Filing Flows › Baldwin Insurance Group (BWIN) › Q3 2026
Baldwin Insurance Group (BWIN) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 9, 2026
Baldwin Insurance Group (BWIN) reported revenue of $480M for the third quarter 2026 (Q3 2026), +31% from a year earlier and -3% from the quarter before. Operating margin was -9.0%, net loss $81.6M (17.0% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $480M | -3% | +31% |
| Operating profit | −$43.2M | — | -1444% |
| Net earnings | −$81.6M | — | — |
| Operating cash flow | $54.2M | +19% | +32% |
| Free cash flow | $39.2M | +29% | +22% |
What changed
Revenue was $480.3M in Q3 2026, up 31% year over year and down 3% from the previous quarter. Commissions revenue was the largest line at 76% of revenue. Commissions revenue added $85.9M year over year (up 31%), 75% of the total change.
Operating costs exceeded revenue by $43.2M, an operating margin of -9.0%. Total costs grew 45% against revenue growth of 31%. The fastest-growing cost line was Other operating costs (+45%). The quarter ended with a net loss of $81.6M, wider than the previous quarter's $56.0M loss. Minority interests bore $23.5M of it: to shareholders the quarter was a loss of $58.1M. Net interest and other expense of $41.0M was the main reason.
Operating cash flow was $54.2M (up 32% year over year). Non-cash charges added back $58.9M of depreciation and amortization and $21.5M of share-based compensation. Working capital and other items added $55.4M. Capital expenditures of $15.0M left free cash flow of $39.2M.
Questions
What was Baldwin Insurance Group's revenue in the third quarter 2026?
Baldwin Insurance Group (BWIN) reported revenue of $480M for the third quarter 2026 (Q3 2026), +31% from a year earlier and -3% from the quarter before.
Was Baldwin Insurance Group profitable in the third quarter 2026?
Operating loss was $43.2M (-9.0% of revenue) and net loss $81.6M.