Short answer
Baldwin Insurance Group, Inc. (BWIN) filed its Q3 2025 10-Q quarterly report on Nov 4, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $362M (up 8.1% year over year) with net income of −$19M.
Q3 2025 key financials · XBRL
- Revenue
- $362M
- +8.1% YoY · −3.7% QoQ
- Net income
- −$19M
- −123.6% YoY · −491.9% QoQ
- Operating margin
- 0.9%
- EPS (diluted)
- −$0.27
- −107.7% YoY · −440.0% QoQ
Source: XBRL data from the Baldwin Insurance Group, Inc. (BWIN) Q3 2025 10-Q on SEC EDGAR. USD.
Baldwin Insurance Group, Inc. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Risk Factors
- Newly added risk: Increased legal and professional fees by $6.9M YTD 2025 from elevated legal spend, including Reciprocal setup and rebranding expansion
- Updated operational risk: Other operating expenses surged 21% YTD 2025 due to Captive business incurred losses and marketing costs, impacting expense structure
- Regulatory/legal risk: Increased professional fees and legal expenses tied to Reciprocal business formation and compliance with rebranding requirements
- Market risk: IAS experienced 570 bps quarter rate and exposure headwind from softening insurance prices and economic slowdown affecting commissions
- Financial risk: Net loss widened to $30.3M Q3 2025 vs $14.5M prior year, driven by $3.3M debt refinancing loss and flat interest expense on higher borrowings
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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