Baldwin files Cobbs Allen audited financials: 2025 net loss $478.6M, revenue $299.2M

Baldwin Insurance Group, Inc.

Cobbs Allen 2025 revenue $299.2M vs $282.0M in 2024; net loss $478.6M vs $108.7M, with stock-based compensation of $423.1M driving the loss.
Operating loss widened to $436.2M from $88.9M; commissions, salaries and benefits rose to $670.3M from $320.5M.
Balance sheet: total liabilities $1.44B; current accrued stock-based compensation $983.2M; redeemable members' interests negative $(1.06B); cash $13.7M vs $43.4M.
Baldwin acquired Cobbs Allen on Jan 1, 2026, per agreement signed Dec 2, 2025; PwC audit report dated April 14, 2026.

This headline and bullets were generated automatically by deepseek-v4.1-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.