Filing Flows › Baldwin Insurance Group (BWIN) › Q1 2025
Baldwin Insurance Group (BWIN) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 6, 2025
Baldwin Insurance Group (BWIN) reported revenue of $413M for the first quarter 2025 (Q1 2025), +9% from a year earlier and +25% from the quarter before. Operating margin was 13.6%, net earnings $13.9M (3.4% of revenue).
Baldwin Insurance Group, Q1 2025: revenue $413M (+9% year over year), operating margin 13.6%, net earnings $13.9M, operating cash flow −$64.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $413M | +25% | +9% |
| Operating profit | $56.0M | — | +64% |
| Net earnings | $13.9M | — | -35% |
| Operating cash flow | −$64.0M | -489% | — |
What changed
Revenue was $413.4M in Q1 2025, up 9% year over year and up 25% from the previous quarter. Commission Revenue was the largest line at 82% of revenue. Commission Revenue added $16.5M year over year (up 5%), 50% of the total change.
Operating profit was $56.0M, a 13.6% margin (up 4.5 points year over year). Of the extra revenue versus a year earlier, 66% reached operating profit, above the 9% margin then. Total costs grew 3% against revenue growth of 9%. The fastest-growing cost line was Sales & marketing (+25%). Net earnings were $13.9M, down 35% year over year. The effective tax rate was 0.0%.
Operating cash flow was −$64.0M. Non-cash charges added back $27.5M of depreciation and amortization and $12.8M of share-based compensation. Working capital and other items used $129.1M. Capital expenditures of $8.9M exceeded it, leaving free cash flow of −$72.9M.
Questions
What was Baldwin Insurance Group's revenue in the first quarter 2025?
Baldwin Insurance Group (BWIN) reported revenue of $413M for the first quarter 2025 (Q1 2025), +9% from a year earlier and +25% from the quarter before.
Was Baldwin Insurance Group profitable in the first quarter 2025?
Operating profit was $56.0M (13.6% of revenue) and net earnings $13.9M.