The Baldwin Insurance Group, Inc. (BWIN)

BWIN Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Operating Revenue	1,449	1,377	1,212	980.72	567.29	240.92
Other Revenue	12.35	11.92	6.73	-	-	-
Revenue	1,461	1,389	1,219	980.72	567.29	240.92
Revenue Growth (YoY)	11.43%	13.99%	24.25%	72.88%	135.47%	74.78%
Cost of Revenue	1,053	1,026	892.84	719.45	400.05	174.11
Gross Profit	408.26	362.75	325.72	261.28	167.24	66.81
Selling, General & Admin	26.48	26.68	26.87	22.99	15.94	7.6
Other Operating Expenses	187.27	165.69	163.4	150.71	86.22	40.46
Operating Expenses	325.29	301.29	288.67	260.07	153.67	68.23
Operating Income	82.97	61.46	37.05	1.21	13.57	-1.42
Interest Expense	-122.07	-123.64	-119.47	-71.07	-26.9	-7.86
Other Non Operating Income (Expenses)	-0.19	0.01	0.98	26.14	0.42	-0.1
EBT Excluding Unusual Items	-39.28	-62.18	-81.44	-43.73	-12.91	-9.37
Gain (Loss) on Sale of Investments	-0.2	-0.2	-1.7	-	-	-
Gain (Loss) on Sale of Assets	2.1	38.95	-	-	-	-
Other Unusual Items	8.49	-15.92	-79.6	-32.31	-45.2	-20.52
Pretax Income	-29.29	-39.35	-162.73	-76.03	-58.1	-29.89
Income Tax Expense	0.27	1.73	1.29	0.72	0.02	-0.01
Earnings From Continuing Operations	-29.56	-41.08	-164.02	-76.75	-58.12	-29.89
Minority Interest in Earnings	11.79	16.56	73.88	34.98	27.47	14.19
Net Income	-17.76	-24.52	-90.14	-41.77	-30.65	-15.7
Net Income to Common	-17.76	-24.52	-90.14	-41.77	-30.65	-15.7
Shares Outstanding (Basic)	66	63	60	57	48	27
Shares Outstanding (Diluted)	66	63	60	57	48	27
Shares Change (YoY)	6.58%	5.52%	5.82%	19.41%	75.11%	51.68%
EPS (Basic)	-0.27	-0.39	-1.50	-0.74	-0.64	-0.58
EPS (Diluted)	-0.27	-0.39	-1.50	-0.74	-0.64	-0.58
Free Cash Flow	-43.01	60.83	21.15	-27.8	31.6	29.49
Free Cash Flow Per Share	-0.65	0.96	0.35	-0.49	0.66	1.08
Gross Margin	27.94%	26.11%	26.73%	26.64%	29.48%	27.73%
Operating Margin	5.68%	4.42%	3.04%	0.12%	2.39%	-0.59%
Profit Margin	-1.22%	-1.76%	-7.40%	-4.26%	-5.40%	-6.51%
Free Cash Flow Margin	-2.94%	4.38%	1.74%	-2.83%	5.57%	12.24%
EBITDA	185.62	161.48	134.05	87.57	65.08	18.75
EBITDA Margin	12.70%	11.63%	11.00%	8.93%	11.47%	7.78%
D&A For EBITDA	102.64	100.02	97	86.36	51.51	20.17
EBIT	82.97	61.46	37.05	1.21	13.57	-1.42
EBIT Margin	5.68%	4.42%	3.04%	0.12%	2.39%	-0.59%
Revenue as Reported	1,461	1,389	1,219	980.72	567.29	-

Updated Aug 5, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q