Baldwin Insurance Group Reports $1.50 Billion in Revenue and $54.2 Million Net Loss for Fiscal Year 2025

**Baldwin Insurance Group Reports Fiscal Year 2025 Results**

Baldwin Insurance Group, Inc. (BWIN) reported total revenues of $1.50 billion for the year ended December 31, 2025, an 8% increase compared to $1.39 billion in the prior year. Core commissions and fees, the company's primary revenue source, reached $1.38 billion, up 9% from $1.27 billion in 2024, driven by organic growth and contributions from partnerships. Investment income decreased by 6% to $11.2 million. The company reported a net loss of $54.2 million, or $0.50 per fully diluted share, compared to a net loss of $41.1 million, or $0.39 per fully diluted share, in the previous year.

Operating expenses for the year totaled $1.43 billion, an 8% increase from $1.33 billion in 2024. This rise was primarily due to increased colleague compensation and benefits, outside commissions, other operating expenses, and amortization expenses. Interest expense, net, decreased slightly by 2% to $121.4 million, reflecting lower average interest rates due to refinancings, partially offset by higher average borrowings. The company also reported a loss on extinguishment and modification of debt of $6.2 million related to refinancing activities.

Key operational developments included the continued expansion of the company's MGA platform, MSI, and strategic partnerships aimed at bolstering geographic reach and product expertise. The company's partnership strategy contributed $23.6 million in commissions and fees. As of December 31, 2025, Baldwin represented over three million clients across the United States and internationally, supported by approximately 5,000 colleagues and over 8,300 independent contracted agents. The company's three operating groups—Insurance Advisory Solutions, Underwriting, Capacity & Technology Solutions, and Mainstreet Insurance Solutions—continued to provide diversified products and services.

Looking ahead, Baldwin anticipates continued investments in its MSI platform, technology initiatives, and recruitment of sales talent. The company expects interest expense to increase due to higher borrowings, partially offset by lower average interest rates. Baldwin also expects rate softness to continue into 2026, with a focus on commercial property lines. The company's business strategy remains centered on reinvesting retained earnings into organic and inorganic growth, with a focus on expanding geographic representation, product expertise, and end-client industry expertise through its partnership strategy.