Baldwin Insurance Group (BWIN) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $493 million, up 30% year-over-year, with organic revenue growth of 2% and CAC Group revenue up 23%; normalized organic growth would have been 8% after adjusting for partnerships and headwinds.

• Adjusted EBITDA for Q2 was $117 million, up 37% year-over-year, with a margin of 23.7%–24%.

• Adjusted free cash flow surged 437% year-over-year to $46 million.

• Despite strong adjusted results, the quarter posted a GAAP net loss of $39 million to $56 million, primarily due to higher operating and interest expenses and significant non-recurring items.

• Integration of recent partnerships and AI-driven initiatives are accelerating business momentum and cost savings.

Financial highlights

• Adjusted EBITDA margin expanded by 110 basis points year-over-year to 23.7%–24%.

• Adjusted diluted EPS for Q2 was $0.48, up 14% year-over-year; adjusted net income was $68 million.

• Net leverage at quarter-end was 4.5x, with total debt at $2.2 billion and weighted average interest rate of 6.4%.

• Cash and cash equivalents at June 30, 2026, were $184.5 million, with $259.4 million in available borrowing capacity.

• Share buyback: $80 million deployed in Q2, with $124.5 million remaining under the $250 million program.

Outlook and guidance

• Q3 2026 guidance: revenue of $485–$495 million, organic revenue growth in mid-single digits, adjusted EBITDA of $105–$110 million, and adjusted EPS of $0.42–$0.46.

• Full-year 2026 guidance: revenue of $2.01B–$2.05B, mid-single-digit organic growth, adjusted EBITDA of $460M–$480M, and adjusted EPS of $2.00–$2.10.

• Management expects tailwinds and accelerating organic growth in the second half of 2026 as headwinds subside.