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| 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 |