Revenue surged 29.4% to $528.4M in 2026Q1, yet the combined ratio of 118.8% indicates that core underwriting activities are currently failing to generate sustainable operating margins.
| Revenue | 1.62B | 1.5B | 1.38B | 1.21B | 969.49M | 559.97M | 231.68M | 134.91M | 78.84M | 47.34M |
| Revenue Growth % | 14.84% | 9.35% | 13.95% | 24.57% | 73.13% | 141.7% | 71.72% | 71.12% | 66.55% | - |
| Medical Costs & Claims | 1.23B | 1.31B | 1.03B | 911.35M | 719.45M | 400.05M | 174.11M | 96.95M | 51.65M | 30.81M |
| Medical Cost Ratio % | 75.83% | 87.24% | 74.99% | 75.46% | 74.21% | 71.44% | 75.15% | 71.86% | 65.51% | 65.07% |
| Gross Profit | 390.39M | 191.98M | 344.19M | 296.38M | 250.05M | 159.92M | 57.56M | 37.96M | 27.19M | 16.53M |
| Gross Margin % | 24.17% | 12.76% | 25.01% | 24.54% | 25.79% | 28.56% | 24.85% | 28.14% | 34.49% | 34.93% |
| Gross Profit Growth % | - | -44.22% | 16.13% | 18.53% | 56.35% | 177.81% | 51.65% | 39.61% | 64.45% | - |
| Operating Expenses | 456.76M | 82.63M | 283.55M | 338.94M | 281.14M | 191.55M | 79.5M | 43.03M | 17.66M | 10.72M |
| OpEx / Revenue % | 28.27% | 5.49% | 20.6% | 28.06% | 29% | 34.21% | 34.32% | 31.89% | 22.4% | 22.64% |
| Depreciation & Amortization | 157.44M | 127.83M | 108.92M | 98.4M | 86.36M | 51.51M | 20.17M | 10.55M | 3.09M | 1.44M |
| Combined Ratio % | 104.11% | 92.73% | 95.59% | 103.52% | 103.21% | 105.65% | 109.47% | 103.76% | 87.91% | 87.72% |
| Operating Income | -66.37M | 109.35M | 60.65M | -42.55M | -31.1M | -31.63M | -21.94M | -5.07M | 9.53M | 5.81M |
| Operating Margin % | -4.11% | 7.27% | 4.41% | -3.52% | -3.21% | -5.65% | -9.47% | -3.76% | 12.09% | 12.28% |
| Operating Income Growth % | - | 80.31% | 242.53% | -36.83% | 1.67% | -44.16% | -332.87% | -153.19% | 63.89% | - |
| EBITDA | 91.08M | 237.18M | 169.57M | 55.85M | 55.26M | 19.88M | -1.77M | 5.48M | 12.62M | 7.25M |
| EBITDA Margin % | 5.64% | 15.76% | 12.32% | 4.62% | 5.7% | 3.55% | -0.76% | 4.06% | 16.01% | 15.32% |
| Interest Expense | 60.13M | 121.43M | 0 | 119.47M | 71.07M | 26.9M | 7.86M | 10.64M | 6.63M | 1.91M |
| Non-Operating Income | 15.38M | 40.35M | 4.95M | -61.08M | -32.31M | -45.2M | -20.52M | -10.83M | -1.23M | -399.3K |
| Pretax Income | -223.74M | -52.42M | -39.35M | -162.73M | -76.03M | -58.1M | -29.89M | -22.44M | 2.69M | 3.85M |
| Pretax Margin % | -13.85% | -3.48% | -2.86% | -13.47% | -7.84% | -10.38% | -12.9% | -16.63% | 3.41% | 8.13% |
| Income Tax | -142.79M | 1.73M | 1.73M | 1.28M | 715K | 19K | -5K | 17K | 0 | 0 |
| Effective Tax Rate % | 63.82% | -3.3% | -4.4% | -0.79% | -0.94% | -0.03% | 0.02% | -0.08% | 0% | 0% |
| Net Income | -45.41M | -33.81M | -24.52M | -90.14M | -41.77M | -30.65M | -15.7M | -8.65M | -624K | 1.7M |
| Net Margin % | -2.81% | -2.25% | -1.78% | -7.46% | -4.31% | -5.47% | -6.77% | -6.41% | -0.79% | 3.6% |
| Net Income Growth % | -41.22% | -37.91% | 72.8% | -115.79% | -36.3% | -95.25% | -81.46% | -1286.22% | -136.63% | - |
| EPS (Diluted) | -0.47 | -0.50 | -0.39 | -1.50 | -0.74 | -0.64 | -1.10 | -1.25 | 0.57 | 0.81 |
| EPS Growth % | -28.17% | -28.21% | 74% | -102.7% | -15.63% | 41.82% | 12% | -319.3% | -29.63% | - |
| EPS (Basic) | - | -0.50 | -0.39 | -1.50 | -0.74 | -0.64 | -1.10 | -1.25 | 0.57 | 0.81 |
| Diluted Shares Outstanding | 96.83M | 67.94M | 63.45M | 60.13M | 56.83M | 47.59M | 27.18M | 17.92M | 4.74M | 4.74M |
Underwriting volatility and scale
According to the provided quarterly data, BWIN achieved a significant revenue surge to $528.4M in 2026Q1, representing a 29.4% growth rate, yet this top-line momentum appears disconnected from the firm's ability to maintain consistent underwriting profitability across its diverse insurance advisory and capacity solutions segments.
The sharp revenue acceleration in the most recent quarter suggests successful aggressive acquisition or market share capture, but the lack of historical consistency in growth rates warrants caution. Investors should monitor whether this top-line expansion is sustainable or if it reflects one-time transactional volume that may not repeat in subsequent periods.
As reported in the financial statements, BWIN's combined ratio reached 118.8% in 2026Q1, indicating that the firm is currently losing money on its core underwriting activities and remains heavily reliant on other income streams or capital infusions to offset these operational deficits in the short term.
A combined ratio consistently hovering near or above the 100% threshold suggests that the company's pricing models or loss management strategies have yet to achieve the necessary efficiency. This trend implies that the firm's 'MGA of the Future' platform has not yet realized the economies of scale required to generate a sustainable underwriting margin.
Based on the reported figures, the company experienced a dramatic swing in operating income, moving from a $56.0M profit in 2025Q1 to a $99.3M loss by 2026Q1, which highlights the significant difficulty BWIN faces in stabilizing its bottom line despite its rapid expansion of total revenue.
This volatility suggests that the firm's cost structure is highly sensitive to operational scaling, potentially due to the integration of recent acquisitions or increased technology spend. The inability to maintain positive operating income indicates that the company may be in a prolonged investment phase that continues to weigh heavily on GAAP earnings.
Analysis of the provided data reveals that BWIN's net income remains highly erratic, with a 2026Q1 net income of $2.3M following a $25.9M loss in 2025Q4, suggesting that the firm's reported earnings may be subject to significant non-recurring adjustments or accounting volatility inherent in its current business model.
The discrepancy between top-line growth and bottom-line stability warrants further investigation into the company's expense recognition policies and the impact of amortization on its reported results. Investors should consider whether the current earnings profile is truly representative of the firm's long-term cash-generative potential or if it masks underlying structural inefficiencies.
Quick answers to the most common questions about buying BWIN stock.
For fiscal year 2025, The Baldwin Insurance Group, Inc. (BWIN) reported total revenue of $1.50B. This represents a 3079.0% increase compared to $47.3M in 2017.
The Baldwin Insurance Group, Inc. (BWIN) reported a net loss of $33.8M for the fiscal year ending 2025.
The Baldwin Insurance Group, Inc. (BWIN) reported an operating income of $109.4M, resulting in an operating profit margin of 7.3%. This margin reflects the operational efficiency of the business before interest and taxes.
The Baldwin Insurance Group, Inc. (BWIN) generated $192.0M in gross profit for the year, representing a gross profit margin of 12.8%. This demonstrates the company's core pricing power and production efficiency.