The Baird Way 2025 Annual Report

A Message From Steve Booth

The Baird Way – Our North Star

Through more than a century of doing business in a constantly changing and uncertain world, one thing has proven true in every environment: Clarity of purpose matters. For Baird, that clarity comes from a single, unwavering point of reference: The Baird Way. Since our founding in 1919, it has been our North Star, guiding us through complexity, anchoring our decisions and keeping us focused on delivering exceptional results for our clients, creating a great place to work for our associates and making a meaningful difference in the communities we serve.

The world faced uncertainty once again in 2025, yet financial markets looked past the resulting volatility. Against this backdrop, Baird continued to earn the trust of our clients and partners, achieving meaningful growth and strengthening our position for whatever the future holds.

What we call The Baird Way began with Robert W. Baird’s understanding that our business is fundamentally about trust, partnership and building better futures for our clients and communities. The core beliefs expressed within The Baird Way form the foundation of our culture while guiding us toward excellence in everything we do.

These values were reaffirmed at our 2025 Re:Union, when nearly all associates from around the world gathered at our headquarters for three days to reconnect as one Baird team. We celebrated our shared purpose and exchanged ideas and insights to support our clients and shape our future. The experience was a powerful reminder that The Baird Way is not just words on a page – it is how we bring the Baird Difference to life through independence, exceptional people and expertise amplified by collaboration and long-term relationships.

The Baird Way

The Baird Way encompasses our Mission, Core Beliefs and Associate Promise. The clarity of purpose it defines has been essential to the trust we have built with our clients and associates over the past 106 years, and is part of what makes us a great place to work.

Our Mission

To provide the best financial advice and service to our clients and be the best place to work for our associates.

Core Beliefs

Clients come first
Integrity is irreplaceable
Quality is our measure of success
How we succeed is as important as if we succeed
The best financial advice is the result of expertise, diversity and teamwork
We will not tolerate anyone who puts themselves ahead of the client or ahead of the firm, or who breaks our associate promise
We seek personal balance and well-being at home, work and in community involvement

Associate Promise

We believe every associate matters and contributes to our success.

We’re committed to providing an inclusive environment of trust, respect and fairness where you partner with the best in the industry and thrive.

We are passionate about how we achieve great outcomes together for our clients, associates and the communities we serve.

Business Highlights

2025 was an exceptional year for Baird’s five business lines, leading to record firm revenues of $3.8 billion, operating income of $757.3 million and a new high of $563.7 billion in client assets. The performance of our business units included the following highlights:

Private Wealth Management posted strong 2025 results, with client assets surpassing $375 billion – the result of a business model built around our clients’ needs.
Asset Management saw exceptional growth in assets under management by our fixed income and equity teams to nearly $200 billion. Baird Advisors finished the year with $188 billion and Baird Equity Asset Management grew to $11.4 billion.
Fixed Income Capital Markets delivered strong 2025 growth, expanding our client partnerships and national market presence while reinforcing Baird’s position as the No. 1 underwriter nationwide.¹
In Equity Capital Markets, Global Equities posted very strong results while Global Investment Banking completed more than 200 transactions and closed the year with a robust backlog.
Principal Investments generated solid investment gains. Baird Capital focused on driving growth in its portfolio and returned $95 million to its investors..

But success is not defined by business outcomes alone. It is about how we achieve them. Our 5,460 associates across more than 200 locations around the world bring deep expertise, extraordinary character and personal dedication to everything they do, and they bring that same commitment to the communities where we live and work.

In 2025, Baird-supported philanthropy exceeded $25 million through the combined giving of Baird, Baird Foundation and our associates. That spirit is especially evident in our long-standing partnership with United Way. In 2025, a record 98% of associates in participating offices contributed to the campaign. Baird was named a United Way Worldwide Leading Corporate Partner, reflecting the consistency and strength of our associate-led support.

The Baird Way is strengthened by our unique ownership structure. As of the end of 2025, 81% of our associates are shareholders of Baird, creating a sense of stewardship and accountability that elevates the work we do for our clients. That employee-ownership culture is one reason Baird has been named to the Fortune 100 Best Companies to Work For® list for 22 consecutive years. It also allows us to think, plan and invest for the long term, maintaining a clear focus on The Baird Way and our clients’ best interests.

Change will continue to shape our industry in 2026, including rapid advances in artificial intelligence. In an environment like this, clarity of purpose matters more than ever. We entered 2026 from a position of strength, and the foundation of who we are remains constant. Guided by The Baird Way, we are confident we will continue to deliver excellence for our clients, associates and the communities where we live and work. Thank you for your trust and partnership. Together, we look forward to building an even brighter future.

Steve Booth signature

Steve Booth
Chairman & CEO

¹S&P Muni Deal Query as of December 31, 2025. Does not include Private Placements or Notes.