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
DateValue
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