Baldwin Insurance Group (NASDAQ:BWIN) Posts Q2 CY2026 Sales In Line With Estimates

Barchart·07/30/2026 15:46:11

Insurance distribution company Baldwin Insurance Group (NASDAQ:BWIN) met Wall Street’s revenue expectations in Q2 CY2026, with sales up 30.1% year on year to $492.9 million. Its non-GAAP profit of $0.48 per share was in line with analysts’ consensus estimates.

Is now the time to buy Baldwin Insurance Group? Find out by accessing our full research report, it’s free.

Company Overview

Rebranded from BRP Group in May 2024, Baldwin Insurance Group (NASDAQ:BWIN) is an independent insurance distribution company that provides tailored insurance, risk management, and employee benefits solutions to businesses and individuals.

Revenue Growth

A company’s long-term sales performance is one signal of its overall quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years.

With $1.74 billion in revenue over the past 12 months, Baldwin Insurance Group is a mid-sized business services company, which sometimes brings disadvantages compared to larger competitors benefiting from better economies of scale. On the bright side, it can still flex high growth rates because it’s working from a smaller revenue base.

As you can see below, Baldwin Insurance Group’s 33.6% annualized revenue growth over the last five years was incredible. This shows it had high demand, a useful starting point for our analysis.

We at StockStory place the most emphasis on long-term growth, but within business services, a half-decade historical view may miss recent innovations or disruptive industry trends. Baldwin Insurance Group’s annualized revenue growth of 15.1% over the last two years is below its five-year trend, but we still think the results suggest healthy demand.

Baldwin Insurance Group also reports organic revenue, which strips out one-time events like acquisitions and currency fluctuations that don’t accurately reflect its fundamentals. Over the last two years, Baldwin Insurance Group’s organic revenue averaged 8.3% year-on-year growth. Because this number is lower than its two-year revenue growth, we can see that some mixture of acquisitions and foreign exchange rates boosted its headline results.

This quarter, Baldwin Insurance Group’s year-on-year revenue growth of 30.1% was wonderful, and its $492.9 million of revenue was in line with Wall Street’s estimates.

Looking ahead, sell-side analysts expect revenue to grow 21.1% over the next 12 months, an improvement versus the last two years. This projection is eye-popping and indicates its newer products and services will spur better top-line performance.

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Adjusted Operating Margin

Baldwin Insurance Group’s high expenses have contributed to an average adjusted operating margin of negative 1.8% over the last five years. Unprofitable business services companies require extra attention because they could get caught swimming naked when the tide goes out. It’s hard to trust that the business can endure a full cycle.

Analyzing the trend in its profitability, Baldwin Insurance Group’s adjusted operating margin decreased by 8.9 percentage points over the last five years. This raises questions about the company’s expense base because its revenue growth should have given it leverage on its fixed costs, resulting in better economies of scale and profitability. Baldwin Insurance Group’s performance was poor no matter how you look at it - it shows that costs were rising and it couldn’t pass them onto its customers.

Baldwin Insurance Group’s adjusted operating margin was negative 4.3% this quarter.

Earnings Per Share

We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable.

Baldwin Insurance Group’s EPS grew at an astounding 18.2% compounded annual growth rate over the last five years. Despite its adjusted operating margin improvement during that time, this performance was lower than its 33.6% annualized revenue growth, telling us that non-fundamental factors such as interest and taxes affected its ultimate earnings.

We can take a deeper look into Baldwin Insurance Group’s earnings quality to better understand the drivers of its performance. As we mentioned earlier, Baldwin Insurance Group’s adjusted operating margin declined by 8.9 percentage points over the last five years. Its share count also grew by 108%, meaning the company not only became less efficient with its operating expenses but also diluted its shareholders.

Like with revenue, we analyze EPS over a shorter period to see if we are missing a change in the business.

For Baldwin Insurance Group, its two-year annual EPS growth of 14.1% was lower than its five-year trend. We still think its growth was good and hope it can accelerate in the future.

In Q2, Baldwin Insurance Group reported adjusted EPS of $0.48, up from $0.42 in the same quarter last year. This print beat analysts’ estimates by 2.1%. Over the next 12 months, Wall Street expects Baldwin Insurance Group’s full-year EPS to grow 33.2% from $1.73 to $2.30.

Key Takeaways from Baldwin Insurance Group’s Q2 Results

It was encouraging to see Baldwin Insurance Group meet analysts’ EPS expectations this quarter. On the other hand, its organic revenue missed. Overall, this quarter could have been better. The stock remained flat at $26.70 immediately following the results.

Is Baldwin Insurance Group an attractive investment opportunity at the current price? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).

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