The Baldwin Group 2025 Q3 Earnings Revenue Beats Estimates, Adjusted EPS in Line with Guidance

The Baldwin Group (BWIN) reported fiscal 2025 Q3 results on Nov 4, 2025, with revenue rising 7.8% year-over-year to $365.39 million, exceeding analyst expectations. Despite a widened net loss, adjusted EPS of $0.31 matched guidance, and the company reaffirmed 2026 growth targets.

Revenue

The Baldwin Group’s total revenue grew 7.8% to $365.39 million in Q3 2025, driven by strong performance in its Insurance Advisory Solutions segment ($158.52 million) and Underwriting, Capacity & Technology Solutions ($147.27 million). Mainstreet Insurance Solutions added $76.48 million, though the Corporate and Other segment reported a negative $16.87 million. The 5% organic growth underscores embedded insurance momentum and sales velocity gains.

Earnings/Net Income

The company’s GAAP net loss widened to $30.24 million ($0.27 per share) in Q3 2025, a 108.9% increase from the prior year. Adjusted EPS of $0.31 aligned with guidance, though the broader loss reflects temporary accounting and commission deferrals.

Post-Earnings Price Action Review

The stock edged up 2.04% on the latest trading day but declined 1.46% for the week and 20.10% month-to-date. Post-earnings volatility highlights market skepticism despite revenue outperformance and management’s 2026 growth optimism. The 41% year-to-date decline in share price suggests lingering concerns over profitability and macroeconomic headwinds.

CEO Commentary

CEO Trevor Baldwin emphasized 5% organic growth, driven by embedded insurance momentum and sales velocity, while acknowledging temporary headwinds from an accounting change and reduced QBE commissions. The 3B30 Catalyst program, targeting $40M in annualized savings by 2028, and a $1.95–$2.10 2026 adjusted EPS range reflect confidence in reversing current challenges.

Guidance

The company guided Q4 2025 revenue to $345–$355 million with mid-single-digit organic growth and adjusted EBITDA of $68–$73 million. For 2026, it anticipates revenue of $1.66–$1.7 billion (high-single-digit organic growth), adjusted EBITDA of $380–$400 million, and adjusted diluted EPS of $1.95–$2.10. Leadership remains cautious but optimistic about 2026, citing embedded insurance scaling and macroeconomic normalization.

Additional News

The Baldwin Group announced a repricing of its $931.1 million term loan facility, signaling capital structure optimization. CEO Trevor Baldwin outlined the 3B30 Catalyst program, a $40M transformation initiative targeting $50M in cumulative savings by 2028 through automation and AI. The company also released its Q3 2025 Market Pulse report, highlighting property market softening and casualty line uncertainty, with reinsurance capacity returning and competition intensifying for clean risk profiles.

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