Every 10-Q that The Baldwin Insurance Group, Inc. (BWIN) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow BWIN and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BWIN filings page.
The Baldwin Insurance Group, Inc. generated total revenues of $492.9 million in Q2 2026, up from $378.8 million a year earlier, and $1.03 billion for the first half of 2026. Growth reflects higher commissions, profit‑sharing, fees and assumed premiums, including contributions from recent acquisitions.
The company recorded a net loss attributable to Baldwin of $39.0 million for Q2 and $36.7 million for the first half, compared with prior‑year profits, as operating expenses reached $1.13 billion for the six‑month period and net interest expense was $84.6 million. Results also include $111.1 million of amortization, $14.3 million of increases in contingent earnout liabilities and $130.0 million of initial Tax Receivable Agreement expense, partially offset by a $144.4 million income tax benefit driven by a valuation allowance release.
Total assets increased to $6.17 billion at June 30, 2026, including $2.65 billion of goodwill and $1.45 billion of intangible assets, following three business combinations with total consideration of $1.56 billion. Long‑term debt rose to $2.15 billion and Revolving Facility borrowings to $302.0 million after adding $600.0 million of incremental term loans. Operating cash flow improved to $39.5 million for the first half, while cash and fiduciary cash together reached $610.7 million.
The Baldwin Insurance Group, Inc. reported strong top-line growth but a small net loss for the quarter ended March 31, 2026. Revenue rose to $532,235k from $413,405k a year earlier, driven mainly by higher commissions and fees across its Insurance Advisory, Underwriting & Capacity, and Mainstreet segments.
The company posted an operating loss of $101,266k and total other expense of $45,662k, largely from higher interest and acquisition-related amortization. A large income tax benefit of $144,521k, primarily from releasing a prior valuation allowance, reduced the net loss to $1,896k, with $2,341k of net income attributable to Baldwin shareholders.
Baldwin completed three sizeable acquisitions (CAC Group, Obie and Capstone) with total consideration of $1,564,486k, adding $1,134,619k of goodwill and $550,983k of intangible assets. To fund expansion, term loans increased to $1,600,000k and the revolving balance to $191,000k, while cash and cash equivalents rose to $146,409k and total assets to $5,942,628k.
The Baldwin Insurance Group, Inc. (Nasdaq: BWIN) filed its Q3 2025 10‑Q, showing higher sales but a wider loss. Total revenue was $365.4 million, up from $338.9 million a year ago, driven mainly by commissions and fees. Operating income fell to $3.2 million from $15.4 million as compensation, outside commissions, and amortization rose. After interest and refinancing costs, the company reported a net loss attributable to Baldwin of $18.7 million versus $8.4 million last year, or $0.27 per basic and diluted Class A share.
For the first nine months, revenue reached $1.16 billion and the net loss attributable to Baldwin was $8.0 million. Cash from operations was $(39.7) million, reflecting earnout and working capital movements, while financing inflows were $182.4 million amid debt activity. The balance sheet shows $3.79 billion in assets, with goodwill and intangibles increasing after acquisitions, and debt consisting of a $66.0 million revolver draw and $1.57 billion long‑term debt. During the quarter, Baldwin closed two deals—MultiStrat and Hippo’s homebuilder distribution network—with $129.1 million in total consideration; these contributed $12.2 million revenue and $2.7 million net income in Q3. Class A shares outstanding were 71.4 million and Class B were 47.2 million as of September 30, 2025.
The Baldwin Insurance Group (Nasdaq: BWIN) Q2-25 10-Q highlights:
- Revenue: $378.8 M, +11.5% YoY; 1H-25 revenue $792.2 M, +10.0% YoY.
- Profitability: Operating income rose 70% to $27.9 M (7.4% margin). Net loss attributable to Baldwin narrowed to $3.2 M (-$0.05 EPS) vs. -$17.6 M (-$0.28 EPS) in Q2-24. 1H-25 net income attributable to Baldwin improved to $10.8 M (+168%).
- Cost profile: Compensation & benefits +11% to $195.5 M; outside commissions +7% to $73.6 M; other opex +21% to $56.1 M. Interest expense remained high at $31.3 M for the quarter.
- Cash flow: 1H-25 operating cash outflow of $80.7 M (vs. +$21.3 M prior year) driven by $85.1 M excess earn-out payments and higher working capital.
- Balance sheet (6/30/25): Cash $105.7 M (+17% YTD); Total assets $3.74 B. Debt up to $1.61 B (incl. $112 M revolver draw) after $935.8 M term-loan refinancing; contingent earn-out liabilities cut to $16.7 M from $145.6 M current.
- Equity: Stockholders’ equity attributable to Baldwin grew to $630.8 M (+8% YTD); 71.3 M Class A shares outstanding.
- Strategic activity: Closed acquisition of Bermuda-based MultiStrat Group for $24.6 M (incl. $8.8 M earn-out & $0.9 M equity), adding reinsurance underwriting capability.
Overall, Q2 showed solid top-line growth and significant earnings improvement, but profitability remains constrained by high interest costs and negative operating cash flow.