← Baldwin Insurance Group, Inc.
| Annual Trend | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | $8.0m | $67.7m | $108.5m | $138.3m | $118.1m | $116.2m | $148.1m | $123.7m | |
| Assumed premiums, commissions and fees receivable, net | — | — | — | — | — | — | $283.6m | $342.1m | |
| Fiduciary receivables | $29.4m | $58.8m | $155.5m | $340.8m | $532.0m | $627.8m | $702.1m | $497.0m | |
| Prepaid expenses and other current assets | $1.1m | $3.0m | $4.4m | $8.2m | $9.8m | $12.7m | $11.6m | $13.7m | |
| Total current assets | $38.6m | $132.9m | $302.0m | $578.4m | $772.4m | $925.9m | $1.0b | $1.2b | |
| Property and equipment, net | $2.1m | $3.3m | $11.0m | $17.5m | $25.4m | $22.7m | $22.0m | $22.5m | |
| Intangible assets, net | $29.7m | $92.5m | $554.3m | $944.5m | $1.1b | $1.0b | $953.5m | $978.4m | |
| Goodwill | $65.8m | $164.5m | $651.5m | $1.2b | $1.4b | $1.4b | $1.4b | $1.5b | |
| Right-of-use assets | — | — | $0 | $81.6m | $96.5m | $85.5m | $72.4m | $62.0m | |
| Other assets | $3.6m | $5.6m | $11.1m | $25.6m | $45.9m | $38.1m | $48.0m | $82.4m | |
| Fiduciary cash | — | — | — | — | — | — | $222.7m | $223.2m | |
| Fiduciary liabilities | — | — | — | — | — | — | $641.3m | $720.3m | |
| Commissions payable | $4.0m | $7.5m | $24.3m | $41.8m | $53.9m | $64.3m | $73.1m | $50.9m | |
| Accrued expenses and other current liabilities | $5.2m | $12.3m | $47.5m | $92.2m | $125.7m | $153.0m | $160.6m | $252.6m | |
| Related party notes payable | — | — | $0 | $61.5m | $1.5m | $1.5m | $5.6m | $0 | |
| Colleague earnout incentives | — | — | — | — | — | $8.0m | $32.8m | $0 | |
| Current portion of contingent earnout liabilities | $302k | $2.5m | $6.1m | $35.1m | $46.7m | $215.2m | $142.9m | $9.0m | |
| Revolving line of credit | $33.9m | $40.4m | $0 | $35.0m | $505.0m | $341.0m | $0 | $107.0m | |
| Contingent earnout liabilities, less current portion | $8.9m | $46.3m | $158.7m | $223.5m | $220.2m | $61.3m | $2.6m | $14.3m | |
| Operating lease liabilities, less current portion | — | — | $0 | $71.4m | $87.7m | $79.0m | $68.8m | $57.7m | |
| Other liabilities | $2.6m | $2.0m | $2.4m | $3.6m | $164k | $123k | $61k | $0 | |
| Total stockholders’ equity attributable to Baldwin | ($63.7m) | $73.3m | $367.8m | $608.4m | $608.1m | $560.4m | $583.2m | $600.2m | |
| Total stockholders’ equity | ($62.8m) | $237.3m | $769.9m | $1.2b | $1.1b | $1.0b | $1.0b | $1.1b | |
| Total assets | $139.8m | $398.8m | $1.5b | $2.9b | $3.5b | $3.5b | $3.5b | $3.9b | |
| Long-term debt, less current portion | $1.5m | $0 | $381.4m | $814.6m | $809.9m | $968.2m | $1.4b | $1.6b | |
| Total current liabilities | $33.2m | $72.8m | $217.4m | $540.7m | $699.2m | $1.0b | $1.1b | $1.0b | |
| Total liabilities | $117.0m | $161.5m | $759.9m | $1.7b | $2.3b | $2.5b | $2.5b | $2.8b | |
| Redeemable noncontrolling interest | $46.2m | $23k | $98k | $269k | $487k | $394k | $453k | $519k | |
| Common stock | $0 | $198k | $455k | $592k | $619k | $646k | $685k | $723k | |
| Additional paid-in capital | $0 | $82.4m | $392.1m | $663.0m | $704.3m | $746.7m | $794.0m | $844.2m | |
| Accumulated deficit | $0 | ($8.7m) | ($24.3m) | ($55.0m) | ($96.8m) | ($186.9m) | ($211.4m) | ($245.2m) | |
| Accumulated other comprehensive income | — | — | — | — | — | — | $0 | $492k | |
| Noncontrolling interest | $937k | $164.0m | $402.1m | $578.9m | $531.4m | $458.1m | $425.1m | $483.7m | |
| Total liabilities, mezzanine equity and stockholders’ equity | $139.8m | $398.8m | $1.5b | $2.9b | $3.5b | $3.5b | $3.5b | $3.9b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.