The Baldwin Insurance Group Earnings Call Transcripts
Fiscal Year 2026
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Revenue has grown 10x since 2019, driven by a vertically integrated platform, embedded distribution, and strategic M&A. The 3B30 plan targets $3 billion revenue and 30% EBITDA margin by 2029, leveraging AI, automation, and a team-based culture to sustain outsized organic growth and successful integration of recent mergers.
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Q1 2026 saw $532M revenue, 2% organic growth (5% normalized), and strong contributions from new partnerships, especially CAC. Adjusted EBITDA rose 21% to $137M, with margin at 25.8%. Guidance remains unchanged, with organic growth expected to accelerate as headwinds subside.
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Revenue and EBITDA have grown rapidly, with strong organic growth and industry-leading sales velocity despite recent headwinds. Talent retention and ownership culture remain high, while recent acquisitions and technology investments are driving operational improvements. The outlook anticipates continued competitive market conditions and further integration gains.
Fiscal Year 2025
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AI-driven disruption is reshaping insurance, but embedded distribution and proprietary products are driving resilient, high-margin growth. Despite Q4 headwinds, strong integration of recent acquisitions, margin expansion, and a robust 2026 outlook position the business for accelerated performance.
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A transformational merger will create a top-12 insurance broker with over $2B in revenue and 5,000 employees, leveraging complementary strengths for accelerated growth and margin expansion. The $1.34B deal is highly accretive, with $60M in expected synergies and strong stakeholder alignment.
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Q3 saw 5% organic revenue growth and strong sales velocity, with Adjusted EBITDA flat year-over-year and margin contraction. Temporary headwinds from accounting changes and commission resets are expected to reverse in 2026, while the 3B/30 Catalyst program targets $40M in annualized savings by 2028.
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Q2 2025 saw 11% organic revenue growth, 14% adjusted EBITDA growth, and margin expansion, with strong new business and key acquisitions offsetting headwinds in builder commissions and Medicare. Full-year guidance was updated for high single-digit organic growth and $1.5–$1.52B revenue.
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A vertically integrated insurance platform has achieved rapid national expansion, outpacing peers in organic growth and margin improvement. Strategic investments in technology, embedded distribution, and selective acquisitions drive strong financial performance and position the business for continued value creation.
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Q1 2025 saw 10% organic revenue growth, 12% adjusted EBITDA growth, and 16% higher adjusted EPS, with margin expansion and strong segment performance. Earnout payments are nearly complete, leverage is set to decline, and full-year double-digit organic growth guidance is reaffirmed.
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Over five years, the business achieved 10x revenue and 11x EBITDA growth, expanded nationally, and built leading positions in MGA and embedded insurance. Margin accretion and organic growth remain strong, with a five-year plan targeting $3B revenue and 30% margin. Free cash flow is set to improve as earnouts sunset.
Fiscal Year 2024
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Delivered 19% organic revenue growth in Q4 and 17% for the year, with strong margin expansion and nearly doubled free cash flow. Guidance for 2025 anticipates continued double-digit growth, margin improvement, and further deleveraging, despite reinsurance market uncertainties.
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Q3 delivered 14% organic revenue growth and margin expansion, with strong segment performance and robust new business production. Guidance for 2024 and 2025 remains solid despite hurricane impacts and rate headwinds, with a major free cash flow inflection expected in 2025.
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Second quarter results featured 19% organic revenue growth, 22% adjusted EBITDA growth, and strong free cash flow, with all segments delivering double-digit organic growth. Guidance was tightened upward for revenue and organic growth, with margin expansion expected to continue into 2025.
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Significant revenue growth and integration across three business segments have driven industry-leading organic growth and operational efficiency. Margin expansion and free cash flow are set to accelerate as leverage declines and earn-out payments conclude, positioning the business for further scale and flexibility.