BWIN · The Baldwin Insurance Group, Inc.

The Baldwin Insurance Group reported robust top-line growth for Q2 2026, with total revenue surging 30% year-over-year to $492.9 million, driven largely by recent acquisitions. However, GAAP net loss widened to $56.0 million from a $5.1 million loss in the prior-year quarter, primarily due to higher amortization, transaction-related expenses, and a $12.3 million charge from changes in fair value of contingent consideration. Despite the GAAP loss, adjusted EBITDA grew 37% to $116.7 million, with margin expanding 110 basis points to 23.7%, reflecting improved operational leverage. Adjusted net income rose to $68.5 million, and adjusted diluted EPS increased 14% to $0.48. Organic revenue growth slowed to 2% from 11% in the prior year, but management highlighted a normalized organic growth rate of 8% when adjusting for one-time headwinds. Cash flow generation improved markedly, with operating cash flow of $45.6 million and adjusted free cash flow of $46.4 million, up 437% year-over-year. The balance sheet remains liquid with $184.5 million in cash and $259.4 million available under the revolving credit facility. CEO Trevor Baldwin emphasized strong momentum and market share gains, particularly in the combined IAS business with 30% sales velocity. No forward guidance was provided. Overall, the results underscore the company's ability to grow through acquisitions while gradually improving profitability and cash conversion, though organic growth deceleration and elevated GAAP losses warrant attention.