10-K · February 26, 2026
Baldwin describes a two‑pronged growth strategy of organic expansion (sales hires, technology and MSI product builds) and inorganic growth via partnerships (37 firms since 2020). The company highlights scale—~5,000…
Earnings analysis · 10-Q
BWIN earnings analysis
Filed May 4, 2026 · Our reading of the company's report
The latest report
Baldwin Insurance Group, Inc. reported strong quarterly results for Q1 2026, with revenues increasing by 29% year-over-year to $532.24 million, driven primarily by growth in core commissions and fees, particularly from…
Read full summary
Baldwin Insurance Group, Inc. reported strong quarterly results for Q1 2026, with revenues increasing by 29% year-over-year to $532.24 million, driven primarily by growth in core commissions and fees, particularly from new partnerships. Though operating expenses surged due to new integrative partnerships, resulting in a net loss, the company demonstrated healthy EPS of $0.63, slightly surpassing expectations. Management remains optimistic about sustaining growth through continued partnerships and innovations in their insurance product offerings.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.63
- Segment
- Insurance Advisory Solutions
- Segment
- Underwriting, Capacity & Technology Solutions
- Segment
- Mainstreet Insurance Solutions
What stood out
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Strong Revenue Growth of 29%
Total revenue increased to $532.24 million, up from $413.41 million YoY.
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Exceeding EPS Estimates
Reported EPS at $0.63, outperforming the estimate of $0.59.
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Partnership Contributions Drive Growth
New partnerships accounted for $111.5 million in revenue contribution.
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Cash Position Robust at $456M
Cash and cash equivalents increased by $157.1 million year-over-year.
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Improved Operating Income from Partnerships
Partnership revenues contributed significantly, with overall commissions increasing by 29%.
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Investments in Technology Paying Dividends
The company continued expanding its technology-enabled insurance solutions contributing to earnings.
What to watch
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Increased Operating Expenses
Operating expenses rose 77% to $633.50 million, significantly outpacing revenue growth.
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Interest Expense Rising
Interest expense increased by 30%, now at $38.90 million due to higher borrowings.
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Seasonality Impacting Earnings
Significant operating income loss of $101.27 million indicates pressure from seasonality and partner integration.
Management's outlook
Management emphasized strategic partnerships and product innovations as key growth drivers, but did not provide explicit numeric guidance in the discussion.
Earlier filings 4
10-K · February 25, 2025
Baldwin positions itself as a tech-enabled, partner-driven independent insurance distributor focused on organic growth (MSI platform, hiring sales/tech talent) and episodic inorganic growth via partnerships. The company…
10-Q · August 6, 2024
Baldwin reported Q2 2024 revenue of $339.84M, up $42.65M (+14.4% YoY) but down $40.53M (-10.6% QoQ). The company generated operating income of $16.46M (operating margin ~4.84%) versus an operating loss of $16.53M in Q2…
10-Q · May 7, 2024
Baldwin reported Q1 revenue of $380,367,000 (up $49,921,000, +15.1% vs Q1 2023) and GAAP diluted EPS of $0.33. Operating income improved to $34,258,000 (operating margin ~9.0%) from $3,619,000 (~1.1%) a year earlier,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.