Filing Flows › Baldwin Insurance Group (BWIN) › Q3 2026 › vs Q3 2025
Baldwin Insurance Group (BWIN) Q3 2026 vs Q3 2025 (year over year)
Baldwin Insurance Group's revenue rose $115M (+31%) from $365M in Q3 2025 to $480M in Q3 2026. The biggest changes: Commissions revenue +$85.9M (+31%); Consulting and service fee revenue +$13.9M (+52%); Assumed premium earned +$9.4M (+161%).
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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 8.2% | 8.8% | -0.6 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Commissions revenue | $363M | $277M | $85.9M | +31% |
| Consulting and service fee revenue | $40.8M | $26.9M | $13.9M | +52% |
| Profit-sharing revenue | $29.3M | $28.7M | $596K | +2% |
| Policy fee and installment fee revenue | $22.8M | $20.6M | $2.2M | +11% |
| Assumed premium earned | $15.3M | $5.9M | $9.4M | +161% |
| Other income | $3.9M | $2.8M | $1.1M | +41% |
| Other revenues | $4.7M | $3.1M | $1.7M | +54% |
| Revenue | $480M | $365M | $115M | +31% |
| Income tax benefit | $2.6M | $0 | $2.6M | — |
| Net loss | $81.6M | $30.2M | $51.4M | +170% |
| Costs & expenses | $564M | $396M | $169M | +43% |
| Operating costs | $523M | $362M | $161M | +45% |
| Interest & other, net | $41.0M | $33.5M | $7.6M | +23% |
| Sales & marketing | $18.3M | $12.9M | $5.4M | +42% |
| Other operating costs | $505M | $349M | $156M | +45% |
| Operating cash sources | $136M | $71.3M | $64.6M | +91% |
| Depreciation & amortization | $58.9M | $32.0M | $26.8M | +84% |
| Share-based compensation | $21.5M | $22.0M | −$468K | -2% |
| Working capital & other | $55.4M | $17.2M | $38.2M | +222% |
| Net loss absorbed | $81.6M | $30.2M | $51.4M | +170% |
| Operating cash flow | $54.2M | $41.0M | $13.2M | +32% |
| Free cash flow (OCF − capex) | $39.2M | $32.2M | $7.0M | +22% |
| Capital expenditures | $15.0M | $8.9M | $6.2M | +70% |
Questions
How much did Baldwin Insurance Group's revenue grow year over year in Q3 2026?
Baldwin Insurance Group's revenue rose $115M (+31%) from $365M in Q3 2025 to $480M in Q3 2026.
What drove Baldwin Insurance Group's revenue change in Q3 2026?
Commissions revenue +$85.9M (+31%); Consulting and service fee revenue +$13.9M (+52%); Assumed premium earned +$9.4M (+161%).