The Baldwin Group, an independent insurance brokerage and advisory firm, has reported total revenues of $532.2 million for the first quarter of 2026, a 29% increase compared to $413.4 million in the prior-year period.
The company reported that organic revenue increased 2% year over year.
In Q1’26, The Baldwin Group posted a GAAP net loss of $1.9 million, compared to a net income of $24.9 million in Q1’25. Meanwhile, adjusted net income was $89.3 million.
Adjusted EBITDA increased 21% to $137.2 million, with an adjusted EBITDA margin of 25.8%, compared to 27.5% in the prior-year period.
GAAP diluted earnings per share was $0.02, while adjusted diluted earnings per share decreased 3% year over year to $0.63.
Trevor Baldwin, Chief Executive Officer of The Baldwin Group, said, “Our first quarter results demonstrate the durability and accelerating earnings power of our differentiated platform.
“Total revenue grew 29% to $532.2 million and adjusted EBITDA grew 21% to $137.2 million, reflecting strong early contributions from our January partnerships—led by CAC Group—alongside continued execution across our core operating groups. CAC Group integration is meaningfully ahead of plan, with approximately 80% of targeted three-year expense synergies already actioned and revenue cross-sell wins materialising at scale more quickly than anticipated. Normalised organic growth of approximately 9% inclusive of new partnerships underscores the trajectory of the business. We remain firmly on track to deliver accelerating organic growth through the year, exiting 2026 on a double-digit organic growth run rate and to continue advancing our $3B/30 Catalyst transformation program.”
