Baldwin Insurance

Q2 FY2026 EarningsQ2 FY2026 results were largely in-line with consensus on the top line but showed significant GAAP earnings pressure. Revenue of $492.9M slightly beat the $492.4M estimate, supported by 30% YoY total growth despite a modest 2% organic growth rate. Adjusted Diluted EPS of $0.48 met consensus, while GAAP Net Loss of $56.0M was substantially wider than the $18.9M expected loss, primarily driven by a $56.0M amortization expense and increased interest costs. Adjusted Free Cash Flow surged 437% YoY to $46.4M, significantly outperforming the $20.9M consensus floor.