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Baldwin Insurance Group, Inc. cash flow statement

In fiscal 2025, Baldwin Insurance Group, Inc.'s operations generated −$29.4m of cash; it spent $39.5m on capital projects, leaving free cash flow of −$68.9m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations40−2051−2991
Depreciation and amortisation528698109128189
Stock-based pay194760667175
Capital spending52221414047
Free cash flow35−24−2110−6944
Free cash flow after stock pay16−72−81−55−140−31

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Baldwin Insurance Group, Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Baldwin Insurance Group, Inc.