Baldwin Insurance Group (BWIN) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue rose 31% YoY to $480.3M; organic revenue growth was 6%.

• Q3 adjusted EBITDA increased 47% to $106.9M, while GAAP net loss was $81.6M; adjusted diluted EPS was $0.42.

• 9M revenue grew 30% to $1.505B and adjusted EBITDA rose 33% to $360.8M; GAAP net loss was $139.5M.

• A proposed $32.50-per-share all-cash take-private transaction is expected to close in Q1 2027, subject to approvals and customary conditions.

Financial highlights

• Q3 adjusted net income was $59.4M versus $36.5M; adjusted diluted EPS rose 35% YoY to $0.42 from $0.31.

• 9M adjusted net income was $217.2M versus $162.6M; adjusted diluted EPS was $1.53, up 12% YoY.

• Q3 and 9M diluted loss per share were $0.63 and $1.02, respectively; 9M operating loss was $152.8M.

• Adjusted free cash flow was $55.6M in Q3 and $101.8M for 9M, up 33% YoY in both periods; 9M conversion was 28%.

• Q3 adjusted EBITDA included $21.0M of Go-Private Transaction costs and $17.6M from the change in fair value of contingent consideration.

Outlook and guidance

• Take-private closing is expected in Q1 2027; the HSR waiting period expired Nov. 4, 2026, with stockholder approval, other regulatory approvals and customary conditions remaining.

• The 3B / 30 transformation program targets ~$50M cumulative savings and ~$40M annualized run-rate savings exiting 2028, with ~$40M cumulative investment and $10M+ net-positive payback by end-2028.

• CAC integration targets $43M of 3-year expense synergies and $17M of 3-year revenue synergies; $35M+ of expense synergies were actioned and $5M+ of revenue synergies realized by Q3 2026.

• Near-term interest expense is expected to rise YoY, reflecting higher credit-facility borrowings for partnerships and settlement of deferred payment obligations.