Brown & Brown, Inc.

BRO · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$27,211	$29,173	$20,238	$16,135	$19,849	$13,390	$11,150	$7,784	$7,174	$6,290	$4,525	$4,637	$4,428	$3,548	$3,137	$3,302	$2,466	$2,947	$3,186	$3,940	$4,232	$3,002	$2,227	$2,175	$1,709	$2,156	$805	$735	$609	$149	$141	$123	$149	$85	$60	$31	$49	$30	$30	$43	$38
Enterprise value	$34,076	$32,565	$23,547	$19,656	$21,389	$15,028	$12,362	$8,839	$7,551	$6,833	$5,213	$5,354	$4,695	$3,787	$3,095	$3,273	$2,528	$3,120	$3,384	$4,093	$4,398	$3,054	$2,230	$2,170	$1,794	$2,134	$790	$746	$608	$127	$120	$108	$144	$91	$64	$31	$51	$24	$19	$35	$31
P/E (TTM) at period end	26.09×	29.74×	23.59×	24.48×	34.57×	28.78×	28.91×	23.17×	18.40×	25.08×	19.04×	22.99×	20.92×	19.85×	19.75×	21.08×	16.62×	17.74×	16.68×	22.86×	28.11×	23.30×	20.19×	26.16×	31.70×	65.75×	30.06×	31.18×	32.06×	8.89×	9.52×	9.08×	18.67×	65.73×	13.10×	7.64×	15.70×	7.42×	20.11×	9.80×	13.19×
P/S (TTM) at period end	4.61×	6.07×	4.75×	4.52×	6.50×	5.12×	4.66×	3.86×	3.81×	3.56×	2.73×	2.94×	3.25×	2.96×	3.10×	3.39×	2.55×	3.01×	3.32×	4.49×	5.39×	4.64×	4.07×	4.77×	4.68×	8.12×	4.28×	4.28×	4.24×	1.16×	1.32×	1.21×	1.56×	1.63×	1.24×	0.67×	1.17×	0.88×	0.97×	1.30×	1.33×
P/B at period end	2.17×	4.53×	3.63×	3.50×	4.73×	3.57×	3.33×	2.59×	2.78×	2.66×	2.10×	2.19×	2.21×	1.96×	1.91×	2.19×	1.80×	2.37×	2.90×	4.24×	5.54×	4.81×	4.47×	5.55×	9.75×	17.69×	7.82×	8.72×	7.89×	2.22×	2.59×	2.79×	5.49×	6.42×	4.50×	3.33×	7.60×	7.80×	30.17×	61.60×	8.90×
EV / EBITDA (TTM)	11.82×	23.08×	19.69×	19.62×	24.09×	21.62×	20.81×	16.92×	15.30×	14.00×	11.29×	12.22×	12.15×	11.59×	10.77×	11.49×	8.95×	10.39×	8.94×	12.00×	14.57×	12.46×	11.07×	13.51×	15.13×	30.17×	13.84×	3.34×	3.22×	6.28×	17.49×	5.41×	11.86×	20.28×	9.59×	5.45×	7.23×	–	–	–	–
EV / Sales (TTM)	5.77×	6.78×	5.53×	5.50×	7.01×	5.75×	5.17×	4.39×	4.01×	3.87×	3.14×	3.40×	3.44×	3.16×	3.05×	3.36×	2.61×	3.19×	3.53×	4.66×	5.60×	4.72×	4.08×	4.76×	4.92×	8.04×	4.19×	4.35×	4.24×	0.99×	1.13×	1.06×	1.50×	1.74×	1.32×	0.66×	1.23×	0.69×	0.60×	1.06×	1.10×
Returns
Return on equity	8.3%	15.2%	15.4%	14.3%	13.7%	12.4%	11.5%	11.2%	15.1%	10.6%	11.1%	9.5%	10.5%	9.9%	9.7%	10.4%	10.8%	13.4%	17.4%	18.5%	19.7%	20.6%	22.2%	21.2%	30.8%	26.9%	26.0%	28.0%	24.6%	24.9%	27.2%	30.7%	29.4%	9.8%	34.3%	43.6%	48.4%	105.1%	150.0%	628.6%	67.4%
Return on invested capital	11.3%	10.7%	9.9%	9.1%	11.4%	9.5%	9.5%	9.1%	14.0%	9.7%	9.3%	8.9%	9.8%	9.2%	10.4%	11.1%	11.3%	12.3%	15.4%	16.6%	17.1%	19.6%	21.9%	22.8%	22.7%	34.2%	31.3%	122.4%	123.4%	37.6%	0.7%	58.2%	55.1%	26.8%	38.2%	62.8%	70.4%	–	–	–	–
Dividend yield	0.7%	0.5%	0.7%	0.7%	0.5%	0.8%	0.8%	1.1%	1.1%	1.1%	1.4%	1.3%	1.2%	1.4%	1.5%	1.3%	1.7%	1.4%	–	–	0.6%	–	0.7%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.04×	1.10×	1.04×	1.09×	1.25×	1.26×	1.22×	1.22×	1.13×	1.20×	1.16×	1.24×	1.02×	1.34×	1.47×	1.39×	1.28×	1.00×	1.06×	1.10×	1.06×	1.48×	1.14×	1.12×	0.78×	0.94×	0.94×	1.03×	1.14×	1.06×	1.13×	1.10×	1.03×	0.92×	1.01×	0.89×	0.80×	0.80×	0.75×	0.80×	0.89×
Debt / equity	0.61×	0.59×	0.68×	0.86×	0.48×	0.56×	0.46×	0.50×	0.38×	0.45×	0.53×	0.57×	0.24×	0.25×	0.15×	0.17×	0.20×	0.21×	0.22×	0.26×	0.35×	0.39×	0.12×	0.22×	0.57×	0.12×	0.09×	0.27×	0.16×	0.16×	0.16×	0.20×	0.75×	1.02×	0.89×	0.83×	0.45×	0.21×	0.70×	1.43×	0.40×
Effective tax rate	22.2%	23.1%	24.0%	23.3%	23.0%	23.0%	24.2%	25.6%	11.1%	39.2%	39.6%	39.1%	39.3%	39.6%	39.4%	39.2%	39.8%	39.0%	38.7%	38.5%	38.3%	37.7%	37.5%	36.6%	38.5%	37.3%	38.7%	39.0%	38.7%	38.7%	36.6%	34.3%	38.0%	43.1%	36.1%	37.9%	32.6%	37.9%	41.0%	47.0%	46.3%
Share count
Diluted shares outstanding	313	284	281	279	277	276	275	276	278	276	280	286	285	284	281	279	275	274	273	282	280	278	276	272	253	495	339	454	327	136	136	136	201	122	120	118	114	111	129	108	126

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$6,790	$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	$978	$960	$878	$786	$647	$547	$456	$365	$265	$188	$171	$144	$128	$106	$102	$96	$52	$48	$47	$42	$35	$31	$33	$29
Cost of revenue	–	($2,935)	($2,406)	($2,187)	($1,817)	($1,637)	($1,436)	($1,308)	($1,069)	($995)	($925)	($857)	($811)	($683)	($609)	($509)	($488)	–	–	–	–	($375)	–	($268)	–	–	–	–	–	–	($28)	($23)	($23)	($18)	($11)	($11)	($10)	($10)	($16)	($15)	($24)	($22)
Gross profit	–	$2,828	$2,299	$2,012	$1,746	$1,411	$1,170	$1,077	$941	$863	$838	$800	$756	$673	$581	$497	$479	–	–	–	–	$407	–	$278	–	–	–	–	–	–	$100	$83	$79	$77	$42	$38	$36	$32	$18	$16	$10	$7
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($2,790)	($2,935)	($2,406)	($2,187)	($1,817)	($1,637)	($1,436)	($1,308)	($1,069)	($995)	($925)	($16)	($19)	($23)	($16)	($11)	($7)	($492)	($493)	($450)	($410)	($378)	($317)	($2)	($225)	($188)	($150)	($131)	($90)	($75)	($67)	($55)	($53)	($51)	($28)	($24)	($24)	($20)	($10)	($9)	–	–
Total operating expenses	($2,301)	–	($932)	($856)	($783)	($556)	($501)	($506)	($441)	($392)	($371)	($359)	($339)	($304)	($269)	($222)	($207)	–	–	–	–	($149)	–	($103)	–	–	–	–	–	–	($72)	($83)	($53)	($58)	($32)	($28)	($27)	($22)	($12)	($11)	($2)	($1)
Total costs and expenses	($4,839)	($3,074)	($3,438)	($3,101)	($2,610)	($2,197)	($1,944)	($1,821)	($1,515)	($1,410)	($1,300)	($1,220)	($1,159)	($994)	($889)	($739)	($701)	($699)	($690)	($634)	($585)	($527)	($433)	($371)	($316)	($269)	($210)	($144)	$42	$37	($100)	($106)	($75)	($77)	($43)	($38)	($38)	($32)	($28)	($26)	($25)	($23)
Operating income	$1,951	$2,828	$1,367	$1,156	$963	$855	$669	$571	$499	$471	$467	$441	$417	$369	$311	$275	$272	$269	$287	$325	$293	$259	$214	$176	$139	$96	$55	$45	$214	$180	$28	$0	$26	$19	$9	$10	$9	$10	$7	$5	$8	$6
Earnings
EBITDA	$2,018	$2,883	$1,411	$1,196	$1,002	$888	$695	$594	$522	$494	$488	$462	$438	$386	$327	$287	$285	$283	$300	$379	$341	$302	$245	$201	$161	$119	$71	$57	$223	$189	$20	$7	$20	$12	$4	$7	$6	$7	–	–	–	–
Interest income	$126	$139	$100	$58	$7	$1	$3	$6	$3	$2	$1	$1	$1	$1	$1	$1	$1	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($399)	($297)	($193)	($190)	($141)	($65)	($59)	($64)	($41)	($38)	($39)	($39)	($28)	($16)	($16)	($14)	($14)	($15)	($15)	($14)	($13)	($14)	($7)	($4)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,548	$1,371	$1,303	$1,146	$876	$763	$624	$526	$462	$450	$423	$403	$340	$358	$305	$271	$266	$255	$272	$312	$280	$244	$207	$176	$135	$90	$54	$44	$39	$31	$27	$23	$21	$13	$5	$7	$7	$5	$7	$4	$8	$5
Income tax expense	($335)	($304)	($301)	($275)	($204)	($176)	($144)	($127)	($118)	($50)	($166)	($159)	($133)	($140)	($121)	($107)	($104)	($101)	($106)	($121)	($108)	($94)	($78)	($66)	($49)	($35)	($20)	($17)	($15)	($12)	($11)	($9)	($7)	($5)	($2)	($3)	($2)	($2)	($2)	($2)	($4)	($2)
Net income	$1,205	$1,054	$993	$871	$672	$587	$480	$399	$344	$400	$257	$243	$207	$217	$184	$164	$162	$153	$166	$191	$172	$151	$129	$110	$83	$54	$33	$27	$24	$19	$17	$15	$14	$8	$1	$5	$4	$3	$4	$2	$4	$3
Per share
Diluted EPS (GAAP)	$3.34	$3.16	$3.46	$3.05	$2.37	$2.07	$1.69	$1.40	$1.22	$1.40	$0.91	$0.85	$0.705	$0.74	$0.63	$0.565	$0.56	$0.54	$0.585	$0.68	$0.61	$0.54	$0.47	$0.40	$0.31	$0.21	$0.0663	$0.12	$0.0519	$0.0579	$0.0124	$0.0109	$0.01	$0.0033	$0.0009	$0.0032	$0.0023	$0.0018	$0.0025	$0.0004	$0.0024	$0.0011
Basic EPS (GAAP)	$3.60	$3.37	$3.48	$3.07	$2.38	$2.08	$1.70	$1.42	$1.24	$1.43	$0.92	$0.86	$0.715	$0.75	$0.64	$0.575	$0.57	$0.54	$0.59	$0.68	$0.62	$0.55	$0.47	$0.41	$0.31	$0.22	$0.0666	$0.0795	$0.0519	$0.0579	$0.0124	$0.0109	$0.01	$0.0033	$0.0009	$0.0032	$0.0023	$0.0018	$0.0025	$0.0004	$0.0024	$0.0011
Basic shares outstanding	331	310	282	280	278	276	274	272	271	273	272	276	282	282	279	277	276	274	273	271	279	277	276	273	269	250	492	337	337	327	136	136	136	201	122	120	118	114	111	129	108	126
Margins
Gross margin	–	47.9%	47.8%	47.3%	48.9%	46.2%	44.8%	45.0%	46.7%	45.9%	47.4%	48.2%	48.0%	49.3%	48.4%	49.1%	49.2%	–	–	–	–	51.8%	–	50.9%	–	–	–	–	–	–	78.1%	78.4%	77.5%	80.6%	79.2%	78.1%	77.7%	76.4%	53.3%	50.6%	29.0%	23.7%
Operating margin	28.7%	47.9%	28.4%	27.2%	27.0%	28.0%	25.6%	23.9%	24.8%	25.0%	26.4%	26.5%	26.5%	27.1%	25.9%	27.1%	28.0%	27.8%	29.4%	33.9%	33.4%	32.9%	33.1%	32.2%	30.6%	26.3%	20.8%	23.8%	124.6%	125.5%	22.1%	0.4%	25.8%	19.9%	17.2%	21.4%	19.7%	22.8%	20.2%	15.2%	24.5%	19.2%
Net margin	17.7%	17.9%	20.7%	20.5%	18.8%	19.2%	18.4%	16.7%	17.1%	21.2%	14.6%	14.7%	13.1%	15.9%	15.3%	16.2%	16.6%	15.8%	17.0%	19.9%	19.6%	19.2%	19.9%	20.2%	18.2%	14.8%	12.4%	14.2%	13.7%	13.2%	13.1%	13.9%	13.3%	8.4%	2.5%	9.5%	8.8%	7.5%	11.8%	4.8%	13.3%	10.1%

Analyst consensus

Hold31 analysts

Bearish · 1 · Hold · 20 · Bullish · 10

Earnings history

	EPS	Estimate
Q3 2024	$0.91	$0.88	Beat
Q4 2024	$0.86	$0.77	Beat
Q1 2025	$1.29	$1.29	Match
Q2 2025	$1.03	$0.99	Beat
Q3 2025	$1.05	$0.94	Beat
Q4 2025	$0.93	$0.91	Beat
Q1 2026	$1.39	$1.36	Beat
Q2 2026	$1.07	$1.08	Miss

Peers

Company overview

IPO dateFeb 11, 1981

CEOJ. Powell Brown

Employees22,888

SectorFinancial Services

IndustryInsurance - Brokers

CountryUS

ExchangeNew York Stock Exchange

Websitewww.bbrown.com

Brown & Brown, Inc. operates as an insurance brokerage firm, providing a diverse range of products and services throughout the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. The company's operations are strategically divided into four primary segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail division delivers a comprehensive suite of property and casualty, employee benefits, personal, and specialized insurance offerings, complemented by services such as loss control assessments, consulting, and claims processing. This segment caters to a broad spectrum of clients, including commercial entities, public and quasi-public organizations, professionals, and individuals. The National Programs segment focuses on professional liability and associated bundled insurance products for specific sectors like dentistry, law, optometry, insurance, finance, medicine, and real estate title professionals, alongside supplementary coverages for events, medical facilities, and cyber risks. This segment also provides outsourced services to insurance carrier partners, encompassing product development, marketing, underwriting, actuarial analysis, compliance, claims, and other administrative support, while additionally managing commercial and public entity programs and flood insurance, largely through independent agents. The Wholesale Brokerage segment facilitates the distribution of excess and surplus commercial and personal lines insurance via independent agents and brokers. Finally, the Services segment offers critical support functions such as third-party claims administration and medical utilization management for workers' compensation and all-lines liability, along with Medicare Set-aside provisions, Social Security disability assistance, Medicare benefits advocacy, and claims adjusting services. Founded in 1939, Brown & Brown, Inc. is headquartered in Daytona Beach, Florida.

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