Following what it described as a “year of significant progress” in 2025, The Baldwin Group has reported total revenue of $1.5bn, an increase of approximately 8% year on year, and authorised a $250m share repurchase programme.
Despite the top-line improvement, Baldwin recorded a GAAP net loss of roughly $54 million for 2025, equating to a loss of approximately $0.50 per diluted share.
On an adjusted basis, however, profitability improved year on year, with adjusted net income of $198.9 million. Adjusted diluted earnings per share rose to $1.67 for 2025, up roughly 11% from the prior year, while adjusted EBITDA increased approximately 9% to $341.5 million.
Alongside its 2025 earnings release, Baldwin’s board has authorised a share repurchase programme of up to $250 million over the next 12 months.
The company said the buyback reflects confidence in its long-term strategy and provides flexibility to return capital to shareholders, while potentially enhancing earnings per share through a reduced share count.
For Q4 2025 alone, revenue growth continued, with Baldwin delivering year-on-year improvement consistent with the full-year trend.
The firm’s adjusted net income in Q4 2025 stood at $36.3 million, while adjusted EBITDA grew 10% year-over-year to $69.6 million.
Trevor Baldwin, Chief Executive Officer of The Baldwin Group, commented, “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.
“As the market debates the impact of AI on a multitude of industries, we believe our results, strong fundamentals and strategic positioning speak for themselves: our embedded insurance platforms, our advisory business serving complex clients, and our vertically integrated model across underwriting, distribution, and risk capital represent durable competitive moats that AI will enhance, not displace.
“With the addition of CAC Group and the launch of our $3B/30 Catalyst program, we are entering 2026 with the strongest platform in our history and a clear path to accelerate performance and stakeholder outcomes.”
