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% on a QoQ basis from -$830.2 million in Q4 2025.
Baldwin Insurance (BWIN) has 9 years of Operating Expenses data on file, last reported at $633.5 million in Q1 2026.
- Quarterly Operating Expenses rose 991.89% year-over-year to $633.5 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $221.6 million (up 159.49% YoY) and the FY2025 annual result came in at $240.3 million, up 24.91% from the prior year.
- Operating Expenses climbed to $633.5 million in Q1 2026 per BWIN's latest filing, from -$830.2 million in the prior quarter.
- Across five years, Operating Expenses topped out at $633.5 million in Q1 2026 and bottomed at -$830.2 million in Q4 2025.
- The 5-year median for Operating Expenses is $47.2 million (2022), against an average of $16.7 million.
- The widest annual swing landed in 2023, when Operating Expenses slumped 342.1%; it then soared 991.89% in 2026.
- Tracing BWIN's Operating Expenses over 5 years: stood at $312.5 million in 2022, then tumbled by 342.1% to -$756.5 million in 2023, then decreased by 5.84% to -$800.7 million in 2024, then slipped by 3.68% to -$830.2 million in 2025, then soared by 176.31% to $633.5 million in 2026.
- Per Business Quant, the three latest BWIN Operating Expenses figures stand at $633.5 million (Q1 2026), -$830.2 million (Q4 2025), and $362.2 million (Q3 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Aon | 69.60 Bn | 68.21 Bn | - | 3.32 Bn |
| 2 | Arthur J. Gallagher | 52.64 Bn | 51.26 Bn | - | 3.72 Bn |
| 3 | Willis Towers Watson | 24.45 Bn | 22.68 Bn | 1.98 Bn | 1.96 Bn |
| 4 | Brown & Brown | 19.37 Bn | 18.39 Bn | 1.61 Bn | 17.00 Mn |
| 5 | XChange TEC.INC | 6.95 Bn | 6.95 Bn | - | - |
| 6 | Accelerant Holdings | 3.83 Bn | 2.32 Bn | 48.00 Mn | 271.30 Mn |
| 7 | Corvel | 3.22 Bn | 2.87 Bn | 54.92 Mn | 22.68 Mn |
| 8 | Baldwin Insurance | 1.84 Bn | 2.28 Bn | - | 633.50 Mn |
| 9 | Goosehead Insurance | 1.01 Bn | 899.53 Mn | - | 78.08 Mn |
| 10 | Twfg | 279.02 Mn | 351.22 Mn | - | 60.49 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| 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 |
| Mar 31, 2021 | 115.88 Mn |
| Dec 31, 2020 | 83.41 Mn |
| Sep 30, 2020 | 12.15 Mn |
| Jun 30, 2020 | 9.55 Mn |
| Mar 31, 2020 | 8.89 Mn |
| Dec 31, 2019 | 55.10 Mn |
| Sep 30, 2019 | 36.91 Mn |
| Jun 30, 2019 | 32.40 Mn |
| Mar 31, 2019 | 18.51 Mn |
| Dec 31, 2018 | 20.10 Mn |
| Sep 30, 2018 | 17.20 Mn |