NYSE : BRO
Brown & Brown, Inc. — Financial statements
Financials · Insurance Brokers · United States
Last price 67.84 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 22.50B
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Financial statements
Brown & Brown, Inc. (BRO) reported revenue of 6.81B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 6.81B | 5.76B | 4.71B | 4.20B | 3.56B | 3.05B |
| Other Revenue | 3.00M | 2.80M | ||||
| Revenue | 6.81B | 5.76B | 4.71B | 4.20B | 3.57B | 3.05B |
| Cost of Revenue | 3.42B | 2.94B | 2.41B | 2.19B | 1.82B | 1.64B |
| Gross Profit | 3.39B | 2.83B | 2.30B | 2.01B | 1.75B | 1.41B |
| Amortization of Goodwill & Intangibles | 453.00M | 312.00M | 178.00M | 166.00M | 147.00M | 119.60M |
| Other Operating Expenses | 1.04B | 846.00M | 710.00M | 650.00M | 597.00M | 403.00M |
| Operating Expenses | 1.56B | 1.21B | 932.00M | 856.00M | 783.00M | 555.90M |
| Operating Income | 1.83B | 1.61B | 1.37B | 1.16B | 966.00M | 857.50M |
| Interest Expense | -399.00M | -297.00M | -193.00M | -190.00M | -141.00M | -65.00M |
| Interest & Investment Income | 95.00M | 139.00M | 100.00M | 58.00M | 7.00M | 1.10M |
| EBT Excluding Unusual Items | 1.52B | 1.46B | 1.27B | 1.02B | 832.00M | 793.60M |
| Merger & Restructuring Charges | -113.00M | -113.00M | ||||
| Gain (Loss) on Sale of Assets | -1.00M | -2.00M | 31.00M | 143.00M | 5.00M | 9.60M |
| Other Unusual Items | 145.00M | 29.00M | -2.00M | -21.00M | 39.00M | -40.40M |
| Pretax Income | 1.56B | 1.37B | 1.30B | 1.15B | 876.00M | 762.80M |
| Income Tax Expense | 331.00M | 304.00M | 301.00M | 275.00M | 204.00M | 175.70M |
| Earnings From Continuing Operations | 1.23B | 1.07B | 1.00B | 871.00M | 672.00M | 587.10M |
| Minority Interest in Earnings | -7.00M | -13.00M | -9.00M | |||
| Net Income | 1.22B | 1.05B | 993.00M | 871.00M | 672.00M | 587.10M |
| Preferred Dividends & Other Adjustments | 16.00M | 11.00M | 12.00M | 13.00M | 13.00M | 12.90M |
| Net Income to Common | 1.20B | 1.04B | 981.00M | 858.00M | 659.00M | 574.20M |
| Shares Outstanding (Basic) | 329.50M | 310.00M | 282.00M | 280.00M | 278.00M | 276.00M |
| Shares Outstanding (Diluted) | 335.50M | 313.00M | 284.00M | 281.00M | 279.00M | 277.40M |
| EPS (Basic) | 3.65 | 3.36 | 3.48 | 3.06 | 2.37 | 2.08 |
| EPS (Diluted) | 3.18 | 3.16 | 3.46 | 3.05 | 2.37 | 2.07 |
| Free Cash Flow | 1.49B | 1.38B | 1.09B | 941.00M | 829.00M | 763.80M |
| Free Cash Flow Per Share | 4.43 | 4.42 | 3.85 | 3.35 | 2.97 | 2.75 |
| Dividend Per Share | 0.66 | 0.61 | 0.54 | 0.48 | 0.42 | 0.38 |
| Gross Margin | 49.80% | 49.07% | 48.86% | 47.92% | 49.05% | 46.34% |
| Operating Margin | 26.84% | 28.02% | 29.05% | 27.53% | 27.09% | 28.11% |
| Profit Margin | 17.64% | 18.10% | 20.85% | 20.43% | 18.48% | 18.82% |
| Free Cash Flow Margin | 21.82% | 23.98% | 23.21% | 22.41% | 23.25% | 25.04% |
| EBITDA | 2.35B | 1.98B | 1.59B | 1.36B | 1.15B | 1.01B |
| EBITDA Margin | 34.53% | 34.39% | 33.77% | 32.44% | 32.30% | 33.12% |
| D&A For EBITDA | 524.00M | 367.00M | 222.00M | 206.00M | 186.00M | 152.90M |
| EBIT | 1.83B | 1.61B | 1.37B | 1.16B | 966.00M | 857.50M |
| EBIT Margin | 26.84% | 28.02% | 29.05% | 27.53% | 27.09% | 28.11% |
| Effective Tax Rate | 21.27% | 22.17% | 23.10% | 24.00% | 23.29% | 23.03% |
| Revenue as Reported | 6.91B | 5.90B | 4.80B | 4.26B | 3.57B | 3.05B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.10B | 1.08B | 675.00M | 700.00M | 650.00M | 693.20M |
| Short-Term Investments | 11.00M | 12.00M | 12.90M | |||
| Cash & Short-Term Investments | 1.10B | 1.08B | 675.00M | 711.00M | 662.00M | 706.10M |
| Receivables | 2.18B | 2.08B | 2.42B | 915.00M | 1.47B | 585.70M |
| Prepaid Expenses | 808.00M | 980.00M | 520.00M | 462.00M | 393.20M | 392.20M |
| Other Current Assets | 4.17B | 4.47B | 3.31B | 3.04B | 2.47B | 1.65B |
| Total Current Assets | 8.26B | 8.61B | 6.92B | 5.13B | 5.00B | 3.33B |
| Property, Plant & Equipment | 693.00M | 636.00M | 519.00M | 469.00M | 454.80M | 409.00M |
| Long-Term Investments | 21.00M | 22.40M | 31.00M | |||
| Goodwill | 15.19B | 15.09B | 7.97B | 7.34B | 6.67B | 4.74B |
| Other Intangible Assets | 4.47B | 4.91B | 1.81B | 1.62B | 1.60B | 1.08B |
| Long-Term Deferred Charges | 162.00M | 143.00M | 119.00M | 96.00M | 76.00M | 58.20M |
| Other Long-Term Assets | 676.00M | 605.00M | 266.00M | 205.00M | 154.90M | 148.60M |
| Total Assets | 29.45B | 29.99B | 17.61B | 14.88B | 13.97B | 9.80B |
| Accounts Payable | 709.00M | 990.00M | 373.00M | 459.00M | 286.50M | 242.70M |
| Accrued Expenses | 639.00M | 538.00M | 421.00M | 386.00M | 347.20M | 293.70M |
| Current Portion of Long-Term Debt | 413.00M | 719.00M | 225.00M | 569.00M | 250.60M | 42.50M |
| Current Portion of Leases | 57.00M | 62.00M | 47.00M | 45.00M | 45.00M | 43.40M |
| Current Unearned Revenue | 1.05B | 1.18B | 657.00M | 540.00M | 492.20M | 459.60M |
| Other Current Liabilities | 4.36B | 4.80B | 4.59B | 2.96B | 3.18B | 1.59B |
| Total Current Liabilities | 7.23B | 8.29B | 6.31B | 4.96B | 4.60B | 2.67B |
| Long-Term Debt | 7.35B | 6.89B | 3.60B | 3.23B | 3.69B | 1.98B |
| Long-Term Leases | 279.00M | 243.00M | 189.00M | 179.00M | 195.90M | 180.00M |
| Long-Term Unearned Revenue | 43.00M | 41.00M | 39.00M | 35.00M | 33.40M | 30.50M |
| Long-Term Deferred Tax Liabilities | 937.00M | 815.00M | 711.00M | 616.00M | 584.00M | 386.80M |
| Other Long-Term Liabilities | 1.01B | 1.13B | 323.00M | 291.00M | 265.50M | 353.40M |
| Total Liabilities | 16.85B | 17.42B | 11.18B | 9.30B | 9.37B | 5.60B |
| Common Stock | 36.00M | 36.00M | 31.00M | 30.00M | 30.30M | 30.10M |
| Additional Paid-In Capital | 6.25B | 6.16B | 1.12B | 1.03B | 919.70M | 849.40M |
| Retained Earnings | 7.77B | 6.99B | 6.13B | 5.29B | 4.55B | 4.00B |
| Treasury Stock | -1.60B | -848.00M | -748.00M | -748.00M | -748.00M | -673.90M |
| Comprehensive Income & Other | 124.00M | 210.00M | -109.00M | -19.00M | -148.40M | -9.40M |
| Total Common Equity | 12.58B | 12.55B | 6.42B | 5.58B | 4.61B | 4.20B |
| Minority Interest | 18.00M | 26.00M | 17.00M | |||
| Shareholders' Equity | 12.60B | 12.57B | 6.44B | 5.58B | 4.61B | 4.20B |
| Total Liabilities & Equity | 29.45B | 29.99B | 17.61B | 14.88B | 13.97B | 9.80B |
| Total Debt | 8.10B | 7.92B | 4.06B | 4.02B | 4.18B | 2.25B |
| Net Cash (Debt) | -7.00B | -6.84B | -3.38B | -3.31B | -3.52B | -1.54B |
| Net Cash Per Share | -20.85 | -21.85 | -11.92 | -11.78 | -12.62 | -5.55 |
| Filing Date Shares Outstanding | 331.69M | 340.42M | 285.93M | 285.80M | 284.29M | 282.22M |
| Total Common Shares Outstanding | 327.00M | 336.00M | 286.00M | 284.60M | 283.20M | 282.50M |
| Working Capital | 1.03B | 320.00M | 610.00M | 174.00M | 399.40M | 662.90M |
| Book Value Per Share | 38.48 | 37.34 | 22.45 | 19.60 | 16.27 | 14.86 |
| Tangible Book Value | -7.07B | -7.45B | -3.36B | -3.38B | -3.66B | -1.62B |
| Tangible Book Value Per Share | -21.63 | -22.16 | -11.76 | -11.89 | -12.93 | -5.74 |
| Land | 137.00M | 136.00M | 117.00M | 108.40M | 97.20M | |
| Machinery | 448.00M | 382.00M | 345.00M | 307.20M | 259.10M | |
| Leasehold Improvements | 88.00M | 73.00M | 62.00M | 61.30M | 52.10M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.22B | 1.05B | 993.00M | 871.00M | 672.00M | 587.10M |
| Depreciation & Amortization | 524.00M | 367.00M | 222.00M | 206.00M | 186.00M | 152.90M |
| Other Amortization | 2.80M | |||||
| Loss (Gain) From Sale of Investments | 1.00M | 3.00M | -29.00M | -140.00M | -4.00M | -7.00M |
| Stock-Based Compensation | 89.00M | 93.00M | 101.00M | 89.00M | 66.00M | 61.00M |
| Other Operating Activities | -38.00M | -20.00M | -8.00M | 9.00M | -23.00M | 53.40M |
| Change in Accounts Receivable | 12.00M | 1.26B | -1.50B | 600.00M | -829.00M | -81.50M |
| Change in Accounts Payable | -1.00M | 11.00M | -47.00M | 260.00M | 124.00M | 54.40M |
| Change in Unearned Revenue | 9.00M | 177.00M | 115.00M | 50.00M | 20.00M | 14.60M |
| Change in Other Net Operating Assets | -230.00M | -1.50B | 1.32B | -935.00M | 669.00M | -28.90M |
| Operating Cash Flow | 1.58B | 1.45B | 1.17B | 1.01B | 881.00M | 808.80M |
| Capital Expenditures | -97.00M | -68.00M | -82.00M | -69.00M | -52.00M | -45.00M |
| Sale of Property, Plant & Equipment | 16.60M | |||||
| Cash Acquisitions | -236.00M | -7.85B | -890.00M | -631.00M | -1.93B | -366.80M |
| Divestitures | 2.00M | 9.00M | 70.00M | 107.00M | 60.00M | |
| Investment in Securities | 7.00M | -1.60M | ||||
| Other Investing Activities | -7.00M | -1.00M | 4.00M | 6.00M | ||
| Investing Cash Flow | -338.00M | -7.91B | -898.00M | -587.00M | -1.91B | -396.80M |
| Long-Term Debt Issued | 4.64B | 1.10B | 420.00M | 2.35B | ||
| Long-Term Debt Repaid | -825.00M | -1.07B | -571.00M | -411.00M | -73.10M | |
| Net Debt Issued (Repaid) | 22.00M | 3.82B | 30.00M | -151.00M | 1.94B | -73.10M |
| Issuance of Common Stock | 52.00M | 4.36B | 44.00M | 40.00M | 38.00M | 34.00M |
| Repurchase of Common Stock | -880.00M | -142.00M | -55.00M | -40.00M | -123.00M | -132.40M |
| Common Dividends Paid | -225.00M | -193.00M | -154.00M | -135.00M | -120.00M | -107.20M |
| Other Financing Activities | -96.00M | -132.00M | 71.00M | 99.00M | -8.00M | 68.60M |
| Financing Cash Flow | -1.13B | 7.71B | -64.00M | -187.00M | 1.73B | -210.10M |
| Foreign Exchange Rate Adjustments | -31.00M | 64.00M | -13.00M | 34.00M | -131.00M | -3.60M |
| Net Cash Flow | 88.00M | 1.31B | 199.00M | 270.00M | 563.00M | 198.30M |
| Free Cash Flow | 1.49B | 1.38B | 1.09B | 941.00M | 829.00M | 763.80M |
| Free Cash Flow Margin | 21.82% | 23.98% | 23.21% | 22.41% | 23.25% | 25.04% |
| Free Cash Flow Per Share | 4.43 | 4.42 | 3.85 | 3.35 | 2.97 | 2.75 |
| Levered Free Cash Flow | 1.21B | 1.40B | 844.75M | 785.75M | 725.33M | 506.02M |
| Unlevered Free Cash Flow | 1.46B | 1.59B | 965.38M | 904.50M | 813.45M | 543.85M |
| Cash Interest Paid | 388.00M | 284.00M | 195.00M | 186.00M | 120.00M | 61.50M |
| Cash Income Tax Paid | 219.00M | 371.00M | 302.00M | 218.00M | 122.00M | 146.90M |
| Change in Working Capital | -210.00M | -47.00M | -105.00M | -25.00M | -16.00M | -41.40M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 23.14B | 27.21B | 29.17B | 20.24B | 16.14B | 19.85B |
| Enterprise Value | 30.13B | 34.08B | 32.04B | 23.40B | 19.89B | 21.15B |
| Last Close Price | 69.76 | 79.10 | 100.60 | 69.71 | 55.44 | 67.93 |
| PE Ratio | 21.96 | 26.09 | 29.74 | 23.59 | 24.48 | 34.57 |
| Forward PE | 14.97 | 17.49 | 25.34 | 23.98 | 23.39 | 31.30 |
| PS Ratio | 3.40 | 4.72 | 6.20 | 4.82 | 4.53 | 6.51 |
| PB Ratio | 1.81 | 2.16 | 4.53 | 3.63 | 3.50 | 4.73 |
| P/FCF Ratio | 15.56 | 19.69 | 26.72 | 21.51 | 19.46 | 25.99 |
| P/OCF Ratio | 14.61 | 18.77 | 24.85 | 20.04 | 18.32 | 24.54 |
| PEG Ratio | 2.83 | 1.75 | 2.24 | 2.03 | 2.92 | 1.74 |
| EV/Sales Ratio | 4.42 | 5.91 | 6.81 | 5.57 | 5.58 | 6.93 |
| EV/EBITDA Ratio | 12.81 | 17.19 | 20.16 | 17.18 | 17.27 | 20.93 |
| EV/EBIT Ratio | 16.48 | 21.10 | 23.44 | 20.24 | 20.59 | 24.67 |
| EV/FCF Ratio | 20.27 | 24.66 | 29.34 | 24.87 | 23.99 | 27.69 |
| Debt / Equity Ratio | 0.64 | 0.63 | 0.63 | 0.72 | 0.91 | 0.54 |
| Debt / EBITDA Ratio | 3.31 | 3.85 | 2.46 | 2.83 | 3.45 | 2.11 |
| Debt / FCF Ratio | 5.44 | 5.73 | 3.72 | 4.27 | 5.05 | 2.94 |
| Net Debt / Equity Ratio | 0.56 | 0.54 | 0.53 | 0.59 | 0.76 | 0.37 |
| Net Debt / EBITDA Ratio | 2.97 | 3.45 | 2.13 | 2.43 | 3.06 | 1.52 |
| Net Debt / FCF Ratio | 4.71 | 4.95 | 3.10 | 3.52 | 4.25 | 2.02 |
| Asset Turnover | 0.23 | 0.24 | 0.29 | 0.29 | 0.30 | 0.33 |
| Quick Ratio | 0.45 | 0.38 | 0.49 | 0.33 | 0.47 | 0.48 |
| Current Ratio | 1.14 | 1.04 | 1.10 | 1.03 | 1.09 | 1.25 |
| Return on Equity (ROE) | 9.80% | 11.23% | 16.68% | 17.10% | 15.27% | 14.77% |
| Return on Assets (ROA) | 3.89% | 4.24% | 5.26% | 5.01% | 5.08% | 5.71% |
| Return on Invested Capital (ROIC) | 7.32% | 8.60% | 11.24% | 10.33% | 10.69% | 12.04% |
| Return on Capital Employed (ROCE) | 8.20% | 7.40% | 12.10% | 11.60% | 10.30% | 12.00% |
| Earnings Yield | 4.55% | 3.87% | 3.40% | 4.30% | 4.17% | 2.96% |
| FCF Yield | 6.43% | 5.08% | 3.74% | 4.65% | 5.14% | 3.85% |
| Dividend Yield | 1.03% | 0.76% | 0.53% | 0.68% | 0.74% | 0.54% |
| Payout Ratio | 22.66% | 18.31% | 15.51% | 15.50% | 17.86% | 18.26% |
| Buyback Yield / Dilution | -11.93% | -10.21% | -1.07% | -0.72% | -0.58% | -0.58% |
| Total Shareholder Return | -10.90% | -9.45% | -0.54% | -0.04% | 0.16% | -0.04% |