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Baldwin Insurance Group cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$30.4M in Q2 2026 · $43.7M over twelve months

Operating cash flow$45.6M
Capital spending−$15.2M
Free cash flow+$30.4M

Analysis

In Q2 2026, Baldwin Insurance Group generated $45.6M of operating cash flow and spent $15.2M on capital projects, leaving free cash flow of $30.4M. That is $58.5M more than in Q2 2025 (−$28.1M).

Over the twelve months to Jun 30, 2026, operating cash flow was $90.8M; the largest uses were other financing ($1.0B), acquisitions ($521M), capital spending ($47.1M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.8B); the cash balance rose by $227M.

Operating cash flow was $45.6M against net income of −$56.0M. The largest differences: depreciation & amortization +$58.8M, stock-based pay +$20.7M, payables −$6.2M.

Free cash flow

Baldwin Insurance Group: free cash flow by quarterBaldwin Insurance Group: free cash flow by quarter$22.2MQ3 2024−$14.5MQ4 2024−$72.9MQ1 2025−$28.1MQ2 2025$32.2MQ3 2025−$84KQ4 2025−$18.7MQ1 2026$30.4MQ2 2026
Operating cash flow less capital spending.
Baldwin Insurance Group: operating cash flow against capital spendingBaldwin Insurance Group: operating cash flow against capital spendingOperating cash flowCapital spending$32.4M$10.2MQ3 2024−$2.3M$12.2MQ4 2024−$64.0M$8.9MQ1 2025−$16.7M$11.4MQ2 2025$41.0M$8.9MQ3 2025$10.3M$10.4MQ4 2025−$6.1M$12.7MQ1 2026$45.6M$15.2MQ2 2026
Latest (Q2 2026): Operating cash flow $45.6M, Capital spending $15.2M.

Capital allocation, year by year

Baldwin Insurance Group: where the cash came from (up) and went (down), by fiscal yearBaldwin Insurance Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $40.1MFY2021: Net borrowing $471MFY2021: Shares issued $269MFY2021: Capital spending −$5.3MFY2021: Acquisitions −$668M$780MFY2021FY2022: Operating cash flow −$2.5MFY2022: Net borrowing $461MFY2022: Capital spending −$22.0MFY2022: Acquisitions −$388M$461MFY2022FY2023: Operating cash flow $44.6MFY2023: Net borrowing −$3.4MFY2023: Asset sales $6.5MFY2023: Capital spending −$21.4M$51.2MFY2023FY2024: Operating cash flow $51.5MFY2024: Net borrowing $1.1BFY2024: Asset sales $57.0MFY2024: Capital spending −$41.0M$1.2BFY2024FY2025: Operating cash flow −$29.4MFY2025: Net borrowing $2.0BFY2025: Asset sales $1.9MFY2025: Capital spending −$39.5MFY2025: Acquisitions −$85.5M$2.0BFY2025
Over these 5 years operating cash flow totalled $104M; the largest uses were acquisitions ($1.1B) and capital spending ($129M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$184M
Debtnone
Net cash$184M
Due within a year$12.6M

Baldwin Insurance Group funds itself: free cash flow was $43.7M over the last twelve months, with $184M of cash and investments and no debt on the balance sheet ($12.6M due within a year, 14.7× covered by cash).

Baldwin Insurance Group: debt maturities by year (FY2025)Baldwin Insurance Group: debt maturities by year (FY2025)$12.6MYear 1$10.1MYear 2$10.1MYear 3$10.1MYear 4$10.1MYear 5$1.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $184M of cash and investments now.

Where the cash came from and went

Baldwin Insurance Group: sources (+) and uses (−) of cash, Q2 2026Baldwin Insurance Group: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)−$155MOther financing$112MNet borrowing (+) / repaid (−)$107MBuybacks−$79.9MOperating cash flow$45.6MOther investing−$19.4MCapital spending−$15.2MAcquisitions$4.9M
Baldwin Insurance Group: sources (+) and uses (−) of cash, TTM to Q2 2026Baldwin Insurance Group: sources (+) and uses (−) of cash, TTM to Q2 2026Net borrowing (+) / repaid (−)$1.8BOther financing−$1.0BAcquisitions−$521MCash drawn (+) / kept (−)−$227MOperating cash flow$90.8MCapital spending−$47.1MOther investing−$46.6M

From profit to cash

Baldwin Insurance Group: net income to operating cash flow, Q2 2026Baldwin Insurance Group: net income to operating cash flow, Q2 2026Net income−$56.0MDepreciation & amortization$58.8MStock-based pay$20.7MOther non-cash−$1.4MPayables−$6.2MPrepaid and other assets−$239KOperating cash flow$45.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$45.6M−$15.2M$4.9M−$79.9M$107M−$155M$30.4M
Q1 2026−$6.1M−$12.7M−$452M−$47.0M$677M−$109M−$18.7M
Q4 2025$10.3M−$10.4M——$41.0M−$21.0M−$84K
Q3 2025$41.0M−$8.9M−$73.8M—$958M$57.8M$32.2M
Q2 2025−$16.7M−$11.4M−$11.7M—$110M−$84.6M−$28.1M
Q1 2025−$64.0M−$8.9M——$933M$13.7M−$72.9M
Q4 2024−$2.3M−$12.2M——−$2.1M$31.9M−$14.5M
Q3 2024$32.4M−$10.2M——−$2.1M$15.5M$22.2M

Baldwin Insurance Group: income statement and cash flow

Baldwin Insurance Group, Q2 2026: revenue $493M (+30% year over year), operating margin -1.7%. The chart follows the revenue to costs, profit and cash.

Baldwin Insurance Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.