Filing Flows › Baldwin Insurance Group (BWIN) › Q3 2026 › vs Q2 2026
Baldwin Insurance Group (BWIN) Q3 2026 vs Q2 2026 (quarter over quarter)
Baldwin Insurance Group's revenue fell $12.7M (-3%) from $493M in Q2 2026 to $480M in Q3 2026. The biggest changes: Commissions revenue −$9.8M (-3%); Consulting and service fee revenue −$4.0M (-9%); Policy fee and installment fee revenue +$1.6M (+8%).
Baldwin Insurance Group, Q3 2026: revenue $480M (+31% year over year), operating margin -9.0%, net loss $81.6M, operating cash flow $54.2M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Free cash flow margin | 8.2% | 6.2% | +2.0 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Commissions revenue | $363M | $373M | −$9.8M | -3% |
| Consulting and service fee revenue | $40.8M | $44.9M | −$4.0M | -9% |
| Profit-sharing revenue | $29.3M | $29.5M | −$219K | -0.7% |
| Policy fee and installment fee revenue | $22.8M | $21.2M | $1.6M | +8% |
| Assumed premium earned | $15.3M | $15.3M | −$5K | 0% |
| Other income | $3.9M | $4.8M | −$875K | -18% |
| Other revenues | $4.7M | $4.2M | $589K | +14% |
| Revenue | $480M | $493M | −$12.7M | -3% |
| Income tax benefit | $2.6M | −$84K | $2.7M | — |
| Net loss | $81.6M | $56.0M | $25.7M | +46% |
| Costs & expenses | $564M | $549M | $15.6M | +3% |
| Operating costs | $523M | $501M | $22.2M | +4% |
| Interest & other, net | $41.0M | $47.6M | −$6.5M | -14% |
| Sales & marketing | $18.3M | $19.6M | −$1.3M | -7% |
| Other operating costs | $505M | $482M | $23.5M | +5% |
| Operating cash sources | $136M | $102M | $34.3M | +34% |
| Depreciation & amortization | $58.9M | $58.8M | $70K | +0.1% |
| Share-based compensation | $21.5M | $20.7M | $848K | +4% |
| Working capital & other | $55.4M | $22.0M | $33.4M | +151% |
| Net loss absorbed | $81.6M | $56.0M | $25.7M | +46% |
| Operating cash flow | $54.2M | $45.6M | $8.6M | +19% |
| Free cash flow (OCF − capex) | $39.2M | $30.4M | $8.8M | +29% |
| Capital expenditures | $15.0M | $15.2M | −$146K | -1% |
Questions
How much did Baldwin Insurance Group's revenue grow quarter over quarter in Q3 2026?
Baldwin Insurance Group's revenue fell $12.7M (-3%) from $493M in Q2 2026 to $480M in Q3 2026.
What drove Baldwin Insurance Group's revenue change in Q3 2026?
Commissions revenue −$9.8M (-3%); Consulting and service fee revenue −$4.0M (-9%); Policy fee and installment fee revenue +$1.6M (+8%).