Baldwin Insurance Group reported second-quarter 2026 total revenue of $492.9 million, up 30% year-over-year, and a GAAP net loss of $56.0 million. The company posted adjusted EBITDA of $116.7 million and adjusted diluted EPS of $0.48 for the quarter. Baldwin also reported second-quarter net cash provided by operating activities of $45.6 million and adjusted free cash flow of $46.4 million.

Financial Highlights

  • Total revenue: $492.9 million for the three months ended June 30, 2026 (30% year-over-year increase).
  • Operating income (loss): $(8.3) million for Q2 2026 (as reported).
  • GAAP net loss: $(56.0) million for Q2 2026; GAAP diluted loss per share: $(0.42).
  • Adjusted EBITDA: $116.7 million for Q2 2026; adjusted EBITDA margin: 23.7%.
  • Adjusted diluted EPS: $0.48 for Q2 2026 (adjusted net income: $68.5 million).

Business Highlights

  • Organic revenue growth of 2% year-over-year for the quarter; six-month organic growth also 2%.
  • CAC Group total revenue growth of 23% year-over-year for the quarter and 25% for the six months.
  • Management cited improved momentum and sales velocity of 30% in the combined IAS business and normalized organic growth of 8% in recent commentary.
  • Liquidity position at June 30, 2026 included $184.5 million in cash and $259.4 million of borrowing capacity under the revolving credit facility.
  • Adjusted free cash flow increased 437% year-over-year to $46.4 million for the quarter and rose 34% year-to-date to $46.2 million.

Original SEC Filing:

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