Revenue growth accelerated to 31.7% year-over-year in Q2 2026, but the loss ratio deteriorated to 101.7%, contributing to a net loss of $39.0M.
The Baldwin Insurance Group, Inc. (BWIN) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Revenue | 1.74B | 1.5B | 1.38B | 1.21B | 969.49M | 559.97M | 231.68M | 134.91M | 78.84M | 47.34M |
| Revenue Growth % | 20.49% | 9.35% | 13.95% | 24.57% | 73.13% | 141.7% | 71.72% | 71.12% | 66.55% | - |
| Medical Costs & Claims | 1.57B | 1.31B | 1.03B | 911.35M | 719.45M | 400.05M | 174.11M | 96.95M | 51.65M | 30.81M |
| Medical Cost Ratio % | 90.42% | 87.24% | 74.99% | 75.46% | 74.21% | 71.44% | 75.15% | 71.86% | 65.51% | 65.07% |
| Gross Profit | 166.43M | 191.98M | 344.19M | 296.38M | 250.05M | 159.92M | 57.56M | 37.96M | 27.19M | 16.53M |
| Gross Margin % | 9.58% | 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 | 259.09M | 82.63M | 283.55M | 338.94M | 281.14M | 191.55M | 79.5M | 43.03M | 17.66M | 10.72M |
| OpEx / Revenue % | 14.91% | 5.49% | 20.6% | 28.06% | 29% | 34.21% | 34.32% | 31.89% | 22.4% | 22.64% |
| Depreciation & Amortization | 188.59M | 127.83M | 108.92M | 98.4M | 86.36M | 51.51M | 20.17M | 10.55M | 3.09M | 1.44M |
| Combined Ratio % | 105.33% | 92.73% | 95.59% | 103.52% | 103.21% | 105.65% | 109.47% | 103.76% | 87.91% | 87.72% |
| Operating Income | -92.66M | 109.35M | 60.65M | -42.55M | -31.1M | -31.63M | -21.94M | -5.07M | 9.53M | 5.81M |
| Operating Margin % | -5.33% | 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 | 95.93M | 237.18M | 169.57M | 55.85M | 55.26M | 19.88M | -1.77M | 5.48M | 12.62M | 7.25M |
| EBITDA Margin % | 5.52% | 15.76% | 12.32% | 4.62% | 5.7% | 3.55% | -0.76% | 4.06% | 16.01% | 15.32% |
| Interest Expense | 144.7M | 121.43M | 0 | 119.47M | 71.07M | 26.9M | 7.86M | 10.64M | 6.63M | 1.91M |
| Non-Operating Income | 34.19M | 40.35M | 4.95M | -61.08M | -32.31M | -45.2M | -20.52M | -10.83M | -1.23M | -399.3K |
| Pretax Income | -275.85M | -52.42M | -39.35M | -162.73M | -76.03M | -58.1M | -29.89M | -22.44M | 2.69M | 3.85M |
| Pretax Margin % | -15.87% | -3.48% | -2.86% | -13.47% | -7.84% | -10.38% | -12.9% | -16.63% | 3.41% | 8.13% |
| Income Tax | -144.06M | 1.73M | 1.73M | 1.28M | 715K | 19K | -5K | 17K | 0 | 0 |
| Effective Tax Rate % | 52.22% | -3.3% | -4.4% | -0.79% | -0.94% | -0.03% | 0.02% | -0.08% | 0% | 0% |
| Net Income | -81.24M | -33.81M | -24.52M | -90.14M | -41.77M | -30.65M | -15.7M | -8.65M | -624K | 1.7M |
| Net Margin % | -4.67% | -2.25% | -1.78% | -7.46% | -4.31% | -5.47% | -6.77% | -6.41% | -0.79% | 3.6% |
| Net Income Growth % | -357.34% | -37.91% | 72.8% | -115.79% | -36.3% | -95.25% | -81.46% | -1286.22% | -136.63% | - |
| EPS (Diluted) | -1.18 | -0.50 | -0.39 | -1.50 | -0.74 | -0.64 | -1.10 | -1.25 | 0.57 | 0.81 |
| EPS Growth % | -307.02% | -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 | 69.05M | 67.94M | 63.45M | 60.13M | 56.83M | 47.59M | 27.18M | 17.92M | 4.74M | 4.74M |
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.
Key Metrics
Top Statement Risk
GAAP profitability gap
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates Sharply
BWIN's Q2 2026 revenue surged 31.7% year-over-year to $492.9M, per the latest quarterly report, accelerating from the 9.3% TTM growth and suggesting strong acquisition and organic momentum.
The 30%+ growth in the last two quarters, as reported in the income statement data, marks a significant inflection from the mid-single-digit growth seen in 2025. This acceleration likely reflects both recent acquisitions and organic gains, but investors should monitor whether this pace is sustainable given the low gross margin of 12.8%, which indicates a heavy cost structure that may limit the conversion of revenue growth into profits.
Underwriting Margins Deteriorate in 2026
The combined ratio worsened to 116.8% in Q1 2026, per financial statements, indicating underwriting losses, though Q2's loss ratio of 101.7% suggests some improvement but still above breakeven.
The combined ratio, which was below 100% in most of 2025, has deteriorated in 2026, with Q1 2026 at 116.8% and Q2's loss ratio at 101.7%. This suggests that the company is experiencing higher claims costs or lower underwriting profitability, possibly due to growth in its underwriting segment or adverse loss development. The negative operating income in Q2 2026 (-$8.3M) underscores the margin pressure, and the company's ability to return to underwriting profitability remains a key concern.
Reserve Releases Mask Underlying Trends
Prior-year reserve releases appear to have supported 2025 results, as indicated by combined ratios below 100% in Q2-Q4 2025, but 2026's higher loss ratios suggest a reversal.
In 2025, the combined ratio averaged around 94%, partly due to favorable prior-year reserve development, which is common in insurance. However, the sharp increase in loss ratios in 2026 (87.3% in Q1, 101.7% in Q2) may indicate that reserve releases are no longer offsetting current accident year losses. This warrants close monitoring of reserve adequacy, as a continued deterioration could signal underpricing or adverse trends in the underwriting portfolio.
Investment Income Not a Major Factor
Investment income data is unavailable in the provided financials, but given the company's negative net income, it appears insufficient to offset underwriting losses.
The income statement data does not disclose investment income separately, but the company's negative net income in most quarters suggests that investment returns are not material enough to compensate for underwriting and operating losses. As a broker, BWIN's investment portfolio is likely modest, and the focus remains on fee-based revenue. Investors should not expect investment income to be a significant earnings driver.
Expense Ratio Pressures Profitability
BWIN's expense ratio, implied by the combined ratio, remains elevated, with Q1 2026 combined ratio of 116.8% indicating expenses and losses exceed premiums earned.
The combined ratio above 100% in 2026 indicates that the company is spending more on claims and expenses than it earns in premiums. The low gross margin of 12.8% suggests that a significant portion of revenue is consumed by direct costs, likely producer compensation. While the company is investing in technology to improve efficiency, the current expense structure is a drag on profitability, and achieving scale is critical to improving margins.
2026 Marks a Critical Turning Point
The first half of 2026 shows a stark contrast: revenue growth accelerated to 30% while net income turned negative, per Q2 2026 data, signaling a potential inflection in profitability.
The 2026 quarters represent a pivotal period for BWIN. Despite robust revenue growth, the company reported a net loss of $39.0M in Q2 2026, a significant miss versus expectations. This divergence suggests that the costs of growth, including acquisition integration and technology investments, are weighing on earnings. The company's ability to convert its top-line momentum into bottom-line profitability in the coming quarters will be crucial for investor confidence.
GAAP Losses Question Earnings Quality
Despite strong operational metrics like 37% adjusted EBITDA growth in Q2 2026, per management commentary, GAAP net income remains negative, raising questions about the quality of reported earnings.
The persistent gap between adjusted metrics and GAAP results, with a -$0.56 EPS in Q2 2026, suggests that non-cash charges, such as amortization from acquisitions, are significant. While adjusted EBITDA and free cash flow are improving, the GAAP losses may indicate that the company is not yet generating sufficient cash to cover its capital costs. Investors should scrutinize the sustainability of the adjusted figures and whether the gap narrows as the company matures.