Filing Flows › Baldwin Insurance Group (BWIN) › Q2 2026
Baldwin Insurance Group (BWIN) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 30, 2026
Baldwin Insurance Group (BWIN) reported revenue of $493M for the second quarter 2026 (Q2 2026), +30% from a year earlier and -7% from the quarter before. Operating margin was -1.7%, net loss $56.0M (11.4% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $493M | -7% | +30% |
| Operating profit | −$8.3M | — | -130% |
| Net earnings | −$56.0M | — | — |
| Operating cash flow | $45.6M | — | — |
| Free cash flow | $30.4M | — | — |
What changed
Revenue was $492.9M in Q2 2026, up 30% year over year and down 7% from the previous quarter. Commissions revenue was the largest line at 76% of revenue. Commissions revenue added $73.8M year over year (up 25%), 65% of the total change.
Operating costs exceeded revenue by $8.3M, an operating margin of -1.7%. Total costs grew 43% against revenue growth of 30%. The fastest-growing cost line was Other operating costs (+43%). The quarter ended with a net loss of $56.0M, wider than the previous quarter's $1.9M loss. Minority interests bore $17.0M of it: to shareholders the quarter was a loss of $39.0M. Net interest and other expense of $47.6M was the main reason.
Operating cash flow was $45.6M. Non-cash charges added back $58.8M of depreciation and amortization and $20.7M of share-based compensation. Working capital and other items added $22.0M. Capital expenditures of $15.2M left free cash flow of $30.4M.
Questions
What was Baldwin Insurance Group's revenue in the second quarter 2026?
Baldwin Insurance Group (BWIN) reported revenue of $493M for the second quarter 2026 (Q2 2026), +30% from a year earlier and -7% from the quarter before.
Was Baldwin Insurance Group profitable in the second quarter 2026?
Operating loss was $8.3M (-1.7% of revenue) and net loss $56.0M.