The Baldwin Insurance Group, Inc. (NASDAQ: BWIN) reported its financial results for the third quarter ended September 30, 2026, and announced a definitive merger agreement to be acquired in an all-cash transaction.
For the third quarter of 2026, the company reported total revenue of $480.3 million, representing a 31% increase compared to the same period in the prior year. This growth was driven by organic revenue growth of 6% and total revenue growth of 14% within the CAC Group. However, the company reported a GAAP net loss of $81.6 million, or $0.63 per diluted share. Adjusted metrics showed a net income of $59.4 million and adjusted diluted earnings per share of $0.42. Adjusted EBITDA increased 47% year-over-year to $106.9 million, with an adjusted EBITDA margin of 22.2%.
For the nine months ended September 30, 2026, revenue increased 30% year-over-year to $1.5 billion. The company reported a GAAP net loss of $139.5 million, or $1.02 per diluted share. Adjusted net income was $217.2 million, and adjusted diluted EPS grew 12% year-over-year to $1.53. Adjusted EBITDA for the nine-month period was $360.8 million.
As of September 30, 2026, Baldwin reported cash and cash equivalents of $188.6 million and $289.1 million of borrowing capacity under its revolving credit facility. The company also reported net cash provided by operating activities of $54.2 million for the third quarter and $93.7 million for the first nine months of 2026.
In a separate announcement, the company disclosed that on September 14, 2026, it entered into a merger agreement with an investor group led by Sequence AI Holdings, Inc. and DFO Management, LLC. Under the terms of the agreement, the company’s stockholders will receive $32.50 per share in cash. The transaction is expected to close during the first quarter of 2027, subject to stockholder approval, regulatory approvals, and other customary closing conditions. Upon completion, the company’s common stock will cease trading on Nasdaq, and the company will become privately held.
