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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. 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%
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% (at or above 10%: strong)
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.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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 $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 →

BRO metrics, ten years each

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.

Source: company filings (standardised) and stockrow calculations.

Brown & Brown, Inc. (BRO) Latest News

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stockrow.com/BRO · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com