The Baldwin Group’s total revenue grows to $378.8m in Q2’25

The Baldwin Group, an independent insurance distribution firm, has announced its financial results for the second quarter of 2025, reporting total revenue growth of 11% year-over-year despite a net loss of $5.1 million.

The company’s total revenue stood at $378.8 million for Q2 2025, which compares to the $339.8 million reported in the same period last year.

This year’s Q2 net income loss of $5.1 million is significantly lower than the $30.8 million reported in Q2 2025. Adjusted net income for the quarter was $49.5 million. Operating income $27.9 million, an increase compared to Q2 2025’s $16.4 million.

Adjusted diluted EPS grew 24% year-over-year to $0.42. Adjusted EBITDA grew 14% year-over-year to $85.5 million. Adjusted EBITDA margin of 22.6%, expansion of 60 basis points compared to 22.0% in the prior-year period.

Trevor Baldwin, Chief Executive Officer of The Baldwin Group, commented: “We are pleased with strong second quarter results at The Baldwin Group. Our business once again generated double-digit organic growth, while delivering adjusted EBITDA growth of 14%, 60 basis points of adjusted EBITDA margin expansion and adjusted diluted earnings per share growth of 24%.”

“Our remaining earnout obligations associated with our Partnership activity over the last five years are behind us now. This important milestone provides The Baldwin Group with increased flexibility around capital allocation which will allow us to continue investing in strategic opportunities that sustain our industry-leading organic revenue growth, improve margin expansion, and decrease financial leverage, thus strengthening our business and ultimately creating long-term value for our shareholders and resulting in the development of innovative solutions for our clients’ evolving business needs.”

The Baldwin Group also reported its financial results for the six months of 2025, reporting a $792.2 million in revenue, a 10% increase to the same period last year. Organic revenue growth of 11% year-over-year.

The company also reported an adjusted net income of $126.1 million and a 13% growth in adjusted EBITDA, to $199.3 million, year-over-year. Adjusted EBITDA margin of 25.2%, a 70 basis point expansion compared to 24.5% in the prior-year period.

Additionally, net cash used in operating activities was $80.7 million in the six first months of the year. Adjusted free cash flow decreased 35% year-over-year to $34.4 million.