Baldwin Insurance Group, Inc. (BWIN) Financial Statements
Industry: Insurance Agents, Brokers & Service
In fiscal 2025, Baldwin Insurance reported revenue of $1.50B, up 8.3% from $1.39B the year before. Net income was -$33.8M (a -2.2% net margin), or -$0.50 per diluted share. Gross margin was 4.9% and operating margin was 4.9%. Operating activities generated -$29.4M of cash, leaving -$68.9M of free cash flow. At fiscal year end, Baldwin Insurance held $3.86B in total assets against $2.78B in total liabilities, including $123.7M of cash and equivalents.
Open the full interactive Baldwin Insurance financials → Quarterly statements, key ratios, valuation history and price charts.
Baldwin Insurance Key Stats
| Share Price | $31.87 |
|---|---|
| Market Cap | $2.96B |
| Revenue YoY Growth | +8.3% |
| 52-Week Range | $16.50 – $32.49 |
| Shares Outstanding | 92.8 million (basic, 2026 Q2) |
Baldwin Insurance Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $1.22B | $1.39B | $1.50B |
| Cost of Goods Sold | $262.9M | $598.9M | $1.01B | $1.26B | $1.33B | $1.43B |
| Gross Profit | -$262.9M | -$598.9M | -$1.01B | -$42.6M | $60.6M | $73.9M |
| Operating Income | -$21.9M | -$31.6M | -$31.1M | -$42.6M | $60.6M | $73.9M |
| Pre-Tax Income | -$29.9M | -$58.1M | -$76.0M | -$162.7M | -$39.4M | -$52.4M |
| Income Tax | -$5,000 | $19,000 | $715,000 | $1.3M | $1.7M | $1.7M |
| Net Income | -$15.7M | -$30.6M | -$41.8M | -$90.1M | -$24.5M | -$33.8M |
| Diluted EPS | -$0.29 | -$0.41 | -$0.74 | -$1.50 | -$0.39 | -$0.50 |
Baldwin Insurance Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $365.4M | $347.3M | $532.2M | $492.9M |
| Net Income | -$18.7M | -$25.9M | $2.3M | -$39.0M |
| Diluted EPS | -$0.27 | -$0.38 | $0.02 | -$0.42 |
Baldwin Insurance Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $108.5M | $138.3M | $118.1M | $116.2M | $148.1M | $123.7M |
| Current Assets | $302.0M | $578.4M | $772.4M | $925.9M | $1.03B | $1.20B |
| Total Assets | $1.53B | $2.88B | $3.46B | $3.50B | $3.53B | $3.86B |
| Current Liabilities | $217.4M | $540.7M | $699.2M | $1.03B | $1.06B | $1.03B |
| Total Long-Term Debt | $399.0M | $866.7M | $1.33B | $1.33B | $1.41B | $1.70B |
| Total Liabilities | $759.9M | $1.69B | $2.32B | $2.48B | $2.53B | $2.78B |
| Shareholders' Equity | $367.8M | $608.4M | $608.1M | $560.4M | $583.2M | $600.2M |
Baldwin Insurance Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $36.8M | $40.1M | -$2.5M | $44.6M | $102.2M | -$29.4M |
| Cash From Investing | -$677.8M | -$678.5M | -$414.4M | -$21.9M | $13.3M | -$140.3M |
| Cash From Financing | $711.9M | $724.1M | $419.6M | -$26.2M | -$29.6M | $203.8M |
| Free Cash Flow | $31.3M | $34.8M | -$24.4M | $23.3M | $61.1M | -$68.9M |
Figures from Baldwin Insurance's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Baldwin Insurance financials page for every line item.
Baldwin Insurance Company Profile
| Ticker | BWIN |
|---|---|
| Exchange | Nasdaq |
| Industry | Insurance Agents, Brokers & Service |
| Headquarters | Tampa, Florida |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001781755 |
Frequently Asked Questions
What was Baldwin Insurance's revenue in fiscal 2025?
Baldwin Insurance (BWIN) reported revenue of $1.50B for fiscal 2025.
What is Baldwin Insurance's annual revenue history?
Baldwin Insurance's annual revenue by fiscal year: 2020: $0; 2021: $0; 2022: $0; 2023: $1.22B; 2024: $1.39B; 2025: $1.50B.
What was Baldwin Insurance's net income in fiscal 2025?
Baldwin Insurance reported net income of -$33.8M for fiscal 2025.
What was Baldwin Insurance's earnings per share (EPS) in fiscal 2025?
Baldwin Insurance's diluted EPS was -$0.50 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Baldwin Insurance generate in fiscal 2025?
Baldwin Insurance generated -$68.9M of free cash flow in fiscal 2025.
What was Baldwin Insurance's revenue last quarter?
In its most recent reported quarter (2026 Q2), Baldwin Insurance reported revenue of $492.9M.
How much debt does Baldwin Insurance have?
Baldwin Insurance reported $1.70B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Baldwin Insurance are outstanding?
Baldwin Insurance reported a weighted average of 92.8 million basic shares outstanding in 2026 Q2.
What is Baldwin Insurance's market cap?
Based on its latest closing price, Baldwin Insurance (BWIN) has a market capitalization of about $2.96B.
When does Baldwin Insurance's fiscal year end?
Baldwin Insurance's fiscal year end, as registered with the SEC, is December 31.
Where is Baldwin Insurance headquartered?
Baldwin Insurance lists its business address in Tampa, Florida in its SEC filings.