Pricing Log in Create free account
Friday 6 November 2026 Export BRO’s income statement to Excel — free account

Brown & Brown, Inc.

BRO Financial Insurance Brokers

Brown & Brown, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.9 billion, up 22.8% from fiscal 2024.

Revenue
+7.41%
EPS
+9.04%
Free cash flow
+9.07%
Total debt
+0.40%

Quarter to September 2026, against a year earlier

74.01 0.12 +0.16%
Market cap
$24.7B
P/E
20.3×
Fwd P/E
20.5×
Dividend yield
0.91%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Retail
  • Specialty Distribution
  • Other, not broken out

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 0.16
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 1 — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 12.94%

Capital & Financial Ratios $m

Size
Market Cap 24,670.00
Revenue ttm 6,909.00
Net income ttm 1,225.00
Free cash flow ttm 1,489.00
Net debt Q 4,218.00
Valuation
P/E 20.27
Forward P/E 20.50
Price / sales 3.48
Forward P/S Powerpack
Price / FCF 16.15
Price / book 1.91
Financial health
Current ratio Q 1.96
Debt / equity Q 0.62
Interest coverage Q 4.20
Growth
Revenue growth Q +7.41% (above 0%: growing)
Operating income growth Q +2.89% (above 0%: growing)
EPS, this year +4.01%
EPS, next year A +7.29%
Revenue, next year A +17.28% (at or above 10%: strong)
EPS, past 5 yrs +13.33%
EPS, next 5 yrs A +7.12%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 19.88%
10-year low 10-year high
P/S against its own 10 years 19.95%
10-year low 10-year high
P/B against its own 10 years 7.30%
10-year low 10-year high

Dividends raised every year since 2018

Yield
0.91%
Annual rate
0.68
Payout ratio
20.0%
Growth, 2018–26
+10.4%/yr
  1. 0.31 ’18
  2. 0.33 ’19 +7
  3. 0.35 ’20 +7
  4. 0.38 ’21 +9
  5. 0.42 ’22 +11
  6. 0.48 ’23 +12
  7. 0.54 ’24 +14
  8. 0.62 ’25 +14
  9. 0.68 ’26 +10
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,303 2,502 3,550 3,541
Receivables 2,040 3,538 3,600 3,414
Inventory — — — —
Other — — — —
4,343 6,040 7,150 6,955
2023 2024 2025 Q'26
Payables 1,052 2,493 2,714 2,299
ST’ Debt 569 225 719 413
Other — — — —
2,229 3,371 4,308 3,556

Compound Annual Growth %

10y 5y 3y
Sales 13.52% 17.70% 18.21%
Cash Flow 14.27% 15.25% 18.07%
Earnings 15.94% 17.52% 16.54%
Book Value 19.32% 27.35% 39.75%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.08 Actual 1.07

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.91 0.93 Beat by 0.02
Q1 FY26 1.36 1.39 Beat by 0.03
Q2 FY26 1.08 1.07 Miss by 0.01
Q3 FY26 1.08 1.07 Miss by 0.01
Q4 FY26 0.94 — Reports 25 January 2027

EPS $

Mar Jun Sep Dec Year
’26 1.06 0.84 0.73 — —
’25 1.15 0.78 0.68 0.75 3.16
’24 1.02 0.90 0.81 0.73 3.46
’23 0.83 0.67 0.62 0.94 3.05
’22 0.77 0.51 0.57 0.51 2.37
’21 0.70 0.49 0.52 0.36 2.07
’20 0.54 0.34 0.47 0.34 1.69
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,901 1,676 1,725 — —
’25 1,404 1,285 1,606 1,607 5,902
’24 1,258 1,178 1,186 1,183 4,805
’23 1,116 1,047 1,068 1,026 4,257
’22 905 840 928 901 3,573
’21 815 727 770 738 3,051
’20 698 599 674 642 2,613
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 262 346 532 — —
’25 213 325 468 444 1,450
’24 13 360 440 361 1,174
’23 60 328 316 306 1,010
’22 104 243 254 281 881
’21 138 242 248 181 809
’20 34 383 123 173 713
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 241 332 493 — —
’25 205 311 452 423 1,391
’24 0 392 419 351 1,162
’23 54 315 305 374 1,048
’22 94 239 237 319 889
’21 127 236 239 178 780
’20 18 363 111 160 652
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 28.3% a year for ten years. It grew 10.4% a year over the last ten.

Implied
28.3%
10 years, reported
10.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,767 1,881 2,014 2,392 2,613 3,051 3,573 4,257 4,805 5,902 6,909 +14.3% 6,922 7,210 7,597 +8.8%
Gross margin, % 47.63 47.13 46.93 45.31 45.04 46.36 49.15 48.63 49.93 50.27 50.48 +2.6 pt
EBT 423 450 462 526 624 763 876 1,146 1,303 1,371 1,558 +13.9%
EBT margin, % 23.97 23.90 22.96 21.99 23.88 25.00 24.52 26.92 27.12 23.23 22.55 (0.7) pt
Net income 257 400 344 399 481 587 672 871 1,002 1,067 1,225 +17.1%
Per share, $
Per share, $ Revenue 6.49 6.90 7.43 8.78 9.53 11.06 12.85 15.20 17.04 19.04 21.26 +12.7%
Earnings 0.92 1.43 1.24 1.42 1.70 2.08 2.38 3.07 3.48 3.37 3.65 +15.5%
Cash flow 1.51 1.62 2.09 2.49 2.60 2.93 3.17 3.61 4.16 4.68 4.87 +13.4%
Capex (0.05) (0.07) (0.13) (0.19) (0.22) (0.10) 0.03 0.14 (0.04) (0.19) (0.29) +16.8%
Free cash flow 1.46 1.55 1.96 2.30 2.38 2.83 3.20 3.74 4.12 4.49 4.58 +13.3%
Book value 8.67 9.48 11.07 12.30 13.69 15.21 16.57 19.93 22.83 40.56 38.77 +18.7%
Shares, m 272 273 271 272 274 276 278 280 282 310 324 +1.5%
Valuation, ×
Valuation, × P/E 24.36 17.86 22.23 27.80 28.05 33.79 23.90 23.12 29.32 23.37 20.27 25.4
P/S 3.45 3.70 3.71 4.50 4.98 6.36 4.41 4.65 5.99 4.19 3.48 4.6
P/B 2.59 2.70 2.49 3.21 3.46 4.62 3.42 3.55 4.47 1.97 1.91 3.2
EV/Sales 3.62 3.78 4.07 4.74 5.29 6.54 4.94 5.00 6.26 4.87 — 4.9
EV/FCF 16.06 16.86 15.44 18.11 21.21 25.56 19.86 20.33 25.90 20.68 — 20.0
Cash, $m
Cash, $m Operating cash flow 411 442 568 678 713 809 881 1,010 1,174 1,450 1,584 +15.0%
Capex (13) (20) (37) (52) (61) (28) 8 38 (12) (59) (95) +18.5%
Free cash flow 398 422 531 627 652 780 889 1,048 1,162 1,391 1,489 +14.9%
Balance, $m
Balance, $m Working capital (83) (139) (95) (81) 60 1,553 2,057 2,114 2,669 2,842 3,399 n/m
Net debt 293 152 729 592 824 553 1,909 1,493 1,322 4,063 4,218 +34.0%
Shareholders’ equity 2,360 2,583 3,001 3,350 3,754 4,197 4,607 5,579 6,437 12,573 12,601 +20.4%
Returns, %
Returns, % ROA 4.89 7.08 5.40 5.39 5.61 6.12 5.55 5.95 6.04 4.38 4.10 (0.5) pt
ROIC 9.98 10.28 7.75 8.34 8.52 10.04 8.40 10.13 10.50 5.15 5.79 (4.8) pt
ROE 11.12 15.78 12.03 12.14 13.10 14.44 14.97 16.85 16.33 10.97 9.63 (0.1) pt
People
People Employees 8,297 8,491 9,590 10,083 5,764 12,023 15,201 9,705 17,403 7,905 — (0.5%)
Revenue/emp, $m 0.21 0.22 0.21 0.24 0.45 0.25 0.24 0.44 0.28 0.75 — +15.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Brown & Brown, founded in 1939, is headquartered in Daytona Beach and is led by Chief Executive Officer and President J. Powell Brown. It is an insurance intermediary: it helps customers obtain insurance rather than generally taking on the insurer’s underwriting risk itself.

The company sells insurance products and related services mainly in property and casualty insurance and employee benefits. Its Retail segment serves commercial, public and quasi-public entities, professionals and individuals. It also provides non-insurance warranty and service-risk-management offerings through automobile and recreational-vehicle dealer-services businesses.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Retail 3,406 57.71%
Specialty Distribution 2,409 40.82%
Other, not broken out 87 1.47%
Gross margin 50.27%
Operating margin 23.23%
Pre-tax margin 23.23%

Revenue by segment since 2009

Brown & Brown, Inc. vs peers in Insurance Brokers (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MRSH Marsh $99.6B 24.8× 23.3× +8.06% (above 0%: growing) +11.84% (above 0%: growing) −30.50% (below 0%: shrinking) 100.00% 17.70% Compare
AJG Arthur J. Gallagher & Co. $73.9B 43.4× 38.3× +18.14% (above 0%: growing) +49.23% (above 0%: growing) +91.16% (above 0%: growing) 43.74% 17.18% Compare
AON Aon plc $73.1B 18.7× 22.9× +2.60% (above 0%: growing) +5.66% (above 0%: growing) +1.67% (above 0%: growing) 44.53% 19.73% Compare
WTW Willis Towers Watson Public Limited Company $31.0B 20.4× 18.8× +7.52% (above 0%: growing) +4.17% (above 0%: growing) +13.37% (above 0%: growing) 100.00% 17.44% Compare
BRO Brown & Brown, Inc. $24.7B 20.3× 20.5× +7.41% (above 0%: growing) +9.04% (above 0%: growing) +9.07% (above 0%: growing) 50.32% 24.35%
ERIE Erie Indemnity Company $13.3B 22.9× 20.6× +0.30% (above 0%: growing) +0.25% (above 0%: growing) +0.52% (above 0%: growing) 19.38% 19.38% Compare
RYAN Ryan Specialty Holdings Inc. $12.1B 57.8× 48.0× +4.69% (above 0%: growing) +25.00% (above 0%: growing) +4.14% (above 0%: growing) 100.00% 17.83% Compare
BWIN Baldwin Insurance Group, Inc. $4.5B — (loss-making) — (loss-making) +30.13% (above 0%: growing) n/m +208.10% (above 0%: growing) 31.81% (1.69%) Compare
CRVL CorVel Corp. $4.3B 35.9× — +11.47% (above 0%: growing) +24.89% (above 0%: growing) +8.94% (above 0%: growing) 27.07% 17.16% Compare
Median of peers $22.2B 24.8× 23.1× +7.79% +11.84% +6.54% 44.14% 17.57%

All 23 Insurance Brokers stocks →

From the latest earnings call

Updated

  • CEO Powell Brown said Retail exceeded expectations, while Specialty Distribution fell short amid carrier competition, a loan-portfolio onboarding delay and lower flood claims revenue.
  • CFO Andrew Watts said Brown & Brown expects organic growth excluding contingents to improve in both divisions in 2027 and raised its Accession synergy targets.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Oppenheimer Oct 7, 2026 Initiated Outperform 73.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 88.66%
Held by the ten largest 51.65%
Holder Shares Stake Change
Vanguard 36.64m 11.10% +150.18k
First Eagle Investment Management, LLC 23.46m 7.11% +14.63m
BlackRock 22.11m 6.70% +196.60k
Capital Group 19.28m 5.84% −3.81m
Fidelity (FMR) 18.41m 5.58% +2.36m
Principal Financial 15.73m 4.77% +113.20k
State Street 14.51m 4.40% +737.66k
Geode Capital Management 8.23m 2.49% +92.58k
VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V. 6.71m 2.03% +837.83k
Orbis Allan Gray Ltd 5.37m 1.63% +5.37m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 24 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 8.64m (6.03m) 174.00
2024 11.68m 39.13m 221.00
2023 9.79m 23.87m 153.00
2022 6.74m (5.30m) 122.00
2021 9.20m 32.78m 149.00

Ownership

Directors and executive officers, together 13.13%
The Vanguard Group, Inc. 10.99%
J. Hyatt Brown 10.60%
Capital World Investors 5.15%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Brown & Brown, Inc. (BRO) Latest News

2 Nov

Impact 3 · · StockStory

30 Oct

Impact 3 · · StockStory

29 Oct

Impact 3 · · GlobeNewswire

28 Oct

Impact 3 · · TIKR
Impact 3 · · TIKR

27 Oct

Impact 4 · · MarketBeat transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · Simply Wall St.
Impact 4 · · Moby
Impact 3 · · StockStory
Impact 3 · · The Motley Fool
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks

26 Oct

Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · GlobeNewswire

25 Oct

Impact 3 · · StockStory

22 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks

21 Oct

Impact 3 · · GlobeNewswire
Impact 3 · · Zacks
Impact 3 · · Zacks

19 Oct

Impact 3 · · Zacks

17 Oct

Impact 4 · · Simply Wall St.

13 Oct

Impact 3 · · Insider Monkey
Impact 3 · · Zacks

12 Oct

Impact 4 · · Insider Monkey

8 Oct

Impact 3 · · GlobeNewswire

BRO metrics, ten years each

stockrow.com/BRO · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com