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Oct 31, 2025
Baldwin Insurance Q3 2026 Earnings Report
Baldwin Insurance reported Q3 2025 results with modest revenue growth and stable adjusted EBITDA despite a GAAP net loss.
Key Takeaways
The company grew revenue 8% year-over-year to $365.4M, with 5% organic revenue growth. Despite a GAAP net loss of $30.2M, adjusted EBITDA held steady at $72.5M and adjusted EPS came in at $0.31.
Revenue reached $365,389,000, an 8% increase YoY
Adjusted EBITDA was $72,520,000, unchanged from Q3 2024
Adjusted EBITDA margin was 19.8%
Organic revenue growth came in at 5%
Forward Guidance
The company aims to maintain financial discipline and strategic capital allocation, though macro headwinds may impact future results.
Positive Outlook
- Consistent adjusted EBITDA performance
- Strong liquidity with $89.7M in cash and $524M revolver capacity
- Continued organic revenue growth
- Increased adjusted free cash flow by 26% YoY
- Progress on debt reduction and capital structure optimization
Challenges Ahead
- GAAP net loss of $30.2M in the quarter
- Adjusted EBITDA margin decreased from 21.5% to 19.8%
- Negative operating cash flow year-to-date
- Colleague earnout incentives and transaction-related costs remain significant
- Challenging macro environment and integration costs may persist
Historical Earnings Impact
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Avg. Return Before/After Earnings
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