The Baldwin Group’s Q3’25 total revenue grows to $365.4m

The Baldwin Group, an independent insurance distribution firm, has announced its financial results for the third quarter of 2025, reporting total revenue growth of 8% year-over-year despite a net loss of $30.2 million.

The company’s total revenue stood at $365.4 million; organic revenue saw a 5% year-over-year increase. Year-to-date total revenue growth was $1.158 billion, up 9%; organic revenue also increased 9%.

Adjusted net income was $36.5 million, though adjusted diluted EPS decreased 6% year-over-year to $0.31.

At $72.5 million Q3 2025’s adjusted EBITDA remained the same year-over-year. The Baldwin Group also reported an adjusted EBITDA margin of 19.8%, which compares to 21.5% in the prior-year period.

Net cash provided by operating activities was $41.0 million, with adjusted free cash flow seeing a 26% year-over-year increase, to $41.8 million.

Trevor Baldwin, Chief Executive Officer of The Baldwin Group, stated: “Our third quarter results reflect our ability to execute in a dynamic operating environment. Overall organic growth was 5% for the quarter, bringing year-to-date organic growth to 9%.

“The inflection of our financial position this year continues, driven by strong growth in adjusted free cash flow of 26% in the quarter, continued de-levering and debt pay down, and ongoing optimization of our capital stack, all leading to greater flexibility to allocate capital to drive long-term shareholder value.”

The Baldwin Group also released its financial results for the nine months of 2025, reporting a 9% year-over-year increase in revenue, to $1.158 billion.

The Group also reported a GAAP net loss of $10.5 million and GAAP diluted loss per share of $0.12.

Adjusted net income was $162.6 million, with adjusted diluted EPS increasing 11% year-over-year to $1.37. Adjusted EBITDA grew 9% year-over-year to $271.8 million and adjusted EBITDA margin was 23.5%, remaining the same year-over-year

Pro forma adjusted EBITDA saw year-over-year increase of 13%, to $279.9 million. While net cash used in operating activities was $39.7 million, adjusted free cash flow decreased 11% year-over-year to $76.3 million.