Filing Flows › Baldwin Insurance Group (BWIN) › Q1 2026 › vs Q4 2025
Baldwin Insurance Group (BWIN) Q1 2026 vs Q4 2025 (quarter over quarter)
Baldwin Insurance Group's revenue rose $185M (+53%) from $347M in Q4 2025 to $532M in Q1 2026. The biggest changes: Commission revenue(1) +$150M (+55%); Consulting and service fee revenue +$22.6M (+108%); Assumed premium earned +$7.3M (+106%).
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 Q4 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Commission revenue(1) | $421M | $271M | $150M | +55% |
| Consulting and service fee revenue | $43.5M | $20.9M | $22.6M | +108% |
| Profit-sharing revenue | $26.1M | $21.1M | $5.0M | +24% |
| Policy fee and installment fee revenue | $20.7M | $20.4M | $363K | +2% |
| Assumed premium earned | $14.2M | $6.9M | $7.3M | +106% |
| Other income | $3.8M | $4.4M | −$592K | -14% |
| Other revenues | $3.4M | $2.7M | $678K | +25% |
| Revenue | $532M | $347M | $185M | +53% |
| Income tax benefit | $145M | −$1.0M | $146M | — |
| Net loss | $1.9M | $43.7M | −$41.8M | -96% |
| Costs & expenses | $679M | $391M | $288M | +74% |
| Operating costs | $634M | $361M | $273M | +76% |
| Interest & other, net | $45.2M | $29.4M | $15.8M | +54% |
| Sales & marketing | $18.6M | $13.8M | $4.9M | +35% |
| Other operating costs | $615M | $347M | $268M | +77% |
| Operating cash sources | $76.0M | $49.7M | $26.2M | +53% |
| Depreciation & amortization | $57.1M | $40.7M | $16.4M | +40% |
| Share-based compensation | $12.8M | $19.3M | −$6.5M | -34% |
| Cash used in operations | $6.1M | −$10.3M | $16.3M | — |
| Net loss absorbed | $1.9M | $43.7M | −$41.8M | -96% |
| Working capital & other | $74.1M | $6.1M | $68.0M | 12× |
Questions
How much did Baldwin Insurance Group's revenue grow quarter over quarter in Q1 2026?
Baldwin Insurance Group's revenue rose $185M (+53%) from $347M in Q4 2025 to $532M in Q1 2026.
What drove Baldwin Insurance Group's revenue change in Q1 2026?
Commission revenue(1) +$150M (+55%); Consulting and service fee revenue +$22.6M (+108%); Assumed premium earned +$7.3M (+106%).