Baldwin Insurance Misses Q3 2026 Estimates as Revenue Rises 31% to $480.3M

Baldwin Insurance (BWIN) missed estimates for the third quarter of 2026 on both revenue and adjusted EPS. Revenue was $480.3 million, up 31% from a year earlier, below the $492.7 million estimate, and adjusted EPS was $0.42, up 35% from a year earlier, below the $0.43 estimate.

Q3 2026 scorecard

By our calculation, revenue was $12.4 million below the estimate and adjusted EPS was $0.01 below it. The QoQ column compares with the previous quarter's revenue of $492.9 million and adjusted EPS of $0.48. The YoY column compares with $365.4 million and $0.31 in the same quarter a year earlier.

GAAP results

• GAAP EPS. GAAP diluted EPS was -$0.63, against -$0.27 a year earlier.
• Net loss. The company reported a net loss of $58.1 million on a GAAP basis, compared with a net loss of $18.7 million a year earlier.

Track record

• EPS record. Adjusted EPS beat the estimate in 4 of the last 8 reports, including this one.
• Revenue record. Revenue beat the estimate in 4 of the last 8 reports.
• Revenue trend. Revenue over the last 5 reports, oldest first: $365.4 million, $347.3 million, $532.2 million, $492.9 million and $480.3 million.

What to watch

• Next-quarter estimates. Consensus calls for EPS of $0.46 and revenue of $491.0 million next quarter, based on 3 analysts.
• Next report. Baldwin Insurance is next expected to report on March 2, 2027.
• Revenue growth. Whether revenue keeps growing from a year earlier after this quarter's 31% increase to $480.3 million.
• Related coverage. See our reports on AST SpaceMobile, Novanta, Jbs and Tidewater.

Sources: Results are from Baldwin Insurance's Nov. 9, 2026 quarterly report. Estimates are consensus figures. The prior-quarter and year-ago comparison figures are from Baldwin Insurance's earlier quarterly reports. Items labeled by our calculation are our own arithmetic. This article is informational only and is not investment advice.