BWINMEDIUM SIGNALFINANCIAL10-K

BWIN expanded operations through January 2026 partnerships while experiencing increased net losses despite improved operating performance.

The company grew its workforce to approximately 5,000 colleagues through recent partnerships and increased its risk advisor count to around 900, suggesting strategic expansion. However, the widening net loss alongside improved operating income indicates increased non-operating expenses, potentially related to financing costs from the business combinations or integration expenses.

Comparing 2026-02-26 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

BWIN's operating performance improved with operating income growing over 20% to $73.9M, indicating stronger core business fundamentals. However, net losses expanded to $33.8M, creating a disconnect between operational success and bottom-line results that likely reflects increased financing or acquisition-related costs. Current assets grew modestly while cash declined, suggesting capital deployment for growth initiatives or working capital needs from the expanded operations.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-37.9%
-$24.5M→-$33.8M

Net income declined 37.9% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
+21.9%
$60.6M→$73.9M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Current Assets
Balance Sheet
+16.9%
$1.0B→$1.2B

Current assets grew 16.9% — improving short-term liquidity or inventory/receivables build.

Cash & Equivalents
Balance Sheet
-16.5%
$148.1M→$123.7M

Cash decreased 16.5% — monitor burn rate and upcoming capital needs.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-25
ADDED
As of February 20, 2026, there were 96,721,068 shares of Class A common stock outstanding and 46,136,333 shares of Class B common stock outstanding.
4 Commonly Used Defined Terms The following terms have the following meanings throughout this Annual Report on Form 10-K unless the context indicates or requires otherwise: 2019 Stockholders Agreement Stockholders Agreement between Baldwin and the applicable holders of LLC Units in Baldwin Holdings entered into on October 28, 2019 2024 Stockholders Agreement Stockholders Agreement between Baldwin and the applicable holders of LLC Units in Baldwin Holdings entered into on October 30, 2024 2025 Refinancings Amendment No.
2 to Amended and Restated Credit Agreement, dated as of January 10, 2025, Amendment No.
3 to Amended and Restated Credit Agreement, dated as of September 18, 2025, and Amendment No.
Our team now comprises approximately 5,000 colleagues including those who joined us through our January 2026 partnerships.
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REMOVED
As of February 20, 2025, there were 68,152,042 shares of Class A common stock outstanding and 49,440,870 shares of Class B common stock outstanding.
These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business.
Securities and Exchange Commission Securities Act Securities Act of 1933, as amended Senior Secured Notes 7.125% senior secured notes with an aggregate principal amount of $600 million due May 15, 2031 SOFR Secured Overnight Financing Rate Tax Receivable Agreement Tax Receivable Agreement between Baldwin and certain holders of LLC Units in Baldwin Holdings entered into on October 28, 2019 Westwood Westwood Insurance Agency, a 2022 partner Wholesale Business Our specialty wholesale broker business, which was sold on March 1, 2024 6 PART I ITEM 1.
Our 4,000 plus colleagues include over 700 risk advisors, who are fiercely independent, relentlessly competitive and insurance geeks.
In the United States, our industry is comprised of large, global participants, such as those described in the section titled Competition below.
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