Baldwin Insurance Group, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Baldwin Insurance Group, Inc. reported revenue of $1.5B (+8.3% year on year) and net income of ($54.2M) (-31.8% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Commissions and fees | $1.5B | $1.4B | $1.2B | $980.7M |
| Investment income | $11.2M | $11.9M | $6.7M | — |
| Total revenues | $1.5B | $1.4B | $1.2B | — |
| Colleague compensation and benefits | $777.5M | $1.0B | $911.4M | $719.4M |
| Outside commissions | $279.7M | — | — | — |
| Other operating expenses | $240.3M | $192.4M | $190.3M | $173.7M |
| Amortization expense | $121.3M | $102.7M | $92.7M | $81.7M |
| Change in fair value of contingent consideration | $5.6M | ($4.9M) | $61.1M | $32.3M |
| Depreciation expense | $6.5M | $6.2M | $5.7M | $4.6M |
| Total operating expenses | $1.4B | $1.3B | $1.3B | $1.0B |
| Operating income (loss) | $73.9M | $60.6M | ($42.6M) | ($31.1M) |
| Interest expense, net | ($121.4M) | ($123.6M) | ($119.5M) | ($71.1M) |
| Gain on divestitures | $290.0K | $39.0M | — | — |
| Loss on extinguishment and modification of debt | ($6.2M) | ($15.1M) | — | — |
| Other income (expense), net | $635.0K | ($194.0K) | ($718.0K) | $26.1M |
| Total other expense | ($126.7M) | ($100.0M) | ($120.2M) | ($44.9M) |
| Loss before income taxes and share of net earnings of equity method investee | ($52.8M) | — | — | — |
| Share of net earnings of equity method investee | $368.0K | — | — | — |
| Loss before income taxes | ($52.4M) | ($39.4M) | ($162.7M) | ($76.0M) |
| Income tax expense | $1.7M | $1.7M | $1.3M | $715.0K |
| Net loss | ($54.2M) | ($41.1M) | ($164.0M) | ($76.7M) |
| Less: net loss attributable to noncontrolling interests | ($20.3M) | ($16.6M) | ($73.9M) | ($35.0M) |
| Net loss attributable to Baldwin | ($33.8M) | ($24.5M) | ($90.1M) | ($41.8M) |
| Basic loss per share (in dollars per share) | -$0.50 | -$0.39 | -$1.50 | -$0.74 |
| Diluted loss per share (in dollars per share) | -$0.50 | -$0.39 | -$1.50 | -$0.74 |
| Weighted-average shares of Class A common stock outstanding, basic | 67.9M | 63.5M | 60.1M | 56.8M |
| Weighted-average shares of Class A common stock outstanding, diluted | 67.9M | 63.5M | 60.1M | 56.8M |
| Other comprehensive income | $815.0K | — | — | — |
| Comprehensive loss | ($53.3M) | ($41.1M) | ($164.0M) | ($76.7M) |
| Less: comprehensive loss attributable to noncontrolling interests | ($20.0M) | ($16.6M) | ($73.9M) | ($35.0M) |
| Comprehensive loss attributable to Baldwin | ($33.3M) | ($24.5M) | ($90.1M) | ($41.8M) |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Commissions and fees | $488.8M | $528.9M | $362.3M | $376.2M |
| Investment income | $4.2M | $3.4M | $3.1M | $2.6M |
| Total revenues | $492.9M | $532.2M | $365.4M | $378.8M |
| Colleague compensation and benefits | $264.3M | $283.6M | $193.0M | $195.5M |
| Outside commissions | $71.8M | $66.7M | $79.1M | $73.6M |
| Other operating expenses | $94.1M | $224.2M | $56.0M | $56.1M |
| Amortization expense | $56.0M | $55.0M | $30.4M | $26.0M |
| Change in fair value of contingent consideration | $12.3M | $2.0M | $2.0M | ($2.0M) |
| Depreciation expense | $2.8M | $2.0M | $1.6M | $1.6M |
| Total operating expenses | $501.3M | $633.5M | $362.2M | $350.9M |
| Operating income (loss) | ($8.3M) | ($101.3M) | $3.2M | $27.9M |
| Interest expense, net | ($45.7M) | ($38.9M) | ($31.1M) | ($31.3M) |
| Gain (loss) on divestitures | $0 | $0 | $0 | ($1.1M) |
| Loss on extinguishment and modification of debt | ($129.0K) | ($7.4M) | ($3.3M) | $0 |
| Other income (expense), net | ($2.4M) | $647.0K | $860.0K | $35.0K |
| Total other expense, net | ($48.2M) | ($45.7M) | ($33.6M) | ($32.4M) |
| Income (loss) before income taxes and share of net earnings of equity method investee | ($56.6M) | ($146.9M) | ($30.3M) | — |
| Share of net earnings of equity method investee | $664.0K | $511.0K | $109.0K | — |
| Income (loss) before income taxes | ($55.9M) | ($146.4M) | ($30.2M) | ($4.5M) |
| Less: income tax expense (benefit) | $84.0K | ($144.5M) | $0 | $685.0K |
| Less: net income (loss) attributable to noncontrolling interests | ($17.0M) | ($4.2M) | ($11.5M) | ($2.0M) |
| Net income (loss) attributable to Baldwin | ($39.0M) | $2.3M | ($18.7M) | ($3.2M) |
| Basic earnings (loss) per share | -$0.42 | $0.02 | -$0.27 | -$0.05 |
| Diluted earnings (loss) per share | -$0.42 | $0.02 | -$0.27 | -$0.05 |
| Weighted-average shares of Class A common stock outstanding - basic | 92.8M | 93.8M | 68.6M | 68.0M |
| Weighted-average shares of Class A common stock outstanding - diluted | 92.8M | 96.8M | 68.6M | 68.0M |
| Net income (loss) | ($56.0M) | ($1.9M) | ($30.2M) | ($5.1M) |
| Other comprehensive income | $3.3M | $3.3M | $1.1M | — |
| Comprehensive income (loss) | ($52.6M) | $1.4M | ($29.2M) | ($5.1M) |
| Less: comprehensive income (loss) attributable to noncontrolling interests | ($15.9M) | ($3.2M) | ($11.5M) | ($2.0M) |
| Comprehensive income (loss) attributable to Baldwin | ($36.7M) | $4.6M | ($17.7M) | ($3.2M) |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $123.7M | $148.1M | $116.2M | $118.1M |
| Fiduciary cash | $223.2M | — | — | — |
| Assumed premiums, commissions and fees receivable, net | $342.1M | — | — | — |
| Fiduciary receivables | $497.0M | $702.1M | $627.8M | $532.0M |
| Prepaid expenses and other current assets | $13.7M | $11.6M | $12.7M | $9.8M |
| Total current assets | $1.2B | $1.0B | $925.9M | $772.4M |
| Property and equipment, net | $22.5M | $22.0M | $22.7M | $25.4M |
| Right-of-use assets | $62.0M | $72.4M | $85.5M | $96.5M |
| Other assets | $82.4M | $48.0M | $38.1M | $45.9M |
| Intangible assets, net | $978.4M | $953.5M | $1.0B | $1.1B |
| Goodwill | $1.5B | $1.4B | $1.4B | $1.4B |
| Total assets | $3.9B | $3.5B | $3.5B | $3.5B |
| Fiduciary liabilities | $720.3M | — | — | — |
| Commissions payable | $50.9M | $73.1M | $64.3M | $53.9M |
| Accrued expenses and other current liabilities | $252.6M | $160.6M | $153.0M | $125.7M |
| Related party notes payable | $0 | $5.6M | $1.5M | $1.5M |
| Colleague earnout incentives | $0 | $32.8M | — | — |
| Current portion of contingent earnout liabilities | $9.0M | $142.9M | $215.2M | $46.7M |
| Total current liabilities | $1.0B | $1.1B | $1.0B | $699.2M |
| Revolving line of credit | $107.0M | $0 | $341.0M | $505.0M |
| Long-term debt, less current portion | $1.6B | $1.4B | $968.2M | $809.9M |
| Contingent earnout liabilities, less current portion | $14.3M | $2.6M | $61.3M | $220.2M |
| Operating lease liabilities, less current portion | $57.7M | $68.8M | $79.0M | $87.7M |
| Other liabilities | $0 | $61.0K | $123.0K | $164.0K |
| Total liabilities | $2.8B | $2.5B | $2.5B | $2.3B |
| Redeemable noncontrolling interest | $519.0K | $453.0K | $394.0K | $487.0K |
| Common stock | $723.0K | $685.0K | $646.0K | $619.0K |
| Additional paid-in capital | $844.2M | $794.0M | $746.7M | $704.3M |
| Accumulated deficit | ($245.2M) | ($211.4M) | ($186.9M) | ($96.8M) |
| Accumulated other comprehensive income | $492.0K | — | — | — |
| Total stockholders’ equity attributable to Baldwin | $600.2M | $583.2M | $560.4M | $608.1M |
| Noncontrolling interest | $483.7M | $425.1M | $458.1M | $531.4M |
| Total stockholders’ equity | $1.1B | $1.0B | $1.0B | $1.1B |
| Total liabilities, mezzanine equity and stockholders’ equity | $3.9B | $3.5B | $3.5B | $3.5B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $184.5M | $146.4M | $89.7M | $105.7M |
| Fiduciary cash | $426.2M | $309.7M | $236.2M | $278.0M |
| Assumed premiums, commissions and fees receivable, net | $433.6M | $447.6M | $346.5M | $349.6M |
| Fiduciary receivables | $782.2M | $670.0M | $416.1M | $491.4M |
| Prepaid expenses and other current assets | $19.6M | $20.8M | $17.7M | $14.9M |
| Total current assets | $1.8B | $1.6B | $1.1B | $1.2B |
| Property and equipment, net | $33.4M | $31.5M | $21.2M | $21.3M |
| Right-of-use assets | $81.6M | $83.4M | $64.3M | $67.1M |
| Other assets | $111.3M | $96.4M | $68.9M | $64.7M |
| Intangible assets, net | $1.5B | $1.5B | $1.0B | $925.5M |
| Goodwill | $2.7B | $2.7B | $1.5B | $1.4B |
| Total assets | $6.2B | $5.9B | $3.8B | $3.7B |
| Fiduciary liabilities | $1.2B | $979.7M | $652.3M | $769.4M |
| Commissions payable | $97.0M | $93.4M | $68.7M | $72.0M |
| Accrued expenses and other current liabilities | $294.2M | $285.9M | $221.7M | $158.3M |
| Current portion of contingent earnout liabilities | $120.9M | $115.5M | $17.1M | $6.8M |
| Total current liabilities | $1.7B | $1.5B | $959.7M | $1.0B |
| Revolving line of credit | $302.0M | $191.0M | $66.0M | $112.0M |
| Long-term debt, less current portion | $2.2B | $2.2B | $1.6B | $1.5B |
| Contingent earnout liabilities, less current portion | $225.9M | $219.9M | $11.3M | $10.0M |
| Operating lease liabilities, less current portion | $75.1M | $74.6M | $60.9M | $64.4M |
| Tax Receivable Agreement liabilities | $144.6M | $144.6M | — | — |
| Deferred tax liabilities | $4.7M | $4.7M | — | — |
| Other liabilities | $129.4M | $128.4M | $61.0K | $61.0K |
| Total liabilities | $4.8B | $4.4B | $2.7B | $2.7B |
| Redeemable noncontrolling interest | $614.0K | $537.0K | $510.0K | $445.0K |
| Common stock | $968.0K | $971.0K | $719.0K | $718.0K |
| Additional paid-in capital | $1.2B | $1.2B | $837.3M | $830.7M |
| Accumulated deficit | ($368.5M) | ($274.9M) | ($219.4M) | ($200.6M) |
| Accumulated other comprehensive income | $5.0M | $2.7M | $1.1M | — |
| Total stockholders’ equity attributable to Baldwin | $884.4M | $963.9M | $619.7M | $630.8M |
| Noncontrolling interest | $536.7M | $587.2M | $508.0M | $419.1M |
| Total stockholders’ equity | $1.4B | $1.6B | $1.1B | $1.0B |
| Total liabilities, mezzanine equity and stockholders’ equity | $6.2B | $5.9B | $3.8B | $3.7B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net loss | ($54.2M) | ($41.1M) | ($164.0M) | ($76.7M) |
| Depreciation and amortization | $127.8M | $108.9M | $98.4M | $86.4M |
| Payment of contingent earnout consideration in excess of purchase price accrual | $85.8M | ($23.4M) | ($24.3M) | ($49.9M) |
| Share-based compensation expense | $71.1M | $65.5M | $60.0M | $47.4M |
| Change in fair value of contingent consideration | $5.6M | ($4.9M) | $61.1M | $32.3M |
| Amortization of deferred financing costs | $5.7M | $5.8M | $5.1M | $5.1M |
| Gain on divestitures | ($290.0K) | ($39.0M) | — | — |
| Loss on extinguishment of debt | $26.0K | $1.0M | — | — |
| Other operating activity | ($602.0K) | $665.0K | $361.0K | — |
| Assumed premiums, commissions and fees receivable, net | ($45.1M) | ($73.8M) | ($132.3M) | ($183.0M) |
| Prepaid expenses and other current assets | ($9.7M) | ($7.2M) | ($6.8M) | ($11.3M) |
| Right-of-use assets | $16.0M | $16.7M | $18.0M | ($13.5M) |
| Accounts payable, accrued expenses and other current liabilities | ($11.2M) | $81.6M | $140.7M | $173.4M |
| Colleague earnout incentives | ($32.8M) | $24.8M | — | — |
| Operating lease liabilities | ($16.1M) | ($13.8M) | ($13.2M) | $16.5M |
| Net cash provided by (used in) operating activities | ($29.4M) | $102.2M | $44.6M | ($2.5M) |
| Cash consideration paid for business combinations, net of cash received | ($85.5M) | $0 | $0 | ($387.9M) |
| Capital expenditures | ($39.5M) | ($41.0M) | ($21.4M) | — |
| Investments in and loans to business ventures | ($16.7M) | ($3.9M) | ($1.7M) | ($1.1M) |
| Proceeds from divestitures, net of cash transferred | $1.9M | $57.0M | — | — |
| Cash consideration paid for asset acquisitions | ($460.0K) | ($268.0K) | ($2.1M) | ($3.4M) |
| Proceeds from repayment of loans to business ventures | $0 | $1.5M | — | — |
| Net cash provided by (used in) investing activities | ($140.3M) | $13.3M | ($21.9M) | ($414.4M) |
| Change in fiduciary assets and liabilities, net | $504.0K | — | — | — |
| Payment of contingent earnout consideration up to amount of purchase price accrual | ($66.2M) | ($98.7M) | ($27.9M) | ($48.3M) |
| Proceeds from revolving line of credit | $263.0M | $106.0M | $111.0M | $512.0M |
| Payments on revolving line of credit | ($156.0M) | ($447.0M) | ($275.0M) | ($42.0M) |
| Proceeds from refinancing of long-term debt | $1.9B | $1.4B | $170.0M | $0 |
| Payments relating to extinguishment and modification of long-term debt | ($1.8B) | ($996.2M) | — | — |
| Payments on long-term debt | ($7.2M) | ($6.8M) | ($9.4M) | ($8.5M) |
| Payments of deferred financing costs | ($164.0K) | ($18.0M) | ($5.0M) | ($1.8M) |
| Proceeds from the sale and settlement of interest rate caps | $0 | $2.3M | $10.9M | $21.2M |
| Tax distributions to Baldwin Holdings' LLC Members | $0 | ($11.1M) | ($482.0K) | ($9.4M) |
| Other financing activity | ($5.2M) | — | — | $0 |
| Net cash provided by financing activities | $203.8M | ($29.6M) | ($26.2M) | $419.6M |
| Net increase (decrease) in cash and cash equivalents and fiduciary cash | $34.1M | $85.8M | ($3.5M) | $2.7M |
| Cash and cash equivalents and fiduciary cash at beginning of period | $312.8M | $227.0M | $230.5M | $227.7M |
| Cash and cash equivalents and fiduciary cash at end of period | $346.9M | — | — | — |
| Cash paid for interest | $115.3M | $111.4M | $105.4M | $62.7M |
| Cash paid for taxes | $1.7M | $2.7M | $1.4M | $1.4M |
| Noncontrolling interest acquired in business combinations | $97.9M | — | — | — |
| Deferred payment obligations recognized in business combinations | $32.3M | — | — | — |
| Right-of-use assets obtained in exchange for operating lease liabilities | $3.2M | $2.8M | $6.4M | $24.9M |
| Capital expenditures incurred but not yet paid | $3.3M | $2.8M | $3.6M | $855.0K |
| Right-of-use assets increased through lease modifications and reassessments | $2.7M | $767.0K | $1.1M | $5.9M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income (loss) | ($57.9M) | ($1.9M) | ($10.5M) | $19.8M |
| Depreciation and amortization | $115.9M | $57.1M | $87.2M | $55.1M |
| Change in fair value of contingent consideration | $14.3M | $2.0M | $8.1M | $6.1M |
| Share-based compensation expense | $33.5M | $12.8M | $51.8M | $29.8M |
| Payment of contingent earnout consideration in excess of purchase price accrual | ($6.7M) | ($5.9M) | ($85.1M) | ($85.1M) |
| Gain (Loss) on Disposition of Business | $0 | $0 | ($290.0K) | ($290.0K) |
| Amortization of deferred financing costs | $8.6M | $1.7M | $4.3M | $2.8M |
| Other operating activity | ($2.6M) | ($1.2M) | ($831.0K) | $748.0K |
| Assumed premiums, commissions and fees receivable, net | ($46.1M) | ($55.7M) | ($49.4M) | ($53.9M) |
| Prepaid expenses and other current assets | ($6.9M) | ($6.6M) | ($7.6M) | ($4.9M) |
| Right-of-use assets | $13.5M | $8.8M | $12.0M | $8.0M |
| Accounts payable, accrued expenses and other current liabilities | ($3.7M) | $2.4M | ($4.9M) | ($19.7M) |
| Colleague earnout incentives | $0 | $0 | ($32.8M) | ($31.8M) |
| Operating lease liabilities | ($7.5M) | ($4.7M) | ($11.7M) | ($7.3M) |
| Deferred taxes | ($14.9M) | ($14.9M) | — | — |
| Net cash provided by (used in) operating activities | $39.5M | ($6.1M) | ($39.7M) | ($80.7M) |
| Cash consideration paid for business combinations, net of cash received | ($447.5M) | ($452.4M) | ($85.5M) | ($11.7M) |
| Deferred payments for business combinations | ($25.0M) | ($25.0M) | — | — |
| Capital expenditures | ($27.8M) | ($12.7M) | ($29.2M) | ($20.3M) |
| Investments in and loans for business ventures | ($8.5M) | ($87.0K) | ($16.3M) | ($15.6M) |
| Proceeds from divestitures, net of cash transferred | $0 | $0 | $1.9M | $1.9M |
| Cash consideration paid for asset acquisitions | ($12.1M) | ($1.1M) | ($460.0K) | ($460.0K) |
| Net cash used in investing activities | ($520.9M) | ($491.2M) | ($129.6M) | ($46.2M) |
| Change in fiduciary receivables and liabilities, net | $99.0M | ($17.5M) | $13.5M | $55.3M |
| Repurchase of common stock | ($126.8M) | ($47.0M) | — | — |
| Proceeds from revolving line of credit | $371.0M | $245.0M | $214.0M | $121.0M |
| Payments on revolving line of credit | ($176.0M) | ($161.0M) | ($148.0M) | ($9.0M) |
| Proceeds from refinancing of long-term debt | $600.0M | $600.0M | $1.9B | $935.8M |
| Payments relating to extinguishment and modification of long-term debt | $0 | $0 | ($1.8B) | ($835.8M) |
| Payments on long-term debt | ($10.6M) | ($6.5M) | ($7.2M) | ($4.7M) |
| Payments of deferred financing costs | ($4.0M) | ($4.0M) | ($92.0K) | $0 |
| Payment of contingent earnout consideration up to amount of purchase price accrual | $0 | $0 | ($64.3M) | ($64.3M) |
| Other financing activity | ($7.4M) | ($2.4M) | ($516.0K) | ($510.0K) |
| Net cash provided by financing activities | $745.2M | $606.5M | $182.4M | $197.8M |
| Net increase in cash and cash equivalents and fiduciary cash | $263.8M | $109.2M | $13.2M | $70.9M |
| Cash and cash equivalents and fiduciary cash at beginning of period | $346.9M | $346.9M | $312.8M | $312.8M |
| Cash and cash equivalents and fiduciary cash at end of period | $610.7M | $456.1M | $325.9M | $383.7M |
| Cash paid during the period for interest | $76.3M | $26.3M | $76.6M | $54.5M |
| Cash paid during the period for income taxes | $759.0K | $5.0K | $1.5M | $1.3M |
| Equity issued in business combinations | $510.6M | $510.6M | $863.0K | $863.0K |
| Contingent earnout liabilities recognized in business combinations | $316.0M | $316.0M | $18.4M | $8.8M |
| Deferred payment obligations recognized in business combinations | $165.2M | $165.2M | $32.3M | — |
| Establish Tax Receivable Agreement liabilities | $14.6M | $14.6M | — | — |
| Establish deferred taxes arising from investment in Baldwin Holdings | $7.3M | $7.3M | — | — |
| Right-of-use assets obtained in exchange for operating lease liabilities | $6.4M | $1.7M | $2.3M | $2.1M |
Baldwin Insurance Group, Inc. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.