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Brown & Brown (BRO) Financials

Brown & Brown logo
$88.81 -0.39 (-0.44%)
Closing price 10/23/2025 03:59 PM Eastern
Extended Trading
$89.50 +0.69 (+0.78%)
As of 10/23/2025 07:22 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for Brown & Brown

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

Quarterly Income Statements for Brown & Brown

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

Annual Cash Flow Statements for Brown & Brown

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

Quarterly Cash Flow Statements for Brown & Brown

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

Annual Balance Sheets for Brown & Brown

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

Quarterly Balance Sheets for Brown & Brown

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

Annual Metrics And Ratios for Brown & Brown

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%

Quarterly Metrics And Ratios for Brown & Brown

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 (NYSE: BRO) has shown consistent financial performance over the past four years, with key trends emerging from its latest quarterly statements:

  • Net income has grown steadily, with Q2 2025 reporting $235 million, a slight decrease from $334 million in Q1 2025 but consistent with prior quarters and showing resilience.
  • Operating cash flow remains strong; Q2 2025 net cash from continuing operating activities was $325 million, supporting business operations and investments.
  • Total assets have increased substantially from approximately $13.4 billion in early 2023 to $25.6 billion by Q2 2025, indicating growth and possible acquisitions or investments.
  • The company maintains a substantial cash balance, with cash and equivalents rising to $10.9 billion in Q2 2025 from $1.9 billion in Q1 2023, providing liquidity and financial flexibility.
  • Debt issuance significantly increased to $4.19 billion in Q2 2025 from around $0.15-$0.6 billion in prior quarters, possibly indicating strategic financing to support growth initiatives or acquisitions.
  • Continued investments in property and equipment as well as investment securities indicate ongoing commitment to expanding and upgrading operations.
  • Amortization and depreciation expenses remain steady, reflecting ongoing capital investments and amortization of intangibles but impacting earnings slightly.
  • Salaries and employee benefits expense has generally increased, consistent with company growth, but representing a significant portion of operating expenses.
  • The company's equity base has more than doubled from $4.85 billion in early 2023 to over $11.5 billion in Q2 2025, suggesting retained earnings growth and possible equity issuances or share repurchases.
  • Repayment of long-term debt is sizeable but overshadowed by recent large issuances, which might increase interest obligations in the short term.

Overall, Brown & Brown’s financials reflect a growth-oriented approach with healthy profitability, strong cash flow generation, and expanding asset and equity bases. The increased debt issuance signals ambitious expansion plans, but the company’s ample liquidity and consistent earnings provide confidence in its ability to manage these obligations effectively. Investors should watch for the impact of increased debt on interest expense going forward and any strategic use of the raised capital.

10/24/25 01:20 AM 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 10/24/2025 by MarketBeat.com Staff
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