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Brown & Brown (BRO) Financials

Brown & Brown logo
$110.39 -0.18 (-0.16%)
Closing price 05/5/2025 03:59 PM Eastern
Extended Trading
$110.58 +0.19 (+0.18%)
As of 05:15 AM Eastern
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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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 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		 243 257 400 344 399 481 587 672 871 993
Consolidated Net Income / (Loss)		 243 257 400 344 399 481 587 672 871 1,002
Net Income / (Loss) Continuing Operations		 243 257 400 344 399 481 587 672 871 1,002
Total Pre-Tax Income 		403 423 450 462 526 624 763 876 1,146 1,303
Total Revenue		 1,661 1,767 1,843 1,974 2,329 2,554 2,986 3,578 4,400 4,836
Net Interest Income / (Expense)		 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
Total Interest Expense		 0.00 0.00 38 41 64 59 65 0.00 0.00 0.00
Total Non-Interest Income		 1,661 1,767 1,881 2,014 2,392 2,613 3,051 3,578 4,400 4,836
Other Service Charges		 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		 1.00 1.46 1.63 2.75 5.78 2.80 1.10 7.00 52 93
Total Non-Interest Expense		 1,258 1,343 1,393 1,511 1,803 1,930 2,224 2,702 3,254 3,533
Salaries and Employee Benefits		 857 925 995 1,069 1,308 1,436 1,637 1,817 2,187 2,406
Other Operating Expenses		 290 301 281 330 367 364 393 738 840 903
Depreciation Expense		 21 21 23 23 23 26 33 39 40 44
Amortization Expense		 87 87 85 87 105 109 120 147 166 178
Restructuring Charge		 3.00 9.19 9.20 2.97 -1.37 -4.50 40 -39 21 2.00
Income Tax Expense		 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		 $1.72 $0.92 $1.43 $1.24 $1.42 $1.70 $2.08 $2.38 $3.07 $3.48
Weighted Average Basic Shares Outstanding		 137.81M 136.14M 272.58M 270.97M 281.55M 282.09M 282.22M 284.29M 285.80M 285.93M
Diluted Earnings per Share		 $1.70 $0.91 $1.40 $1.22 $1.40 $1.69 $2.07 $2.37 $3.05 $3.46
Weighted Average Diluted Shares Outstanding		 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		 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		 $0.45 $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 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 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
Net Income / (Loss) Attributable to Common Shareholders		 161 145 236 190 176 269 293 257 234 209 331
Consolidated Net Income / (Loss)		 161 145 236 190 176 269 293 259 239 211 334
Net Income / (Loss) Continuing Operations		 161 145 236 190 176 269 293 259 239 211 334
Total Pre-Tax Income 		218 194 294 254 242 356 364 346 317 276 427
Total Revenue		 886 1,002 1,069 999 1,068 1,264 1,210 1,129 1,186 1,311 1,402
Net Interest Income / (Expense)		 -42 96 -47 -48 0.00 95 -48 -49 0.00 97 0.00
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 42 -96 47 48 0.00 -95 48 49 0.00 -97 0.00
Total Non-Interest Income		 928 906 1,116 1,047 1,068 1,169 1,258 1,178 1,186 1,214 1,402
Other Service Charges		 926 896 1,109 1,037 1,051 1,008 1,240 1,156 1,155 1,161 1,404
Net Realized & Unrealized Capital Gains on Investments		 - - - - - - - - - - -2.00
Total Non-Interest Expense		 668 808 775 745 826 908 846 783 869 1,035 975
Salaries and Employee Benefits		 470 476 571 530 532 554 631 585 607 583 683
Other Operating Expenses		 170 289 155 162 213 310 163 142 214 384 232
Depreciation Expense		 11 11 10 10 10 10 11 11 11 11 11
Amortization Expense		 44 39 41 41 41 43 43 44 45 46 53
Restructuring Charge		 -27 -6.00 -2.00 2.00 30 -9.00 -2.00 1.00 -8.00 11 -4.00
Income Tax Expense		 57 49 58 64 66 87 71 87 78 65 93
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - 0.00 0.00 0.00 - 0.00 2.00 5.00 2.00 3.00
Basic Earnings per Share		 $0.57 $0.52 $0.83 $0.67 $0.62 $0.95 $1.03 $0.90 $0.82 $0.73 $1.16
Weighted Average Basic Shares Outstanding		 283.22M 284.29M 283.64M 283.61M 284.60M 285.80M 285.25M 285.26M 285.96M 285.93M 286.61M
Diluted Earnings per Share		 $0.57 $0.52 $0.83 $0.67 $0.62 $0.93 $1.02 $0.90 $0.81 $0.73 $1.15
Weighted Average Diluted Shares Outstanding		 283.22M 284.29M 283.64M 283.61M 284.60M 285.80M 285.25M 285.26M 285.96M 285.93M 286.61M
Weighted Average Basic & Diluted Shares Outstanding		 283.22M 284.29M 283.64M 283.61M 284.60M 285.80M 285.25M 285.26M 285.96M 285.93M 286.61M
Cash Dividends to Common per Share		 $0.10 ($0.31) $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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 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		 -57 108 43 -46 185 309 198 563 270 199
Net Cash From Operating Activities		 382 411 442 568 678 713 809 881 1,010 1,174
Net Cash From Continuing Operating Activities		 382 411 442 568 678 713 809 881 1,005 1,174
Net Income / (Loss) Continuing Operations		 243 257 400 344 399 481 587 672 871 1,002
Consolidated Net Income / (Loss)		 243 257 400 344 399 481 587 672 871 1,002
Depreciation Expense		 21 21 23 23 23 26 33 39 40 44
Amortization Expense		 88 88 1.86 1.62 107 2.30 2.90 0.00 0.00 178
Non-Cash Adjustments to Reconcile Net Income		 35 27 23 123 58 180 255 220 288 121
Changes in Operating Assets and Liabilities, net		 -4.89 17 -5.31 76 91 24 -70 -50 -194 -171
Net Cash From Investing Activities		 -145 -142 -63 -952 -414 -759 -397 -1,913 -587 -898
Net Cash From Continuing Investing Activities		 -145 -142 -63 -952 -414 -759 -397 -1,913 -587 -898
Purchase of Property, Leasehold Improvements and Equipment		 -18 -18 -24 -42 -73 -71 -45 -52 -69 -82
Purchase of Investment Securities		 -159 -148 -52 -9.28 -371 -709 -379 -1,928 -638 -897
Sale and/or Maturity of Investments		 33 24 14 23 30 21 11 7.00 13 11
Other Investing Activities, net		 - - - - - - 17 60 107 70
Net Cash From Financing Activities		 -271 -183 -337 338 -79 355 -210 1,726 -187 -64
Net Cash From Continuing Financing Activities		 -294 -161 -337 338 -79 355 -210 1,726 -187 -64
Issuance of Debt		 - 0.00 - 900 450 950 0.00 2,350 420 1,099
Repayment of Debt		 -46 -73 -100 -371 -404 -412 -76 -434 -571 -1,074
Repurchase of Common Equity		 -178 -27 -136 -103 -70 -96 -132 -123 -40 -55
Payment of Dividends		 -64 -70 -78 -85 -91 -101 -107 -120 -135 -154
Other Financing Activities, Net		 -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 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 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
Net Change in Cash & Equivalents		 -1,437 182 -90 320 8.00 32 -153 824 -273 -199 -62
Net Cash From Operating Activities		 254 281 60 328 316 306 13 360 440 361 213
Net Cash From Continuing Operating Activities		 254 281 60 328 316 301 13 360 440 361 213
Net Income / (Loss) Continuing Operations		 161 145 236 190 176 269 293 260 238 211 334
Consolidated Net Income / (Loss)		 161 145 236 190 176 269 293 260 238 211 334
Depreciation Expense		 11 11 10 10 10 10 11 10 12 11 11
Amortization Expense		 109 -111 41 44 41 -126 43 45 46 44 53
Non-Cash Adjustments to Reconcile Net Income		 -62 163 23 24 49 192 26 21 10 64 17
Changes in Operating Assets and Liabilities, net		 34 73 -250 60 40 -44 -360 24 134 31 -202
Net Cash From Investing Activities		 -1,445 -0.40 -43 -91 -59 -394 -88 11 -42 -779 -79
Net Cash From Continuing Investing Activities		 -1,445 -0.40 -43 -91 -59 -394 -88 11 -42 -779 -79
Purchase of Property, Leasehold Improvements and Equipment		 -14 -20 -12 -13 -13 -31 -13 -26 -23 -20 -17
Purchase of Investment Securities		 -1,433 -38 -41 -80 -48 -469 -76 -24 -23 -774 -71
Other Investing Activities, net		 - - - - - 99 - - - - 9.00
Net Cash From Financing Activities		 -189 -151 -121 67 -221 88 -67 442 -716 277 -218
Net Cash From Continuing Financing Activities		 -189 -151 -121 67 -221 88 -67 442 -716 277 -218
Issuance of Debt		 - - 0.00 170 - 250 150 599 - 350 150
Repayment of Debt		 -117 -166 -17 -282 -109 -163 -63 -362 -530 -119 -169
Repurchase of Common Equity		 -0.30 -0.20 -36 -3.00 -1.00 - -54 - - -1.00 -40
Payment of Dividends		 -29 -33 -33 -32 -33 -37 -38 -37 -36 -43 -43
Other Financing Activities, Net		 -43 49 -35 214 -78 38 -62 242 -150 90 -116
Effect of Exchange Rate Changes		 -56 52 14 16 -28 32 -11 11 45 -58 22

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 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		 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		 443 516 573 439 542 817 1,470 650 700 2,502
Trading Account Securities		 18 23 - 17 27 25 31 22 21 19
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
Premises and Equipment, Net		 82 76 - 100 149 201 212 240 270 319
Unearned Premiums Asset		 744 811 546 1,183 1,309 1,477 392 393 462 520
Goodwill		 2,587 2,675 2,716 3,433 3,746 4,396 4,737 6,674 7,341 7,970
Intangible Assets		 745 707 - 899 917 1,050 1,082 1,595 1,621 1,814
Other Assets		 157 189 48 279 512 546 1,872 4,399 4,468 4,468
Total Liabilities & Shareholders' Equity		 5,004 5,263 3,691 6,689 7,623 8,966 9,795 13,974 14,883 17,612
Total Liabilities		 2,855 2,903 1,234 3,688 4,273 5,212 5,599 9,367 9,304 11,175
Short-Term Debt		 712 773 749 995 1,169 1,459 285 537 1,028 598
Accrued Interest Payable		 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		 1,072 1,018 - 1,457 1,500 2,026 1,980 3,692 3,227 3,599
Claims and Claim Expense		 32 78 - 65 59 43 63 841 131 1,543
Unearned Premiums Liability		 310 309 - 338 366 378 392 412 462 577
Other Long-Term Liabilities		 455 439 256 448 727 832 951 1,079 1,121 1,262
Total Equity & Noncontrolling Interests		 2,150 2,360 2,457 3,001 3,350 3,754 4,197 4,607 5,579 6,437
Total Preferred & Common Equity		 2,150 2,360 2,583 3,001 3,350 3,754 4,197 4,607 5,579 6,420
Total Common Equity		 2,150 2,360 2,457 3,001 3,350 3,754 4,197 4,607 5,579 6,420
Common Stock		 441 483 - 645 746 825 880 950 1,057 1,149
Retained Earnings		 1,947 2,135 2,457 2,834 3,141 3,521 4,001 4,553 5,289 6,128
Treasury Stock		 -239 -258 - -478 -536 -591 -674 -748 -748 -748
Accumulated Other Comprehensive Income / (Loss)		 - - - - - 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 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 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
Total Assets		 13,658 13,974 13,400 14,072 13,983 14,883 14,806 15,944 17,525 17,612 16,760
Cash and Due from Banks		 1,851 650 1,944 2,263 2,271 700 2,150 2,974 2,701 2,502 2,440
Trading Account Securities		 24 22 25 28 24 21 21 22 21 19 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		 239 240 242 245 250 270 272 290 309 319 327
Unearned Premiums Asset		 410 393 380 451 503 462 428 483 539 520 480
Goodwill		 6,522 6,674 6,730 6,865 6,846 7,341 7,386 7,431 7,577 7,970 8,111
Intangible Assets		 1,588 1,595 1,582 1,563 1,532 1,621 1,592 1,565 1,582 1,814 1,821
Other Assets		 3,024 4,399 2,498 2,658 2,558 4,468 2,957 3,179 4,796 4,468 3,581
Total Liabilities & Shareholders' Equity		 13,658 13,974 13,400 14,072 13,983 14,883 14,806 15,944 17,525 17,612 16,760
Total Liabilities		 9,348 9,367 8,555 8,999 8,784 9,304 9,019 9,907 11,045 11,175 9,919
Short-Term Debt		 344 537 589 382 943 1,028 1,197 1,038 554 598 556
Accrued Interest Payable		 436 542 376 449 508 608 421 500 597 653 463
Other Short-Term Payables		 1,995 2,265 2,294 2,641 2,378 2,727 2,702 3,142 2,705 2,943 2,907
Long-Term Debt		 4,040 3,692 3,680 3,762 3,145 3,227 3,009 3,391 3,367 3,599 3,731
Claims and Claim Expense		 1,034 841 154 199 232 131 72 108 2,044 1,543 462
Unearned Premiums Liability		 431 412 400 488 531 462 488 603 625 577 542
Other Long-Term Liabilities		 1,069 1,079 1,062 1,079 1,049 1,121 1,130 1,125 1,153 1,262 1,258
Total Equity & Noncontrolling Interests		 4,311 4,607 4,845 5,073 5,199 5,579 5,787 6,037 6,480 6,437 6,841
Total Preferred & Common Equity		 4,311 4,607 4,845 5,073 5,199 5,579 5,778 6,026 6,464 6,420 6,821
Total Common Equity		 4,311 4,607 4,845 5,073 5,199 5,579 5,778 6,026 6,464 6,420 6,821
Common Stock		 934 950 938 957 1,018 1,057 1,033 1,057 1,126 1,149 1,138
Retained Earnings		 4,440 4,553 4,756 4,914 5,057 5,289 5,544 5,764 5,961 6,128 6,416
Treasury Stock		 -748 -748 -748 -748 -748 -748 -748 -748 -748 -748 -748
Accumulated Other Comprehensive Income / (Loss)		 -316 -148 -101 -51 -128 -19 -51 -47 125 -109 15
Noncontrolling Interest		 - - - - - 0.00 9.00 11 16 17 20

Annual Metrics and Ratios for Brown & Brown

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 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		 -46.83% 6.39% 4.32% 7.09% 17.98% 9.70% 16.91% 19.81% 22.97% 9.91%
EBITDA Growth		 -74.69% 4.28% -11.00% 2.66% 34.87% -0.61% 22.41% 14.52% 29.62% 28.58%
EBIT Growth		 -78.98% 5.20% 6.19% 2.83% 13.72% 18.67% 22.22% 14.84% 30.82% 13.70%
NOPAT Growth		 17.60% 5.82% 55.20% -13.86% 15.76% 20.57% 22.19% 14.46% 29.61% 15.04%
Net Income Growth		 17.60% 5.82% 55.20% -13.86% 15.76% 20.57% 22.19% 14.46% 29.61% 15.04%
EPS Growth		 20.57% 5.82% 55.20% -12.86% 14.75% 20.71% 22.49% 14.49% 28.69% 13.44%
Operating Cash Flow Growth		 -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		 136.71% -84.10% -1,905.82% 121.69% -209.40% -337.33% 284.60% -224.71% 92.49% 258.06%
Invested Capital Growth		 -0.11% 5.54% 26.77% 3.61% 10.41% 20.25% -10.73% 36.71% 11.30% 8.14%
Revenue Q/Q Growth		 -48.12% 1.67% 0.13% 1.66% 4.23% 2.52% 3.35% 8.47% 10.22% 8.53%
EBITDA Q/Q Growth		 -74.84% -0.06% -13.53% 13.96% 19.32% -10.28% 1.31% -5.74% -0.39% -4.96%
EBIT Q/Q Growth		 -79.05% -0.03% 2.61% -1.22% 0.27% 4.85% 1.31% 6.49% 16.43% -5.79%
NOPAT Q/Q Growth		 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		 15.99% -0.12% 48.15% -24.89% 0.78% 4.53% 0.75% 6.96% 16.57% -5.43%
EPS Q/Q Growth		 -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		 -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		 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		 -0.01% 1.00% 25.86% 18.06% 2.15% 2.67% -14.90% 1.61% 5.90% 2.24%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 30.78% 30.16% 25.73% 24.67% 28.20% 25.55% 26.75% 25.57% 26.95% 31.53%
EBIT Margin		 24.24% 23.97% 24.40% 23.43% 22.59% 24.43% 25.54% 24.48% 26.05% 26.94%
Profit (Net Income) Margin		 14.65% 14.58% 21.68% 17.44% 17.11% 18.81% 19.66% 18.78% 19.80% 20.72%
Tax Burden Percent		 60.44% 60.80% 88.86% 74.44% 75.77% 76.99% 76.97% 76.71% 76.00% 76.90%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 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)		 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)		 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)		 5.23% 5.05% 8.10% 6.19% 5.60% 6.28% 6.20% 6.48% 7.77% 6.89%
Return on Equity (ROE)		 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)		 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)		 8.08% 8.25% 8.17% 7.44% 7.35% 7.52% 8.13% 7.37% 7.94% 8.02%
Return on Assets (ROA)		 4.89% 5.02% 7.26% 5.54% 5.57% 5.79% 6.26% 5.65% 6.04% 6.17%
Return on Common Equity (ROCE)		 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)		 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)		 243 257 400 344 399 481 587 672 871 1,002
NOPAT Margin		 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%
SG&A Expenses to Revenue		 51.61% 52.37% 53.97% 54.16% 56.18% 56.23% 54.81% 50.78% 49.70% 49.75%
Operating Expenses to Revenue		 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)		 403 423 450 462 526 624 763 876 1,146 1,303
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 511 533 474 487 657 653 799 915 1,186 1,525
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 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
Price to Revenue (P/Rev)		 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)		 17.18 22.90 17.04 21.46 27.06 27.39 33.28 23.66 23.06 29.34
Dividend Yield		 1.53% 1.20% 1.14% 1.15% 0.85% 0.75% 0.55% 0.75% 0.67% 0.53%
Earnings Yield		 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)		 1.35 1.66 1.33 1.66 2.07 2.12 3.15 2.20 2.40 2.90
Enterprise Value to Revenue (EV/Rev)		 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)		 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)		 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)		 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)		 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)		 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		 0.83 0.76 0.31 0.82 0.80 0.93 0.54 0.92 0.76 0.65
Long-Term Debt to Equity		 0.50 0.43 0.00 0.49 0.45 0.54 0.47 0.80 0.58 0.56
Financial Leverage		 0.85 0.79 0.95 0.96 0.81 0.87 0.72 0.74 0.83 0.70
Leverage Ratio		 2.34 2.28 2.29 2.28 2.25 2.34 2.36 2.70 2.83 2.70
Compound Leverage Factor		 2.34 2.28 2.29 2.28 2.25 2.34 2.36 2.70 2.83 2.70
Debt to Total Capital		 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		 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		 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%
Noncontrolling Interests to Total Capital		 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		 54.66% 56.86% 76.63% 55.03% 55.65% 51.86% 64.94% 52.14% 56.73% 60.37%
Debt to EBITDA		 3.49 3.36 1.58 5.04 4.07 5.34 2.84 4.62 3.59 2.75
Net Debt to EBITDA		 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		 2.10 1.91 0.00 2.99 2.28 3.10 2.48 4.03 2.72 2.36
Debt to NOPAT		 7.33 6.96 1.88 7.12 6.70 7.25 3.86 6.29 4.89 4.19
Net Debt to NOPAT		 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		 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% 0.14%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 248 39 -712 154 -169 -739 1,364 -1,701 -128 202
Operating Cash Flow to CapEx		 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		 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		 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		 0.00 0.00 10.90 12.96 9.50 10.89 11.75 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.33 0.34 0.33 0.32 0.33 0.31 0.32 0.30 0.31 0.30
Fixed Asset Turnover		 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		 3,933 4,151 5,263 5,452 6,020 7,239 6,463 8,835 9,834 10,634
Invested Capital Turnover		 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		 -4.50 218 1,111 190 567 1,219 -777 2,373 999 800
Enterprise Value (EV)		 5,291 6,907 6,987 9,061 12,490 15,375 20,335 19,479 23,644 30,844
Market Capitalization		 4,181 5,897 6,811 7,387 10,784 13,162 19,539 15,901 20,089 29,132
Book Value per Share		 $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		 ($8.38) ($7.29) ($1.86) ($4.77) ($4.66) ($5.95) ($5.74) ($12.93) ($11.89) ($11.76)
Total Capital		 3,933 4,151 3,206 5,452 6,020 7,239 6,463 8,835 9,834 10,634
Total Debt		 1,783 1,791 749 2,452 2,670 3,485 2,266 4,229 4,255 4,197
Total Long-Term Debt		 1,072 1,018 0.00 1,457 1,500 2,026 1,980 3,692 3,227 3,599
Net Debt		 1,110 1,010 176 1,674 1,707 2,213 795 3,579 3,555 1,695
Capital Expenditures (CapEx)		 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
Net Nonoperating Obligations (NNO)		 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)		 108 109 25 24 131 29 36 39 40 222
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $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		 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		 $0.85 $0.91 $1.41 $1.22 $1.40 $1.69 $2.07 $2.37 $3.05 $3.46
Adjusted Weighted Average Diluted Shares Outstanding		 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
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 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)		 245 263 408 346 397 477 618 642 887 1,004
Normalized NOPAT Margin		 14.76% 14.89% 22.13% 17.55% 17.07% 18.68% 20.70% 17.95% 20.16% 20.75%
Pre Tax Income Margin		 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		 0.00 0.00 11.74 11.40 8.26 10.58 11.74 0.00 0.00 0.00
NOPAT to Interest Expense		 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		 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		 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		 26.35% 27.29% 19.45% 24.60% 22.92% 20.94% 18.26% 17.86% 15.50% 15.37%
Augmented Payout Ratio		 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 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 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
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 17.50% 38.70% 20.60% 24.30% 20.53% 26.17% 13.19% 13.01% 11.05% 3.72% 11.62%
EBITDA Growth		 129.87% -37.28% 13.15% 73.23% -13.47% 156.14% 21.16% 30.19% 27.99% 37.92% 30.93%
EBIT Growth		 10.94% 37.93% 10.94% 27.77% 11.01% 83.32% 23.81% 36.22% 30.99% -22.47% 17.31%
NOPAT Growth		 10.04% 42.97% 7.13% 30.85% 9.25% 85.01% 24.15% 36.32% 35.80% -21.56% 13.99%
Net Income Growth		 10.04% 42.97% 7.13% 30.85% 9.25% 85.01% 24.15% 36.32% 35.80% -21.56% 13.99%
EPS Growth		 9.62% 44.44% 7.79% 31.37% 8.77% 78.85% 22.89% 34.33% 30.65% -21.51% 12.75%
Operating Cash Flow Growth		 2.30% 55.36% -42.08% 35.20% 24.61% 8.82% -78.33% 9.76% 39.24% 17.97% 1,538.46%
Free Cash Flow Firm Growth		 -136.63% -353.58% -32.66% 76.33% 55.81% 67.23% 24.11% -311.43% -110.98% 19.29% -36.69%
Invested Capital Growth		 14.49% 36.71% 12.44% 4.90% 6.80% 11.30% 9.64% 13.55% 12.01% 8.14% 11.36%
Revenue Q/Q Growth		 10.25% 13.06% 24.88% -6.55% 6.91% 18.35% 23.70% -6.69% 5.05% 10.54% 6.94%
EBITDA Q/Q Growth		 90.44% -72.33% 41.05% -10.72% -4.87% -18.09% -21.43% -4.07% -6.48% -11.73% 48.34%
EBIT Q/Q Growth		 9.66% -10.92% 51.31% -13.61% -4.72% 47.11% 2.48% -4.95% -8.38% -12.93% 54.71%
NOPAT Q/Q Growth		 10.95% -9.75% 62.53% -19.49% -7.37% 52.84% 9.04% -11.60% -7.72% -11.72% 58.29%
Net Income Q/Q Growth		 10.95% -9.75% 62.53% -19.49% -7.37% 52.84% 9.04% -11.60% -7.72% -11.72% 58.29%
EPS Q/Q Growth		 11.76% -8.77% 59.62% -19.28% -7.46% 50.00% 9.68% -11.76% -10.00% -9.88% 57.53%
Operating Cash Flow Q/Q Growth		 4.53% 10.88% -78.69% 446.67% -3.66% -3.16% -95.74% 2,669.23% 22.22% -17.95% -41.00%
Free Cash Flow Firm Q/Q Growth		 7.56% -137.04% 65.33% 68.84% -72.57% -75.77% 19.66% -68.92% 11.51% 32.76% -35.99%
Invested Capital Q/Q Growth		 -1.04% 1.61% 3.16% 1.13% 0.75% 5.90% 1.62% 4.73% -0.62% 2.24% 4.65%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 38.21% 9.35% 32.27% 30.83% 27.43% 18.99% 34.55% 35.52% 31.62% 25.25% 35.02%
EBIT Margin		 24.60% 19.39% 27.50% 25.43% 22.66% 28.16% 30.08% 30.65% 26.73% 21.05% 30.46%
Profit (Net Income) Margin		 18.18% 14.51% 22.08% 19.02% 16.48% 21.28% 24.21% 22.94% 20.15% 16.09% 23.82%
Tax Burden Percent		 73.90% 74.87% 80.27% 74.80% 72.73% 75.56% 80.49% 74.86% 75.39% 76.45% 78.22%
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		 26.10% 25.13% 19.73% 25.20% 27.27% 24.44% 19.51% 25.14% 24.61% 23.55% 21.78%
Return on Invested Capital (ROIC)		 7.36% 6.79% 9.27% 8.05% 7.32% 10.03% 10.67% 10.11% 9.12% 7.61% 11.24%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.36% 6.79% 9.27% 8.05% 7.32% 10.03% 10.67% 10.11% 9.12% 7.61% 11.24%
Return on Net Nonoperating Assets (RNNOA)		 6.88% 5.01% 8.12% 7.44% 6.52% 8.36% 8.50% 7.80% 6.26% 5.35% 7.56%
Return on Equity (ROE)		 14.25% 11.80% 17.39% 15.49% 13.84% 18.39% 19.17% 17.92% 15.38% 12.96% 18.80%
Cash Return on Invested Capital (CROIC)		 -5.80% -22.23% -3.72% 3.35% 1.74% -1.37% 0.51% -2.56% -0.56% 1.97% -0.87%
Operating Return on Assets (OROA)		 6.97% 5.84% 8.06% 7.35% 6.54% 8.59% 8.98% 8.86% 7.56% 6.27% 9.61%
Return on Assets (ROA)		 5.15% 4.37% 6.47% 5.50% 4.76% 6.49% 7.23% 6.63% 5.70% 4.79% 7.52%
Return on Common Equity (ROCE)		 14.25% 11.80% 17.39% 15.49% 13.84% 18.39% 19.15% 17.90% 15.36% 12.94% 18.75%
Return on Equity Simple (ROE_SIMPLE)		 14.58% 0.00% 14.19% 14.44% 14.37% 0.00% 16.05% 16.54% 16.39% 0.00% 15.29%
Net Operating Profit after Tax (NOPAT)		 161 145 236 190 176 269 293 259 239 211 334
NOPAT Margin		 18.18% 14.51% 22.08% 19.02% 16.48% 21.28% 24.21% 22.94% 20.15% 16.09% 23.82%
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		 53.08% 47.47% 53.41% 53.05% 49.81% 43.83% 52.15% 51.82% 51.18% 44.47% 48.72%
Operating Expenses to Revenue		 75.40% 80.61% 72.50% 74.57% 77.34% 71.84% 69.92% 69.35% 73.27% 78.95% 69.54%
Earnings before Interest and Taxes (EBIT)		 218 194 294 254 242 356 364 346 317 276 427
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 339 94 345 308 293 240 418 401 375 331 491
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.92 3.45 3.35 3.82 3.79 3.60 4.31 4.23 4.57 4.54 5.21
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)		 5.12 4.44 4.48 5.09 4.93 4.57 5.92 5.88 6.63 6.02 7.14
Price to Earnings (P/E)		 26.89 23.66 23.58 26.48 26.34 23.06 26.86 25.65 28.08 29.34 34.50
Dividend Yield		 0.69% 0.75% 0.76% 0.65% 0.66% 0.67% 0.56% 0.56% 0.50% 0.53% 0.45%
Earnings Yield		 3.72% 4.23% 4.24% 3.78% 3.80% 4.34% 3.72% 3.90% 3.56% 3.41% 2.90%
Enterprise Value to Invested Capital (EV/IC)		 2.23 2.20 2.03 2.31 2.32 2.40 2.70 2.58 2.96 2.90 3.36
Enterprise Value to Revenue (EV/Rev)		 5.89 5.44 5.13 5.58 5.38 5.37 6.41 6.22 6.91 6.38 7.51
Enterprise Value to EBITDA (EV/EBITDA)		 20.02 21.29 16.76 17.21 18.06 19.94 18.87 17.71 19.19 20.23 22.81
Enterprise Value to EBIT (EV/EBIT)		 23.62 22.24 20.48 22.16 21.84 20.63 22.18 20.62 22.26 23.67 27.41
Enterprise Value to NOPAT (EV/NOPAT)		 30.93 28.99 26.96 29.05 28.77 27.15 29.09 27.06 29.06 30.78 35.89
Enterprise Value to Operating Cash Flow (EV/OCF)		 24.89 22.11 22.12 23.05 21.81 23.41 28.03 27.12 27.53 26.27 27.25
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 70.52 137.80 0.00 556.26 0.00 0.00 152.69 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.02 0.92 0.88 0.82 0.79 0.76 0.73 0.73 0.61 0.65 0.63
Long-Term Debt to Equity		 0.94 0.80 0.76 0.74 0.60 0.58 0.52 0.56 0.52 0.56 0.55
Financial Leverage		 0.94 0.74 0.88 0.92 0.89 0.83 0.80 0.77 0.69 0.70 0.67
Leverage Ratio		 2.77 2.70 2.69 2.82 2.91 2.83 2.65 2.70 2.70 2.70 2.50
Compound Leverage Factor		 2.77 2.70 2.69 2.82 2.91 2.83 2.65 2.70 2.70 2.70 2.50
Debt to Total Capital		 50.42% 47.86% 46.84% 44.97% 44.02% 43.27% 42.09% 42.32% 37.70% 39.47% 38.52%
Short-Term Debt to Total Capital		 3.95% 6.08% 6.46% 4.15% 10.15% 10.45% 11.98% 9.92% 5.33% 5.62% 5.00%
Long-Term Debt to Total Capital		 46.47% 41.78% 40.38% 40.82% 33.86% 32.81% 30.11% 32.40% 32.37% 33.84% 33.53%
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% 0.09% 0.11% 0.15% 0.16% 0.18%
Common Equity to Total Capital		 49.58% 52.14% 53.16% 55.03% 55.98% 56.73% 57.82% 57.58% 62.15% 60.37% 61.30%
Debt to EBITDA		 4.52 4.62 3.86 3.35 3.43 3.59 2.94 2.91 2.44 2.75 2.61
Net Debt to EBITDA		 2.61 3.91 2.10 1.52 1.53 3.00 1.44 0.96 0.76 1.11 1.13
Long-Term Debt to EBITDA		 4.16 4.03 3.33 3.04 2.64 2.72 2.10 2.23 2.10 2.36 2.27
Debt to NOPAT		 6.98 6.29 6.21 5.66 5.47 4.89 4.53 4.44 3.70 4.19 4.11
Net Debt to NOPAT		 4.03 5.33 3.38 2.57 2.43 4.08 2.22 1.46 1.15 1.69 1.77
Long-Term Debt to NOPAT		 6.43 5.49 5.35 5.14 4.21 3.70 3.24 3.40 3.18 3.59 3.58
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.08% 0.10% 0.14% 0.14% 0.23%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -940 -2,227 -772 -241 -415 -730 -586 -990 -876 -589 -801
Operating Cash Flow to CapEx		 1,798.58% 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%
Free Cash Flow to Firm to Interest Expense		 -22.64 0.00 -16.43 -5.01 0.00 0.00 -12.21 -20.20 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 6.11 0.00 1.28 6.83 0.00 0.00 0.27 7.35 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 5.77 0.00 1.02 6.56 0.00 0.00 0.00 6.82 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.28 0.30 0.29 0.29 0.29 0.31 0.30 0.29 0.28 0.30 0.32
Fixed Asset Turnover		 14.74 15.84 15.85 16.59 16.31 17.26 16.39 16.23 15.94 16.42 16.63
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 8,695 8,835 9,114 9,217 9,286 9,834 9,993 10,466 10,401 10,634 11,128
Invested Capital Turnover		 0.41 0.47 0.42 0.42 0.44 0.47 0.44 0.44 0.45 0.47 0.47
Increase / (Decrease) in Invested Capital		 1,101 2,373 1,008 431 591 999 879 1,249 1,115 800 1,135
Enterprise Value (EV)		 19,431 19,479 18,536 21,276 21,497 23,644 26,979 26,970 30,789 30,844 37,437
Market Capitalization		 16,897 15,901 16,211 19,395 19,680 20,089 24,914 25,504 29,553 29,132 35,570
Book Value per Share		 $15.26 $16.27 $17.04 $17.88 $18.33 $19.60 $20.26 $21.13 $22.66 $22.45 $23.86
Tangible Book Value per Share		 ($13.45) ($12.93) ($12.19) ($11.83) ($11.21) ($11.89) ($11.22) ($10.41) ($9.45) ($11.76) ($10.88)
Total Capital		 8,695 8,835 9,114 9,217 9,286 9,834 9,993 10,466 10,401 10,634 11,128
Total Debt		 4,384 4,229 4,269 4,145 4,087 4,255 4,206 4,429 3,921 4,197 4,287
Total Long-Term Debt		 4,040 3,692 3,680 3,762 3,145 3,227 3,009 3,391 3,367 3,599 3,731
Net Debt		 2,533 3,579 2,326 1,881 1,816 3,555 2,056 1,455 1,220 1,695 1,847
Capital Expenditures (CapEx)		 14 20 12 13 13 31 13 26 21 20 17
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)		 4,384 4,229 4,269 4,145 4,087 4,255 4,206 4,429 3,921 4,197 4,287
Total Depreciation and Amortization (D&A)		 121 -101 51 54 51 -116 54 55 58 55 64
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.57 $0.52 $0.83 $0.67 $0.62 $0.95 $1.03 $0.90 $0.82 $0.73 $1.16
Adjusted Weighted Average Basic Shares Outstanding		 283.22M 284.29M 283.64M 283.61M 284.60M 285.80M 285.25M 285.26M 285.96M 285.93M 286.61M
Adjusted Diluted Earnings per Share		 $0.57 $0.52 $0.83 $0.67 $0.62 $0.93 $1.02 $0.90 $0.81 $0.73 $1.15
Adjusted Weighted Average Diluted Shares Outstanding		 283.22M 284.29M 283.64M 283.61M 284.60M 285.80M 285.25M 285.26M 285.96M 285.93M 286.61M
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		 283.22M 284.29M 283.64M 283.61M 284.60M 285.80M 285.25M 285.26M 285.96M 285.93M 286.61M
Normalized Net Operating Profit after Tax (NOPAT)		 141 141 234 191 198 262 291 260 233 219 331
Normalized NOPAT Margin		 15.96% 14.07% 21.93% 19.17% 18.52% 20.74% 24.08% 23.01% 19.64% 16.74% 23.60%
Pre Tax Income Margin		 24.60% 19.39% 27.50% 25.43% 22.66% 28.16% 30.08% 30.65% 26.73% 21.05% 30.46%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 5.25 0.00 6.26 5.29 0.00 0.00 7.58 7.06 0.00 0.00 0.00
NOPAT to Interest Expense		 3.88 0.00 5.02 3.96 0.00 0.00 6.10 5.29 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 4.91 0.00 6.00 5.02 0.00 0.00 7.31 6.53 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 3.54 0.00 4.77 3.69 0.00 0.00 5.83 4.76 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 18.45% 17.86% 17.98% 17.29% 17.48% 15.50% 15.09% 14.55% 13.97% 15.37% 15.24%
Augmented Payout Ratio		 38.02% 36.16% 30.89% 22.67% 22.85% 20.09% 21.34% 20.06% 19.06% 20.86% 19.18%

Frequently Asked Questions About Brown & Brown's Financials

When does Brown & Brown's fiscal year end?

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

How has Brown & Brown's net income changed over the last 9 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 $243.32 million in 2015. The previous period was $871 million in 2023. View Brown & Brown's forecast to see where analysts expect Brown & Brown to go next.

How has Brown & Brown revenue changed over the last 9 years?

Over the last 9 years, Brown & Brown's total revenue changed from $1.66 billion in 2015 to $4.84 billion in 2024, a change of 191.2%.

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 291.5% increase since 2015.

How much cash does Brown & Brown have?

In the past 9 years, Brown & Brown's cash and equivalents has ranged from $438.96 million in 2018 to $2.50 billion in 2024, and is currently $2.50 billion as of their latest financial filing in 2024.

How has Brown & Brown's book value per share changed over the last 9 years?

Over the last 9 years, Brown & Brown's book value per share changed from 15.25 in 2015 to 22.45 in 2024, a change of 47.2%.


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This page (NYSE:BRO) was last updated on 5/6/2025 by MarketBeat.com Staff
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