Friday 6 November 2026 Export BRO’s income statement to Excel — free account

Brown & Brown, Inc.

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%

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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 Segments Valuation Filings

Brown & Brown, Inc. (BRO) revenue by segment, product and region

Where the money comes from and where it goes

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 product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Base Commission Revenue	3,941 66.77%	3,282 68.30%	2,868 67.37%	2,377 66.53%	2,010 65.87%	1,751 67.02%	1,574 65.82%	1,362 67.62%
Fee Revenue	1,278 21.65%	992 20.65%	995 23.37%	912 25.52%	833 27.30%	674 25.79%	647 27.04%	531 26.35%
Profit-Sharing Contingent Commission Revenue	255 4.32%	166 3.45%	130 3.05%	89 2.49%	82 2.69%	71 2.72%	59 2.47%	56 2.77%
Other Supplemental Commissions Revenue	206 3.49%	188 3.91%	178 4.18%	159 4.45%	122 4.01%	110 4.20%	—	—
Earned premium	83 1.41%	77 1.60%	28 0.66%	26 0.73%	0 0.00%	0 0.00%	—	—
Incentive Commission Revenue	—	—	—	—	—	—	81 3.40%	51 2.54%
Guaranteed Supplemental Commission Revenue	—	—	—	—	—	—	23 0.96%	10 0.49%
Other, not broken out	139 2.36%	100 2.08%	58 1.36%	—	—	—	—	—
Revenue	5,902	4,805	4,257	3,573	3,051	2,613	2,392	2,014

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Retail	3,406 57.71%	2,729 56.80%	2,508 58.91%	2,157 60.37%	1,768 57.94%	1,473 56.36%	1,367 57.16%	1,043 51.77%	943 50.15%	917 51.93%	870 52.41%	824 52.27%	737 54.09%	644 53.70%	607 59.91%	575 59.07%	583 60.27%
Specialty Distribution	2,409 40.82%	2,016 41.96%	1,714 40.26%	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Programs	—	—	—	958 26.81%	—	—	—	—	—	—	—	—	—	—	—	—	—
Wholesale Brokerage	—	—	—	453 12.68%	403 13.22%	353 13.50%	310 12.96%	287 14.25%	272 14.44%	243 13.76%	217 13.07%	212 13.45%	194 14.21%	184 15.30%	174 17.18%	172 17.65%	158 16.36%
National Programs	—	—	—	—	702 23.00%	611 23.36%	518 21.67%	494 24.55%	480 25.50%	449 25.39%	429 25.82%	404 25.65%	301 22.11%	253 21.08%	164 16.22%	176 18.08%	191 19.69%
Services	—	—	—	—	179 5.86%	174 6.66%	194 8.10%	189 9.40%	165 8.79%	156 8.85%	145 8.75%	137 8.67%	131 9.65%	117 9.73%	66 6.51%	46 4.77%	33 3.38%
Other Segments	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	4 0.42%	—
London Operation	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	7 0.68%
Other [Member] (Deprecated 2012-01-31)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	3 0.29%
Other, not broken out	87 1.47%	60 1.25%	35 0.82%	—	—	—	—	—	21 1.11%	—	—	—	—	—	—	—	—
Eliminations	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	(7) (0.68%)
Revenue	5,902	4,805	4,257	3,573	3,051	2,613	2,392	2,014	1,881	1,767	1,661	1,576	1,363	1,200	1,014	973	968

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2020
U.S.	5,059 85.72%	4,140 86.16%	3,730 87.62%	3,333 93.28%	2,578 98.66%
U.K.	599 10.15%	545 11.34%	433 10.17%	170 4.76%	13 0.49%
Other	244 4.13%	120 2.50%	94 2.21%	9 0.25%	6 0.24%
Republic of Ireland	—	—	—	38 1.06%	0 0.00%
Canada	—	—	—	23 0.64%	16 0.62%
Other International Countries	843	665	527	240	35
Revenue	5,902	4,805	4,257	3,573	2,613

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Locations worldwide	Q3 FY2026	700.00	700.00	0.00%
Teammates	Q3 FY2026	23.0K	23.0K	0.00%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024
Locations worldwide	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Teammates	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.