Filing Flows

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.

Baldwin Insurance Group: what changed, Q2 2026 vs Q1 2026Baldwin Insurance Group: what changed, Q2 2026 vs Q1 2026Income tax$145MOther operating costs−$133MOperating costs−$132MCosts & expenses−$130MOperating cash sources$106MWorking capital & other$96.1MNet loss$54.1MNet loss absorbed$54.1MOperating cash flow$51.6MFree cash flow (OCF − capex)$49.1M

Margins

Q2 2026Q1 2026Change
Free cash flow margin6.2%-3.5%+9.7 pts

Every line

LineQ2 2026Q1 2026Change%
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$54.1M30×
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$54.1M30×
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%).

Q2 2026 results → · Compare in the interactive Sankey →