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Insurance brokers · Financial Services · Fiscal year ends Dec 31
Baldwin Insurance reported revenue of $1.5B in the fiscal year ended Dec 2025, up 8.5% from the year before. Operating income was $74M, an operating margin of 4.9%, and net income was −$34M. Operating cash flow of −$29M less capital expenditure of $40M left free cash flow of −$69M.
Ranks among the 15 insurance brokers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 567 | 981 | 1,212 | 1,377 | 1,494 |
| Operating income | −31.6 | −31.1 | −42.6 | 60.6 | 73.9 |
| Net interest incomeBanks | −26.9 | −71.1 | −119 | −124 | −121 |
| Pre-tax income | −58.1 | −76.0 | −163 | −39.4 | −52.4 |
| Income tax | 0.0 | 0.7 | 1.3 | 1.7 | 1.7 |
| Net income | −30.6 | −41.8 | −90.1 | −24.5 | −33.8 |
| Diluted EPS | −0.64 | −0.74 | −1.50 | −0.39 | −0.50 |
| Diluted shares | 47.6 | 56.8 | 60.1 | 63.5 | 67.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 138 | 118 | 116 | 90.0 | 124 |
| Current assets | 578 | 772 | 926 | 1,026 | 1,200 |
| Net PP&E | 17.5 | 25.4 | 22.7 | 22.0 | 22.5 |
| Goodwill | 1,229 | 1,422 | 1,412 | 1,412 | 1,517 |
| Total assets | 2,876 | 3,462 | 3,502 | 3,535 | 3,862 |
| Payables | 92.2 | 126 | 145 | 161 | 253 |
| Deferred revenue | 18.2 | 31.0 | 30.3 | 40.8 | 36.3 |
| Current liabilities | 541 | 699 | 1,033 | 1,056 | 1,033 |
| Short-term debt | 8.5 | 8.5 | 10.2 | 8.4 | 12.6 |
| Total liabilities | 1,689 | 2,322 | 2,483 | 2,526 | 2,778 |
| Shareholders' equity | 608 | 608 | 560 | 583 | 600 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 40.1 | −2.5 | 0.0 | 51.5 | −29.4 |
| Capital expenditure | 5.3 | 22.0 | 21.4 | 41.0 | 39.5 |
| Free cash flow | 34.8 | −24.4 | −21.3 | 10.4 | −68.9 |
| Depreciation & amortisation | 51.5 | 86.4 | 98.4 | 109 | 128 |
| Stock-based compensation | 19.2 | 47.4 | 60.0 | 65.5 | 71.1 |
| Acquisitions | 668 | 388 | 0.0 | 0.0 | 85.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 72.9% | 23.6% | 13.6% | 8.5% |
| Operating income growth (YoY) | – | – | – | – | 21.9% |
| Operating margin | −5.6% | −3.2% | −3.5% | 4.4% | 4.9% |
| Net margin | −5.4% | −4.3% | −7.4% | −1.8% | −2.3% |
| Return on equityBlank when equity is negative | −5.0% | −6.9% | −16.1% | −4.2% | −5.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −1.4% | −1.1% | −1.7% | 2.4% | 2.6% |
| Free cash flow margin | 6.1% | −2.5% | −1.8% | 0.8% | −4.6% |
| Cash conversion (CFO ÷ net income) | −1.31x | 0.06x | −0.00x | −2.10x | 0.87x |
| Current ratio | 1.07x | 1.10x | 0.90x | 0.97x | 1.16x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.