BWIN · XBRL financial data
The Baldwin Insurance Group financial statements, every fiscal year
The same tables from 6 filings, lined up. Matched by XBRL tag: renamed lines keep their history.
How these numbers work
- Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
- Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
- * marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
- 0 means a filing states zero; a dash (—) means no filing states that number.
- “year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
- Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
- Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
- Shares outstanding come from each filing's cover page, as of the date printed there.
- Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.
Income statement
CSVFiscal years (BWIN's year ends in late December)
| In millions of dollars | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|---|
| Revenue | — | 567 | 981 | 1,219 | 1,389 | 1,505 |
| Revenue from contracts with customers | — | 567 | 981 | 1,212 | 1,377 | 1,494 |
| Total operating expenses | — | — | 127 | 140 | 139 | 183 |
| Operating income (loss) | (22) | (32) | (31) | (43) | 61 | 74 |
| Other income (expense) | (0) | 0 | 26 | (1) | (0) | 1 |
| Income tax expense (benefit) | (0) | 0 | 1 | 1 | 2 | 2 |
| Net income (loss) | (16) | (31) | (42) | (90) | (25) | (34) |
| Earnings per share, basic USD per share | (0.58) | (0.64) | (0.74) | (1.50) | (0.39) | (0.50) |
| Earnings per share, diluted USD per share | (0.58) | (0.64) | (0.74) | (1.50) | (0.39) | (0.50) |
| Weighted average shares, basic millions of shares | 27 | 48 | 57 | 60 | 63 | 68 |
| Weighted average shares, diluted millions of shares | 27 | 48 | 57 | 60 | 63 | 68 |
Balance sheet
CSVFiscal years (BWIN's year ends in late December)
| In millions of dollars | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 108 | 138 | 118 | 116 | 148 | 124 |
| Prepaid and other current assets | 4 | 8 | 10 | 13 | 12 | 14 |
| Total current assets | 302 | 578 | 772 | 926 | 1,026 | 1,200 |
| Property and equipment, net | 11 | 17 | 25 | 23 | 22 | 23 |
| Right-of-use asset | 0 | 82 | 96 | 85 | 72 | 62 |
| Goodwill | 652 | 1,229 | 1,422 | 1,412 | 1,412 | 1,517 |
| Total assets | 1,530 | 2,876 | 3,462 | 3,502 | 3,535 | 3,862 |
| Accrued liabilities | 13 | 10 | 13 | 23 | 12 | 57 |
| Current portion of long-term debt | 4 | 9 | 9 | 10 | 8 | 13 |
| Total current liabilities | 217 | 541 | 699 | 1,033 | 1,056 | 1,033 |
| Lease liability, non-current | 0 | 71 | 88 | 79 | 69 | 58 |
| Total liabilities | 760 | 1,689 | 2,322 | 2,483 | 2,526 | 2,778 |
| Accumulated deficit | (24) | (55) | (97) | (187) | (211) | (245) |
| Total stockholders' equity | 368 | 608 | 608 | 560 | 583 | 600 |
| Total liabilities and equity | 1,530 | 2,876 | 3,462 | 3,502 | 3,535 | 3,862 |
Cash flows
CSVFiscal years (BWIN's year ends in late December)
| In millions of dollars | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|---|
| Net income (loss) | (16) | (31) | (42) | (90) | (25) | (34) |
| Stock-based compensation | 8 | 19 | 47 | 60 | 66 | 71 |
| Depreciation and amortization | — | — | 86 | 98 | 109 | 128 |
| Net cash from operating activities | 37 | 40 | (2) | 45 | 102 | (29) |
| Purchases of property and equipment | 5 | 5 | 22 | 21 | — | — |
| Net cash from investing activities | (678) | (678) | (414) | (22) | 13 | (140) |
| Net cash from financing activities | 712 | 724 | 420 | (26) | (30) | 204 |
Compare with peers
SIC 6411 and related industry codes, similar size. Each row is the latest quarter reported.
How peers are chosen
- SIC 6411 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
- Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
- Runway shows only for companies burning cash with under $10B of public float.
- * marks a quarter worked out from the filing totals: for a 10-Q, the year-to-date total less the earlier one.
| Company | Cash ($M) | Revenue, quarter ($M) | Operating cash flow, quarter ($M) | Shares outstanding | Runway | Quarter |
|---|---|---|---|---|---|---|
| Baldwin Insurance Group | 184 | 493 | 46* | not reported | — | 10-QJun 30, 2026 |
| Goosehead Insurance | 24 | 113 | 16* | not reported | — | 10-QJun 30, 2026 |
| Accelerant Holdings | 1,573 | 357 | (69)* | not reported | 22.9 quarters | 10-QJun 30, 2026 |
| Crawford | 79 | 330 | 5.8* | not reported | — | 10-QSep 30, 2026 |
| Corvel | 256 | 260 | 50 | 50.5M | — | 10-QJun 30, 2026 |
| Ryan Specialty Holdings | 169 | 775 | 181* | not reported | — | 10-QSep 30, 2026 |
| Erie Indemnity | 363 | 1,070 | 213* | not reported | — | 10-QSep 30, 2026 |
| Enact Holdings | 448 | 317 | 119* | 137.5M | — | 10-QJun 30, 2026 |
| Equitable Holdings | 17,183 | 1,658 | 643* | 273.0M | — | 10-QJun 30, 2026 |
Not investment advice. Not affiliated with the U.S. SEC.