Short answer
Baldwin Insurance Group, Inc. (BWIN) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $1.5B (+8.5% year over year) and net income of −$34M.
- Top risk flagged: Debt obligations $2.3B including $600M Senior Secured Notes with 7.125% fixed interest maturing May 2031
FY2025 key financial metrics · XBRL
- Revenue
- $1.5B
- +8.5% YoY
- Net income
- −$34M
- −37.9% YoY
- Operating margin
- 4.9%
- +0.5 pp YoY
- EPS (diluted)
- −$0.50
- −28.2% YoY
- ROE
- -5.6%
- −1.4 pp YoY
- Operating cash flow
- −$29M
- −128.8% YoY
Source: XBRL data from the Baldwin Insurance Group, Inc. (BWIN) FY2025 10-K on SEC EDGAR. USD.
Baldwin Insurance Group, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Independent insurance distribution with tailored risk management, insurance, and employee benefits solutions delivered via three operating groups
- New products/services: Launched two new middle market MGA commercial lines products in 2025; expanded MSI platform with 20+ proprietary insurance products and embedding renters insurance via API integrations
- Strategic shift: Sold UCTS Wholesale Business in early 2024; launched Texas-domiciled reciprocal insurance exchange and protective cell captive for underwriting participation in 2025
- Quantitative metric: Employee count grew to ~5,000 colleagues as of January 2026, including 900 risk advisors and 125 offices in 24 states
- Noteworthy fact: Completed 37 partnerships since 2020 totaling $909 million in acquired revenue, including nine Top 100 firms, enhancing geographic and product expertise
Management Discussion & Analysis
- No segment performance or comparative financial metrics mentioned
- Risks highlighted: stock price volatility from short selling and analyst coverage changes
- Risks due to potential material weaknesses in internal controls affecting financial reporting accuracy and investor confidence
Risk Factors
- Debt obligations $2.3B including $600M Senior Secured Notes with 7.125% fixed interest maturing May 2031
- Exposure to $250M contingent earnout payment tied to CAC Group Transaction net commission and fee thresholds
- Operating lease commitments $85.9M through August 2035 with annual rent escalations linked to inflation indexes
- Competitive risk from partnerships and acquisitions with earnout provisions impacting up to $50M contingent liabilities
- Full valuation allowance on deferred tax assets due to cumulative losses over 2023-2025 affecting realizability of tax benefits
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