Independent insurance distribution firm, The Baldwin Group, has reported total revenue growth of 9% to $413.4 million for the first quarter of 2025 compared to $380.3 million last year, reflecting organic revenue growth of 10%.
Total GAAP net income in Q1’25 hit $24.9 million, with GAAP diluted earnings per share of $0.20, compared to net income of $39.1 million in Q1 2024.
For Q1’25, operating income increased to $56 million compared to $34.3 million in Q1’24, as the quarter’s adjusted EBITDA grew by 12% year over year to $113.8 million.
The adjusted EBITDA margin for the quarter is reported at 27.5%, an expansion of 80 basis points compared to 26.7% in the comparative quarter.
As of March 31st, 2025, cash and cash equivalents were $81.8 million, and the group had $586 million of borrowing capacity under its revolving credit facility.
Investment income increased slightly to $2.9 million in Q1’25 compared with $2.3 million in Q1’24.
Trevor Baldwin, Chief Executive Officer of The Baldwin Group, commented, “The resilience and durability of our business and operating model was demonstrated in the first quarter as we continued to achieve double-digit organic revenue growth while increasing adjusted EBITDA by 12% and adjusted diluted EPS by 16%.
“As we have reached a significant inflection point with the vast majority of our earnout obligations behind us, our growing financial flexibility leaves us well positioned to accelerate momentum across our strategic priorities.”
