The Baldwin Insurance Group (BWIN) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and The Baldwin Insurance Group published the results on November 9, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. The Baldwin Insurance Group reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted diluted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Baldwin published preliminary, unaudited Q3 2026 results on October 26, 2026. The full release followed on November 9, 2026, with the same revenue figure.
• Operating group revenue is reported before eliminations. Commission revenue that one group shares with another is removed through Corporate and Other, which is why that row is negative.
• Baldwin acquired CAC Group effective January 1, 2026, so the year-ago quarter does not include it.

Source: The Baldwin Group Q3 2026 results, November 9, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How The Baldwin Insurance Group splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• The Baldwin Insurance Group's Insurance Advisory Solutions revenue was $255 million in Q3 2026, up 61% from $159 million in Q3 2025, 53% of total revenue.
• The Baldwin Insurance Group's Underwriting, Capacity & Technology Solutions revenue was $166 million in Q3 2026, up 13% from $147 million in Q3 2025, 35% of total revenue.
• The Baldwin Insurance Group's Mainstreet Insurance Solutions revenue was $77.6 million in Q3 2026, up 1% from $76.5 million in Q3 2025, 16% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and diluted earnings (loss) per share, each as first reported in that quarter's release.

We do not hold a confirmed date for The Baldwin Insurance Group's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 9, 2026

The Baldwin Insurance Group's total revenues were $480.3 million in Q3 2026, up 31% from $365.4 million a year earlier. Commission revenue made up $363.3 million of it. The rest was consulting and service fees ($40.8 million), profit-sharing revenue from insurance company partners ($29.3 million), MGA policy and installment fees ($22.8 million), premium earned in its captive ($15.3 million) and smaller amounts of other and investment income. (The Baldwin Group Q3 2026 release, Nov 9, 2026; The Baldwin Insurance Group Form 10-Q, Q3 2026, Nov 9, 2026)

Baldwin reports three operating groups. Insurance Advisory Solutions (IAS), which sells commercial risk management, employee benefits and private risk management to businesses and wealthy families, had revenues of $254.8 million against $158.5 million a year earlier. Underwriting, Capacity & Technology Solutions (UCTS) had $166.2 million against $147.3 million, and Mainstreet Insurance Solutions (MIS) had $77.6 million against $76.5 million. UCTS shared $18.3 million of commission revenue with the other groups, and Corporate and Other eliminates it. (The Baldwin Insurance Group Form 10-Q, Q3 2026, Nov 9, 2026)

Acquisitions drove most of the increase. Commissions and fees rose $113.2 million, of which $91.7 million came from partnership activity and $24.5 million from organic growth in core commissions and fees, offset in part by a $3.0 million decline in organic profit-sharing and other revenue. In IAS alone the partnership contribution was $83.5 million; CAC Group, an insurance brokerage acquired effective January 1, 2026, is an IAS partner. Baldwin's organic revenue growth was 6%, and CAC Group's own revenue grew 14%. (The Baldwin Insurance Group Form 10-Q, Q3 2026, Nov 9, 2026; The Baldwin Group Q3 2026 release, Nov 9, 2026)

Within IAS, Baldwin says core commissions and fees gained from a 70 bps tailwind in underlying rate and exposure and more construction project work, and sales velocity (new business as a percentage of prior-year commissions and fees) was 25%, against 20% a year earlier. In UCTS, organic growth included $9.4 million from the captive and $3.6 million from MSI, offset in part by a $2.8 million drop in Capacity Solutions. In MIS, Medicare core commissions and fees fell $2.0 million, which Baldwin attributes to elevated churn after changes in government funding rates for Medicare Advantage products. (The Baldwin Insurance Group Form 10-Q, Q3 2026, Nov 9, 2026)

Baldwin's revenue is seasonal. Its 10-K says revenues are generally highest in the first quarter, when more policies in IAS and MIS lines such as employee benefits, commercial and Medicare start or renew, and that adjusted EBITDA margins are typically highest in the first quarter and lowest in the fourth. (The Baldwin Insurance Group Form 10-K, 2025, Feb 26, 2026)

The Baldwin Insurance Group reported a GAAP diluted loss of $0.63 per share in Q3 2026, against a loss of $0.27 a year earlier, while adjusted diluted EPS rose 35% to $0.42 from $0.31. The adjusted figure adds back $56.4 million of amortization, $21.5 million of share-based compensation, $17.6 million for the change in fair value of contingent consideration, $21.0 million of Go-Private Transaction costs and $8.7 million of partnership and integration expenses, among other items, then taxes the result at an assumed 9.9% rate. (The Baldwin Group Q3 2026 release, Nov 9, 2026)

The two per-share figures use different share counts. GAAP loss per share divides the $58.1 million net loss attributable to Baldwin by 92.9 million weighted-average Class A shares. Adjusted diluted EPS assumes every Class B share is exchanged for Class A one for one, for 140.8 million shares against 119.1 million a year earlier. Of the $81.6 million consolidated net loss, $23.5 million was attributed to noncontrolling interests. (The Baldwin Group Q3 2026 release, Nov 9, 2026)

Baldwin spent $126.8 million repurchasing Class A stock in the first nine months of 2026. In Q3 it bought only 49,155 shares, all taken from employees to cover tax withholding when stock awards vested. For the nine months it recorded an income tax benefit of $147.0 million, mostly from releasing the majority of its valuation allowance on deferred tax assets. (The Baldwin Insurance Group Form 10-Q, Q3 2026, Nov 9, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

The Baldwin Insurance Group's Q3 2026 release gives no outlook for revenue or earnings. On September 14, 2026, Baldwin agreed to be acquired in an all-cash take-private deal by an investor group led by Sequence AI Holdings, Inc. and DFO Management, LLC, at $32.50 per share. Baldwin expects the deal to close in the first quarter of 2027, subject to stockholder and regulatory approvals, after which its stock would stop trading on Nasdaq. (The Baldwin Group Q3 2026 release, Nov 9, 2026)

A consensus figure is the average of the models published by the analysts who cover The Baldwin Insurance Group, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones The Baldwin Insurance Group's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning BWIN is on is BWIN a buy or a sell?, what analysts expect next is on the BWIN forecast, and what the company does is on the The Baldwin Insurance Group (BWIN) stock page.

Every number on this page can be traced to a document The Baldwin Insurance Group published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.