Baldwin Insurance Group, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $1.5B | $1.4B | $1.2B | $980.7M | $567.3M |
| Operating expenses | $183.2M | $138.9M | $140.4M | $127.0M | — |
| Operating income | $73.9M | $60.6M | -$42.6M | -$31.1M | -$31.6M |
| Pretax income | -$52.8M | -$39.4M | -$162.7M | -$76.0M | -$58.1M |
| Income tax expense | $1.7M | $1.7M | $1.3M | $715,000 | $19,000 |
| Net income | -$33.8M | -$24.5M | -$90.1M | -$41.8M | -$30.6M |
| Balance Sheet | |||||
| Cash and equivalents | $123.7M | $90.0M | $116.2M | $118.1M | $138.3M |
| Current assets | $1.2B | $1.0B | $925.9M | $772.4M | $578.4M |
| Total assets | $3.9B | $3.5B | $3.5B | $3.5B | $2.9B |
| Current liabilities | $1.0B | $1.1B | $1.0B | $699.2M | $540.7M |
| Total liabilities | $2.8B | $2.5B | $2.5B | $2.3B | $1.7B |
| Total debt | $1.6B | $1.4B | $998.7M | — | — |
| Stockholders' equity | $600.2M | $583.2M | $560.4M | $608.1M | $608.4M |
| Cash Flow Statement | |||||
| Cash from operations | -$29.4M | $51.5M | $46,000 | -$2.5M | $40.1M |
| Depreciation and amortization | $127.8M | $108.9M | $98.4M | $86.4M | $51.5M |
| Stock-based compensation | $71.1M | $65.5M | $60.0M | $47.4M | $19.2M |
| Capital expenditure | $39.5M | $41.0M | $21.4M | $22.0M | $5.3M |
| Free cash flow | -$68.9M | $10.4M | -$21.3M | -$24.4M | $34.8M |
| Share repurchases | $0 | $0 | $0 | $0 | $0 |
Shares outstanding 142.6M · Free float 71.7%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.