Boss Baby Ted (Alec Baldwin, adding to his closet of suits, including Donald Trump, Jack Donaghy and Blake in “Glengarry Glen Ross”) has, naturally, turned into a hedge fund CEO. The brothers have drifted apart, while still harboring Ted’s secret that he was an agent for Baby Corp., a conglomerate that makes an adult-intelligence-giving baby formula. The movie opens with Tim lamenting that childhood only comes once, but “Boss Baby” is a totem to the truism that adults and children aren’t really so different, and are sometimes even interchangeable.

Tina turns out to be a Baby Corp. agent, too, and she summons Tim and Ted back to the conglomerate for a new mission — shrinking back to their ages in the last movie to go undercover and investigate the principal, Dr. Armstrong (Jeff Goldblum, spookily clownish) of Tabitha’s school. Dr. Armstrong is cooking up a baby revolution that’s completely absurd yet not without its merits. The school pageant, which Tabitha is anxiously preparing for, bluntly lays climate change at the feet of an older generation. In a bit that recalls the similarly colorful but much better “The Mitchells vs. the Machines,” Dr. Armstrong’s plot preys on parents’ addiction to smart phones. The young, of course, have good reason to think they could do better with the world.

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