Filing Flows › Baldwin Insurance Group (BWIN) › Q2 2026 › vs Q1 2026
Baldwin Insurance Group (BWIN) Q2 2026 vs Q1 2026 (quarter over quarter)
Baldwin Insurance Group's revenue fell $39.3M (-7%) from $532M in Q1 2026 to $493M in Q2 2026. The biggest changes: Commissions revenue −$47.5M (-11%); Profit-sharing revenue +$3.4M (+13%); Consulting and service fee revenue +$1.4M (+3%).
Baldwin Insurance Group, Q2 2026: revenue $493M (+30% year over year), operating margin -1.7%, net loss $56.0M, operating cash flow $45.6M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Free cash flow margin | 6.2% | -3.5% | +9.7 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Commissions revenue | $373M | $421M | −$47.5M | -11% |
| Consulting and service fee revenue | $44.9M | $43.5M | $1.4M | +3% |
| Profit-sharing revenue | $29.5M | $26.1M | $3.4M | +13% |
| Policy fee and installment fee revenue | $21.2M | $20.7M | $459K | +2% |
| Assumed premium earned | $15.3M | $14.2M | $1.1M | +8% |
| Other income | $4.8M | $3.8M | $1.0M | +27% |
| Other revenues | $4.2M | $3.4M | $776K | +23% |
| Revenue | $493M | $532M | −$39.3M | -7% |
| Net loss | $56.0M | $1.9M | $54.1M | 30× |
| Costs & expenses | $549M | $679M | −$130M | -19% |
| Operating costs | $501M | $634M | −$132M | -21% |
| Interest & other, net | $47.6M | $45.2M | $2.4M | +5% |
| Income tax | $84K | −$145M | $145M | — |
| Sales & marketing | $19.6M | $18.6M | $1.0M | +6% |
| Other operating costs | $482M | $615M | −$133M | -22% |
| Operating cash sources | $102M | −$4.2M | $106M | — |
| Depreciation & amortization | $58.8M | $57.1M | $1.7M | +3% |
| Share-based compensation | $20.7M | $12.8M | $7.9M | +61% |
| Working capital & other | $22.0M | −$74.1M | $96.1M | — |
| Net loss absorbed | $56.0M | $1.9M | $54.1M | 30× |
| Operating cash flow | $45.6M | −$6.1M | $51.6M | — |
| Free cash flow (OCF − capex) | $30.4M | −$18.7M | $49.1M | — |
| Capital expenditures | $15.2M | $12.7M | $2.5M | +20% |
Questions
How much did Baldwin Insurance Group's revenue grow quarter over quarter in Q2 2026?
Baldwin Insurance Group's revenue fell $39.3M (-7%) from $532M in Q1 2026 to $493M in Q2 2026.
What drove Baldwin Insurance Group's revenue change in Q2 2026?
Commissions revenue −$47.5M (-11%); Profit-sharing revenue +$3.4M (+13%); Consulting and service fee revenue +$1.4M (+3%).