The Baldwin Insurance Group, Inc. (BWIN)

BWIN Cash Flow 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
Net Income	-28.11	-24.52	-90.14	-41.77	-30.65	-15.7
Depreciation & Amortization	106.23	100.02	97	86.36	51.51	20.17
Other Amortization	14.59	14.74	6.53	5.12	3.51	1
Loss (Gain) From Sale of Assets	-0.29	-38.95	-	-	-	-
Asset Writedown & Restructuring Costs	0.67	0.67	0.36	0.14	0.31	0.07
Loss (Gain) From Sale of Investments	0.24	0.24	1.67	-26.22	0.12	-
Stock-Based Compensation	70.51	65.5	60.01	47.39	19.19	7.74
Other Operating Activities	-120.08	-43.87	-37.12	-52.6	12.9	4.6
Change in Accounts Receivable	-93.36	-73.76	-132.27	-183.01	-64.5	-6.83
Change in Accounts Payable	70.77	81.56	132.66	173.36	55.19	27.35
Change in Other Net Operating Assets	-12.45	20.52	5.95	-11.23	-7.45	-1.59
Operating Cash Flow	8.71	102.15	44.64	-2.46	40.13	36.82
Operating Cash Flow Growth	-88.48%	128.81%	-	-	9.00%	206.45%
Capital Expenditures	-41.79	-41.32	-23.49	-25.34	-8.53	-7.32
Cash Acquisitions	-85.51	-	-	-387.92	-668.03	-669.24
Divestitures	1.9	56.98	3.26	-	-	-
Investment in Securities	-16.49	-3.86	-1.69	-1.1	-1.91	-1.25
Other Investing Activities	-	1.5	-	-	-	-
Investing Cash Flow	-141.89	13.3	-21.92	-414.36	-678.47	-677.81
Long-Term Debt Issued	-	1,546	281	512	861.64	671.97
Long-Term Debt Repaid	-	-453.76	-284.38	-50.51	-390.84	-326
Net Debt Issued (Repaid)	1,999	1,092	-3.38	461.49	470.8	345.97
Issuance of Common Stock	-	-	0.04	0.18	269.62	451.8
Repurchase of Common Stock	-	-	-	-	-	-78.27
Other Financing Activities	-1,884	-1,122	-22.9	-42.12	-16.36	-7.55
Financing Cash Flow	114.41	-29.64	-26.23	419.55	724.06	711.94
Net Cash Flow	-18.77	85.81	-3.51	2.73	85.72	70.95
Free Cash Flow	-33.08	60.83	21.15	-27.8	31.6	29.49
Free Cash Flow Growth	-	187.63%	-	-	7.13%	206.69%
Free Cash Flow Margin	-2.22%	4.38%	1.74%	-2.83%	5.57%	12.24%
Free Cash Flow Per Share	-0.49	0.96	0.35	-0.49	0.66	1.08
Cash Interest Paid	114.59	111.4	105.39	62.7	22.11	5.96
Cash Income Tax Paid	1.55	2.75	1.43	1.42	-	-
Levered Free Cash Flow	-132.56	51.76	262.99	72.64	55.5	28.1
Unlevered Free Cash Flow	-62.08	123.2	332.52	111.94	68.8	32
Change in Working Capital	-35.04	28.32	6.34	-20.88	-16.76	18.93

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

SEC Filings: 10-K · 10-Q