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Dec 31, 2025
Baldwin Insurance Q4 2025 Earnings Report
The Baldwin Group reported its fourth quarter and full year 2025 financial results, highlighting a $250 million share repurchase authorization and double-digit growth in adjusted EPS.
Key Takeaways
The Baldwin Group (BWIN) delivered a solid fourth quarter with total revenue increasing 5% to $347.3 million and organic revenue growth of 3%. While the company reported a GAAP net loss of $43.7 million, adjusted net income reached $36.3 million and adjusted EBITDA grew 10% to $69.6 million. For the full year, the company achieved $1.5 billion in revenue and expanded its adjusted EBITDA margin to 22.7%.
Authorized a new $250 million share repurchase program for its common stock.
Achieved 15% year-over-year growth in adjusted diluted EPS for the fourth quarter.
Expanded Q4 adjusted EBITDA margin by 100 basis points to 20.1%.
Reported full-year organic revenue growth of 7%, marking the sixth consecutive year of top-of-industry growth.
Forward Guidance
The company expressed confidence entering 2026 with its strongest platform to date following the addition of CAC Group and the launch of the $3B/30 Catalyst program, though specific numerical guidance was not provided in the release.
Positive Outlook
- Strongest platform in company history entering 2026.
- Launch of the $3B/30 Catalyst program to accelerate performance.
- Strategic positioning of embedded insurance platforms and advisory business.
- Expectation that near-term headwinds will shortly be behind the company.
- Integration of CAC Group to enhance the vertically integrated model.
Challenges Ahead
- Meaningful near-term headwinds navigated during 2025.
- Market uncertainty regarding the impact of AI on the industry.
- High variability and complexity in predicting future commission and fee levels.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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