Cobbs Allen Capital Holdings reported a steep deterioration in 2025, with revenue rising but costs and losses expanding far faster.
Revenue increased 6.1% to $299.2 million from $282.0 million a year earlier. But operating expenses jumped 98.4% to $735.4 million from $370.9 million, driven largely by commissions, salaries and benefits, which more than doubled to $670.3 million from $320.5 million.
That pushed the operating loss to $436.2 million, compared with an $88.9 million loss in 2024. The company’s loss before income taxes widened to $487.0 million from $104.6 million, and net loss increased to $478.6 million from $108.7 million. Net loss attributable to Cobbs Allen Capital Holdings widened to $475.0 million from $112.2 million.
On the balance sheet, total assets fell to $373.6 million at Dec. 31, 2025, from $422.5 million a year earlier. Cash and cash equivalents dropped to $13.7 million from $43.4 million, while fiduciary cash declined to $88.8 million from $119.9 million. Commissions and fees receivable edged down to $43.9 million from $45.2 million, but fiduciary receivables rose to $122.2 million from $97.8 million.
Liabilities climbed sharply to $1.436 billion from $1.059 billion. The biggest change was current portion of long-term debt, which rose to $137.2 million from $19.0 million. Accounts payable and accrued expenses increased to $28.7 million from $8.3 million, and commission and bonuses payable rose to $45.2 million from $41.5 million.
Equity moved deeper negative. Redeemable members’ interests widened to a deficit of $1.062 billion from $649.6 million, while total liabilities, redeemable members’ interests, redeemable noncontrolling interests, and noncontrolling interests totaled a negative $1.062 billion, versus a negative $636.2 million in 2024.
Cash used in operations increased to $46.2 million from $35.9 million. The company’s financing activities shifted to a use of $14.0 million in 2025 from a source of $70.0 million in 2024, as repayments of long-term debt rose to $47.9 million from $13.6 million even as new borrowing fell to $36.1 million from $42.0 million.
Stock-based compensation expense surged to $423.1 million from $129.2 million, a major factor in the year-over-year jump in operating costs and cash flow adjustments. As a result of these announcements, the company's shares have moved 0.13% on the market, and are now trading at a price of $31.85. For the full picture, make sure to review Baldwin Insurance's 8-K report.
