Full Year 2025 Total Revenue Growth of 8% to $1.5 Billion; Organic Revenue Growth(1) of 7% —
Full Year 2025 Net Loss of $54.2 Million and Diluted Loss Per Share of $0.50; Adjusted Diluted EPS(2) of $1.67
Full Year 2025 Adjusted EBITDA Margin(3). of 23%
The Baldwin Group, the brand name for The Baldwin Insurance Group, Inc. (“Baldwin” or the “Company”) (NASDAQ: BWIN), an independent insurance distribution firm delivering tailored insurance solutions to a wide range of personal and commercial clients, today announced its results for the fourth quarter and full year ended December 31, 2025.
In addition, the Company’s Board of Directors has authorized the repurchase of up to $250 million of its outstanding common stock over the next twelve months.
The Company’s common stock may be repurchased from time to time in open market transactions, privately negotiated transactions or by any other means in compliance with applicable law (including pursuant to repurchase plans in compliance with Rule 10b5-1 and/or Rule 10b-18). The timing and number of shares repurchased may depend on a variety of factors, including the Company’s stock price, availability of stock, market and economic conditions, the Company’s financial performance, alternative uses for capital, and other considerations. Repurchases may be commenced or suspended from time to time without further notice. There can be no assurances how many shares of common stock, if any, the Company may repurchase.
FOURTH QUARTER 2025 HIGHLIGHTS
- Total revenue increased 5% year-over-year to $347.3 million
- Organic revenue growth of 3% year-over-year
- GAAP net loss of $43.7 million and GAAP diluted loss per share of $0.37
- Adjusted net income(2) of $36.3 million
- Adjusted diluted EPS grew 15% year-over-year to $0.31
- Adjusted EBITDA(3) grew 10% year-over-year to $69.6 million
- Adjusted EBITDA margin of 20.1%, a 100 basis point expansion compared to 19.1% in the prior year
- Net cash provided by operating activities of $10.3 million
- Adjusted free cash flow(4) grew 85% year-over-year to $11.0 million
“2025 was a year of significant progress for The Baldwin Group,” said Trevor Baldwin, Chief Executive Officer of The Baldwin Group. “We delivered our sixth consecutive year of top-of-industry organic growth, expanded margins, and grew adjusted diluted EPS by double digits—all while navigating meaningful near-term headwinds that will shortly be behind us. As the market debates the impact of AI on a multitude of industries, we believe our results, strong fundamentals and strategic positioning speak for themselves: our embedded insurance platforms, our advisory business serving complex clients, and our vertically integrated model across underwriting, distribution, and risk capital represent durable competitive moats that AI will enhance, not displace. With the addition of CAC Group and the launch of our $3B/30 Catalyst program, we are entering 2026 with the strongest platform in our history and a clear path to accelerate performance and stakeholder outcomes.”
LIQUIDITY AND CAPITAL RESOURCES
As of December 31, 2025, cash and cash equivalents were $123.7 million and the Company had $477.0 million of borrowing capacity under its revolving credit facility.
FULL YEAR 2025 HIGHLIGHTS
- Total revenue increased 8% year-over-year to $1.5 billion
- Organic revenue growth of 7% year-over-year
- GAAP net loss of $54.2 million and GAAP diluted loss per share of $0.50
- Adjusted net income of $198.9 million
- Adjusted diluted EPS grew 11% year-over-year to $1.67
- Adjusted EBITDA grew 9% year-over-year to $341.5 million
- Adjusted EBITDA margin of 22.7%, a 20 basis point expansion compared to 22.5% in the prior year
- Pro forma adjusted EBITDA(5) grew 13% year-over-year to $352.5 million
- Net cash used in operating activities of $29.4 million
- Adjusted free cash flow of $87.2 million
WEBCAST AND CONFERENCE CALL INFORMATION
Baldwin will host a webcast and conference call to discuss fourth quarter 2025 results today at 5:00 PM ET. A live webcast and a slide presentation of the conference call will be available on Baldwin’s investor relations website at ir.baldwin.com. The dial-in number for the conference call is (877) 451-6152 (toll-free) or (201) 389-0879 (international). Please dial the number 10 minutes prior to the scheduled start time.
A webcast replay of the call will be available at ir.baldwin.com for one year following the call.
