Filing Flows › Baldwin Insurance Group (BWIN) › Q4 2025
Baldwin Insurance Group (BWIN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Baldwin Insurance Group (BWIN) reported revenue of $347M for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and -5% from the quarter before. Operating margin was -3.8%, net loss $43.7M (12.6% of revenue).
Baldwin Insurance Group, Q4 2025: revenue $347M (+5% year over year), operating margin -3.8%, net loss $43.7M, operating cash flow $10.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $347M | -5% | +5% |
| Operating profit | −$13.2M | -512% | — |
| Net earnings | −$43.7M | — | — |
| Operating cash flow | $10.3M | -75% | — |
What changed
Revenue was $347.3M in Q4 2025, up 5% year over year and down 5% from the previous quarter. Commission revenue was the largest line at 78% of revenue.
Operating costs exceeded revenue by $13.2M, an operating margin of -3.8%. Total costs grew 7% against revenue growth of 5%. The quarter ended with a net loss of $43.7M, wider than the previous quarter's $30.2M loss. Minority interests bore $17.8M of it: to shareholders the quarter was a loss of $25.9M. Net interest and other expense of $29.4M was the main reason.
Operating cash flow was $10.3M. Non-cash charges added back $40.7M of depreciation and amortization and $19.3M of share-based compensation. Working capital and other items used $6.1M. Capital expenditures of $10.4M exceeded it, leaving free cash flow of −$84K.
Questions
What was Baldwin Insurance Group's revenue in the fourth quarter 2025?
Baldwin Insurance Group (BWIN) reported revenue of $347M for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and -5% from the quarter before.
Was Baldwin Insurance Group profitable in the fourth quarter 2025?
Operating loss was $13.2M (-3.8% of revenue) and net loss $43.7M.