Baldwin Insurance Group (BWIN) Q2 2026 Earnings Report

The call presented strong operational and financial momentum: sizable adjusted EBITDA growth (+37%), large free cash flow improvement (+437% YoY), substantial partnership and CAC new business wins, meaningful MGA/TPA and MIS progress, and early, measurable AI productivity gains. Key negatives were a GAAP net loss, modest reported organic revenue growth (2%), reinsurance and rate/exposure headwinds (~240 bps), and an $8 million annualized integration‑related revenue attrition. Management characterized many headwinds as transitory and highlighted normalized organic growth (~8%) and guidance for accelerating results in H2. On balance the positives — profitability improvement, cash flow, partnership-driven growth, margin expansion and AI cost savings — outweighed the transitory and segment‑specific challenges.

Management guided Q3 revenue of $485–495M with mid‑single‑digit organic revenue growth, adjusted EBITDA of $105–110M and adjusted diluted EPS of $0.42–0.46; for the full year they reiterated mid‑single‑digit organic growth, expect to exit Q4 at high‑single‑digits or greater, and said the full‑year cash‑flow trajectory remains on track for double‑digit adjusted free cash flow growth. For context they reported Q2 results of $493M total revenue, $117M adjusted EBITDA (23.7% margin, +110 bps YoY), $0.48 adjusted diluted EPS, $46M adjusted FCF (up 437% YoY; up 34% YTD), net leverage of ~4.5x after deploying ~$80M to repurchase ~4M shares (about half of a $250M authorization), and noted that normalized Q2 organic growth would have been 8% (reported 2%); they also highlighted CAC momentum (Q2 CAC revenue ~$94M, YTD booked new business >$80M, +43%, sales velocity 59% across CAC, retention >92%), which they expect to help drive acceleration in H2 2026.