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Baldwin Insurance Group (BWIN) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Jul 30, 2026 · Baldwin Insurance Group (BWIN) Q2 2026 earnings results →
Q2 2026 Revenue up 30% year over year to $493M · 11¢ of every $1 of revenue lost · operating margin -1.7%
Baldwin Insurance Group made $493M in Q2 2026 (+30% Y/Y): Commissions revenue $373M, Consulting and service fee revenue $44.9M, Profit-sharing revenue $29.5M. Operating margin -1.7%, net loss $56.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Jul 30, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $492.9M in Q2 2026, up 30% year over year and down 7% from the previous quarter. Commissions revenue was the largest line at 76% of revenue. Commissions revenue added $73.8M year over year (up 25%), 65% of the total change.
Operating costs exceeded revenue by $8.3M, an operating margin of -1.7%. Total costs grew 43% against revenue growth of 30%. The fastest-growing cost line was Other operating costs (+43%). The quarter ended with a net loss of $56.0M, wider than the previous quarter's $1.9M loss. Minority interests bore $17.0M of it: to shareholders the quarter was a loss of $39.0M. Net interest and other expense of $47.6M was the main reason.
Operating cash flow was $45.6M. Non-cash charges added back $58.8M of depreciation and amortization and $20.7M of share-based compensation. Working capital and other items added $22.0M. Capital expenditures of $15.2M left free cash flow of $30.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Jul 30, 2026 | $493M | +30% | -1.7% | −$56.0M | $45.6M |
| Q1 2026 | 10-Q | May 4, 2026 | $532M | +29% | -19.0% | −$1.9M | −$6.1M |
| Q4 2025 | 10-K | Feb 26, 2026 | $347M | +5% | -3.8% | −$43.7M | $10.3M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $365M | +8% | 0.9% | −$30.2M | $41.0M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $379M | +12% | 7.4% | −$5.1M | −$16.7M |
| Q1 2025 | 10-Q | May 6, 2025 | $413M | +9% | 13.6% | $13.9M | −$64.0M |
| Q4 2024 | 10-K | Feb 25, 2025 | $330M | +16% | -1.7% | −$34.8M | $16.4M |
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About Baldwin Insurance Group
The Baldwin Insurance Group, Inc. is a holding company and sole managing member of The Baldwin Insurance Group Holdings, LLC (“Baldwin Holdings”) and its sole material asset is its ownership interest in Baldwin Holdings, through which all of our business is conducted. In this Annual Report on Form 10-K, unless the context otherwise requires, the words “Baldwin,” the “Company,” “we,” “us” and “our” refer to The Baldwin Insurance Group, Inc., together with its consolidated subsidiaries, including Baldwin Holdings and its consolidated subsidiaries and affiliates.
In its own words, from its 10-K, filed Feb 26, 2026.
Baldwin Insurance Group against its Insurance Agents, Brokers & Service peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +30% against the peers' median +8%. Operating margin: -1.7% against the peers' median 17.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| BWIN Baldwin Insurance Group | Q2 2026 | $493M | +30% | -1.7% |
| MRSH Marsh & McLennan Companies | Q3 2026 | $6.9B | +8% | 17.7% |
| AON Aon | Q3 2026 | $4.1B | +3% | 19.7% |
| AJG Arthur J. Gallagher | Q3 2026 | $4.0B | +18% | 13.0% |
| EQH Equitable Holdings | Q3 2026 | $3.9B | +168% | 35.8% |
| WTW Willis Towers Watson | Q3 2026 | $2.5B | +8% | 17.4% |
| BRO Brown & Brown | Q3 FY27 | $1.7B | +7% | 18.6% |
| ERIE Erie Indemnity | Q3 2026 | $1.1B | +0.3% | 19.4% |
| RYAN Ryan Specialty Holdings | Q3 2026 | $790M | +5% | 17.8% |
Source: Baldwin Insurance Group 10-Q on SEC EDGAR · CIK 1781755 · Insurance Agents, Brokers & Service
13F: who owns BWIN and who is buying
More on BWIN
- How Baldwin Insurance Group makes money: revenue by segment
- Baldwin Insurance Group next earnings date and what analysts expect
- Baldwin Insurance Group stock forecast, price target and fair value
- Who owns Baldwin Insurance Group stock: holders, funds and Congress trades
- Is Baldwin Insurance Group a takeover target? LBO and rumors
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results
- Baldwin Insurance Group free cash flow by quarter
- Baldwin Insurance Group capital expenditures by quarter
- Baldwin Insurance Group Commissions revenue revenue by quarter
- Baldwin Insurance Group Consulting and service fee revenue revenue by quarter
- Baldwin Insurance Group Profit-sharing revenue revenue by quarter