The Baldwin Group Revenue Rises 31% as Q3 Net Loss Widens

The Baldwin Group, the brand name for The Baldwin Insurance Group Inc., announced preliminary third-quarter revenue of $480.3 million, up 31% from a year earlier, as its net loss widened to $81.6 million.

Revenue for the quarter ended Sept. 30, 2026, compared with $365.4 million in the year-earlier period. The net loss increased from $30.2 million.

Adjusted EBITDA, a non-GAAP measure, rose 47% to $106.9 million from $72.5 million. Its margin was 22.2%, compared with 19.8%. Organic revenue growth, also a non-GAAP measure, was 6%, up from 5% a year earlier.

Net cash from operating activities totaled $54.2 million, compared with $41 million. Adjusted free cash flow, a non-GAAP measure, increased 33% to $55.6 million from $41.8 million.

At Sept. 30, the company had $188.6 million in cash and cash equivalents, $289.1 million in available borrowing capacity under its revolving credit facility and $2.465 billion in total debt.

The results are estimates, unaudited and based on a financial close that was still underway. The company warned that actual results could differ materially; final results are expected with its Form 10-Q.