The Baldwin Group has reported preliminary, unaudited results for the third quarter of 2026, with total revenue up 31% to $480.3m, from $365.4m a year earlier. Organic revenue growth, a non-GAAP measure, was 6%.
The insurance distribution firm recorded a GAAP net loss of $81.6m, compared with a net loss of $30.2m in the third quarter of 2025, giving a net loss margin of 17%.
Adjusted EBITDA, a non-GAAP measure, rose 47% to $106.9m. The adjusted EBITDA margin was 22.2%, up 240 basis points from 19.8%.
Net cash provided by operating activities was $54.2m, and adjusted free cash flow rose 33% to $55.6m. At 30 September 2026, Baldwin had cash and cash equivalents of $188.6m and $289.1m of revolver capacity, with total debt of $2.465bn.
The company said the figures are preliminary, have not been reviewed or audited, are based on its estimates, and were prepared before the completion of its financial statement close. Final results will be released and filed with its Form 10-Q.
The results come as Baldwin awaits the completion of a take-private deal. On 14 September 2026, the company entered a definitive merger agreement for an investor group led by Sequence Holdings and DFO Management, LLC to acquire it for $32.50 per share in cash. Closing is expected in the first quarter of 2027, subject to shareholder and regulatory approvals.
The Baldwin Group, which is based in Tampa, Florida, is an independent insurance distribution firm listed on Nasdaq. It provides risk management, insurance, and employee benefits solutions to personal and commercial clients, and represents more than three million clients across the United States and internationally.
