Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | $567M | $981M | $1.21B | $1.38B | $1.49B |
| Revenue growth | — | — | — | — | 72.9% | 23.6% | 13.6% | 8.5% |
| Operating income | $9.53M | -$5.07M | -$21.9M | -$31.6M | -$31.1M | -$42.6M | $60.6M | $73.9M |
| Operating margin | — | — | — | -5.6% | -3.2% | -3.5% | 4.4% | 4.9% |
| Net income | -$624K | -$8.65M | -$15.7M | -$30.6M | -$41.8M | -$90.1M | -$24.5M | -$33.8M |
| Net margin | — | — | — | -5.4% | -4.3% | -7.4% | -1.8% | -2.3% |
| EPS (diluted) | — | — | -$0.58 | -$0.64 | -$0.74 | -$1.50 | -$0.39 | -$0.50 |
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $11.8M | $12.0M | $36.8M | $40.1M | -$2.46M | $46.0K | $51.5M | -$29.4M |
| Capital expenditures | $525K | $1.72M | $5.47M | $5.32M | $22.0M | $21.4M | $41.0M | $39.5M |
| Free cash flow | $11.3M | $10.3M | $31.3M | $34.8M | -$24.4M | -$21.3M | $10.4M | -$68.9M |
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $8.00M | $67.7M | $108M | $138M | $118M | $116M | $90.0M | $124M |
| Total assets | $140M | $399M | $1.53B | $2.88B | $3.46B | $3.50B | $3.53B | $3.86B |
| Total liabilities | $117M | $161M | $760M | $1.69B | $2.32B | $2.48B | $2.53B | $2.78B |
| Long-term debt | $1.50M | $0.00 | $399M | — | — | — | — | — |
| Shareholders' equity | -$63.7M | $73.3M | $368M | $608M | $608M | $560M | $583M | $600M |
| Retained earnings | $0.00 | -$8.65M | -$24.3M | -$55.0M | -$96.8M | -$187M | -$211M | -$245M |
| Shares (wtd avg diluted) | — | — | 27.2M | 47.6M | 56.8M | 60.1M | 63.5M | 67.9M |
Every figure is extracted from Baldwin Insurance Group, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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