Baldwin revenue rises 31.44% year over year to $480.3 million as its net loss widens

The Baldwin Insurance Group, the independent insurance distribution firm that trades as The Baldwin Group, reported preliminary third-quarter 2026 revenue of $480.3 million, up 31.44% from a year earlier, and a GAAP net loss of $81.6 million that widened 170.01%. Adjusted EBITDA rose 47.35% to $106.9 million, a 22.2% margin against 19.8% in the prior-year period, according to the Form 8-K Exhibit 99.1 filed on October 27, 2026.

Acquisition revenue carries the 31% headline

Revenue of $480.3 million compared with $365.4 million in the same quarter of 2025. Commissions and fees rose to $475.53 million from $362.32 million, and the reconciliation shows where the increase came from: partnership commissions and fees excluded from organic revenue rose to $91.69 million from $12.22 million, a 650.2% increase. Revenue from acquired partners counts in reported results for the first 12 months while being stripped out of the organic measure, so dealmaking lifts the top line far faster than the underlying business grows.

Organic revenue growth was 6% year over year. Organic revenue at the printed amounts was $383.84 million against $350.1 million, a 9.64% increase, but the 6% headline is measured against a divestiture-adjusted base of $362.3 million; on that base the growth is 5.94%. For the nine months, revenue rose 30.05% to $1.51 billion while organic revenue growth slowed to 3% from 9% a year earlier.

Why adjusted EBITDA and the net loss moved apart

The 47.35% increase in adjusted EBITDA and the 240 basis point margin expansion to 22.2% sit beside a net loss that widened to $81.6 million, equal to a 17% net loss margin.

The reconciliation identifies the items that separate the two measures. Amortization expense rose to $56.42 million from $30.39 million as the acquired intangible base grew. Interest expense, net rose to $43.64 million from $31.97 million. The change in fair value of contingent consideration was $17.6 million against $1.98 million, and go-private costs of $21 million were added back with nothing in the prior-year column. Every one of those lines is excluded from adjusted EBITDA under the company's definition, so the non-GAAP measure improves while the reported loss deepens. The go-private addback is the one worth noting: expenses from the take-private itself were treated as non-recurring, which lifts adjusted EBITDA in the quarter the transaction was signed.

A fixed $32.50 cash price and $2.465 billion of debt

Operating cash flow was $54.2 million and adjusted free cash flow rose 32.87% from a year earlier to $55.6 million. At September 30, 2026 the company reported $188.6 million of cash and cash equivalents, $289.1 million of borrowing capacity under its revolving credit facility and $2.465 billion of total debt.

The release also restates the merger, under which "an investor group led by Sequence Holdings and DFO Management, LLC has agreed to acquire the Company in an all-cash take-private transaction". Stockholders will receive $32.50 per share in cash under an agreement signed September 14, 2026, with closing expected in the first quarter of 2027 subject to shareholder approval, regulatory approvals and other customary conditions. Because the consideration is cash and fixed, this quarter matters less for valuation than for what it says about the business the buyer is underwriting, and for any closing condition attached to it, none of which the release describes.

Preliminary figures, and the filing that will settle them

Baldwin labels the quarter provisional. The results "are preliminary, have not been reviewed or audited", and the release says they were prepared before the financial statement close process finished.

What the document omits is as telling as what it contains: no earnings per share, no fourth-quarter or full-year guidance, no segment breakdown and no reference to an earnings call. Baldwin said its final third-quarter figures will be released and filed with its Form 10-Q for the quarter ended September 30, 2026. That filing, and the shareholder vote the merger requires, are the next dated points at which these numbers can be confirmed or revised.