The Baldwin Insurance Group, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-33.8M | $-24.5M | $-90.1M | $-41.8M | $-30.6M | $-15.7M | $-8.7M | $-624.0K |
| Depreciation & Amortization | $127.8M | $108.9M | $98.4M | $86.4M | $51.5M | $20.2M | $10.5M | $3.1M |
| Depreciation | $6.5M | $6.2M | $5.7M | $4.6M | $2.8M | $1.1M | $542.0K | $508.0K |
| Amortization | $121.3M | $102.7M | $92.7M | $81.7M | $48.7M | $19.0M | $10.0M | $2.6M |
| Stock-Based Compensation | $71.1M | $65.5M | $60.0M | $47.4M | $19.2M | $7.7M | $3.2M | $1.2M |
| Net Cash from Operating Activities | $-29.4M | $51.5M | $46.0K | $-2.5M | $40.1M | $36.8M | $12.0M | $11.8M |
| Investing Activities | ||||||||
| Capital Expenditures | $39.5M | $41.0M | $21.4M | $22.0M | $5.3M | $5.5M | $1.7M | $525.0K |
| Business Acquisitions | $85.5M | $0 | $0 | $387.9M | $668.0M | $669.2M | $98.4M | $35.1M |
| Net Cash from Investing Activities | $-140.3M | $13.3M | $-21.9M | $-414.4M | $-678.5M | $-677.8M | $-101.0M | $-42.5M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $203.8M | $21.1M | $18.4M | $419.6M | $724.1M | $711.9M | $152.1M | $35.6M |
| Net Change in Cash | — | — | — | — | — | — | — | — |
| Free Cash Flow | $-68.9M | $10.4M | $-21.3M | $-24.4M | $34.8M | $31.3M | $10.3M | $11.3M |