The Baldwin Group called 2025 “a year of significant progress,” with total revenue of $1.5 billion, up about 8% year over year, and authorized a $250 million stock repurchase program.
Despite the improvement in revenue, Baldwin’s GAAP net loss in 2025 will be approximately $54 million, which equates to a loss per diluted share of approximately $0.50.
However, on an adjusted basis, profitability improved year over year, with adjusted net income of $198.9 million. Adjusted diluted earnings per share in 2025 rose to $1.67, an increase of approximately 11% from the previous year, and adjusted EBITDA increased by approximately 9% to $341.5 million.
In addition to releasing its 2025 financial results, Baldwin’s board of directors also approved a stock repurchase plan of up to $250 million over the next 12 months.
The company said the buyback reflects confidence in its long-term strategy and provides flexibility to return capital to shareholders while potentially boosting earnings per share through a reduction in share count.
Revenue continued to grow in the fourth quarter of 2025 alone, with Baldwin’s year-over-year growth in line with the full-year trend.
The company’s adjusted net profit in the fourth quarter of 2025 was US$36.3 million, and adjusted EBITDA increased 10% year-on-year to US$69.6 million.
Trevor Baldwin, CEO of The Baldwin Group, commented: “2025 was a year of significant progress for The Baldwin Group. We delivered our sixth consecutive year of industry-leading organic growth, margin expansion, and double-digit growth in adjusted diluted earnings per share, while overcoming significant near-term headwinds that will soon pass.
“As the market debates the impact of AI on numerous industries, we believe our performance, strong fundamentals and strategic positioning speak for themselves: Our embedded insurance platform, advisory business serving complex clients, and our vertically integrated model across underwriting, distribution and risk capital represent durable competitive moats that AI will enhance, not replace.
“With the addition of CAC Group and the launch of the $3B/30 Catalyst program, we will enter 2026 with the strongest platform in history and a clear path to accelerate performance and stakeholder outcomes.”
