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Baldwin Insurance Group vs Crawford: BWIN and CRD-A compared
Baldwin Insurance Group is the larger company: $493M of revenue in its latest quarter (Q2 2026) against $330M for Crawford (Q3 2026). Baldwin Insurance Group is growing faster (+30% against -0.9% a year earlier). Crawford is more profitable, with an operating margin of 7.3% against -1.7%.
Where the money goes: BWIN and CRD-A
Baldwin Insurance Group (BWIN) · Q2 2026
Baldwin Insurance Group, Q2 2026: revenue $493M (+30% year over year), operating margin -1.7%, net loss $56.0M, operating cash flow $45.6M. The chart follows the revenue to costs, profit and cash.
Crawford (CRD-A) · Q3 2026
Crawford, Q3 2026: revenue $330M (-0.9% year over year), operating margin 7.3%, net earnings $15.0M, operating cash flow $5.8M. The chart follows the revenue to costs, profit and cash.
| Baldwin Insurance Group (BWIN) | Crawford (CRD-A) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $493M | $330M |
| Revenue growth, Y/Y | +30% | -0.9% |
| Operating margin | -1.7% | 7.3% |
| Net earnings | −$56.0M | $15.0M |
| Net margin | -11.4% | 4.5% |
| Operating cash flow | $45.6M | $5.8M |
| Free cash flow | $30.4M | $5.0M |
| Market value | $3.0B | $655M |
| P/E | — | 25.1× |
| Analysts’ mean target | $32.42 | $15.00 |
Where the revenue comes from
Baldwin Insurance Group
- Commissions revenue: $373M (76%)
- Consulting and service fee revenue: $44.9M (9%)
- Profit-sharing revenue: $29.5M (6%)
- Policy fee and installment fee revenue: $21.2M (4%)
Crawford
- Service: $322M (97%)
- Reimbursements: $8.3M (3%)
Questions
Which is bigger, Baldwin Insurance Group or Crawford?
Baldwin Insurance Group is the larger company: $493M of revenue in its latest quarter (Q2 2026) against $330M for Crawford (Q3 2026).
Is Baldwin Insurance Group or Crawford growing faster?
Baldwin Insurance Group is growing faster (+30% against -0.9% a year earlier).
Which is more profitable, Baldwin Insurance Group or Crawford?
Crawford is more profitable, with an operating margin of 7.3% against -1.7%.
More: Baldwin Insurance Group earnings · how Baldwin Insurance Group makes money · Crawford earnings · how Crawford makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Jul 30, 2026; 10-Q filed Nov 2, 2026). Fiscal quarters can end on different dates. Not investment advice.