The Baldwin Group, an independent insurance brokerage and advisory firm, reported total revenue of $532.2 million in the first quarter of 2026, a 29% increase from $413.4 million in the same period a year earlier.
The company reported organic revenue growth of 2% year over year.
In the first quarter of ’26, The Baldwin Group reported a GAAP net loss of $1.9 million, compared with net income of $24.9 million in the first quarter of ’25. Meanwhile, adjusted net income was $89.3 million.
Adjusted EBITDA increased 21% to $137.2 million, and adjusted EBITDA margin was 25.8%, compared with 27.5% in the same period last year.
GAAP diluted earnings per share was $0.02, and adjusted diluted earnings per share fell 3% year-over-year to $0.63.
“Our first quarter results demonstrate the durability of our differentiated platform and growing profitability,” said Trevor Baldwin, CEO of The Baldwin Group.
“Total revenue increased 29% to $532.2 million and Adjusted EBITDA increased 21% to $137.2 million, reflecting strong early contributions from our partnerships in January, led by CAC Group, and continued execution across our core operating groups. The integration of CAC Group is significantly ahead of schedule, approximately 80% “Our three-year expense synergies targets have been achieved and revenue cross-sales have scaled faster than expected. Normalized organic growth of approximately 9% (including new partners) underscores our business trajectory to deliver accelerated organic growth throughout the year, delivering double-digit organic growth through 2026 and continuing to advance our 3B/$30 catalyst transformation plan.”
