The Baldwin Insurance Group, Inc.
Cash Flow Statement
| Line Item | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-39.0M | $2.3M | $-25.9M | $-18.7M | $-3.2M | $13.9M | $-20.2M | $-8.4M |
| Depreciation & Amortization | $58.8M | $57.1M | $40.7M | $32.0M | $27.7M | $27.5M | $28.0M | $28.5M |
| Depreciation | $2.8M | $2.0M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M |
| Amortization | $56.0M | $55.0M | $39.0M | $30.4M | $26.0M | $25.9M | $26.4M | $26.9M |
| Stock-Based Compensation | $20.7M | $12.8M | $19.3M | $22.0M | $17.0M | $12.8M | $18.7M | $17.9M |
| Net Cash from Operating Activities | $45.6M | $-6.1M | $10.3M | $41.0M | $-16.7M | $-64.0M | $-2.3M | $32.4M |
| Investing Activities | ||||||||
| Capital Expenditures | $15.2M | $12.7M | $10.4M | $8.9M | $11.4M | $8.9M | $12.2M | $10.2M |
| Business Acquisitions | $-4.9M | $452.4M | $0 | $73.8M | $11.7M | $0 | — | — |
| Net Cash from Investing Activities | $-29.7M | $-491.2M | $-10.7M | $-83.4M | $-37.6M | $-8.6M | $-12.3M | $-10.0M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $79.9M | $47.0M | — | — | $0 | $0 | — | — |
| Net Cash from Financing Activities | $138.7M | $606.5M | $21.4M | $-15.4M | $139.0M | $58.9M | $-17.3M | $-37.9M |
| Net Change in Cash | — | — | — | — | — | — | — | — |
| Free Cash Flow | $30.4M | $-18.7M | $-84.0K | $32.2M | $-28.1M | $-72.9M | $-14.5M | $22.2M |