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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Baldwin Insurance Group
Baldwin Insurance Group (BWIN) investor relations material
Baldwin Insurance Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved sixth consecutive year of top-tier organic growth, margin expansion, and double-digit adjusted EPS growth despite near-term headwinds.
AI-driven disruption in insurance led to significant industry sell-offs, but the business is positioned as a platform, not a transactional broker, leveraging embedded distribution and proprietary products.
Embedded solutions in personal lines and small commercial segments are driving persistent, high-margin revenue streams, with technology and AI integration enhancing productivity and client experience.
Strategic acquisitions, notably CAC, OBE, and Capstone, are ahead of integration schedules, delivering strong early synergy realization and new business momentum.
Entered 2026 with a strengthened platform following the CAC Group acquisition and launch of the $3B/30 Catalyst program.
Financial highlights
Full year 2025 total revenue grew 8% year-over-year to $1.5 billion; organic revenue growth was 7%.
Adjusted EBITDA rose 9% to $341.5 million with a margin of 22.7%, up 20 basis points year-over-year.
Adjusted diluted EPS for Q4 was $0.31 (+15% YoY); full year adjusted diluted EPS was $1.67 (+11% YoY).
Adjusted free cash flow for Q4 was $11 million (up 85% YoY); full year was $87.2 million (down 5% YoY due to one-time partnership costs).
GAAP net loss for Q4 was $43.7 million; full year GAAP net loss was $54.2 million.
Outlook and guidance
2026 revenue guidance: $2.01–$2.05 billion, with mid-single digit or higher organic growth, ramping to double digits by Q4.
Adjusted EBITDA expected between $460–$480 million, with margin expansion of 20–70 basis points.
Adjusted diluted EPS guidance: $2.00–$2.10, representing 20–26% growth; double-digit adjusted free cash flow growth before one-time costs.
Q1 2026 revenue expected at $520–$530 million, organic growth in low single digits, adjusted EBITDA $130–$140 million, EPS $0.61–$0.65.
Management anticipates that recent headwinds will soon subside, positioning the company for accelerated performance in 2026.
Share repurchase program's strategic intent
Detail the $3B/30 Catalyst program's impact
Explain the FY25 operating cash flow deficit
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Next Baldwin Insurance Group earnings date
47th Annual Raymond James Institutional Investor Conference2 Mar, 2026
Baldwin Insurance Group
Next Baldwin Insurance Group earnings date
47th Annual Raymond James Institutional Investor Conference2 Mar, 2026
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Frequently asked questions
The Baldwin Insurance Group Inc (formerly BRP Group Inc.)provides insurance distribution and advisory services, including property and casualty, employee benefits, personal insurance, and risk management solutions. The company serves businesses and individuals through a network of operating partners and client service teams. Its platform supports organic and acquisition-driven growth strategies. The company is headquartered in Tampa, Florida, and its shares are listed on the NASDAQ.
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