Filing Flows › Baldwin Insurance Group (BWIN) › Q1 2026
Baldwin Insurance Group (BWIN) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 4, 2026
Baldwin Insurance Group (BWIN) reported revenue of $532M for the first quarter 2026 (Q1 2026), +29% from a year earlier and +53% from the quarter before. Operating margin was -19.0%, net loss $1.9M (0.4% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $532M | +53% | +29% |
| Operating profit | −$101M | — | -281% |
| Net earnings | −$1.9M | — | -114% |
| Operating cash flow | −$6.1M | -159% | — |
What changed
Revenue was $532.2M in Q1 2026, up 29% year over year and up 53% from the previous quarter. Commission revenue(1) was the largest line at 79% of revenue. Commission revenue(1) added $81.7M year over year (up 24%), 69% of the total change. Other income declined 22%.
Operating costs exceeded revenue by $101.3M, an operating margin of -19.0%. Total costs grew 77% against revenue growth of 29%. The fastest-growing cost line was Other operating costs (+79%). The quarter ended with a net loss of $1.9M, narrower than the previous quarter's $43.7M loss. Minority interests bore $4.2M of it: to shareholders the quarter was a profit of $2.3M. Net interest and other expense of $45.2M was the main reason.
Operating cash flow was −$6.1M. Non-cash charges added back $57.1M of depreciation and amortization and $12.8M of share-based compensation. Working capital and other items used $74.1M. Capital expenditures of $12.7M exceeded it, leaving free cash flow of −$18.7M.
Questions
What was Baldwin Insurance Group's revenue in the first quarter 2026?
Baldwin Insurance Group (BWIN) reported revenue of $532M for the first quarter 2026 (Q1 2026), +29% from a year earlier and +53% from the quarter before.
Was Baldwin Insurance Group profitable in the first quarter 2026?
Operating loss was $101M (-19.0% of revenue) and net loss $1.9M.