Baldwin Delivers 30% Revenue Growth in Q2, Adjusted EBITDA Climbs 37%, but GAAP Net Loss Deepens
BWIN sits 68% above its 52-week low of $15.88.
Summary
Baldwin Insurance Group posted Q2 2026 revenue of $492.9 million, up 30% year-over-year, with adjusted EBITDA rising 37% to $116.7 million. The GAAP net loss was $56.0 million, driven by acquisition-related amortization and contingent consideration adjustments. Management signaled that one-time headwinds are largely behind the company, pointing to a stronger second half.
Key Events · Earnings and Guidance · BWIN
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Revenue Surges 30% to $492.9M
Total revenue grew 30% year-over-year to $492.9 million, driven by acquisitions and 2% organic growth. CAC Group contributed 23% growth.
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Adjusted EBITDA Up 37%, Margin Expands
Adjusted EBITDA rose 37% to $116.7 million, with margin expanding 110 basis points to 23.7%. Adjusted diluted EPS increased 14% to $0.48.
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GAAP Net Loss of $56.0M on Amortization and Contingent Consideration
GAAP net loss was $56.0 million, or $0.42 per share, weighed down by $56.0 million in amortization and a $12.3 million non-cash charge from contingent consideration fair value changes.
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Adjusted Free Cash Flow Jumps 437% to $46.4M
Adjusted free cash flow surged to $46.4 million from $8.6 million a year ago, reflecting improved operating cash generation after adjusting for earnout payments.
Analysis · BWIN · Finance
Baldwin's core insurance distribution engine is scaling impressively, as evidenced by a 30% revenue jump to $492.9 million and a 37% rise in adjusted EBITDA to $116.7 million. Adjusted free cash flow surged 437% to $46.4 million, signaling much-improved cash generation. Yet GAAP losses persist—the net loss of $56.0 million and diluted loss per share of $0.42 reflect the heavy drag from $56 million in amortization and $12.3 million in contingent consideration fair value changes tied to its aggressive M&A strategy. The balance sheet remains liquid, with $184.5 million in cash and $259.4 million in revolver capacity. Notably, CEO Trevor Baldwin indicated the company has 'largely lapped idiosyncratic, one-time headwinds' and expects them to become tailwinds in the second half of 2026, a forward-looking signal worth watching. This report matters because it underscores strong underlying performance, though the GAAP losses and $2.15 billion in long-term debt keep the risk profile elevated.
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At the time of this filing, BWIN was trading at $26.69 on NASDAQ in the Finance sector, with a market capitalization of approximately $3.8B. The 52-week trading range was $15.88 to $37.83. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.