Brown & Brown (BRO) Financials

$95.03 +1.58 (+1.69%)

Closing price 03:59 PM Eastern

Extended Trading

$95.48 +0.44 (+0.47%)

As of 04:39 PM Eastern

Annual Income Statements for Brown & Brown

This table shows Brown & Brown's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	1,783	243	257	400	344	399	481	587	672	871	993
Consolidated Net Income / (Loss)	207	243	257	400	344	399	481	587	672	871	1,002
Net Income / (Loss) Continuing Operations	1,783	243	257	400	344	399	481	587	672	871	1,002
Total Pre-Tax Income	340	403	423	450	462	526	624	763	876	1,146	1,303
Total Revenue	3,123	1,661	1,767	1,843	1,974	2,329	2,554	2,986	3,578	4,400	4,836
Net Interest Income / (Expense)	-28	0.00	0.00	-38	-41	-64	-59	-65	0.00	0.00	0.00
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	28	0.00	0.00	38	41	64	59	65	0.00	0.00	0.00
Total Non-Interest Income	3,152	1,661	1,767	1,881	2,014	2,392	2,613	3,051	3,578	4,400	4,836
Other Service Charges	1,575	1,660	1,765	1,880	2,012	2,386	2,611	3,050	3,566	4,205	4,712
Net Realized & Unrealized Capital Gains on Investments	-	-	-	-	-	-	-	-	5.00	143	31
Investment Banking Income	0.75	1.00	1.46	1.63	2.75	5.78	2.80	1.10	7.00	52	93
Total Non-Interest Expense	1,208	1,258	1,343	1,393	1,511	1,803	1,930	2,224	2,702	3,254	3,533
Salaries and Employee Benefits	811	857	925	995	1,069	1,308	1,436	1,637	1,817	2,187	2,406
Other Operating Expenses	283	290	301	281	330	367	364	393	738	840	903
Depreciation Expense	21	21	21	23	23	23	26	33	39	40	44
Amortization Expense	83	87	87	85	87	105	109	120	147	166	178
Restructuring Charge	9.94	3.00	9.19	9.20	2.97	-1.37	-4.50	40	-39	21	2.00
Income Tax Expense	133	159	166	50	118	127	144	176	204	275	301
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	-	-	-	0.00	0.00	9.00
Basic Earnings per Share	$1.43	$1.72	$0.92	$1.43	$1.24	$1.42	$1.70	$2.08	$2.38	$3.07	$3.48
Weighted Average Basic Shares Outstanding	140.94M	137.81M	136.14M	272.58M	270.97M	281.55M	282.09M	282.22M	284.29M	285.80M	285.93M
Diluted Earnings per Share	$1.41	$1.70	$0.91	$1.40	$1.22	$1.40	$1.69	$2.07	$2.37	$3.05	$3.46
Weighted Average Diluted Shares Outstanding	140.94M	137.81M	136.14M	272.58M	270.97M	281.55M	282.09M	282.22M	284.29M	285.80M	285.93M
Weighted Average Basic & Diluted Shares Outstanding	140.94M	137.81M	136.14M	272.58M	270.97M	281.55M	282.09M	282.22M	284.29M	285.80M	285.93M
Cash Dividends to Common per Share	$0.41	$0.45	$0.25	$0.28	$0.31	$0.33	$0.35	$0.38	$0.00	$0.00	$0.00

This table shows Brown & Brown's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	145	236	190	176	269	293	257	234	209	331	231
Consolidated Net Income / (Loss)	145	236	190	176	269	293	259	239	211	334	234
Net Income / (Loss) Continuing Operations	145	236	190	176	269	293	259	239	211	334	234
Total Pre-Tax Income	194	294	254	242	356	364	346	317	276	427	311
Total Revenue	1,002	1,069	999	1,068	1,264	1,256	1,209	1,186	1,311	1,402	1,285
Net Interest Income / (Expense)	96	-47	-48	0.00	95	0.00	0.00	0.00	97	0.00	0.00
Total Interest Income	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Interest Expense	-96	47	48	0.00	-95	0.00	0.00	0.00	-97	0.00	0.00
Total Non-Interest Income	906	1,116	1,047	1,068	1,169	1,256	1,209	1,186	1,214	1,402	1,285
Other Service Charges	896	1,109	1,037	1,051	1,008	1,258	1,178	1,155	1,161	1,404	1,285
Net Realized & Unrealized Capital Gains on Investments	-	-	-	-	-	-2.00	31	-	-	-2.00	0.00
Total Non-Interest Expense	808	775	745	826	908	892	863	869	1,035	975	974
Salaries and Employee Benefits	476	571	530	532	554	631	585	607	583	683	640
Other Operating Expenses	289	155	162	213	310	209	222	214	384	232	262
Depreciation Expense	11	10	10	10	10	11	11	11	11	11	11
Amortization Expense	39	41	41	41	43	43	44	45	46	53	50
Restructuring Charge	-6.00	-2.00	2.00	30	-9.00	-2.00	1.00	-8.00	11	-4.00	11
Income Tax Expense	49	58	64	66	87	71	87	78	65	93	77
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.00	0.00	0.00	-	0.00	2.00	5.00	2.00	3.00	3.00
Basic Earnings per Share	$0.52	$0.83	$0.67	$0.62	$0.95	$1.03	$0.90	$0.82	$0.73	$1.16	$0.79
Weighted Average Basic Shares Outstanding	284.29M	283.64M	283.61M	284.60M	285.80M	285.25M	285.26M	285.96M	285.93M	286.61M	329.84M
Diluted Earnings per Share	$0.52	$0.83	$0.67	$0.62	$0.93	$1.02	$0.90	$0.81	$0.73	$1.15	$0.78
Weighted Average Diluted Shares Outstanding	284.29M	283.64M	283.61M	284.60M	285.80M	285.25M	285.26M	285.96M	285.93M	286.61M	329.84M
Weighted Average Basic & Diluted Shares Outstanding	284.29M	283.64M	283.61M	284.60M	285.80M	285.25M	285.26M	285.96M	285.93M	286.61M	329.84M
Cash Dividends to Common per Share	($0.31)	$0.00	$0.00	$0.00	-	$0.00	$0.00	$0.00	-	$0.00	$0.00

This table details how cash moves in and out of Brown & Brown's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	267	-57	108	43	-46	185	309	198	563	270	199
Net Cash From Operating Activities	385	382	411	442	568	678	713	809	881	1,010	1,174
Net Cash From Continuing Operating Activities	385	382	411	442	568	678	713	809	881	1,005	1,174
Net Income / (Loss) Continuing Operations	207	243	257	400	344	399	481	587	672	871	1,002
Consolidated Net Income / (Loss)	207	243	257	400	344	399	481	587	672	871	1,002
Depreciation Expense	21	21	21	23	23	23	26	33	39	40	44
Amortization Expense	83	88	88	1.86	1.62	107	2.30	2.90	0.00	0.00	178
Non-Cash Adjustments to Reconcile Net Income	23	35	27	23	123	58	180	255	220	288	121
Changes in Operating Assets and Liabilities, net	51	-4.89	17	-5.31	76	91	24	-70	-50	-194	-171
Net Cash From Investing Activities	-707	-145	-142	-63	-952	-414	-759	-397	-1,913	-587	-898
Net Cash From Continuing Investing Activities	-707	-145	-142	-63	-952	-414	-759	-397	-1,913	-587	-898
Purchase of Property, Leasehold Improvements and Equipment	-25	-18	-18	-24	-42	-73	-71	-45	-52	-69	-82
Purchase of Investment Securities	-714	-159	-148	-52	-9.28	-371	-709	-379	-1,928	-638	-897
Sale and/or Maturity of Investments	32	33	24	14	23	30	21	11	7.00	13	11
Other Investing Activities, net	-	-	-	-	-	-	-	17	60	107	70
Net Cash From Financing Activities	589	-271	-183	-337	338	-79	355	-210	1,726	-187	-64
Net Cash From Continuing Financing Activities	589	-294	-161	-337	338	-79	355	-210	1,726	-187	-64
Issuance of Debt	1,523	-	0.00	-	900	450	950	0.00	2,350	420	1,099
Repayment of Debt	-805	-46	-73	-100	-371	-404	-412	-76	-434	-571	-1,074
Repurchase of Common Equity	-78	-178	-27	-136	-103	-70	-96	-132	-123	-40	-55
Payment of Dividends	-59	-64	-70	-78	-85	-91	-101	-107	-120	-135	-154
Other Financing Activities, Net	8.58	-6.25	-0.98	-23	-3.38	35	14	105	53	139	120
Effect of Exchange Rate Changes	-	-	-	-	-	0.00	0.00	-3.60	-131	34	-13

This table details how cash moves in and out of Brown & Brown's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	182	-90	320	8.00	32	-153	824	-273	-199	-62	8,479
Net Cash From Operating Activities	281	60	328	316	306	13	360	440	361	213	325
Net Cash From Continuing Operating Activities	281	60	328	316	301	13	360	440	361	213	325
Net Income / (Loss) Continuing Operations	145	236	190	176	269	293	260	238	211	334	235
Consolidated Net Income / (Loss)	145	236	190	176	269	293	260	238	211	334	235
Depreciation Expense	11	10	10	10	10	11	10	12	11	11	12
Amortization Expense	-111	41	44	41	-126	0.00	45	46	44	53	50
Non-Cash Adjustments to Reconcile Net Income	163	23	24	49	192	69	21	10	64	17	42
Changes in Operating Assets and Liabilities, net	73	-250	60	40	-44	-360	24	134	31	-202	-14
Net Cash From Investing Activities	-0.40	-43	-91	-59	-394	-88	11	-42	-779	-79	-108
Net Cash From Continuing Investing Activities	-0.40	-43	-91	-59	-394	-88	11	-42	-779	-79	-108
Purchase of Property, Leasehold Improvements and Equipment	-20	-12	-13	-13	-31	-13	-26	-23	-20	-17	-15
Purchase of Investment Securities	-38	-41	-80	-48	-469	-75	-24	-23	-774	-71	-94
Net Cash From Financing Activities	-151	-121	67	-221	88	-67	442	-716	277	-218	8,199
Net Cash From Continuing Financing Activities	-151	-121	67	-221	88	-67	442	-716	277	-218	8,199
Issuance of Debt	-	0.00	170	-	250	150	599	-	350	150	4,192
Repayment of Debt	-166	-17	-282	-109	-163	-63	-362	-530	-119	-169	-455
Repurchase of Common Equity	-0.20	-36	-3.00	-1.00	-	-54	-	-	-1.00	-40	-1.00
Payment of Dividends	-33	-33	-32	-33	-37	-38	-37	-36	-43	-43	-43
Other Financing Activities, Net	49	-35	214	-78	38	-62	242	-150	90	-116	191
Effect of Exchange Rate Changes	52	14	16	-28	32	-11	11	45	-58	22	63

This table presents Brown & Brown's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	4,956	5,004	5,263	5,748	6,689	7,623	8,966	9,795	13,974	14,883	17,612
Cash and Due from Banks	470	443	516	573	439	542	817	1,470	650	700	675
Trading Account Securities	20	18	23	-	17	27	25	31	22	21	0.00
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	85	82	76	-	100	149	201	212	240	270	319
Unearned Premiums Asset	745	744	811	546	1,183	1,309	1,477	392	393	462	520
Goodwill	2,461	2,587	2,675	2,716	3,433	3,746	4,396	4,737	6,674	7,341	7,970
Intangible Assets	785	745	707	-	899	917	1,050	1,082	1,595	1,621	1,814
Other Assets	132	157	189	48	279	512	546	1,872	4,399	4,468	6,314
Total Liabilities & Shareholders' Equity	4,956	5,004	5,263	3,691	6,689	7,623	8,966	9,795	13,974	14,883	17,612
Total Liabilities	2,843	2,855	2,903	1,234	3,688	4,273	5,212	5,599	9,367	9,304	11,175
Short-Term Debt	671	712	773	749	995	1,169	1,459	285	537	1,028	598
Accrued Interest Payable	181	192	202	229	279	338	372	456	542	608	653
Other Short-Term Payables	-	-	-	-	-	-	-	1,471	2,265	2,727	2,943
Long-Term Debt	1,153	1,072	1,018	-	1,457	1,500	2,026	1,980	3,692	3,227	3,599
Claims and Claim Expense	13	32	78	-	65	59	43	63	841	131	1,543
Unearned Premiums Liability	321	310	309	-	338	366	378	392	412	462	577
Other Long-Term Liabilities	421	455	439	256	448	727	832	951	1,079	1,121	1,262
Total Equity & Noncontrolling Interests	2,114	2,150	2,360	2,457	3,001	3,350	3,754	4,197	4,607	5,579	6,437
Total Preferred & Common Equity	2,114	2,150	2,360	2,583	3,001	3,350	3,754	4,197	4,607	5,579	6,420
Total Common Equity	2,114	2,150	2,360	2,457	3,001	3,350	3,754	4,197	4,607	5,579	6,420
Common Stock	421	441	483	-	645	746	825	880	950	1,057	1,149
Retained Earnings	1,768	1,947	2,135	2,457	2,834	3,141	3,521	4,001	4,553	5,289	6,128
Treasury Stock	-75	-239	-258	-	-478	-536	-591	-674	-748	-748	-748
Accumulated Other Comprehensive Income / (Loss)	0.00	-	-	-	-	-	0.00	-9.40	-148	-19	-109
Noncontrolling Interest	-	-	-	-	-	-	-	-	-	0.00	17

This table presents Brown & Brown's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	13,974	13,400	14,072	13,983	14,883	14,806	15,944	17,525	17,612	16,760	25,636
Cash and Due from Banks	650	1,944	2,263	2,271	700	2,150	2,974	2,701	2,502	2,440	10,919
Trading Account Securities	22	25	28	24	21	21	22	21	19	0.00	0.00
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	240	242	245	250	270	272	290	309	319	327	334
Unearned Premiums Asset	393	380	451	503	462	428	483	539	520	480	529
Goodwill	6,674	6,730	6,865	6,846	7,341	7,386	7,431	7,577	7,970	8,111	8,365
Intangible Assets	1,595	1,582	1,563	1,532	1,621	1,592	1,565	1,582	1,814	1,821	1,866
Other Assets	4,399	2,498	2,658	2,558	4,468	2,957	3,179	4,796	4,468	3,581	3,623
Total Liabilities & Shareholders' Equity	13,974	13,400	14,072	13,983	14,883	14,806	15,944	17,525	17,612	16,760	25,636
Total Liabilities	9,367	8,555	8,999	8,784	9,304	9,019	9,907	11,045	11,175	9,919	14,019
Short-Term Debt	537	589	382	943	1,028	1,197	1,038	554	598	556	457
Accrued Interest Payable	542	376	449	508	608	421	500	597	653	463	530
Other Short-Term Payables	2,265	2,294	2,641	2,378	2,727	2,702	3,142	2,705	2,943	2,907	3,238
Long-Term Debt	3,692	3,680	3,762	3,145	3,227	3,009	3,391	3,367	3,599	3,731	7,470
Claims and Claim Expense	841	154	199	232	131	72	108	2,044	1,543	462	400
Unearned Premiums Liability	412	400	488	531	462	488	603	625	577	542	632
Other Long-Term Liabilities	1,079	1,062	1,079	1,049	1,121	1,130	1,125	1,153	1,262	1,258	1,292
Total Equity & Noncontrolling Interests	4,607	4,845	5,073	5,199	5,579	5,787	6,037	6,480	6,437	6,841	11,617
Total Preferred & Common Equity	4,607	4,845	5,073	5,199	5,579	5,778	6,026	6,464	6,420	6,821	11,594
Total Common Equity	4,607	4,845	5,073	5,199	5,579	5,778	6,026	6,464	6,420	6,821	11,594
Common Stock	950	938	957	1,018	1,057	1,033	1,057	1,126	1,149	1,138	5,476
Retained Earnings	4,553	4,756	4,914	5,057	5,289	5,544	5,764	5,961	6,128	6,416	6,604
Treasury Stock	-748	-748	-748	-748	-748	-748	-748	-748	-748	-748	-748
Accumulated Other Comprehensive Income / (Loss)	-148	-101	-51	-128	-19	-51	-47	125	-109	15	262
Noncontrolling Interest	-	-	-	-	0.00	9.00	11	16	17	20	23

This table displays calculated financial ratios and metrics derived from Brown & Brown's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	129.09%	-46.83%	6.39%	4.32%	7.09%	17.98%	9.70%	16.91%	19.81%	22.97%	9.91%
EBITDA Growth	355.83%	-74.69%	4.28%	-11.00%	2.66%	34.87%	-0.61%	22.41%	14.52%	29.62%	28.58%
EBIT Growth	435.67%	-78.98%	5.20%	6.19%	2.83%	13.72%	18.67%	22.22%	14.84%	30.82%	13.70%
NOPAT Growth	-4.71%	17.60%	5.82%	55.20%	-13.86%	15.76%	20.57%	22.19%	14.46%	29.61%	15.04%
Net Income Growth	-4.71%	17.60%	5.82%	55.20%	-13.86%	15.76%	20.57%	22.19%	14.46%	29.61%	15.04%
EPS Growth	-4.73%	20.57%	5.82%	55.20%	-12.86%	14.75%	20.71%	22.49%	14.49%	28.69%	13.44%
Operating Cash Flow Growth	-1.12%	-0.84%	7.65%	7.54%	28.41%	19.50%	5.13%	13.44%	8.93%	14.64%	16.24%
Free Cash Flow Firm Growth	-436.25%	136.71%	-84.10%	-1,905.82%	121.69%	-209.40%	-337.33%	284.60%	-224.71%	92.49%	258.06%
Invested Capital Growth	28.86%	-0.11%	5.54%	26.77%	3.61%	10.41%	20.25%	-10.73%	36.71%	11.30%	8.14%
Revenue Q/Q Growth	103.60%	-48.12%	1.67%	0.13%	1.66%	4.23%	2.52%	3.35%	8.47%	10.22%	8.53%
EBITDA Q/Q Growth	324.30%	-74.84%	-0.06%	-13.53%	13.96%	19.32%	-10.28%	1.31%	-5.74%	-0.39%	-4.96%
EBIT Q/Q Growth	407.12%	-79.05%	-0.03%	2.61%	-1.22%	0.27%	4.85%	1.31%	6.49%	16.43%	-5.79%
NOPAT Q/Q Growth	-9.94%	15.99%	-0.12%	48.15%	-24.89%	0.78%	4.53%	0.75%	6.96%	16.57%	-5.43%
Net Income Q/Q Growth	-9.94%	15.99%	-0.12%	48.15%	-24.89%	0.78%	4.53%	0.75%	6.96%	16.57%	-5.43%
EPS Q/Q Growth	-10.19%	-86.58%	-0.12%	48.15%	-25.61%	0.00%	4.32%	0.98%	7.24%	15.53%	-5.46%
Operating Cash Flow Q/Q Growth	5.54%	-2.18%	0.18%	9.00%	17.28%	2.89%	-7.48%	0.95%	12.83%	2.48%	4.96%
Free Cash Flow Firm Q/Q Growth	1.86%	52.06%	-51.48%	-458.62%	633.16%	80.79%	-5.87%	3,374.00%	-260.00%	-181.92%	463.96%
Invested Capital Q/Q Growth	1.31%	-0.01%	1.00%	25.86%	18.06%	2.15%	2.67%	-14.90%	1.61%	5.90%	2.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	64.66%	30.78%	30.16%	25.73%	24.67%	28.20%	25.55%	26.75%	25.57%	26.95%	31.53%
EBIT Margin	61.33%	24.24%	23.97%	24.40%	23.43%	22.59%	24.43%	25.54%	24.48%	26.05%	26.94%
Profit (Net Income) Margin	6.62%	14.65%	14.58%	21.68%	17.44%	17.11%	18.81%	19.66%	18.78%	19.80%	20.72%
Tax Burden Percent	60.90%	60.44%	60.80%	88.86%	74.44%	75.77%	76.99%	76.97%	76.71%	76.00%	76.90%
Interest Burden Percent	17.74%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	39.10%	39.56%	39.20%	11.14%	25.56%	24.23%	23.01%	23.03%	23.29%	24.00%	23.10%
Return on Invested Capital (ROIC)	5.92%	6.18%	6.37%	8.49%	6.43%	6.95%	7.25%	8.57%	8.79%	9.33%	9.79%
ROIC Less NNEP Spread (ROIC-NNEP)	5.92%	6.18%	6.37%	8.49%	6.43%	6.95%	7.25%	8.57%	8.79%	9.33%	9.79%
Return on Net Nonoperating Assets (RNNOA)	4.12%	5.23%	5.05%	8.10%	6.19%	5.60%	6.28%	6.20%	6.48%	7.77%	6.89%
Return on Equity (ROE)	10.04%	11.41%	11.42%	16.59%	12.62%	12.55%	13.53%	14.77%	15.27%	17.10%	16.68%
Cash Return on Invested Capital (CROIC)	-19.31%	6.30%	0.98%	-15.12%	2.88%	-2.94%	-11.14%	19.91%	-22.23%	-1.37%	1.97%
Operating Return on Assets (OROA)	44.52%	8.08%	8.25%	8.17%	7.44%	7.35%	7.52%	8.13%	7.37%	7.94%	8.02%
Return on Assets (ROA)	4.81%	4.89%	5.02%	7.26%	5.54%	5.57%	5.79%	6.26%	5.65%	6.04%	6.17%
Return on Common Equity (ROCE)	10.04%	11.41%	11.42%	16.59%	12.62%	12.55%	13.53%	14.77%	15.27%	17.10%	16.65%
Return on Equity Simple (ROE_SIMPLE)	9.79%	11.32%	10.91%	15.47%	11.47%	11.89%	12.80%	13.99%	14.59%	15.61%	15.61%
Net Operating Profit after Tax (NOPAT)	207	243	257	400	344	399	481	587	672	871	1,002
NOPAT Margin	6.62%	14.65%	14.58%	21.68%	17.44%	17.11%	18.81%	19.66%	18.78%	19.80%	20.72%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	25.97%	51.61%	52.37%	53.97%	54.16%	56.18%	56.23%	54.81%	50.78%	49.70%	49.75%
Operating Expenses to Revenue	38.67%	75.76%	76.03%	75.60%	76.57%	77.41%	75.57%	74.46%	75.52%	73.95%	73.06%
Earnings before Interest and Taxes (EBIT)	1,916	403	423	450	462	526	624	763	876	1,146	1,303
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,019	511	533	474	487	657	653	799	915	1,186	1,525
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.04	1.94	2.50	2.77	2.46	3.22	3.51	4.66	3.45	3.60	4.54
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.38	2.52	3.34	3.70	3.74	4.63	5.15	6.54	4.44	4.57	6.02
Price to Earnings (P/E)	2.42	17.18	22.90	17.04	21.46	27.06	27.39	33.28	23.66	23.06	29.34
Dividend Yield	1.37%	1.53%	1.20%	1.14%	1.15%	0.85%	0.75%	0.55%	0.75%	0.67%	0.53%
Earnings Yield	41.35%	5.82%	4.37%	5.87%	4.66%	3.70%	3.65%	3.00%	4.23%	4.34%	3.41%
Enterprise Value to Invested Capital (EV/IC)	1.37	1.35	1.66	1.33	1.66	2.07	2.12	3.15	2.20	2.40	2.90
Enterprise Value to Revenue (EV/Rev)	1.73	3.19	3.91	3.79	4.59	5.36	6.02	6.81	5.44	5.37	6.38
Enterprise Value to EBITDA (EV/EBITDA)	2.68	10.35	12.96	14.73	18.61	19.02	23.56	25.45	21.29	19.94	20.23
Enterprise Value to EBIT (EV/EBIT)	2.82	13.14	16.31	15.54	19.59	23.75	24.64	26.66	22.24	20.63	23.67
Enterprise Value to NOPAT (EV/NOPAT)	26.12	21.75	26.82	17.48	26.32	31.34	32.00	34.64	28.99	27.15	30.78
Enterprise Value to Operating Cash Flow (EV/OCF)	14.04	13.86	16.81	15.81	15.97	18.42	21.56	25.14	22.11	23.41	26.27
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	21.35	175.24	0.00	58.68	0.00	0.00	14.91	0.00	0.00	152.69
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.86	0.83	0.76	0.31	0.82	0.80	0.93	0.54	0.92	0.76	0.65
Long-Term Debt to Equity	0.55	0.50	0.43	0.00	0.49	0.45	0.54	0.47	0.80	0.58	0.56
Financial Leverage	0.70	0.85	0.79	0.95	0.96	0.81	0.87	0.72	0.74	0.83	0.70
Leverage Ratio	2.09	2.34	2.28	2.29	2.28	2.25	2.34	2.36	2.70	2.83	2.70
Compound Leverage Factor	0.37	2.34	2.28	2.29	2.28	2.25	2.34	2.36	2.70	2.83	2.70
Debt to Total Capital	46.32%	45.34%	43.14%	23.37%	44.97%	44.35%	48.14%	35.06%	47.86%	43.27%	39.47%
Short-Term Debt to Total Capital	17.04%	18.10%	18.61%	23.37%	18.25%	19.42%	20.15%	4.41%	6.08%	10.45%	5.62%
Long-Term Debt to Total Capital	29.28%	27.25%	24.53%	0.00%	26.72%	24.92%	27.99%	30.64%	41.78%	32.81%	33.84%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.16%
Common Equity to Total Capital	53.68%	54.66%	56.86%	76.63%	55.03%	55.65%	51.86%	64.94%	52.14%	56.73%	60.37%
Debt to EBITDA	0.90	3.49	3.36	1.58	5.04	4.07	5.34	2.84	4.62	3.59	2.75
Net Debt to EBITDA	0.54	2.17	1.89	0.37	3.44	2.60	3.39	1.00	3.91	3.00	1.11
Long-Term Debt to EBITDA	0.57	2.10	1.91	0.00	2.99	2.28	3.10	2.48	4.03	2.72	2.36
Debt to NOPAT	8.82	7.33	6.96	1.88	7.12	6.70	7.25	3.86	6.29	4.89	4.19
Net Debt to NOPAT	5.29	4.56	3.92	0.44	4.86	4.28	4.61	1.35	5.33	4.08	1.69
Long-Term Debt to NOPAT	5.57	4.40	3.96	0.00	4.23	3.76	4.22	3.37	5.49	3.70	3.59
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.14%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-675	248	39	-712	154	-169	-739	1,364	-1,701	-128	202
Operating Cash Flow to CapEx	1,544.83%	2,077.82%	2,313.54%	1,826.95%	1,366.88%	927.64%	1,008.49%	1,797.33%	1,694.23%	1,463.77%	1,431.71%
Free Cash Flow to Firm to Interest Expense	-23.76	0.00	0.00	-18.58	3.81	-2.65	-12.52	20.98	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	13.55	0.00	0.00	11.54	13.99	10.65	12.08	12.44	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	12.68	0.00	0.00	10.90	12.96	9.50	10.89	11.75	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.73	0.33	0.34	0.33	0.32	0.33	0.31	0.32	0.30	0.31	0.30
Fixed Asset Turnover	39.19	19.96	22.42	0.00	0.00	18.70	14.61	14.46	15.84	17.26	16.42
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,938	3,933	4,151	5,263	5,452	6,020	7,239	6,463	8,835	9,834	10,634
Invested Capital Turnover	0.89	0.42	0.44	0.39	0.37	0.41	0.39	0.44	0.47	0.47	0.47
Increase / (Decrease) in Invested Capital	882	-4.50	218	1,111	190	567	1,219	-777	2,373	999	800
Enterprise Value (EV)	5,405	5,291	6,907	6,987	9,061	12,490	15,375	20,335	19,479	23,644	30,844
Market Capitalization	4,311	4,181	5,897	6,811	7,387	10,784	13,162	19,539	15,901	20,089	29,132
Book Value per Share	$14.70	$15.25	$16.83	$17.62	$10.75	$11.89	$13.22	$14.86	$16.27	$19.60	$22.45
Tangible Book Value per Share	($7.87)	($8.38)	($7.29)	($1.86)	($4.77)	($4.66)	($5.95)	($5.74)	($12.93)	($11.89)	($11.76)
Total Capital	3,938	3,933	4,151	3,206	5,452	6,020	7,239	6,463	8,835	9,834	10,634
Total Debt	1,824	1,783	1,791	749	2,452	2,670	3,485	2,266	4,229	4,255	4,197
Total Long-Term Debt	1,153	1,072	1,018	0.00	1,457	1,500	2,026	1,980	3,692	3,227	3,599
Net Debt	1,094	1,110	1,010	176	1,674	1,707	2,213	795	3,579	3,555	1,695
Capital Expenditures (CapEx)	25	18	18	24	42	73	71	45	52	69	82
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	1,824	1,783	1,791	2,806	2,452	2,670	3,485	2,266	4,229	4,255	4,197
Total Depreciation and Amortization (D&A)	104	108	109	25	24	131	29	36	39	40	222
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.72	$0.86	$0.92	$1.43	$1.24	$1.42	$1.70	$2.08	$2.38	$3.07	$3.48
Adjusted Weighted Average Basic Shares Outstanding	281.89M	277.23M	279.97M	275.60M	279.70M	281.55M	282.09M	282.22M	284.29M	285.80M	285.93M
Adjusted Diluted Earnings per Share	$0.71	$0.85	$0.91	$1.41	$1.22	$1.40	$1.69	$2.07	$2.37	$3.05	$3.46
Adjusted Weighted Average Diluted Shares Outstanding	285.78M	277.23M	279.97M	275.60M	279.70M	281.55M	282.09M	282.22M	284.29M	285.80M	285.93M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	287.04M	277.23M	279.97M	275.60M	279.70M	281.55M	282.09M	282.22M	284.29M	285.80M	285.93M
Normalized Net Operating Profit after Tax (NOPAT)	213	245	263	408	346	397	477	618	642	887	1,004
Normalized NOPAT Margin	6.82%	14.76%	14.89%	22.13%	17.55%	17.07%	18.68%	20.70%	17.95%	20.16%	20.75%
Pre Tax Income Margin	10.88%	24.24%	23.97%	24.40%	23.43%	22.59%	24.43%	25.54%	24.48%	26.05%	26.94%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	67.43	0.00	0.00	11.74	11.40	8.26	10.58	11.74	0.00	0.00	0.00
NOPAT to Interest Expense	7.28	0.00	0.00	10.43	8.48	6.26	8.14	9.03	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	66.55	0.00	0.00	11.11	10.37	7.11	9.38	11.04	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	6.41	0.00	0.00	9.80	7.46	5.11	6.95	8.34	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	28.68%	26.35%	27.29%	19.45%	24.60%	22.92%	20.94%	18.26%	17.86%	15.50%	15.37%
Augmented Payout Ratio	66.51%	99.44%	37.93%	53.53%	54.64%	40.39%	41.00%	40.81%	36.16%	20.09%	20.86%

This table displays calculated financial ratios and metrics derived from Brown & Brown's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	38.70%	20.60%	24.30%	20.53%	26.17%	13.19%	13.01%	11.05%	3.72%	11.62%	6.29%
EBITDA Growth	-37.28%	13.15%	73.23%	-13.47%	156.14%	21.16%	30.19%	27.99%	37.92%	30.93%	-15.61%
EBIT Growth	37.93%	10.94%	27.77%	11.01%	83.32%	23.81%	36.22%	30.99%	-22.47%	17.31%	-10.12%
NOPAT Growth	42.97%	7.13%	30.85%	9.25%	85.01%	24.15%	36.32%	35.80%	-21.56%	13.99%	-9.65%
Net Income Growth	42.97%	7.13%	30.85%	9.25%	85.01%	24.15%	36.32%	35.80%	-21.56%	13.99%	-9.65%
EPS Growth	44.44%	7.79%	31.37%	8.77%	78.85%	22.89%	34.33%	30.65%	-21.51%	12.75%	-13.33%
Operating Cash Flow Growth	55.36%	-42.08%	35.20%	24.61%	8.82%	-78.33%	9.76%	39.24%	17.97%	1,538.46%	-9.72%
Free Cash Flow Firm Growth	-353.58%	-32.66%	76.33%	55.81%	67.23%	24.11%	-311.43%	-110.98%	19.29%	-36.69%	-793.42%
Invested Capital Growth	36.71%	12.44%	4.90%	6.80%	11.30%	9.64%	13.55%	12.01%	8.14%	11.36%	86.74%
Revenue Q/Q Growth	13.06%	24.88%	-6.55%	6.91%	18.35%	23.70%	-6.69%	5.05%	10.54%	6.94%	-8.35%
EBITDA Q/Q Growth	-72.33%	41.05%	-10.72%	-4.87%	-18.09%	-21.43%	-4.07%	-6.48%	-11.73%	48.34%	-24.03%
EBIT Q/Q Growth	-10.92%	51.31%	-13.61%	-4.72%	47.11%	2.48%	-4.95%	-8.38%	-12.93%	54.71%	-27.17%
NOPAT Q/Q Growth	-9.75%	62.53%	-19.49%	-7.37%	52.84%	9.04%	-11.60%	-7.72%	-11.72%	58.29%	-29.94%
Net Income Q/Q Growth	-9.75%	62.53%	-19.49%	-7.37%	52.84%	9.04%	-11.60%	-7.72%	-11.72%	58.29%	-29.94%
EPS Q/Q Growth	-8.77%	59.62%	-19.28%	-7.46%	50.00%	9.68%	-11.76%	-10.00%	-9.88%	57.53%	-32.17%
Operating Cash Flow Q/Q Growth	10.88%	-78.69%	446.67%	-3.66%	-3.16%	-95.74%	2,669.23%	22.22%	-17.95%	-41.00%	52.58%
Free Cash Flow Firm Q/Q Growth	-137.04%	65.33%	68.84%	-72.57%	-75.77%	19.66%	-68.92%	11.51%	32.76%	-35.99%	-1,004.12%
Invested Capital Q/Q Growth	1.61%	3.16%	1.13%	0.75%	5.90%	1.62%	4.73%	-0.62%	2.24%	4.65%	75.63%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	9.35%	32.27%	30.83%	27.43%	18.99%	34.55%	35.52%	31.62%	25.25%	35.02%	29.03%
EBIT Margin	19.39%	27.50%	25.43%	22.66%	28.16%	30.08%	30.65%	26.73%	21.05%	30.46%	24.20%
Profit (Net Income) Margin	14.51%	22.08%	19.02%	16.48%	21.28%	24.21%	22.94%	20.15%	16.09%	23.82%	18.21%
Tax Burden Percent	74.87%	80.27%	74.80%	72.73%	75.56%	80.49%	74.86%	75.39%	76.45%	78.22%	75.24%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	25.13%	19.73%	25.20%	27.27%	24.44%	19.51%	25.14%	24.61%	23.55%	21.78%	24.76%
Return on Invested Capital (ROIC)	6.79%	9.27%	8.05%	7.32%	10.03%	10.67%	10.11%	9.12%	7.61%	11.24%	6.14%
ROIC Less NNEP Spread (ROIC-NNEP)	6.79%	9.27%	8.05%	7.32%	10.03%	10.67%	10.11%	9.12%	7.61%	11.24%	6.14%
Return on Net Nonoperating Assets (RNNOA)	5.01%	8.12%	7.44%	6.52%	8.36%	8.50%	7.80%	6.26%	5.35%	7.56%	4.30%
Return on Equity (ROE)	11.80%	17.39%	15.49%	13.84%	18.39%	19.17%	17.92%	15.38%	12.96%	18.80%	10.43%
Cash Return on Invested Capital (CROIC)	-22.23%	-3.72%	3.35%	1.74%	-1.37%	0.51%	-2.56%	-0.56%	1.97%	-0.87%	-53.72%
Operating Return on Assets (OROA)	5.84%	8.06%	7.35%	6.54%	8.59%	8.98%	8.86%	7.56%	6.27%	9.61%	5.89%
Return on Assets (ROA)	4.37%	6.47%	5.50%	4.76%	6.49%	7.23%	6.63%	5.70%	4.79%	7.52%	4.43%
Return on Common Equity (ROCE)	11.80%	17.39%	15.49%	13.84%	18.39%	19.15%	17.90%	15.36%	12.94%	18.75%	10.41%
Return on Equity Simple (ROE_SIMPLE)	0.00%	14.19%	14.44%	14.37%	0.00%	16.05%	16.54%	16.39%	0.00%	15.29%	8.78%
Net Operating Profit after Tax (NOPAT)	145	236	190	176	269	293	259	239	211	334	234
NOPAT Margin	14.51%	22.08%	19.02%	16.48%	21.28%	24.21%	22.94%	20.15%	16.09%	23.82%	18.21%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	47.47%	53.41%	53.05%	49.81%	43.83%	52.15%	51.82%	51.18%	44.47%	48.72%	49.81%
Operating Expenses to Revenue	80.61%	72.50%	74.57%	77.34%	71.84%	69.92%	69.35%	73.27%	78.95%	69.54%	75.80%
Earnings before Interest and Taxes (EBIT)	194	294	254	242	356	364	346	317	276	427	311
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	94	345	308	293	240	418	401	375	331	491	373
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.45	3.35	3.82	3.79	3.60	4.31	4.23	4.57	4.54	5.21	2.74
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	23.31
Price to Revenue (P/Rev)	4.44	4.48	5.09	4.93	4.57	5.92	5.88	6.63	6.02	7.14	6.28
Price to Earnings (P/E)	23.66	23.58	26.48	26.34	23.06	26.86	25.65	28.08	29.34	34.50	31.62
Dividend Yield	0.75%	0.76%	0.65%	0.66%	0.67%	0.56%	0.56%	0.50%	0.53%	0.45%	0.52%
Earnings Yield	4.23%	4.24%	3.78%	3.80%	4.34%	3.72%	3.90%	3.56%	3.41%	2.90%	3.16%
Enterprise Value to Invested Capital (EV/IC)	2.20	2.03	2.31	2.32	2.40	2.70	2.58	2.96	2.90	3.36	1.47
Enterprise Value to Revenue (EV/Rev)	5.44	5.13	5.58	5.38	5.37	6.41	6.22	6.91	6.38	7.51	5.70
Enterprise Value to EBITDA (EV/EBITDA)	21.29	16.76	17.21	18.06	19.94	18.87	17.71	19.19	20.23	22.81	18.33
Enterprise Value to EBIT (EV/EBIT)	22.24	20.48	22.16	21.84	20.63	22.18	20.62	22.26	23.67	27.41	21.64
Enterprise Value to NOPAT (EV/NOPAT)	28.99	26.96	29.05	28.77	27.15	29.09	27.06	29.06	30.78	35.89	28.30
Enterprise Value to Operating Cash Flow (EV/OCF)	22.11	22.12	23.05	21.81	23.41	28.03	27.12	27.53	26.27	27.25	21.51
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	70.52	137.80	0.00	556.26	0.00	0.00	152.69	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.92	0.88	0.82	0.79	0.76	0.73	0.73	0.61	0.65	0.63	0.68
Long-Term Debt to Equity	0.80	0.76	0.74	0.60	0.58	0.52	0.56	0.52	0.56	0.55	0.64
Financial Leverage	0.74	0.88	0.92	0.89	0.83	0.80	0.77	0.69	0.70	0.67	0.70
Leverage Ratio	2.70	2.69	2.82	2.91	2.83	2.65	2.70	2.70	2.70	2.50	2.36
Compound Leverage Factor	2.70	2.69	2.82	2.91	2.83	2.65	2.70	2.70	2.70	2.50	2.36
Debt to Total Capital	47.86%	46.84%	44.97%	44.02%	43.27%	42.09%	42.32%	37.70%	39.47%	38.52%	40.56%
Short-Term Debt to Total Capital	6.08%	6.46%	4.15%	10.15%	10.45%	11.98%	9.92%	5.33%	5.62%	5.00%	2.34%
Long-Term Debt to Total Capital	41.78%	40.38%	40.82%	33.86%	32.81%	30.11%	32.40%	32.37%	33.84%	33.53%	38.22%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	0.11%	0.15%	0.16%	0.18%	0.12%
Common Equity to Total Capital	52.14%	53.16%	55.03%	55.98%	56.73%	57.82%	57.58%	62.15%	60.37%	61.30%	59.32%
Debt to EBITDA	4.62	3.86	3.35	3.43	3.59	2.94	2.91	2.44	2.75	2.61	5.04
Net Debt to EBITDA	3.91	2.10	1.52	1.53	3.00	1.44	0.96	0.76	1.11	1.13	-1.90
Long-Term Debt to EBITDA	4.03	3.33	3.04	2.64	2.72	2.10	2.23	2.10	2.36	2.27	4.75
Debt to NOPAT	6.29	6.21	5.66	5.47	4.89	4.53	4.44	3.70	4.19	4.11	7.79
Net Debt to NOPAT	5.33	3.38	2.57	2.43	4.08	2.22	1.46	1.15	1.69	1.77	-2.94
Long-Term Debt to NOPAT	5.49	5.35	5.14	4.21	3.70	3.24	3.40	3.18	3.59	3.58	7.34
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.10%	0.14%	0.14%	0.23%	0.19%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,227	-772	-241	-415	-730	-586	-990	-876	-589	-801	-8,844
Operating Cash Flow to CapEx	1,434.69%	500.00%	2,523.08%	2,430.77%	987.10%	100.00%	1,384.62%	2,095.24%	1,805.00%	1,252.94%	2,166.67%
Free Cash Flow to Firm to Interest Expense	0.00	-16.43	-5.01	0.00	0.00	-12.21	-20.20	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	1.28	6.83	0.00	0.00	0.27	7.35	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	1.02	6.56	0.00	0.00	0.00	6.82	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.30	0.29	0.29	0.29	0.31	0.30	0.29	0.28	0.30	0.32	0.24
Fixed Asset Turnover	15.84	15.85	16.59	16.31	17.26	16.39	16.23	15.94	16.42	16.63	16.21
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,835	9,114	9,217	9,286	9,834	9,993	10,466	10,401	10,634	11,128	19,544
Invested Capital Turnover	0.47	0.42	0.42	0.44	0.47	0.44	0.44	0.45	0.47	0.47	0.34
Increase / (Decrease) in Invested Capital	2,373	1,008	431	591	999	879	1,249	1,115	800	1,135	9,078
Enterprise Value (EV)	19,479	18,536	21,276	21,497	23,644	26,979	26,970	30,789	30,844	37,437	28,807
Market Capitalization	15,901	16,211	19,395	19,680	20,089	24,914	25,504	29,553	29,132	35,570	31,776
Book Value per Share	$16.27	$17.04	$17.88	$18.33	$19.60	$20.26	$21.13	$22.66	$22.45	$23.86	$40.45
Tangible Book Value per Share	($12.93)	($12.19)	($11.83)	($11.21)	($11.89)	($11.22)	($10.41)	($9.45)	($11.76)	($10.88)	$4.76
Total Capital	8,835	9,114	9,217	9,286	9,834	9,993	10,466	10,401	10,634	11,128	19,544
Total Debt	4,229	4,269	4,145	4,087	4,255	4,206	4,429	3,921	4,197	4,287	7,927
Total Long-Term Debt	3,692	3,680	3,762	3,145	3,227	3,009	3,391	3,367	3,599	3,731	7,470
Net Debt	3,579	2,326	1,881	1,816	3,555	2,056	1,455	1,220	1,695	1,847	-2,992
Capital Expenditures (CapEx)	20	12	13	13	31	13	26	21	20	17	15
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	4,229	4,269	4,145	4,087	4,255	4,206	4,429	3,921	4,197	4,287	7,927
Total Depreciation and Amortization (D&A)	-101	51	54	51	-116	54	55	58	55	64	62
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.52	$0.83	$0.67	$0.62	$0.95	$1.03	$0.90	$0.82	$0.73	$1.16	$0.79
Adjusted Weighted Average Basic Shares Outstanding	284.29M	283.64M	283.61M	284.60M	285.80M	285.25M	285.26M	285.96M	285.93M	286.61M	329.84M
Adjusted Diluted Earnings per Share	$0.52	$0.83	$0.67	$0.62	$0.93	$1.02	$0.90	$0.81	$0.73	$1.15	$0.78
Adjusted Weighted Average Diluted Shares Outstanding	284.29M	283.64M	283.61M	284.60M	285.80M	285.25M	285.26M	285.96M	285.93M	286.61M	329.84M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	284.29M	283.64M	283.61M	284.60M	285.80M	285.25M	285.26M	285.96M	285.93M	286.61M	329.84M
Normalized Net Operating Profit after Tax (NOPAT)	141	234	191	198	262	291	260	233	219	331	242
Normalized NOPAT Margin	14.07%	21.93%	19.17%	18.52%	20.74%	24.08%	23.01%	19.64%	16.74%	23.60%	18.85%
Pre Tax Income Margin	19.39%	27.50%	25.43%	22.66%	28.16%	30.08%	30.65%	26.73%	21.05%	30.46%	24.20%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	6.26	5.29	0.00	0.00	7.58	7.06	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	5.02	3.96	0.00	0.00	6.10	5.29	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	6.00	5.02	0.00	0.00	7.31	6.53	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	4.77	3.69	0.00	0.00	5.83	4.76	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	17.86%	17.98%	17.29%	17.48%	15.50%	15.09%	14.55%	13.97%	15.37%	15.24%	16.21%
Augmented Payout Ratio	36.16%	30.89%	22.67%	22.85%	20.09%	21.34%	20.06%	19.06%	20.86%	19.18%	20.33%

Financials Breakdown Chart

Key Financial Trends

Brown & Brown, Inc. (NYSE: BRO) has demonstrated steady profitability and strong financial health over the last several years through Q2 2025. Here are the key trends and data highlights from the analysis of their financial statements:

Consistent Net Income Growth: Net income has steadily increased from $145.4 million in Q4 2022 to $234 million in Q2 2025. This suggests effective operational management and growth in profitability.
Strong Operating Cash Flow: Net cash from continuing operating activities remains robust, with $325 million in Q2 2025 and previous quarters generally above $200 million, indicating strong cash generation from the core business.
Healthy Earnings Per Share (EPS): Diluted EPS increased from $0.52 in Q4 2022 to $0.78 in Q2 2025, showing improved earnings attributable to shareholders despite a slight increase in share count.
Debt Management and Financing: Brown & Brown raised significant debt in Q2 2025 ($4.19 billion issuance) while repaying $455 million, supporting large financing activities. Total long-term debt increased but remains supported by growing assets and equity.
Equity Growth and Retained Earnings: Total common equity increased from approximately $4.61 billion at the end of 2022 to around $11.59 billion by Q2 2025, driven by retained earnings growth and minimal treasury stock activity.
Investments in Property & Equipment: Moderate capital expenditures with purchases between $10-$26 million per quarter suggest ongoing investment but controlled spending.
Amortization and Depreciation Consistency: Amortization expenses hover around $43-$53 million per quarter; depreciation near $10-$12 million, reflecting steady asset base and amortized intangibles like goodwill and intangible assets.
Goodwill and Intangible Assets: Significant goodwill and intangible assets are recorded ($8.3 billion goodwill as of Q2 2025), implying acquisitions are a key part of growth strategy but exposing the company to impairment risk.
Large Increase in Debt Levels: Long-term debt has more than doubled, from approximately $3.69 billion at the end of 2022 to $7.47 billion by Q2 2025, increasing leverage risk despite strong earnings.
Stock Repurchases and Dividends: While the company is actively repurchasing shares (e.g., $40 million in Q1 2025 and $1 million in Q2 2025), dividends per share remain at zero, which may disappoint income-focused investors.

Summary: Brown & Brown shows solid earnings growth, strong operating cash flows, and expanding equity, signaling effective business performance. The company has increased leverage significantly, which is used for financing strategic initiatives or acquisitions, as indicated by growing goodwill and intangible assets. Controlled capital expenditures and consistent amortization support this narrative. Investors should watch debt levels and the impact of acquisitions on financial health, while recognizing continued profitability and EPS improvement.

10/03/25 02:56 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Brown & Brown's Financials

When does Brown & Brown's financial year end?

According to the most recent income statement we have on file, Brown & Brown's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Brown & Brown's net income changed over the last 10 years?

Brown & Brown's net income appears to be on an upward trend, with a most recent value of $1.00 billion in 2024, rising from $206.90 million in 2014. The previous period was $871 million in 2023. Check out Brown & Brown's forecast to explore projected trends and price targets.

How has Brown & Brown's revenue changed over the last 10 years?

Over the last 10 years, Brown & Brown's total revenue changed from $3.12 billion in 2014 to $4.84 billion in 2024, a change of 54.8%.

How much debt does Brown & Brown have?

Brown & Brown's total liabilities were at $11.18 billion at the end of 2024, a 20.1% increase from 2023, and a 293.1% increase since 2014.

How much cash does Brown & Brown have?

In the past 10 years, Brown & Brown's cash and equivalents has ranged from $438.96 million in 2018 to $1.47 billion in 2021, and is currently $675 million as of their latest financial filing in 2024.

How has Brown & Brown's book value per share changed over the last 10 years?

Over the last 10 years, Brown & Brown's book value per share changed from 14.70 in 2014 to 22.45 in 2024, a change of 52.7%.

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This page (NYSE:BRO) was last updated on 10/3/2025 by MarketBeat.com Staff

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Brown & Brown (BRO) Financials

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Brown & Brown (BRO) Financials

Annual Income Statements for Brown & Brown

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Quarterly Metrics And Ratios for Brown & Brown

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Key Financial Trends

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