The Baldwin Group Announces Fourth Quarter and Full Year 2025 Results and $250 Million Share Repurchase Program

The insurance distribution firm delivered its sixth consecutive year of top-of-industry organic growth, expanded margins, and grew adjusted diluted EPS by double digits.

Published on Feb. 26, 2026

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The Baldwin Group, an independent insurance distribution firm, announced its results for the fourth quarter and full year ended December 31, 2025. The company delivered its sixth consecutive year of top-of-industry organic growth, expanded margins, and grew adjusted diluted EPS by double digits. The company's board also authorized a $250 million share repurchase program.

Why it matters

The Baldwin Group's strong financial performance and strategic positioning highlight the company's ability to navigate industry changes, including the impact of AI, and maintain its position as a leading independent insurance distribution firm. The company's embedded insurance platforms, advisory business serving complex clients, and vertically integrated model across underwriting, distribution, and risk capital represent durable competitive advantages.

The details

In the fourth quarter of 2025, The Baldwin Group reported total revenue of $347.3 million, a 5% year-over-year increase, and organic revenue growth of 3%. The company had a GAAP net loss of $43.7 million and GAAP diluted loss per share of $0.37, but adjusted net income was $36.3 million and adjusted diluted EPS grew 15% year-over-year to $0.31. Adjusted EBITDA grew 10% year-over-year to $69.6 million, with a margin of 20.1%, a 100 basis point expansion. For the full year 2025, the company reported total revenue of $1.5 billion, an 8% year-over-year increase, and organic revenue growth of 7%. Adjusted net income was $198.9 million and adjusted diluted EPS grew 11% year-over-year to $1.67. Adjusted EBITDA grew 9% year-over-year to $341.5 million, with a margin of 22.7%, a 20 basis point expansion.

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The players

The Baldwin Group

An independent insurance distribution firm providing indispensable expertise and insights that strive to give clients the confidence to pursue their purpose, passion and dreams.

Trevor Baldwin

Chief Executive Officer of The Baldwin Group.

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What they’re saying

“2025 was a year of significant progress for 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.”

— Trevor Baldwin, Chief Executive Officer

The takeaway

The Baldwin Group's strong financial performance and strategic positioning highlight the company's ability to navigate industry changes and maintain its position as a leading independent insurance distribution firm, with durable competitive advantages that AI will enhance rather than displace.