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BRO

Brown & Brown, Inc.

BRO

Brown & Brown, Inc. • NYSE
$80.43 ▼ -0.02% (-0.02)
Market Cap $27.46 B
52w High $125.68
52w Low $76.17
Dividend Yield 0.66%
P/E 24.37
Volume 1.05M
Outstanding Shares 341.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.606B ▲ $391M ▲ $227M ▼ 14.134% ▼ $0.69 ▼ $529M ▲
Q2-2025 $1.249B ▼ $272M ▲ $231M ▼ 18.495% ▼ $0.79 ▼ $426M ▼
Q1-2025 $1.385B ▲ $250M ▼ $331M ▲ 23.899% ▲ $1.16 ▲ $539M ▲
Q4-2024 $1.089B ▼ $269M ▲ $210M ▼ 19.284% ▼ $0.75 ▼ $387M ▼
Q3-2024 $1.186B $221M $234M 19.73% $0.82 $424M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.461B ▼ $29.354B ▲ $16.947B ▲ $12.407B ▲
Q2-2025 $8.893B ▲ $25.636B ▲ $14.019B ▲ $11.594B ▲
Q1-2025 $669M ▼ $16.76B ▼ $9.919B ▼ $6.821B ▲
Q4-2024 $685M ▼ $17.612B ▲ $11.175B ▲ $6.437B ▼
Q3-2024 $968M $17.525B $11.045B $6.464B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $230M ▼ $468M ▲ $-7.514B ▼ $-130M ▼ $-7.195B ▼ $500M ▲
Q2-2025 $235M ▼ $325M ▲ $-108M ▼ $8.199B ▲ $8.479B ▲ $310M ▲
Q1-2025 $334M ▲ $213M ▼ $-79M ▲ $-218M ▼ $-62M ▲ $196M ▼
Q4-2024 $211M ▼ $361M ▼ $-779M ▼ $277M ▲ $-199M ▲ $341M ▼
Q3-2024 $238M $440M $-42M $-716M $-273M $417M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Retail
Retail
 $640.00M ▲$910.00M ▲$700.00M ▼$880.00M ▲
Specialty Distribution
Specialty Distribution
 $0 ▲$0 ▲$0 ▲$680.00M ▲
Programs
Programs
 $390.00M ▲$330.00M ▼$380.00M ▲$0 ▼
Wholesale Brokerage
Wholesale Brokerage
 $140.00M ▲$160.00M ▲$180.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Brown & Brown’s income statement shows a clear pattern of steady, profitable growth over the past several years. Revenue has increased each year at a healthy pace, and profits have risen alongside it rather than lagging behind. Operating margins have gradually improved, suggesting they are scaling well and controlling costs as they grow. Earnings per share have climbed consistently, which signals that shareholders have shared in that growth. Overall, this looks like a mature, high-margin insurance broker that is still expanding both its top line and bottom line in a disciplined way.

Balance Sheet

Balance Sheet The balance sheet has grown meaningfully, driven in part by acquisitions and expansion. Total assets and shareholders’ equity have both increased steadily, which points to a larger and more robust franchise over time. Debt has also risen compared with a few years ago and now sits at a sizable but seemingly manageable level, especially given the stability of the business model. Cash balances have stayed relatively stable, not bloated, which suggests the company tends to reinvest or deploy capital rather than letting it pile up. The main watchpoint is the higher debt load, which makes ongoing cash generation and interest-rate conditions more important.

Cash Flow

Cash Flow Cash generation is a notable strength. Operating cash flow has grown in line with earnings, indicating that reported profits are backed by real cash, not just accounting. Free cash flow has been consistently positive and has risen each year, even after funding the modest capital spending required for an asset-light brokerage business. Capital expenditures remain low relative to cash flow, which gives the company flexibility to keep investing in acquisitions, technology, or shareholder returns while still maintaining a cushion. The overall picture is of a business that converts a good share of its revenue into durable, repeatable cash.

Competitive Edge

Competitive Edge Brown & Brown holds a strong position in the insurance brokerage space, built on a combination of culture, specialization, and disciplined deal-making rather than sheer size alone. Its decentralized, entrepreneurial model empowers local teams to build deep client relationships, which tends to support high retention and recurring revenue. The firm has a track record of acquiring smaller, niche brokers and integrating them without crushing their local strengths. It also differentiates with specialized programs and risk advisory services tailored to specific industries, not just generic coverage placement. At the same time, it competes in a market dominated by large global brokers and evolving InsurTech players, so maintaining its edge in service quality, niche expertise, and integration execution remains critical.

Innovation and R&D

Innovation and R&D The company does not operate like a traditional high-R&D tech firm, but it invests meaningfully in practical innovation that strengthens its core business. Its focus is on data analytics, modeling, and increasingly on the use of AI to improve underwriting support, claims handling, fraud detection, and customer engagement. Acquisitions of digital insurance platforms have added online distribution channels for individuals and small businesses, expanding beyond traditional face-to-face brokerage. Internally, common technology platforms help bring some consistency and efficiency to an otherwise decentralized network of agencies. Looking ahead, deeper use of data science, expansion of cyber risk solutions, and further InsurTech-related deals are likely to be the main innovation drivers—though success will depend on how well these technologies are integrated and adopted across the organization.

Summary

Overall, Brown & Brown appears to be a steadily compounding insurance broker with a long record of rising revenue, widening profits, and strong cash flow. The business model is capital-light and benefits from recurring, relationship-based revenue, which helps support resilience through economic cycles. The balance sheet has expanded and leverage has increased, but equity has grown as well and cash generation offers a buffer, making debt levels a key area to monitor rather than an immediate red flag. Competitively, its decentralized culture, niche specialization, and acquisition capabilities provide a meaningful moat, while investments in data, AI, and digital distribution aim to keep it relevant in an industry slowly being reshaped by technology. The main uncertainties center around integration of acquisitions and tech platforms, competition from larger brokers and InsurTechs, and sensitivity to insurance pricing cycles and interest rates.

NEWS

November 11, 2025 · 12:15 PM UTC

Brown & Brown, Inc. earns 2026 Military Friendly® Employer designation and Silver 2026 Military Friendly® Employer Award

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November 6, 2025 · 6:30 AM UTC

Brown & Brown appoints Jessica Getman and Joe Siech to the Retail segment senior leadership team

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November 4, 2025 · 6:45 AM UTC

Wright Flood completes the acquisition of Poulton Associates, LLC

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October 27, 2025 · 5:00 PM UTC

Brown & Brown, Inc. announces third quarter 2025 results, including total revenues of $1.6 billion, an increase of 35.4%; Organic Revenue growth of 3.5%; diluted net income per share of $0.68; and Diluted Net Income Per Share - Adjusted of $1.05

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October 24, 2025 · 6:30 AM UTC

Wright Flood Announces Agreement To Acquire Assets of Poulton Associates LLC

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