Saturday 17 October 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. In the quarter to June 2026, revenue grew 30.4%, EPS grew 8.86%, free cash flow grew 6.75% and total debt rose 2.84%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for twenty-five consecutive years, revenue growth for ten, operating cash flow growth for ten; insiders bought in the last twelve months.

69.40 1.42 +2.09%

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Market cap: $22.8B
P/E: 19.3×
Fwd P/E: 17.6×
Dividend yield: 0.95%
F-score: 4/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total buys 0.16

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	1	1	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 13.24%

Capital & Financial Ratios $m

Market Cap 22,750.00

Revenue 6,790.00

Net Income 1,214.00

Free Cash Flow 1,448.00

Net Debt 4,228.00

Current Ratio 2.11

Debt/Equity 0.62

P/E ratio 19.33

Fwd P/E 17.60

P/S ratio 3.36

P/B ratio 1.81

Past 5Y EPS Growth 13.33%

This Y EPS Growth 5.51%

Next Y EPS Growth 8.05%

Next Y revenue growth 18.33%

Next 5Y EPS Growth 7.76%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 13.93%

10-year low 10-year high

P/S against its own 10 years 17.21%

10-year low 10-year high

P/B against its own 10 years 5.49%

10-year low 10-year high

Dividends

Payout Ratio 0.20

Annual Dividend Rate 0.66

Annual Dividend Yield 0.95%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.68	0.17 0.17 0.17
2025	0.62	0.15 0.15 0.15 0.17
2024	0.54	0.13 0.13 0.13 0.15
2023	0.48	0.12 0.12 0.12 0.13
2022	0.42	0.10 0.10 0.10 0.12
2021	0.38	0.09 0.09 0.09 0.10
2020	0.35	0.09 0.09 0.09 0.09
2019	0.33	0.08 0.08 0.08 0.09
2018	0.31	0.08 0.08 0.08 0.08
2017	0.28	0.07 0.07 0.07 0.08
2016	0.25	0.06 0.06 0.06 0.07

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	2,303	2,502	3,550	3,531
Receivables	2,040	3,538	3,600	3,770
Inventory	—	—	—	—
Other	—	—	—	—
	4,343	6,040	7,150	7,301

	2023	2024	2025	Q'26
Payables	1,052	2,493	2,714	2,372
ST’ Debt	569	225	719	413
Other	—	—	—	—
	2,229	3,371	4,308	3,468

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1,901	1,676	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.06	0.84	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	14.21	20.55	24.34	26.23	30.70	42.72	52.91	52.82	69.24	76.17	Analyst estimates 2026–2028 Powerpack
	High	22.81	26.21	31.55	40.40	48.69	70.75	74.00	76.25	114.15	125.68
People
People	Employees	8,297	8,491	9,590	10,083	5,764	12,023	15,201	9,705	17,403	7,905
	Revenue/emp, $m	0.21	0.22	0.21	0.24	0.45	0.25	0.24	0.44	0.28	0.75
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
	Gross margin, %	47.63	47.13	46.93	45.31	45.04	46.36	49.15	48.63	49.93	50.27
	EBT	423	450	462	526	624	763	876	1,146	1,303	1,371
	EBT margin, %	23.97	23.90	22.96	21.99	23.88	25.00	24.52	26.92	27.12	23.23
	Net income	257	400	344	399	481	587	672	871	1,002	1,067
	Depreciation	109	110	111	131	136	149	182	66	193	370
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
	Earnings	0.92	1.43	1.24	1.42	1.70	2.08	2.38	3.07	3.48	3.37
	Cash flow	1.51	1.62	2.09	2.49	2.60	2.93	3.17	3.61	4.16	4.68
	Capex	(0.05)	(0.07)	(0.13)	(0.19)	(0.22)	(0.10)	0.03	0.14	(0.04)	(0.19)
	Free cash flow	1.46	1.55	1.96	2.30	2.38	2.83	3.20	3.74	4.12	4.49
	Book value	8.67	9.48	11.07	12.30	13.69	15.21	16.57	19.93	22.83	40.56
	Shares, m	272	273	271	272	274	276	278	280	282	310
Valuation, ×
Valuation, ×	P/E	24.36	17.86	22.23	27.80	28.05	33.79	23.90	23.12	29.32	23.37
	P/S	3.45	3.70	3.71	4.50	4.98	6.36	4.41	4.65	5.99	4.19
	P/B	2.59	2.70	2.49	3.21	3.46	4.62	3.42	3.55	4.47	1.97
	EV/Sales	3.62	3.78	4.07	4.74	5.29	6.54	4.94	5.00	6.26	4.87
	EV/FCF	16.06	16.86	15.44	18.11	21.21	25.56	19.86	20.33	25.90	20.68
Cash, $m
Cash, $m	Operating cash flow	411	442	568	678	713	809	881	1,010	1,174	1,450
	Capex	(13)	(20)	(37)	(52)	(61)	(28)	8	38	(12)	(59)
	Free cash flow	398	422	531	627	652	780	889	1,048	1,162	1,391
Balance, $m
Balance, $m	Working capital	(83)	(139)	(95)	(81)	60	1,553	2,057	2,114	2,669	2,842
	Total debt	1,074	976	1,507	1,555	2,096	2,023	3,942	3,796	3,824	7,613
	Net debt	293	152	729	592	824	553	1,909	1,493	1,322	4,063
	Shareholders’ equity	2,360	2,583	3,001	3,350	3,754	4,197	4,607	5,579	6,437	12,573
Returns, %
Returns, %	ROA	4.89	7.08	5.40	5.39	5.61	6.12	5.55	5.95	6.04	4.38
	ROIC	9.98	10.28	7.75	8.34	8.52	10.04	8.40	10.13	10.50	5.15
	ROE	11.12	15.78	12.03	12.14	13.10	14.44	14.97	16.85	16.33	10.97

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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	$89.0B	22.4×	19.2×	+8.06% (above 0%: growing)	+12.23% (above 0%: growing)	−9.99% (below 0%: shrinking)	100.00%	17.70%	Compare
AJG Arthur J. Gallagher & Co.	$64.1B	41.6×	23.0×	+24.24% (above 0%: growing)	−11.89% (below 0%: shrinking)	+91.16% (above 0%: growing)	41.79%	14.54%	Compare
AON Aon plc	$60.8B	16.0×	21.1×	+2.19% (above 0%: growing)	−3.73% (below 0%: shrinking)	−34.02% (below 0%: shrinking)	46.51%	21.55%	Compare
WTW Willis Towers Watson Public Limited Company	$28.8B	19.3×	15.3×	+9.07% (above 0%: growing)	−27.25% (below 0%: shrinking)	+42.76% (above 0%: growing)	100.00%	14.76%	Compare
BRO Brown & Brown, Inc.	$22.8B	19.3×	17.6×	+30.43% (above 0%: growing)	+8.86% (above 0%: growing)	+6.75% (above 0%: growing)	50.00%	28.82%
ERIE Erie Indemnity Company	$11.1B	19.7×	18.0×	+2.80% (above 0%: growing)	+3.20% (above 0%: growing)	+10.22% (above 0%: growing)	18.73%	18.73%	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
ARX Accelerant Holdings	$4.3B	— (loss-making)	143×	+62.89% (above 0%: growing)	+620.00% (above 0%: growing)	−139.56% (below 0%: shrinking)	100.00%	30.96%	Compare
CRVL CorVel Corp.	$4.1B	35.4×	—	+10.74% (above 0%: growing)	+18.87% (above 0%: growing)	+8.94% (above 0%: growing)	26.08%	16.67%	Compare
Median of peers	$20.0B	21.0×	20.2×	+9.91%	+3.20%	+9.58%	44.15%	17.19%

All 22 Insurance Brokers stocks →

Brown & Brown, Inc. (BRO) key facts

Strength: Brown & Brown, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.9 billion, up 22.8% from fiscal 2024.
Strength: Net income was $1.1 billion, or $3.37 per share (basic), a net margin of 17.7%.
Brown & Brown, Inc. (BRO) is an Insurance Brokers company in the Financial sector, listed on the New York Stock Exchange.
As of October 16, 2026, BRO traded at $69.40, a market capitalization of $22.8 billion.
At that price the stock trades at 19.3× trailing-twelve-month earnings and 3.4× sales; its P/E is higher than 14% of its own readings over the past ten years.
Brown & Brown, Inc. pays an annual dividend of $0.66 per share, a yield of 0.95%, with a payout ratio of 19.8%.
Return on equity was 11.0% and debt-to-equity 0.62.
Its Piotroski F-score is 4 out of 9 for fiscal 2025.