The Baldwin Insurance Group, Inc.BWINNASDAQ

Revenue (LTM)

$1.5B

+9.3% YoY

Net Income (LTM)

$-34M

-37.9% YoY

Free Cash Flow

$-69M

Revenue CAGR (5Y)

+45.4%

Marginsdeclining

FCFTurned negative

Unprofitable

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Revenue	560	969↑73.1%	1,208↑24.6%	1,376↑14.0%	1,505↑9.3%
Gross Profit	160	250↑56.4%	296↑18.5%	344↑16.1%	192↓44.2%
Operating Income	-32	-31↑1.7%	-43↓36.8%	61↑242.5%	109↑80.3%
Net Income	-31	-42↓36.3%	-90↓115.8%	-25↑72.8%	-34↓37.9%
EBITDA	65	88↑34.6%	117↑33.5%	165↑40.8%	197↑19.6%
EPS Diluted	-0.64	-0.74↓15.6%	-1.50↓102.7%	-0.39↑74.0%	-0.50↓28.2%

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Cash & Equivalents	138	118↓14.6%	116↓1.6%	148↑27.5%	124↓16.5%
Total Current Assets	578	772↑33.5%	926↑19.9%	1,026↑10.9%	1,200↑16.9%
Total Assets	2,876	3,462↑20.4%	3,502↑1.1%	3,535↑0.9%	3,862↑9.3%
Total Current Liabilities	541	699↑29.3%	1,033↑47.8%	1,056↑2.2%	1,033↓2.2%
Total Liabilities	1,689	2,322↑37.5%	2,483↑6.9%	2,526↑1.7%	2,778↑10.0%
Total Equity	608	608↓0.0%	560↓7.8%	583↑4.1%	600↑2.9%
Total Debt	1,039	1,473↑41.9%	1,632↑10.8%	1,641↑0.6%	1,770↑7.9%
Net Debt	900	1,355↑50.5%	1,516↑11.8%	1,493↓1.5%	1,647↑10.3%

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Operating Cash Flow	40	-2↓106.1%	45↑1913.3%	102↑128.8%	-29↓128.8%
Capital Expenditure	-5	-22↓313.1%	-21↑2.7%	-41↓92.0%	-40↑3.7%
Free Cash Flow	35	-24↓170.2%	23↑195.2%	61↑162.6%	-69↓212.8%
Stock-Based Comp	19	47↑146.9%	60↑26.6%	66↑9.2%	71↑8.6%
Net Change in Cash	86	3↓96.8%	-4↓228.3%	86↑2546.0%	34↓60.2%

Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down

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