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Brown & Brown (BRO) Financials

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$55.56 -1.03 (-1.82%)
As of 01:04 PM 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 2025
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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 243 257 400 344 399 481 587 672 871 993 1,054
Consolidated Net Income / (Loss)		 243 257 400 344 399 481 587 672 871 1,002 1,067
Net Income / (Loss) Continuing Operations		 243 257 400 344 399 481 587 672 871 1,002 1,067
Total Pre-Tax Income 		403 423 450 462 526 624 763 876 1,146 1,303 1,371
Total Revenue		 1,661 1,767 1,843 1,974 2,329 2,554 2,986 3,578 4,400 4,836 5,900
Net Interest Income / (Expense)		 0.00 0.00 -38 -41 -64 -59 -65 0.00 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		 0.00 0.00 38 41 64 59 65 0.00 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 5,900
Other Service Charges		 1,660 1,765 1,880 2,012 2,386 2,611 3,050 3,566 4,257 4,805 5,902
Net Realized & Unrealized Capital Gains on Investments		 - - - - - - - 5.00 143 31 -2.00
Total Non-Interest Expense		 1,258 1,343 1,393 1,511 1,803 1,930 2,224 2,702 3,254 3,533 4,529
Salaries and Employee Benefits		 857 925 995 1,069 1,308 1,436 1,637 1,817 2,187 2,406 2,935
Other Operating Expenses		 290 301 281 330 367 364 393 738 840 903 1,202
Depreciation Expense		 21 21 23 23 23 26 33 39 40 44 55
Amortization Expense		 87 87 85 87 105 109 120 147 166 178 312
Restructuring Charge		 3.00 9.19 9.20 2.97 -1.37 -4.50 40 -39 21 2.00 25
Income Tax Expense		 159 166 50 118 127 144 176 204 275 301 304
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - - - - - - 0.00 0.00 9.00 13
Basic Earnings per Share		 $1.72 $0.92 $1.43 $1.24 $1.42 $1.70 $2.08 $2.38 $3.07 $3.48 $3.37
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 340.42M
Diluted Earnings per Share		 $1.70 $0.91 $1.40 $1.22 $1.40 $1.69 $2.07 $2.37 $3.05 $3.46 $3.16
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 340.42M
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 340.42M
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 $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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 176 269 293 257 234 209 331 231 227 265 426
Consolidated Net Income / (Loss)		 176 269 293 259 239 211 334 234 229 270 427
Net Income / (Loss) Continuing Operations		 176 269 293 259 239 211 334 234 229 270 427
Total Pre-Tax Income 		242 356 364 346 317 276 427 311 311 322 533
Total Revenue		 1,068 1,264 1,256 1,209 1,187 1,311 1,402 1,285 1,606 1,607 1,902
Net Interest Income / (Expense)		 0.00 95 0.00 0.00 0.00 97 0.00 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
Total Interest Expense		 0.00 -95 0.00 0.00 0.00 -97 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 1,068 1,169 1,256 1,209 1,187 1,214 1,402 1,285 1,606 1,607 1,902
Other Service Charges		 1,051 1,008 1,258 1,178 1,186 1,161 1,404 1,285 1,606 1,607 1,901
Net Realized & Unrealized Capital Gains on Investments		 - - -2.00 31 1.00 - -2.00 0.00 0.00 - 1.00
Total Non-Interest Expense		 826 908 892 863 870 1,035 975 974 1,295 1,285 1,369
Salaries and Employee Benefits		 532 554 631 585 607 583 683 640 793 819 907
Other Operating Expenses		 213 310 209 222 215 384 232 262 384 324 324
Depreciation Expense		 10 10 11 11 11 11 11 11 14 19 17
Amortization Expense		 41 43 43 44 45 46 53 50 93 116 116
Restructuring Charge		 30 -9.00 -2.00 1.00 -8.00 11 -4.00 11 11 7.00 5.00
Income Tax Expense		 66 87 71 87 78 65 93 77 82 52 106
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 - 0.00 2.00 5.00 2.00 3.00 3.00 2.00 5.00 1.00
Basic Earnings per Share		 $0.62 $0.95 $1.03 $0.90 $0.82 $0.73 $1.16 $0.79 $0.68 $0.74 $1.27
Weighted Average Basic Shares Outstanding		 284.60M 285.80M 285.25M 285.26M 285.96M 285.93M 286.61M 329.84M 341.42M 340.42M 338.95M
Diluted Earnings per Share		 $0.62 $0.93 $1.02 $0.90 $0.81 $0.73 $1.15 $0.78 $0.68 $0.55 $1.06
Weighted Average Diluted Shares Outstanding		 284.60M 285.80M 285.25M 285.26M 285.96M 285.93M 286.61M 329.84M 341.42M 340.42M 338.95M
Weighted Average Basic & Diluted Shares Outstanding		 284.60M 285.80M 285.25M 285.26M 285.96M 285.93M 286.61M 329.84M 341.42M 340.42M 338.95M
Cash Dividends to Common per Share		 $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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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 12/31/2025
Net Change in Cash & Equivalents		 -57 108 43 -46 185 309 198 563 270 199 1,313
Net Cash From Operating Activities		 382 411 442 568 678 713 809 881 1,010 1,174 1,450
Net Cash From Continuing Operating Activities		 382 411 442 568 678 713 809 881 1,010 1,174 1,450
Net Income / (Loss) Continuing Operations		 243 257 400 344 399 481 587 672 871 1,002 1,067
Consolidated Net Income / (Loss)		 243 257 400 344 399 481 587 672 871 1,002 1,067
Depreciation Expense		 21 21 23 23 23 26 33 39 40 44 55
Amortization Expense		 88 88 1.86 1.62 107 2.30 2.90 0.00 166 178 312
Non-Cash Adjustments to Reconcile Net Income		 35 27 23 123 58 180 255 220 127 121 63
Changes in Operating Assets and Liabilities, net		 -4.89 17 -5.31 76 91 24 -70 -50 -194 -171 -47
Net Cash From Investing Activities		 -145 -142 -63 -952 -414 -759 -397 -1,913 -587 -898 -7,914
Net Cash From Continuing Investing Activities		 -145 -142 -63 -952 -414 -759 -397 -1,913 -587 -898 -7,914
Purchase of Property, Leasehold Improvements and Equipment		 -18 -18 -24 -42 -73 -71 -45 -52 -69 -82 -68
Purchase of Investment Securities		 -159 -148 -52 -9.28 -371 -709 -379 -1,928 -625 -886 -7,855
Other Investing Activities, net		 - - - - - - 17 60 107 70 9.00
Net Cash From Financing Activities		 -271 -183 -337 338 -79 355 -210 1,726 -187 -64 7,713
Net Cash From Continuing Financing Activities		 -294 -161 -337 338 -79 355 -210 1,726 -187 -64 7,713
Issuance of Debt		 - 0.00 - 900 450 950 0.00 2,350 420 1,099 4,642
Issuance of Common Equity		 - 11 - - - - - - 0.00 0.00 4,315
Repayment of Debt		 -46 -73 -100 -371 -404 -412 -76 -434 -571 -1,074 -861
Repurchase of Common Equity		 -178 -27 -136 -103 -70 -96 -132 -123 -40 -55 -142
Payment of Dividends		 -64 -70 -78 -85 -91 -101 -107 -120 -135 -154 -193
Other Financing Activities, Net		 -6.25 -0.98 -23 -3.38 35 14 105 53 139 120 -48
Effect of Exchange Rate Changes		 - - - - 0.00 0.00 -3.60 -131 34 -13 64

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 8.00 32 -153 824 -273 -199 -62 8,479 -7,195 91 -157
Net Cash From Operating Activities		 316 306 13 360 440 361 213 325 468 444 262
Net Cash From Continuing Operating Activities		 316 301 13 360 440 361 213 325 468 444 262
Net Income / (Loss) Continuing Operations		 176 269 293 260 238 211 334 235 230 268 427
Consolidated Net Income / (Loss)		 176 269 293 260 238 211 334 235 230 268 427
Depreciation Expense		 10 10 11 10 12 11 11 12 14 18 17
Amortization Expense		 41 -126 0.00 45 46 44 53 50 93 116 116
Non-Cash Adjustments to Reconcile Net Income		 49 192 69 21 10 64 17 42 66 -62 50
Changes in Operating Assets and Liabilities, net		 40 -44 -360 24 134 31 -202 -14 65 104 -348
Net Cash From Investing Activities		 -59 -394 -88 11 -42 -779 -79 -108 -7,514 -213 -38
Net Cash From Continuing Investing Activities		 -59 -394 -88 11 -42 -779 -79 -108 -7,514 -213 -38
Purchase of Property, Leasehold Improvements and Equipment		 -13 -31 -13 -26 -23 -20 -17 -15 -16 -20 -21
Purchase of Investment Securities		 -48 -469 -75 -24 -23 -774 -71 -94 -7,498 -192 -17
Other Investing Activities, net		 - 99 0.00 - - - 9.00 - - -1.00 0.00
Net Cash From Financing Activities		 -221 88 -67 442 -716 277 -218 8,199 -130 -138 -354
Net Cash From Continuing Financing Activities		 -221 88 -67 442 -716 277 -218 8,199 -130 -138 -354
Issuance of Debt		 - 250 150 599 - 350 150 4,192 300 - 225
Issuance of Common Equity		 - - - - - - 0.00 - - - 0.00
Repayment of Debt		 -109 -163 -63 -362 -530 -119 -169 -455 -119 -118 -19
Repurchase of Common Equity		 -1.00 - -54 - - -1.00 -40 -1.00 -1.00 -100 -276
Payment of Dividends		 -33 -37 -38 -37 -36 -43 -43 -43 -51 -56 -57
Other Financing Activities, Net		 -78 38 -62 242 -150 90 -116 191 -259 136 -227
Effect of Exchange Rate Changes		 -28 32 -11 11 45 -58 22 63 -19 -2.00 -27

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 2025
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 12/31/2025
Total Assets		 5,004 5,263 5,748 6,689 7,623 8,966 9,795 13,974 14,883 17,612 29,991
Cash and Due from Banks		 443 516 573 439 542 817 1,470 650 700 2,502 3,550
Trading Account Securities		 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		 82 76 - 100 149 201 212 240 270 319 367
Unearned Premiums Asset		 744 811 546 1,183 1,309 1,477 392 393 462 520 980
Goodwill		 2,587 2,675 2,716 3,433 3,746 4,396 4,737 6,674 7,341 7,970 15,087
Intangible Assets		 745 707 - 899 917 1,050 1,082 1,595 1,621 1,814 4,906
Other Assets		 157 189 48 279 512 546 1,872 4,399 4,468 4,487 5,101
Total Liabilities & Shareholders' Equity		 5,004 5,263 3,691 6,689 7,623 8,966 9,795 13,974 14,883 17,612 29,991
Total Liabilities		 2,855 2,903 1,234 3,688 4,273 5,212 5,599 9,367 9,304 11,175 17,418
Short-Term Debt		 712 773 749 995 1,169 1,459 285 537 1,028 598 1,709
Accrued Interest Payable		 192 202 229 279 338 372 456 542 608 653 875
Other Short-Term Payables		 - - - - - - 1,471 2,265 2,727 2,943 3,986
Long-Term Debt		 1,072 1,018 - 1,457 1,500 2,026 1,980 3,692 3,227 3,599 6,894
Claims and Claim Expense		 32 78 - 65 59 43 63 841 131 1,543 671
Unearned Premiums Liability		 310 309 - 338 366 378 392 412 462 577 1,053
Other Long-Term Liabilities		 455 439 256 448 727 832 951 1,079 1,121 1,262 2,230
Total Equity & Noncontrolling Interests		 2,150 2,360 2,457 3,001 3,350 3,754 4,197 4,607 5,579 6,437 12,573
Total Preferred & Common Equity		 2,150 2,360 2,583 3,001 3,350 3,754 4,197 4,607 5,579 6,420 12,547
Total Common Equity		 2,150 2,360 2,457 3,001 3,350 3,754 4,197 4,607 5,579 6,420 12,547
Common Stock		 441 483 - 645 746 825 880 950 1,057 1,149 6,196
Retained Earnings		 1,947 2,135 2,457 2,834 3,141 3,521 4,001 4,553 5,289 6,128 6,989
Treasury Stock		 -239 -258 - -478 -536 -591 -674 -748 -748 -748 -848
Accumulated Other Comprehensive Income / (Loss)		 - - - - - 0.00 -9.40 -148 -19 -109 210
Noncontrolling Interest		 - - - - - - - - 0.00 17 26

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 9/30/2025 3/31/2026
Total Assets		 14,072 13,983 14,883 14,806 15,944 17,525 17,612 16,760 25,636 29,354 29,700
Cash and Due from Banks		 2,263 2,271 700 2,150 2,974 2,701 2,502 2,440 10,919 3,461 3,390
Trading Account Securities		 28 24 21 21 22 21 19 0.00 0.00 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		 245 250 270 272 290 309 319 327 334 366 370
Unearned Premiums Asset		 451 503 462 428 483 539 520 480 529 790 869
Goodwill		 6,865 6,846 7,341 7,386 7,431 7,577 7,970 8,111 8,365 14,891 15,076
Intangible Assets		 1,563 1,532 1,621 1,592 1,565 1,582 1,814 1,821 1,866 4,952 4,782
Other Assets		 2,658 2,558 4,468 2,957 3,179 4,796 4,468 3,581 3,623 4,894 5,213
Total Liabilities & Shareholders' Equity		 14,072 13,983 14,883 14,806 15,944 17,525 17,612 16,760 25,636 29,354 29,700
Total Liabilities		 8,999 8,784 9,304 9,019 9,907 11,045 11,175 9,919 14,019 16,947 17,087
Short-Term Debt		 382 943 1,028 1,197 1,038 554 598 556 457 924 2,111
Accrued Interest Payable		 449 508 608 421 500 597 653 463 530 840 695
Other Short-Term Payables		 2,641 2,378 2,727 2,702 3,142 2,705 2,943 2,907 3,238 3,619 3,961
Long-Term Debt		 3,762 3,145 3,227 3,009 3,391 3,367 3,599 3,731 7,470 7,653 6,584
Claims and Claim Expense		 199 232 131 72 108 2,044 1,543 462 400 620 611
Unearned Premiums Liability		 488 531 462 488 603 625 577 542 632 887 938
Other Long-Term Liabilities		 1,079 1,049 1,121 1,130 1,125 1,153 1,262 1,258 1,292 2,404 2,187
Total Equity & Noncontrolling Interests		 5,073 5,199 5,579 5,787 6,037 6,480 6,437 6,841 11,617 12,407 12,613
Total Preferred & Common Equity		 5,073 5,199 5,579 5,778 6,026 6,464 6,420 6,821 11,594 12,386 12,589
Total Common Equity		 5,073 5,199 5,579 5,778 6,026 6,464 6,420 6,821 11,594 12,386 12,589
Common Stock		 957 1,018 1,057 1,033 1,057 1,126 1,149 1,138 5,476 6,153 6,201
Retained Earnings		 4,914 5,057 5,289 5,544 5,764 5,961 6,128 6,416 6,604 6,781 7,358
Treasury Stock		 -748 -748 -748 -748 -748 -748 -748 -748 -748 -748 -1,098
Accumulated Other Comprehensive Income / (Loss)		 -51 -128 -19 -51 -47 125 -109 15 262 200 128
Noncontrolling Interest		 - - 0.00 9.00 11 16 17 20 23 21 24

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 2025
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 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 341,420,790.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 341,420,790.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 3.13
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
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 $3.37
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 340.42M
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 $3.16
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 340.42M
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		 277.23M 279.97M 275.60M 279.70M 281.55M 282.09M 282.22M 284.29M 285.80M 285.93M 340.42M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 341,420,790.00 340,420,023.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 341,420,790.00 340,420,023.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.79 1.25
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 20.53% 26.17% 13.19% 13.01% 11.05% 3.72% 11.62% 6.29% 35.30% - 35.66%
EBITDA Growth		 -13.47% 156.14% 21.16% 30.19% 27.99% 37.92% 30.93% -15.61% 11.76% - 35.64%
EBIT Growth		 11.01% 83.32% 23.81% 36.22% 30.99% -22.47% 17.31% -10.12% -1.89% - 24.82%
NOPAT Growth		 9.25% 85.01% 24.15% 36.32% 35.80% -21.56% 13.99% -9.65% -4.18% - 27.84%
Net Income Growth		 9.25% 85.01% 24.15% 36.32% 35.80% -21.56% 13.99% -9.65% -4.18% - 27.84%
EPS Growth		 8.77% 78.85% 22.89% 34.33% 30.65% -21.51% 12.75% -13.33% -16.05% - -7.83%
Operating Cash Flow Growth		 24.61% 8.82% -78.33% 9.76% 39.24% 17.97% 1,538.46% -9.72% 6.36% - 23.00%
Free Cash Flow Firm Growth		 55.81% 67.23% 24.11% -311.43% -110.98% 19.29% -36.69% -793.42% -1,081.96% - -1,117.60%
Invested Capital Growth		 6.80% 11.30% 9.64% 13.55% 12.01% 8.14% 11.36% 86.74% 101.75% - 91.48%
Revenue Q/Q Growth		 6.91% 18.35% 23.70% -6.69% 5.05% 10.54% 6.94% -8.35% 24.98% - 18.36%
EBITDA Q/Q Growth		 -4.87% -18.09% -21.43% -4.07% -6.48% -11.73% 48.34% -24.03% 12.06% - 46.05%
EBIT Q/Q Growth		 -4.72% 47.11% 2.48% -4.95% -8.38% -12.93% 54.71% -27.17% 0.00% - 65.53%
NOPAT Q/Q Growth		 -7.37% 52.84% 9.04% -11.60% -7.72% -11.72% 58.29% -29.94% -2.14% - 58.15%
Net Income Q/Q Growth		 -7.37% 52.84% 9.04% -11.60% -7.72% -11.72% 58.29% -29.94% -2.14% - 58.15%
EPS Q/Q Growth		 -7.46% 50.00% 9.68% -11.76% -10.00% -9.88% 57.53% -32.17% -12.82% - 92.73%
Operating Cash Flow Q/Q Growth		 -3.66% -3.16% -95.74% 2,669.23% 22.22% -17.95% -41.00% 52.58% 44.00% - -40.99%
Free Cash Flow Firm Q/Q Growth		 -72.57% -75.77% 19.66% -68.92% 11.51% 32.76% -35.99% -1,004.12% -17.07% - 5.05%
Invested Capital Q/Q Growth		 0.75% 5.90% 1.62% 4.73% -0.62% 2.24% 4.65% 75.63% 7.37% - 0.62%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 27.43% 18.99% 34.55% 35.52% 31.62% 25.25% 35.02% 29.03% 26.03% - 35.02%
EBIT Margin		 22.66% 28.16% 30.08% 30.65% 26.73% 21.05% 30.46% 24.20% 19.36% - 28.02%
Profit (Net Income) Margin		 16.48% 21.28% 24.21% 22.94% 20.15% 16.09% 23.82% 18.21% 14.26% - 22.45%
Tax Burden Percent		 72.73% 75.56% 80.49% 74.86% 75.39% 76.45% 78.22% 75.24% 73.63% - 80.11%
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		 27.27% 24.44% 19.51% 25.14% 24.61% 23.55% 21.78% 24.76% 26.37% - 19.89%
Return on Invested Capital (ROIC)		 7.32% 10.03% 10.67% 10.11% 9.12% 7.61% 11.24% 6.14% 4.98% - 8.86%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.32% 10.03% 10.67% 10.11% 9.12% 7.61% 11.24% 6.14% 4.98% - 8.86%
Return on Net Nonoperating Assets (RNNOA)		 6.52% 8.36% 8.50% 7.80% 6.26% 5.35% 7.56% 4.30% 3.29% - 5.91%
Return on Equity (ROE)		 13.84% 18.39% 19.17% 17.92% 15.38% 12.96% 18.80% 10.43% 8.27% - 14.77%
Cash Return on Invested Capital (CROIC)		 1.74% -1.37% 0.51% -2.56% -0.56% 1.97% -0.87% -53.72% -61.02% - -55.62%
Operating Return on Assets (OROA)		 6.54% 8.59% 8.98% 8.86% 7.56% 6.27% 9.61% 5.89% 4.52% - 7.72%
Return on Assets (ROA)		 4.76% 6.49% 7.23% 6.63% 5.70% 4.79% 7.52% 4.43% 3.33% - 6.19%
Return on Common Equity (ROCE)		 13.84% 18.39% 19.15% 17.90% 15.36% 12.94% 18.75% 10.41% 8.25% - 14.74%
Return on Equity Simple (ROE_SIMPLE)		 14.37% 0.00% 16.05% 16.54% 16.39% 0.00% 15.29% 8.78% 8.14% - 9.21%
Net Operating Profit after Tax (NOPAT)		 176 269 293 259 239 211 334 234 229 - 427
NOPAT Margin		 16.48% 21.28% 24.21% 22.94% 20.15% 16.09% 23.82% 18.21% 14.26% - 22.45%
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		 49.81% 43.83% 52.15% 51.82% 51.18% 44.47% 48.72% 49.81% 49.38% - 47.69%
Operating Expenses to Revenue		 77.34% 71.84% 69.92% 69.35% 73.27% 78.95% 69.54% 75.80% 80.64% - 71.98%
Earnings before Interest and Taxes (EBIT)		 242 356 364 346 317 276 427 311 311 - 533
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 293 240 418 401 375 331 491 373 418 - 666
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.79 3.60 4.31 4.23 4.57 4.54 5.21 2.74 2.50 - 1.76
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 23.31 0.00 - 0.00
Price to Revenue (P/Rev)		 4.93 4.57 5.92 5.88 6.63 6.02 7.14 6.28 5.65 - 3.47
Price to Earnings (P/E)		 26.34 23.06 26.86 25.65 28.08 29.34 34.50 31.62 31.00 - 19.32
Dividend Yield		 0.66% 0.67% 0.56% 0.56% 0.50% 0.53% 0.45% 0.52% 0.64% - 0.97%
Earnings Yield		 3.80% 4.34% 3.72% 3.90% 3.56% 3.41% 2.90% 3.16% 3.23% - 5.18%
Enterprise Value to Invested Capital (EV/IC)		 2.32 2.40 2.70 2.58 2.96 2.90 3.36 1.47 1.72 - 1.29
Enterprise Value to Revenue (EV/Rev)		 5.38 5.37 6.41 6.22 6.91 6.38 7.51 5.70 6.59 - 4.30
Enterprise Value to EBITDA (EV/EBITDA)		 18.06 19.94 18.87 17.71 19.19 20.23 22.81 18.33 22.32 - 14.39
Enterprise Value to EBIT (EV/EBIT)		 21.84 20.63 22.18 20.62 22.26 23.67 27.41 21.64 27.22 - 18.64
Enterprise Value to NOPAT (EV/NOPAT)		 28.77 27.15 29.09 27.06 29.06 30.78 35.89 28.30 35.79 - 23.73
Enterprise Value to Operating Cash Flow (EV/OCF)		 21.81 23.41 28.03 27.12 27.53 26.27 27.25 21.51 26.39 - 18.36
Enterprise Value to Free Cash Flow (EV/FCFF)		 137.80 0.00 556.26 0.00 0.00 152.69 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.79 0.76 0.73 0.73 0.61 0.65 0.63 0.68 0.69 - 0.69
Long-Term Debt to Equity		 0.60 0.58 0.52 0.56 0.52 0.56 0.55 0.64 0.62 - 0.52
Financial Leverage		 0.89 0.83 0.80 0.77 0.69 0.70 0.67 0.70 0.66 - 0.67
Leverage Ratio		 2.91 2.83 2.65 2.70 2.70 2.70 2.50 2.36 2.48 - 2.39
Compound Leverage Factor		 2.91 2.83 2.65 2.70 2.70 2.70 2.50 2.36 2.48 - 2.39
Debt to Total Capital		 44.02% 43.27% 42.09% 42.32% 37.70% 39.47% 38.52% 40.56% 40.87% - 40.81%
Short-Term Debt to Total Capital		 10.15% 10.45% 11.98% 9.92% 5.33% 5.62% 5.00% 2.34% 4.40% - 9.91%
Long-Term Debt to Total Capital		 33.86% 32.81% 30.11% 32.40% 32.37% 33.84% 33.53% 38.22% 36.47% - 30.90%
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% 0.09% 0.11% 0.15% 0.16% 0.18% 0.12% 0.10% - 0.11%
Common Equity to Total Capital		 55.98% 56.73% 57.82% 57.58% 62.15% 60.37% 61.30% 59.32% 59.03% - 59.08%
Debt to EBITDA		 3.43 3.59 2.94 2.91 2.44 2.75 2.61 5.04 5.31 - 4.55
Net Debt to EBITDA		 1.53 3.00 1.44 0.96 0.76 1.11 1.13 -1.90 3.17 - 2.77
Long-Term Debt to EBITDA		 2.64 2.72 2.10 2.23 2.10 2.36 2.27 4.75 4.74 - 3.44
Debt to NOPAT		 5.47 4.89 4.53 4.44 3.70 4.19 4.11 7.79 8.51 - 7.50
Net Debt to NOPAT		 2.43 4.08 2.22 1.46 1.15 1.69 1.77 -2.94 5.08 - 4.57
Long-Term Debt to NOPAT		 4.21 3.70 3.24 3.40 3.18 3.59 3.58 7.34 7.59 - 5.68
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.08% 0.10% 0.14% 0.14% 0.23% 0.19% 0.20% - 0.23%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -415 -730 -586 -990 -876 -589 -801 -8,844 -10,354 - -9,753
Operating Cash Flow to CapEx		 2,430.77% 987.10% 100.00% 1,384.62% 2,095.24% 1,805.00% 1,252.94% 2,166.67% 2,925.00% - 1,247.62%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -12.21 -20.20 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.27 7.35 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 6.82 0.00 0.00 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.29 0.31 0.30 0.29 0.28 0.30 0.32 0.24 0.23 - 0.28
Fixed Asset Turnover		 16.31 17.26 16.39 16.23 15.94 16.42 16.63 16.21 16.23 - 18.36
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 9,286 9,834 9,993 10,466 10,401 10,634 11,128 19,544 20,984 - 21,308
Invested Capital Turnover		 0.44 0.47 0.44 0.44 0.45 0.47 0.47 0.34 0.35 - 0.39
Increase / (Decrease) in Invested Capital		 591 999 879 1,249 1,115 800 1,135 9,078 10,583 - 10,180
Enterprise Value (EV)		 21,497 23,644 26,979 26,970 30,789 30,844 37,437 28,807 36,073 - 27,528
Market Capitalization		 19,680 20,089 24,914 25,504 29,553 29,132 35,570 31,776 30,936 - 22,199
Book Value per Share		 $18.33 $19.60 $20.26 $21.13 $22.66 $22.45 $23.86 $40.45 $37.55 - $36.98
Tangible Book Value per Share		 ($11.21) ($11.89) ($11.22) ($10.41) ($9.45) ($11.76) ($10.88) $4.76 ($22.61) - ($21.35)
Total Capital		 9,286 9,834 9,993 10,466 10,401 10,634 11,128 19,544 20,984 - 21,308
Total Debt		 4,087 4,255 4,206 4,429 3,921 4,197 4,287 7,927 8,577 - 8,695
Total Long-Term Debt		 3,145 3,227 3,009 3,391 3,367 3,599 3,731 7,470 7,653 - 6,584
Net Debt		 1,816 3,555 2,056 1,455 1,220 1,695 1,847 -2,992 5,116 - 5,305
Capital Expenditures (CapEx)		 13 31 13 26 21 20 17 15 16 - 21
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)		 4,087 4,255 4,206 4,429 3,921 4,197 4,287 7,927 8,577 - 8,695
Total Depreciation and Amortization (D&A)		 51 -116 54 55 58 55 64 62 107 - 133
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.62 $0.95 $1.03 $0.90 $0.82 $0.73 $1.16 $0.79 $0.68 $0.74 $1.27
Adjusted Weighted Average Basic Shares Outstanding		 284.60M 285.80M 285.25M 285.26M 285.96M 285.93M 286.61M 329.84M 341.42M 340.42M 338.95M
Adjusted Diluted Earnings per Share		 $0.62 $0.93 $1.02 $0.90 $0.81 $0.73 $1.15 $0.78 $0.68 $0.55 $1.06
Adjusted Weighted Average Diluted Shares Outstanding		 284.60M 285.80M 285.25M 285.26M 285.96M 285.93M 286.61M 329.84M 341.42M 340.42M 338.95M
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		 284.60M 285.80M 285.25M 285.26M 285.96M 285.93M 286.61M 329.84M 341.42M 340.42M 338.95M
Normalized Net Operating Profit after Tax (NOPAT)		 198 262 291 260 233 219 331 242 237 - 431
Normalized NOPAT Margin		 18.52% 20.74% 24.08% 23.01% 19.64% 16.74% 23.60% 18.85% 14.76% - 22.66%
Pre Tax Income Margin		 22.66% 28.16% 30.08% 30.65% 26.73% 21.05% 30.46% 24.20% 19.36% - 28.02%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 7.58 7.06 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 6.10 5.29 0.00 0.00 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 7.31 6.53 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 5.83 4.76 0.00 0.00 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 17.48% 15.50% 15.09% 14.55% 13.97% 15.37% 15.24% 16.21% 17.86% - 17.84%
Augmented Payout Ratio		 22.85% 20.09% 21.34% 20.06% 19.06% 20.86% 19.18% 20.33% 22.12% - 50.43%

Financials Breakdown Chart

Key Financial Trends

Brown & Brown (NYSE: BRO) has shown solid top-line growth and resilient earnings over the last four years, but the recent trend is mixed. Revenue and net income are higher than they were in 2023 and 2024, yet the latest quarter also shows a heavier reliance on acquisitions, rising debt, and significant share repurchases and financing activity. Brown & Brown remains a profitable insurance brokerage business with strong operating cash flow, but balance sheet leverage and the pace of goodwill/intangible buildup are worth watching.

  • Revenue has accelerated meaningfully. Q1 2026 revenue was $1.90 billion, up from $1.61 billion in Q4 2025, $1.29 billion in Q2 2025, and $1.26 billion in Q1 2025.
  • Profitability remains strong. Q1 2026 net income attributable to common shareholders was $426 million, above $265 million in Q4 2025 and $231 million in Q2 2025.
  • Operating cash flow is consistently positive. Q1 2026 operating cash flow came in at $262 million, following $444 million in Q4 2025 and $468 million in Q3 2025.
  • Cash on the balance sheet remains substantial. Brown & Brown held $3.39 billion in cash and equivalents in Q1 2026.
  • Share count has trended down versus early 2025. Weighted average basic shares in Q1 2026 were 338.9 million, compared with 340.4 million in Q4 2025 and 341.4 million in Q3 2025.
  • Margins improved versus much of 2025. Q1 2026 pre-tax income of $533 million on $1.90 billion of revenue suggests a stronger earnings conversion than the prior-year quarter.
  • The business remains highly acquisitive. Goodwill and intangible assets are very large relative to assets, which is typical for an insurance broker but increases acquisition-related risk.
  • Cash flow can be lumpy quarter to quarter. Investing and financing cash flows fluctuate significantly because of acquisitions, investment purchases, debt activity, and buybacks.
  • Depreciation and amortization remain elevated. These non-cash charges are not alarming on their own, but they reflect a sizable acquired asset base.
  • Debt increased in the latest quarter. Q1 2026 short-term debt was $2.11 billion and long-term debt was $6.58 billion, up from $924 million and $7.65 billion in Q3 2025 respectively, indicating leverage remains meaningful.
  • Goodwill and intangibles dominate the balance sheet. In Q1 2026, goodwill was $15.08 billion and intangible assets were $4.78 billion, a very large share of the company’s $29.7 billion asset base.
  • Financing activity continues to pressure cash. Q1 2026 financing cash flow was negative $354 million, driven by buybacks, dividends, and other financing outflows.
  • Operating capital was a drag in Q1 2026. Changes in operating assets and liabilities reduced cash from operations by $348 million in the quarter.
  • Net cash declined in Q1 2026. Cash and equivalents fell by $157 million during the quarter, reflecting heavy investment and financing use.

Bottom line: Brown & Brown continues to look like a high-quality, cash-generating insurance broker with improving revenue and earnings. The main offsets are a leveraged balance sheet, large acquisition-related intangible assets, and ongoing cash outflows tied to buybacks and financing. For long-term investors, the core business looks healthy, but the balance sheet deserves close monitoring.

06/03/26 01:20 PM ETAI Generated. May Contain Errors.

Brown & Brown Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Brown & Brown's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Brown & Brown's net income appears to be on an upward trend, with a most recent value of $1.07 billion in 2025, rising from $243.32 million in 2015. The previous period was $1.00 billion in 2024. View Brown & Brown's forecast to see where analysts expect Brown & Brown to go next.

Over the last 10 years, Brown & Brown's total revenue changed from $1.66 billion in 2015 to $5.90 billion in 2025, a change of 255.3%.

Brown & Brown's total liabilities were at $17.42 billion at the end of 2025, a 55.9% increase from 2024, and a 510.2% increase since 2015.

In the past 10 years, Brown & Brown's cash and equivalents has ranged from $438.96 million in 2018 to $3.55 billion in 2025, and is currently $3.55 billion as of their latest financial filing in 2025.


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Financial statements for NYSE:BRO last updated on 4/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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