10-Q · May 4, 2026
Baldwin Insurance Group, Inc. reported strong quarterly results for Q1 2026, with revenues increasing by 29% year-over-year to $532.24 million, driven primarily by growth in core commissions and fees, particularly from…
Earnings analysis · 10-Q
BWIN earnings analysis
Filed November 9, 2026 · Our reading of the company's report
The latest report
Baldwin reported strong top-line momentum, with revenue up 31% year over year to $480.3 million, but GAAP results remained weak at a $0.63 diluted loss per share and an $81.6 million net loss. Leverage is substantial,…
Read full summary
Baldwin reported strong top-line momentum, with revenue up 31% year over year to $480.3 million, but GAAP results remained weak at a $0.63 diluted loss per share and an $81.6 million net loss. Leverage is substantial, with $1.6 billion of Term Loans and $272.0 million drawn on the Revolving Facility, although a $500 million interest-rate swap provides partial protection. The proposed go-private transaction remains the dominant catalyst and risk, with closing conditions outstanding and a potential termination date of June 14, 2027.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.63
What stood out
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Revenue grew 31% to $480.3 million
Revenue increased 31% year over year to $480.3 million, according to the reported Q3 results. However, the filing excerpt does not provide gross-margin or operating-margin detail.
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Disclosure controls remained effective
The company stated that disclosure controls were effective as of September 30, 2026, providing reasonable assurance over required reporting.
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Antitrust waiting period expired
The Hart-Scott-Rodino waiting period expired on November 4, 2026, removing one identified regulatory waiting-period condition for the proposed transaction.
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$500 million rate swap provides protection
A $500 million floating-to-fixed interest-rate swap fixes part of the Term Loan exposure at 3.244%, reducing sensitivity to floating-rate increases.
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$124.5 million repurchase capacity remains
Approximately $124.5 million remained available under the company’s $250 million share-repurchase authorization as of September 30, 2026.
What to watch
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High debt and floating-rate exposure
Outstanding borrowings totaled $1.6 billion under the Term Loans and $272.0 million under the Revolving Facility at September 30, 2026. A 100-basis-point increase in SOFR would increase annual interest expense by $13.7 million after considering the swap.
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Go-private transaction may not close
Completion of the Go-Private Transaction remains subject to stockholder approval, other regulatory approvals and customary closing conditions. Either party may terminate if it has not closed by June 14, 2027, subject to an extension to September 14, 2027 if specified conditions are met.
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Merger restrictions may constrain operations
While the transaction is pending, the merger agreement restricts actions including partnerships, new indebtedness and capital expenditures without Square Acquisition’s consent, potentially limiting strategic flexibility.
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Fixed merger consideration limits upside
The fixed merger consideration is $32.50 per share and will not be adjusted for changes in the company’s business, financial condition or results of operations.
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GAAP loss remained substantial
The company reported a diluted loss of $0.63 per share and an $81.6 million net loss, indicating GAAP profitability remained materially negative despite revenue growth.
Management's outlook
No quantitative revenue or EPS guidance was provided in the 10-Q. The filing discusses transaction timing and financing risks but does not provide operating forecasts.
Earlier filings 4
10-K · February 26, 2026
Baldwin describes a two‑pronged growth strategy of organic expansion (sales hires, technology and MSI product builds) and inorganic growth via partnerships (37 firms since 2020). The company highlights scale—~5,000…
10-K · February 25, 2025
Baldwin positions itself as a tech-enabled, partner-driven independent insurance distributor focused on organic growth (MSI platform, hiring sales/tech talent) and episodic inorganic growth via partnerships. The company…
10-Q · August 6, 2024
Baldwin reported Q2 2024 revenue of $339.84M, up $42.65M (+14.4% YoY) but down $40.53M (-10.6% QoQ). The company generated operating income of $16.46M (operating margin ~4.84%) versus an operating loss of $16.53M in Q2…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.