Filing Flows › Baldwin Insurance Group (BWIN) › Q1 2026 › vs Q1 2025
Baldwin Insurance Group (BWIN) Q1 2026 vs Q1 2025 (year over year)
Baldwin Insurance Group's revenue rose $119M (+29%) from $413M in Q1 2025 to $532M in Q1 2026. The biggest changes: Commission revenue(1) +$81.7M (+24%); Consulting and service fee revenue +$23.3M (+116%); Assumed premium earned +$9.9M (+229%).
Baldwin Insurance Group, Q1 2026: revenue $532M (+29% year over year), operating margin -19.0%, net loss $1.9M, operating cash flow −$6.1M. The chart draws each line against Q1 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Commission revenue(1) | $421M | $339M | $81.7M | +24% |
| Consulting and service fee revenue | $43.5M | $20.2M | $23.3M | +116% |
| Profit-sharing revenue | $26.1M | $24.3M | $1.8M | +7% |
| Policy fee and installment fee revenue | $20.7M | $18.0M | $2.8M | +15% |
| Assumed premium earned | $14.2M | $4.3M | $9.9M | +229% |
| Other income | $3.8M | $4.9M | −$1.1M | -22% |
| Other revenues | $3.4M | $2.9M | $500K | +17% |
| Revenue | $532M | $413M | $119M | +29% |
| Income tax benefit | $145M | $0 | $145M | — |
| Net loss | $1.9M | −$24.9M | $26.8M | — |
| Costs & expenses | $679M | $413M | $265M | +64% |
| Operating costs | $634M | $357M | $276M | +77% |
| Interest & other, net | $45.2M | $31.1M | $14.0M | +45% |
| Sales & marketing | $18.6M | $13.8M | $4.8M | +35% |
| Other operating costs | $615M | $344M | $271M | +79% |
| Operating cash sources | $76.0M | $104M | −$28.3M | -27% |
| Depreciation & amortization | $57.1M | $27.5M | $29.6M | +108% |
| Share-based compensation | $12.8M | $12.8M | $15K | +0.1% |
| Cash used in operations | $6.1M | $64.0M | −$57.9M | -91% |
| Net loss absorbed | $1.9M | −$24.9M | $26.8M | — |
| Working capital & other | $74.1M | $129M | −$55.1M | -43% |
Questions
How much did Baldwin Insurance Group's revenue grow year over year in Q1 2026?
Baldwin Insurance Group's revenue rose $119M (+29%) from $413M in Q1 2025 to $532M in Q1 2026.
What drove Baldwin Insurance Group's revenue change in Q1 2026?
Commission revenue(1) +$81.7M (+24%); Consulting and service fee revenue +$23.3M (+116%); Assumed premium earned +$9.9M (+229%).