Baldwin Insurance Q2 Revenue Jumps 30% but Net Loss Widens on Acquisition Costs
BWIN sits 68% above its 52-week low of $15.88.
Summary
Baldwin Insurance Group's Q2 2026 revenue surged 30% to $492.9M on acquisitions, but net loss widened to $56.0M. Adjusted EBITDA of $116.7M beat estimates. The balance sheet reflects acquisition-driven asset growth and higher debt.
Key Events · Earnings and Guidance · BWIN
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Revenue Up 30%, Net Loss Widens
Q2 2026 revenue rose 30% year-over-year to $492.9M, but the net loss attributable to Baldwin deepened to $39.0M from a $3.2M loss in Q2 2025. For the first half, the net loss was $36.7M, compared with a $10.8M profit in H1 2025.
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Adjusted EBITDA Beats Consensus
Adjusted EBITDA of $116.7M exceeded the $112.8M consensus by 3.5%, up 37% year-over-year. The adjusted EBITDA margin improved to 24% from 23%.
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Acquisition-Driven Balance Sheet Expansion
Total assets nearly doubled to $6.17B from $3.86B at year-end 2025, driven by $1.6B in acquisitions. Goodwill and intangibles surged to $4.1B, while long-term debt increased to $2.15B.
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Tax Benefit Masks Operating Loss
A $167.1M valuation allowance release generated a $144.4M income tax benefit, turning a pre-tax loss into a smaller net loss. A $144.6M Tax Receivable Agreement liability was also recognized.
Analysis · BWIN · Finance
Baldwin Insurance Group delivered robust top-line growth in Q2 2026, with revenue climbing 30% to $492.9 million, fueled by recent acquisitions. Yet the bottom line deteriorated to a $56.0 million net loss from a $5.1 million loss a year ago, as higher amortization, interest expense, and fair-value adjustments on contingent consideration weighed on results. Adjusted EBITDA rose 37% to $116.7 million, beating consensus. The balance sheet has been transformed by $1.6 billion in acquisitions, nearly doubling total assets to $6.17 billion but also pushing long-term debt to $2.15 billion. A $144.4 million income tax benefit from a valuation allowance release masked the operating loss. The company also repurchased $126.8 million of stock and recognized a $144.6 million Tax Receivable Agreement liability. While the acquisitions are fueling revenue, the associated costs and debt load are pressuring profitability.
How filings like this one have moved
In the 30 days to Oct 2, 2026, 36.4% of the 1059 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.56%. These are measured outcomes after filings of this importance, not a forecast for this one.
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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 negative market sentiment and an importance score of 8 out of 10.