Growth Metrics

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 🔒
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
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