Filing Flows › Baldwin Insurance Group (BWIN) › Q2 2026 › vs Q2 2025
Baldwin Insurance Group (BWIN) Q2 2026 vs Q2 2025 (year over year)
Baldwin Insurance Group's revenue rose $114M (+30%) from $379M in Q2 2025 to $493M in Q2 2026. The biggest changes: Commissions revenue +$73.8M (+25%); Consulting and service fee revenue +$17.5M (+64%); Assumed premium earned +$9.8M (+179%).
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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 6.2% | -7.4% | +13.6 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Commissions revenue | $373M | $299M | $73.8M | +25% |
| Consulting and service fee revenue | $44.9M | $27.4M | $17.5M | +64% |
| Profit-sharing revenue | $29.5M | $20.0M | $9.6M | +48% |
| Policy fee and installment fee revenue | $21.2M | $19.7M | $1.5M | +8% |
| Assumed premium earned | $15.3M | $5.5M | $9.8M | +179% |
| Other income | $4.8M | $4.5M | $303K | +7% |
| Other revenues | $4.2M | $2.6M | $1.6M | +62% |
| Revenue | $493M | $379M | $114M | +30% |
| Net loss | $56.0M | $5.1M | $50.8M | +989% |
| Costs & expenses | $549M | $384M | $165M | +43% |
| Operating costs | $501M | $351M | $150M | +43% |
| Interest & other, net | $47.6M | $32.4M | $15.2M | +47% |
| Income tax | $84K | $685K | −$601K | -88% |
| Sales & marketing | $19.6M | $14.0M | $5.6M | +40% |
| Other operating costs | $482M | $337M | $145M | +43% |
| Operating cash sources | $102M | −$11.6M | $113M | — |
| Depreciation & amortization | $58.8M | $27.7M | $31.1M | +113% |
| Share-based compensation | $20.7M | $17.0M | $3.7M | +22% |
| Working capital & other | $22.0M | −$56.2M | $78.2M | — |
| Net loss absorbed | $56.0M | $5.1M | $50.8M | +989% |
| Operating cash flow | $45.6M | −$16.7M | $62.3M | — |
| Free cash flow (OCF − capex) | $30.4M | −$28.1M | $58.5M | — |
| Capital expenditures | $15.2M | $11.4M | $3.8M | +33% |
Questions
How much did Baldwin Insurance Group's revenue grow year over year in Q2 2026?
Baldwin Insurance Group's revenue rose $114M (+30%) from $379M in Q2 2025 to $493M in Q2 2026.
What drove Baldwin Insurance Group's revenue change in Q2 2026?
Commissions revenue +$73.8M (+25%); Consulting and service fee revenue +$17.5M (+64%); Assumed premium earned +$9.8M (+179%).