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Baldwin Insurance Group (BWIN) investor relations material
Baldwin Insurance Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 revenue grew 8% year-over-year to $365.4M, with year-to-date revenue up 9% to $1.16B and organic growth at 5% for Q3 and 9% year-to-date.
Adjusted EBITDA for Q3 was $72.5M (19.8% margin), flat year-over-year, with year-to-date adjusted EBITDA up 9% to $271.8M (23% margin).
Net loss for Q3 was $30.2M, or $0.27 per share, with year-to-date net loss at $10.5M; adjusted diluted EPS for Q3 was $0.31, and $1.37 year-to-date, up 11%.
Temporary headwinds from accounting changes and QBE commission reduction are deferring revenue, expected to reverse into tailwinds after H1 2026.
Launched transformation initiatives, including the 3B30 CADLIST program, targeting $40M in annualized savings by 2028 and significant investments in technology and partnerships.
Financial highlights
Q3 total revenue was $365.4M, with commissions and fees up 8% to $362.3M.
Adjusted net income for Q3 was $36.5M, or $0.31 per diluted share; adjusted free cash flow rose 26% to $41.8M.
Operating expenses increased 12% in Q3, mainly from higher compensation and outside commissions.
Net cash from operating activities in Q3 was $41.0M; cash and cash equivalents at quarter-end were $89.7M.
Interest expense remained stable year-over-year due to refinancing at lower rates.
Outlook and guidance
Q4 2025 revenue expected at $345M–$355M, with organic growth in mid-single digits; Q4 adjusted EBITDA guidance: $68M–$73M; adjusted EPS: $0.28–$0.32.
2026 preliminary outlook: revenue $1.66B–$1.7B, high single-digit organic growth, adjusted EBITDA $380M–$400M, adjusted EPS $1.95–$2.10.
Double-digit operating free cash flow growth expected; acceleration in organic growth anticipated in H2 2026 as headwinds subside.
Management expects interest expense to remain relatively flat in the near term, with sufficient liquidity and borrowing capacity.
Forward-looking statements caution significant risks and uncertainties may impact future results.
3B30 Catalyst: net financial impact by 2028?
Embedded home insurance: digital conversion drivers?
Share repurchase: conditions for Board authorization?
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Next Baldwin Insurance Group earnings date
Q4 202525 Feb, 2026
Next Baldwin Insurance Group earnings date
Q4 202525 Feb, 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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