BWIN
The Baldwin Insurance Group, Inc.
NASDAQ: BWIN · FINANCIAL SERVICES · INSURANCE BROKERS
$23.29
-1.81% today
Updated 2026-04-29
Market cap
$2.28B
P/E ratio
—
P/S ratio
1.52x
EPS (TTM)
$-0.50
Dividend yield
—
52W range
$16 – $45
Volume
1.8M
The Baldwin Insurance Group, Inc. (BWIN) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $47.34M | $78.84M | $134.91M | $231.68M | $559.97M | $969.49M | $1.21B | $1.38B | $1.50B |
| Revenue growth (YoY) | — | +66.6% | +71.1% | +71.7% | +141.7% | +73.1% | +24.6% | +14.0% | +9.3% |
| Cost of revenue | $30.81M | $51.65M | $96.95M | $174.11M | $400.05M | $719.45M | $911.35M | $1.03B | $1.31B |
| Gross profit | $16.53M | $27.19M | $37.96M | $57.56M | $159.92M | $250.05M | $296.38M | $344.19M | $191.98M |
| Gross margin | 34.9% | 34.5% | 28.1% | 24.8% | 28.6% | 25.8% | 24.5% | 25.0% | 12.8% |
| R&D | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| SG&A | — | — | $24.58M | $48.06M | — | — | — | — | — |
| Operating income | $5.81M | $9.53M | $-5.07M | $-21.94M | $-31.63M | $-31.10M | $-42.55M | $60.65M | $109.35M |
| Operating margin | 12.3% | 12.1% | -3.8% | -9.5% | -5.6% | -3.2% | -3.5% | 4.4% | 7.3% |
| EBITDA | $7.65M | $13.85M | $16.31M | $18.75M | $65.08M | $87.57M | $116.93M | $164.62M | $196.83M |
| EBITDA margin | 16.2% | 17.6% | 12.1% | 8.1% | 11.6% | 9.0% | 9.7% | 12.0% | 13.1% |
| EBIT | $6.21M | $10.76M | $5.76M | $-1.42M | $13.57M | $1.21M | $18.53M | $55.70M | $69.00M |
| Interest expense | $1.91M | $6.63M | $10.64M | $7.86M | $26.90M | $71.07M | $119.47M | — | $121.43M |
| Income tax | $6.21M | $10.76M | $17000.00 | $-5000.00 | $19000.00 | $715000.00 | $1.28M | $1.73M | — |
| Effective tax rate | 78.5% | 106.2% | -0.2% | 0.0% | -0.1% | -1.7% | -1.4% | -7.6% | 0.0% |
| Net income | $1.70M | $-624000.00 | $-8.65M | $-15.70M | $-30.65M | $-41.77M | $-90.14M | $-24.52M | $-33.81M |
| Net income growth (YoY) | — | -136.6% | -1286.2% | -81.5% | -95.2% | -36.3% | -115.8% | +72.8% | -37.9% |
| Profit margin | 3.6% | -0.8% | -6.4% | -6.8% | -5.5% | -4.3% | -7.5% | -1.8% | -2.2% |