Baldwin Insurance (BWIN) Operating Expenses (2018 - 2026)
Baldwin Insurance's (BWIN) quarterly Operating Expenses came in at $633.5 million in Q1 2026, up 77.26% year-on-year from $357.4 million in Q1 2025, and up 75.72% on a QoQ basis from $360.5 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.
- On a quarterly basis, Operating Expenses rose 77.26% year-over-year to $633.5 million in Q1 2026; TTM through Mar 2026 was $1.4 billion, a 26.24% decrease from a year earlier, with the FY2025 full-year figure at $1.4 billion, up 7.72% from the prior year.
- Operating Expenses for Q1 2026 stood at $633.5 million, up from $360.5 million in the prior quarter.
- Over the last five years, Operating Expenses for BWIN reached as high as $1.2 billion in Q4 2024 and fell as low as $40.8 million in Q2 2022.
- Historically, Operating Expenses has averaged $277.2 million across 5 years, with a median of $289.2 million in 2022.
- On a YoY basis, Operating Expenses climbed as much as 2322.2% in 2024 and fell as far as 85.16% in 2024.
- Year by year, Operating Expenses stood at $49.3 million in 2022, then fell by 0.55% to $49.0 million in 2023, then surged by 2322.2% to $1.2 billion in 2024, then plunged by 69.63% to $360.5 million in 2025, then soared by 75.72% to $633.5 million in 2026.
- Per Business Quant data, the three most recent Operating Expenses figures were $633.5 million in Q1 2026, $360.5 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 | 84.27 Bn | 72.32 Bn | 6.04 Bn | 5.51 Bn |
| 2 | Aon | 75.99 Bn | 74.60 Bn | - | 3.32 Bn |
| 3 | Arthur J. Gallagher | 62.23 Bn | 60.85 Bn | - | 643.00 Mn |
| 4 | Willis Towers Watson | 27.24 Bn | 25.46 Bn | 1.98 Bn | 1.96 Bn |
| 5 | Brown & Brown | 23.60 Bn | 22.62 Bn | 1.61 Bn | 1.37 Bn |
| 6 | Neptune Insurance Holdings | 4.12 Bn | 4.11 Bn | 26.44 Mn | 24.35 Mn |
| 7 | Accelerant Holdings | 3.06 Bn | 1.55 Bn | 48.00 Mn | 271.30 Mn |
| 8 | Corvel | 3.03 Bn | 2.68 Bn | 54.92 Mn | 22.68 Mn |
| 9 | Baldwin Insurance | 2.43 Bn | 2.87 Bn | - | 633.50 Mn |
| 10 | Goosehead Insurance | 1.31 Bn | 1.20 Bn | - | 86.80 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 633.50 Mn |
| Dec 31, 2025 | 360.52 Mn |
| Sep 30, 2025 | 362.17 Mn |
| Jun 30, 2025 | 56.12 Mn |
| Mar 31, 2025 | 357.39 Mn |
| Dec 31, 2024 | 1.19 Bn |
| Sep 30, 2024 | 323.53 Mn |
| Jun 30, 2024 | 46.56 Mn |
| Mar 31, 2024 | 346.11 Mn |
| Dec 31, 2023 | 49.01 Mn |
| Sep 30, 2023 | 47.17 Mn |
| Jun 30, 2023 | 313.72 Mn |
| Mar 31, 2023 | 46.60 Mn |
| Dec 31, 2022 | 49.28 Mn |
| Sep 30, 2022 | 289.22 Mn |
| Jun 30, 2022 | 40.77 Mn |
| Mar 31, 2022 | 203.11 Mn |
| Dec 31, 2021 | 197.06 Mn |
| Sep 30, 2021 | 152.74 Mn |
| Jun 30, 2021 | 19.54 Mn |