.120.0x | 0.090.0x | 0.100.0x |
| FCF Margin | 6.2%+13.6pp | -3.5%+14.1pp | 0.0%+4.4pp | 8.8%+2.2pp | -7.4%-9.7pp | -17.6%-16.3pp | -4.4%+6.2pp | 6.6%+12.5pp |
Not reported in any period shown, so not listed: Gross Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| The Baldwin Insurance Group, Inc. BWIN | FY2025 | $1.5B | -$54.2M | -3.6% | $4.5B | — |
| Goosehead Insurance, Inc. GSHD | FY2025 | $365.3M | $27.8M | 7.6% | $1.1B | 8/100 |
| Corvel Corp CRVL | FY2026 | $958.5M | $110.3M | 11.5% | $3.9B | 30/100 |
| SelectQuote, Inc. SLQT | FY2026 | $1.6B | $62.2M | 3.8% | $66.3M | 13/100 |
| TWFG, Inc. TWFG | FY2025 | $248.5M | $41.2M | 16.6% | $328.7M | 10/100 |
| Arthur J. Gallagher & Co. AJG | FY2025 | $13.9B | $1.5B | 10.7% | $60.0B | 27/100 |
Where The Baldwin Insurance Group, Inc. Ranks
Frequently Asked Questions
What is The Baldwin Insurance Group, Inc.'s annual revenue?
The Baldwin Insurance Group, Inc. (BWIN) reported $1.5B in total revenue for fiscal year 2025. This represents a 8.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is The Baldwin Insurance Group, Inc.'s revenue growing?
The Baldwin Insurance Group, Inc. (BWIN) revenue grew by 8.3% year-over-year, from $1.4B to $1.5B in fiscal year 2025.
Is The Baldwin Insurance Group, Inc. profitable?
No, The Baldwin Insurance Group, Inc. (BWIN) reported a net income of -$54.2M in fiscal year 2025, with a net profit margin of -3.6%.
What is The Baldwin Insurance Group, Inc.'s EBITDA?
The Baldwin Insurance Group, Inc. (BWIN) had EBITDA of $201.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is The Baldwin Insurance Group, Inc.'s operating margin?
The Baldwin Insurance Group, Inc. (BWIN) had an operating margin of 4.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is The Baldwin Insurance Group, Inc.'s net profit margin?
The Baldwin Insurance Group, Inc. (BWIN) had a net profit margin of -3.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is The Baldwin Insurance Group, Inc.'s return on equity (ROE)?
The Baldwin Insurance Group, Inc. (BWIN) has a return on equity of -9.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is The Baldwin Insurance Group, Inc.'s free cash flow?
The Baldwin Insurance Group, Inc. (BWIN) recorded an outflow of $68.9M in free cash flow during fiscal year 2025. This represents a -762.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is The Baldwin Insurance Group, Inc.'s operating cash flow?
The Baldwin Insurance Group, Inc. (BWIN) recorded an outflow of $29.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are The Baldwin Insurance Group, Inc.'s total assets?
The Baldwin Insurance Group, Inc. (BWIN) had $3.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are The Baldwin Insurance Group, Inc.'s capital expenditures?
The Baldwin Insurance Group, Inc. (BWIN) invested $39.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is The Baldwin Insurance Group, Inc.'s current ratio?
The Baldwin Insurance Group, Inc. (BWIN) had a current ratio of 1.16 as of fiscal year 2025, which is considered adequate.
What is The Baldwin Insurance Group, Inc.'s debt-to-equity ratio?
The Baldwin Insurance Group, Inc. (BWIN) had a debt-to-equity ratio of 4.63 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is The Baldwin Insurance Group, Inc.'s return on assets (ROA)?
The Baldwin Insurance Group, Inc. (BWIN) had a return on assets of -1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is The Baldwin Insurance Group, Inc.'s P/E ratio?
The Baldwin Insurance Group, Inc. (BWIN) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $4.5B as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is The Baldwin Insurance Group, Inc.'s price-to-sales ratio?
The Baldwin Insurance Group, Inc. (BWIN) trades at 2.6x sales, its market capitalization divided by revenue of $1.7B revenue, trailing 12 months to June 30, 2026. The market capitalization is $4.5B as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is The Baldwin Insurance Group, Inc.'s Piotroski F-Score?
The Baldwin Insurance Group, Inc. (BWIN) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are The Baldwin Insurance Group, Inc.'s earnings high quality?
The Baldwin Insurance Group, Inc. (BWIN) reported a net loss of $54.2M while operations used $29.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can The Baldwin Insurance Group, Inc. cover its interest payments?
The Baldwin Insurance Group, Inc. (BWIN) has an interest coverage ratio of 0.61x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.