Filing Flows › Baldwin Insurance Group (BWIN) › Q2 2025
Baldwin Insurance Group (BWIN) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Baldwin Insurance Group (BWIN) reported revenue of $379M for the second quarter 2025 (Q2 2025), +11% from a year earlier and -8% from the quarter before. Operating margin was 7.4%, net loss $5.1M (1.4% of revenue).
Baldwin Insurance Group, Q2 2025: revenue $379M (+12% year over year), operating margin 7.4%, net loss $5.1M, operating cash flow −$16.7M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $379M | -8% | +11% |
| Operating profit | $27.9M | -50% | — |
| Net earnings | −$5.1M | -137% | — |
| Operating cash flow | −$16.7M | — | — |
What changed
Revenue was $378.8M in Q2 2025, up 11% year over year and down 8% from the previous quarter. Commission Revenue was the largest line at 79% of revenue. Commission Revenue added $18.8M year over year (up 7%), 48% of the total change. Profit Sharing Revenue declined 10%.
Operating profit was $27.9M, a 7.4% margin (up 2.5 points year over year). Of the extra revenue versus a year earlier, 29% reached operating profit, above the 5% margin then. Total costs grew 9% against revenue growth of 11%. The fastest-growing cost line was Sales & marketing (+12%). The quarter ended with a net loss of $5.1M, after a profit of $24.9M the previous quarter. Minority interests bore $2.0M of it: to shareholders the quarter was a loss of $3.2M. Net interest and other expense of $32.4M was the main reason.
Operating cash flow was −$16.7M. Non-cash charges added back $27.7M of depreciation and amortization and $17.0M of share-based compensation. Working capital and other items used $56.2M. Capital expenditures of $11.4M exceeded it, leaving free cash flow of −$28.1M.
Questions
What was Baldwin Insurance Group's revenue in the second quarter 2025?
Baldwin Insurance Group (BWIN) reported revenue of $379M for the second quarter 2025 (Q2 2025), +11% from a year earlier and -8% from the quarter before.
Was Baldwin Insurance Group profitable in the second quarter 2025?
Operating profit was $27.9M (7.4% of revenue) and net loss $5.1M.