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	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Operating Revenue	1,476	1,377	1,212	980.72	567.29	240.92
Other Revenue	11.69	11.92	6.73	-	-	-
Revenue	1,487	1,389	1,219	980.72	567.29	240.92
Revenue Growth (YoY)	10.69%	13.99%	24.25%	72.88%	135.47%	74.78%
Cost of Revenue	1,078	1,026	892.84	719.45	400.05	174.11
Gross Profit	409.76	362.75	325.72	261.28	167.24	66.81
Selling, General & Admin	26.28	26.68	26.87	22.99	15.94	7.6
Amortization of Goodwill & Intangibles	108.68	102.73	92.7	81.74	48.72	19.04
Other Operating Expenses	195.04	165.69	163.4	150.71	86.22	40.46
Operating Expenses	336.45	301.29	288.67	260.07	153.67	68.23
Operating Income	73.31	61.46	37.05	1.21	13.57	-1.42
Interest Expense	-121.87	-123.64	-119.47	-71.07	-26.9	-7.86
Other Non Operating Income (Expenses)	0.65	0.01	0.98	26.14	0.42	-0.1
EBT Excluding Unusual Items	-47.8	-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	0.29	38.95	-	-	-	-
Other Unusual Items	2.66	-15.92	-79.6	-32.31	-45.2	-20.52
Pretax Income	-45.05	-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	-45.32	-41.08	-164.02	-76.75	-58.12	-29.89
Minority Interest in Earnings	17.21	16.56	73.88	34.98	27.47	14.19
Net Income	-28.11	-24.52	-90.14	-41.77	-30.65	-15.7
Net Income to Common	-28.11	-24.52	-90.14	-41.77	-30.65	-15.7
Shares Outstanding (Basic)	67	63	60	57	48	27
Shares Outstanding (Diluted)	67	63	60	57	48	27
Shares Change (YoY)	6.94%	5.52%	5.82%	19.41%	75.11%	51.68%
EPS (Basic)	-0.42	-0.39	-1.50	-0.74	-0.64	-0.58
EPS (Diluted)	-0.42	-0.39	-1.50	-0.74	-0.64	-0.58
Free Cash Flow	-33.08	60.83	21.15	-27.8	31.6	29.49
Free Cash Flow Per Share	-0.49	0.96	0.35	-0.49	0.66	1.08
Gross Margin	27.55%	26.11%	26.73%	26.64%	29.48%	27.73%
Operating Margin	4.93%	4.42%	3.04%	0.12%	2.39%	-0.59%
Profit Margin	-1.89%	-1.76%	-7.40%	-4.26%	-5.40%	-6.51%
Free Cash Flow Margin	-2.22%	4.38%	1.74%	-2.83%	5.57%	12.24%
EBITDA	179.55	161.48	134.05	87.57	65.08	18.75
EBITDA Margin	12.07%	11.63%	11.00%	8.93%	11.47%	7.78%
D&A For EBITDA	106.23	100.02	97	86.36	51.51	20.17
EBIT	73.31	61.46	37.05	1.21	13.57	-1.42
EBIT Margin	4.93%	4.42%	3.04%	0.12%	2.39%	-0.59%
Revenue as Reported	1,487	1,389	1,219	980.72	567.29	-

Updated Nov 4, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q