Baldwin Insurance Group, Inc.

Listed Company

BWINCIK 0001781755NasdaqLarge AcceleratedInsurance Agents, Brokers & ServiceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.50B

Net Income

$-33.81M

Total Assets

$3.86B

Equity

$600.22M

Shares Out

33.99M

Op. Cash Flow

$-29.42M

Business

The Baldwin Insurance Group, Inc. is a holding company that operates an independent insurance distribution business providing risk management, brokerage and employee benefits advisory services. It offers commercial property and casualty, employee benefits, personal lines, Medicare, wealth management and proprietary MGA, captive and reinsurance solutions. The company is organized into three operating groups: Insurance Advisory Solutions; Underwriting, Capacity & Technology Solutions (including MSI, reinsurance and captive management); and Mainstreet Insurance Solutions. Baldwin serves clients nationwide and internationally through offices, sheltered channels, digital integrations and partner networks.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Commissions and fees	1,494	1,377	1,212	981	567
Investment income	11	12	7	0	0
Total revenues	1,505	1,389	1,219	981	567
Colleague compensation and benefits	778	762	700	719	400
Outside commissions	280	270	211	—	—
Other operating expenses	240	192	190	174	102
Amortization expense	121	103	93	82	49
Change in fair value of contingent consideration	6	−5	61	32	45
Depreciation expense	7	6	6	5	3
Total operating expenses	1,431	1,328	1,261	1,012	599
Operating income (loss)	74	61	−43	−31	−32
Interest expense, net	−121	−124	−119	−71	−27
Gain on divestitures	290,000	39	0	0	—
Loss on extinguishment and modification of debt	−6	−15	0	0	—
Other income (expense), net	635,000	−194,000	−718,000	26	424,000
Total other expense	−127	−100	−120	−45	−26
Loss before income taxes and share of net earnings of equity method investee	−53	−39	−163	—	—
Share of net earnings of equity method investee	368,000	0	0	—	—
Loss before income taxes	−52	−39	−163	−76	−58
Income tax expense	2	2	1	715,000	19,000
Net loss	−54	−41	−164	−77	−58
Less: net loss attributable to noncontrolling interests	−20	−17	−74	−35	−27
Net loss attributable to Baldwin	−34	−25	−90	−42	−31
Basic loss per share (in dollars per share)	−0.5	−0.39	−1.5	−0.74	−0.64
Diluted loss per share (in dollars per share)	−0.5	−0.39	−1.5	−0.74	−0.64
Weighted-average shares of Class A common stock outstanding, basic	68	63	60	57	48
Weighted-average shares of Class A common stock outstanding, diluted	68	63	60	57	48
Other comprehensive income	815,000	0	0	—	—
Comprehensive loss	−53	−41	−164	−77	−58
Less: comprehensive loss attributable to noncontrolling interests	−20	−17	−74	−35	−27
Comprehensive loss attributable to Baldwin	−33	−25	−90	−42	−31

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	124	90	116	118	138
Fiduciary cash	223	223	—	—	—
Assumed premiums, commissions and fees receivable, net	342	284	—	—	—
Fiduciary receivables	497	419	628	532	341
Prepaid expenses and other current assets	14	12	13	10	8
Total current assets	1,200	1,026	926	772	578
Property and equipment, net	23	22	23	25	17
Right-of-use assets	62	72	85	96	82
Other assets	82	48	38	46	26
Intangible assets, net	978	953	1,017	1,100	944
Goodwill	1,517	1,412	1,412	1,422	1,229
Total assets	3,862	3,535	3,502	3,462	2,876
Fiduciary liabilities	720	641	—	—	—
Commissions payable	51	73	64	54	36
Accrued expenses and other current liabilities	253	161	145	126	92
Related party notes payable	0	6	2	2	—
Colleague earnout incentives	0	33	8	—	—
Current portion of contingent earnout liabilities	9	143	215	47	35
Total current liabilities	1,033	1,056	1,033	699	541
Revolving line of credit	107	0	341	505	35
Long-term debt, less current portion	1,566	1,398	968	810	815
Contingent earnout liabilities, less current portion	14	3	61	220	224
Operating lease liabilities, less current portion	58	69	79	88	71
Other liabilities	0	61,000	123,000	164,000	4
Total liabilities	2,778	2,526	2,483	2,322	1,689
Commitments and contingencies (Note 22)	—	—	—	—	—
Redeemable noncontrolling interest	519,000	453,000	394,000	487,000	269,000
Additional paid-in capital	844	794	747	704	663
Accumulated deficit	−245	−211	−187	−97	−55
Accumulated other comprehensive income	492,000	0	—	—	—
Total stockholders equity attributable to Baldwin	600	583	560	608	608
Noncontrolling interest	484	425	458	531	579
Total stockholders equity	1,084	1,008	1,018	1,140	1,187
Total liabilities, mezzanine equity and stockholders equity	3,862	3,535	3,502	3,462	2,876

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	128	109	98	86	52
Payment of contingent earnout consideration in excess of purchase price accrual	86	23	24	−50	−5
Share-based compensation expense	71	66	60	47	19
Amortization of deferred financing costs	6	6	5	5	4
Loss on extinguishment of debt	26,000	1	0	0	—
Other operating activity	−602,000	909,000	2	135,000	311,000
Assumed premiums, commissions and fees receivable, net	−45	−42	−50	−183	−65
Prepaid expenses and other current assets	−10	−7	−7	−10	−10
Right-of-use assets	16	17	18	−13	−82
Accounts payable, accrued expenses and other current liabilities	−11	−488,000	6	173	55
Colleague earnout incentives	−33	25	8	0	—
Operating lease liabilities	−16	−14	−13	17	84
Net cash provided by (used in) operating activities	−29	51	46,000	−2	40
Cash consideration paid for business combinations, net of cash received	−86	0	0	−388	−668
Capital expenditures	−40	−41	−21	−22	—
Investments in and loans to business ventures	−17	−4	−2	−1	−2
Proceeds from divestitures, net of cash transferred	2	57	3	0	—
Cash consideration paid for asset acquisitions	−460,000	−268,000	−2	−3	—
Proceeds from repayment of loans to business ventures	0	2	0	0	—
Net cash provided by (used in) investing activities	−140	13	−22	−414	−678
Change in fiduciary assets and liabilities, net	504,000	51	45	—	—
Payment of contingent earnout consideration up to amount of purchase price accrual	−66	−99	−28	−48	−8
Proceeds from revolving line of credit	263	106	111	512	420
Payments on revolving line of credit	−156	−447	−275	−42	−385
Proceeds from refinancing of long-term debt	1,942	1,440	170	0	441
Payments relating to extinguishment and modification of long-term debt	−1,767	−996	0	0	—
Payments on long-term debt	−7	−7	−9	−9	−6
Payments of deferred financing costs	−164,000	−18	−5	−2	−1
Proceeds from the sale and settlement of interest rate caps	0	2	11	21	0
Tax distributions to Baldwin Holdings' LLC Members	0	−11	−482,000	−9	0
Other financing activity	−5	−264,000	−343,000	—	—
Net cash provided by financing activities	204	21	18	420	724
Net increase (decrease) in cash and cash equivalents and fiduciary cash	34	86	−4	3	86
Cash paid for interest	115	111	105	63	22
Cash paid for taxes	2	3	1	1	0
Deferred payment obligations recognized in business combinations	32	0	0	—	—
Right-of-use assets obtained in exchange for operating lease liabilities	3	3	6	25	87
Capital expenditures incurred but not yet paid	3	3	4	855,000	350,000
Right-of-use assets increased through lease modifications and reassessments	3	767,000	1	6	6
Equity interest issued in business combinations	863,000	0	0	5	195
Contingent earnout liabilities assumed in business combinations and asset acquisitions	18	224,000	723,000	15	127
Conversion of contingent earnout liability to related party notes payable	0	6	0	2	62
Decrease in goodwill resulting from measurement period adjustments for prior year business combinations	0	0	−211,000	6	−2

Filings

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