Filing Flows › Baldwin Insurance Group (BWIN) › Q3 2025
Baldwin Insurance Group (BWIN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Baldwin Insurance Group (BWIN) reported revenue of $365M for the third quarter 2025 (Q3 2025), +8% from a year earlier and -4% from the quarter before. Operating margin was 0.9%, net loss $30.2M (8.3% of revenue).
Baldwin Insurance Group, Q3 2025: revenue $365M (+8% year over year), operating margin 0.9%, net loss $30.2M, operating cash flow $41.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $365M | -4% | +8% |
| Operating profit | $3.2M | -88% | — |
| Net earnings | −$30.2M | — | — |
| Operating cash flow | $41.0M | — | +27% |
| Free cash flow | $32.2M | — | +45% |
What changed
Revenue was $365.4M in Q3 2025, up 8% year over year and down 4% from the previous quarter. Commission Revenue was the largest line at 76% of revenue. Consulting and Service Fee Revenue added $7.7M year over year (up 40%), 29% of the total change. Other Income declined 4%.
Operating profit was $3.2M, a 0.9% margin (down 3.7 points year over year). Operating profit fell $12.2M even though revenue rose $26.5M versus a year earlier, so costs grew faster than sales. Total costs grew 12% against revenue growth of 8%. The fastest-growing cost line was Other operating costs (+12%). The quarter ended with a net loss of $30.2M, wider than the previous quarter's $5.1M loss. Minority interests bore $11.5M of it: to shareholders the quarter was a loss of $18.7M. Net interest and other expense of $33.5M was the main reason.
Operating cash flow was $41.0M (up 27% year over year). Non-cash charges added back $32.0M of depreciation and amortization and $22.0M of share-based compensation. Working capital and other items added $17.2M. Capital expenditures of $8.9M left free cash flow of $32.2M.
Questions
What was Baldwin Insurance Group's revenue in the third quarter 2025?
Baldwin Insurance Group (BWIN) reported revenue of $365M for the third quarter 2025 (Q3 2025), +8% from a year earlier and -4% from the quarter before.
Was Baldwin Insurance Group profitable in the third quarter 2025?
Operating profit was $3.2M (0.9% of revenue) and net loss $30.2M.