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The Baldwin Insurance Group, Inc. BWIN State income taxes – net of federal income tax benefit

State income taxes – net of federal income tax benefit at other companies

CBIZ logo
CBIZCBZ
5%
BancFirst Corporation logo
BancFirst CorporationBANF
2%
Corebridge Financial logo
Corebridge FinancialCRBG
1.7%+1.2pp

Other financials

Income statement

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Revenue$532.2M+28.7%
Operating income-$101.3M-281%
Net income$2.3M-83.2%
EPS (diluted)$0.02-90.0%

Balance sheet

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Cash & equivalents$456.1M+52.5%
Total debt$2.3B+42.5%
Total equity$963.9M+55.6%
Total assets$5.9B+67.5%

Cash flow

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Operating cash flow-$6.1M+90.5%
CapEx$12.7M+41.8%
Free cash flow-$18.7M+74.3%

Valuation

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Market cap$2.38B-30.3%
Enterprise value$4.19B-9.3%
P/S1.5×-0.9×

Profitability

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Operating margin5.9%+3.2pp
Net margin-2.8%+0.9pp
FCF margin-0.4%

Returns & leverage

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Return on equity-5.7%+0.5pp
Debt / equity2.4×-0.2×
Current ratio1.1×0.0×

Where this comes from

Reported directly by The Baldwin Insurance Group, Inc. in its filing.

Tagged under the XBRL concept us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes.

The official record: The Baldwin Insurance Group, Inc.’s 10-K, filed February 26, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is The Baldwin Insurance Group, Inc.'s state income taxes – net of federal income tax benefit?
The Baldwin Insurance Group, Inc. (BWIN) reported state income taxes – net of federal income tax benefit of -3.3% in Q4 2025.
What does state income taxes – net of federal income tax benefit mean?
The net impact of state and local income taxes on the effective tax rate, adjusted for the federal tax deduction benefit. It provides a clearer view of the incremental tax cost imposed by state-level operations after accounting for federal tax offsets.