Baldwin Insurance (BWIN) Operating Expenses (2018 - 2026)

Baldwin Insurance (BWIN) reported Operating Expenses of $633.5 million for Q1 2026, up 991.89% year-over-year from $58.0 million in Q1 2025, and up 176.31% quarter-over-quarter from -$830.2 million in Q4 2025.

Baldwin Insurance (BWIN) Operating Expenses (2018 - 2026) Analysis & Trends

Baldwin Insurance (BWIN) has 9 years of Operating Expenses data on file, last reported at $633.5 million in Q1 2026.

  • Operating Expenses for Q1 2026 came in at $633.5 million, up 991.89% year-over-year; the trailing twelve-month figure through Mar 2026 was $221.6 million (up 159.49% YoY), and the FY2025 annual result was $240.3 million, up 24.91% from the prior year.
  • Operating Expenses advanced to $633.5 million in Q1 2026 per BWIN's latest filing, from -$830.2 million in the prior quarter.
  • Over five years, Operating Expenses peaked at $633.5 million in Q1 2026 and troughed at -$830.2 million in Q4 2025.
  • A 5-year average of $16.7 million and a median of $47.2 million in 2022 frame the typical range for Operating Expenses.
  • The sharpest annual moves came in 2023 and 2026: Operating Expenses plunged 342.1% in 2023, then surged 991.89% in 2026.
  • A 5-year view of Operating Expenses shows it stood at $312.5 million in 2022, then sank by 342.1% to -$756.5 million in 2023, then dropped by 5.84% to -$800.7 million in 2024, then declined by 3.68% to -$830.2 million in 2025, then surged by 176.31% to $633.5 million in 2026.
  • Business Quant data shows BWIN's Operating Expenses at $633.5 million in Q1 2026, -$830.2 million in Q4 2025, and $362.2 million in Q3 2025.

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) Opex (Qtr)
1 Marsh & Mclennan Companies 79.42 Bn 67.92 Bn 5.88 Bn 5.84 Bn
2 Aon 69.98 Bn 68.59 Bn - 3.32 Bn
3 Arthur J. Gallagher 55.55 Bn 54.17 Bn - 3.72 Bn
4 Willis Towers Watson 24.71 Bn 22.93 Bn 1.98 Bn 1.96 Bn
5 Brown & Brown 19.80 Bn 18.82 Bn 1.61 Bn 17.00 Mn
6 XChange TEC.INC 6.75 Bn 6.75 Bn - -
7 Neptune Insurance Holdings 4.00 Bn 3.99 Bn - 24.35 Mn
8 Corvel 2.98 Bn 2.64 Bn 54.92 Mn 22.68 Mn
9 Accelerant Holdings 2.93 Bn 1.42 Bn 48.00 Mn 271.30 Mn
10 Baldwin Insurance 1.62 Bn 2.07 Bn - 633.50 Mn

Historic Data

Download Data
DateValue
Mar 31, 2026 633.50 Mn
Dec 31, 2025 -830.15 Mn
Sep 30, 2025 362.17 Mn
Jun 30, 2025 56.12 Mn
Mar 31, 2025 58.02 Mn
Dec 31, 2024 -800.66 Mn
Sep 30, 2024 323.53 Mn
Jun 30, 2024 46.56 Mn
Mar 31, 2024 346.11 Mn
Dec 31, 2023 -756.47 Mn
Sep 30, 2023 47.17 Mn
Jun 30, 2023 313.72 Mn
Mar 31, 2023 46.60 Mn
Dec 31, 2022 312.46 Mn
Sep 30, 2022 47.21 Mn
Jun 30, 2022 40.77 Mn
Mar 31, 2022 36.44 Mn
Dec 31, 2021 197.06 Mn
Sep 30, 2021 152.74 Mn
Jun 30, 2021 19.54 Mn