BRO · Brown & Brown, Inc. - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · BRO

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$5.90B	$4.80B	$4.26B	$3.57B	$3.05B	$2.61B
Cost of Revenue	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-
R&D	-	-	-	-	-	-
SG&A	-	-	-	-	-	-
Total Operating Expenses	-	-	$3.11B	$2.70B	$2.29B	$1.99B
D&A	$55.00M	$44.00M	$40.00M	$39.20M	$33.31M	$26.28M
Operating Income	$1.37B	$1.30B	$1.15B	$876.10M	$762.82M	$624.10M
Interest Expense	$297.00M	$193.00M	$190.00M	$141.20M	$64.98M	$58.97M
Income Tax	$304.00M	$301.00M	$275.60M	$204.30M	$175.72M	$143.62M
Net Income	$1.05B	$993.00M	$870.50M	$671.80M	$587.10M	$480.48M
EPS - Basic	$3.37	$3.48	$3.07	$2.38	$2.08	$1.70
EPS - Diluted	$3.16	$3.46	$3.05	$2.37	$2.07	$1.69

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$1.08B	$675.00M	$700.30M	$650.00M	$887.01M	$817.40M
Accounts Receivable	-	-	-	-	-	-
Inventory	-	-	-	-	-	-
Accounts Payable	$990.00M	$373.00M	$458.90M	$286.50M	$206.37M	$190.50M
Current Assets	$8.61B	$6.92B	$5.13B	$5.00B	$3.33B	$2.96B
Total Assets	$29.99B	$17.61B	$14.88B	$13.97B	$9.80B	$8.97B
Current Liabilities	$8.29B	$6.31B	$4.96B	$4.60B	$2.67B	$2.35B
Long-term Debt	$6.89B	$3.60B	$3.23B	$3.69B	$1.98B	$2.03B
Total Liabilities	-	-	-	-	-	-
Stockholders' Equity	$12.57B	$4.20B	$5.58B	$4.61B	$4.20B	$3.75B
Retained Earnings	$6.99B	$6.13B	$5.29B	$4.55B	$4.00B	$3.52B

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$1.45B	$1.17B	$1.01B	$881.40M	$942.47M	$721.65M
Investing Cash Flow	($7.91B)	($898.00M)	($587.00M)	($1.91B)	($396.68M)	($759.07M)
Financing Cash Flow	$7.71B	($64.00M)	($186.70M)	$1.73B	($343.88M)	$346.36M
CapEx	$68.00M	$82.00M	$68.90M	$52.60M	$45.05M	$70.70M
Free Cash Flow	$1.38B	$1.09B	$940.60M	$828.80M	$897.42M	$650.95M

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	-	-	-	-	-	-
Operating margin	23.2%	27.1%	26.9%	24.5%	25.0%	23.9%
EBITDA margin	24.2%	28.0%	27.9%	25.6%	26.1%	24.9%
Net margin	17.9%	20.7%	20.4%	18.8%	19.2%	18.4%
Free cash flow margin	23.4%	22.7%	22.1%	23.2%	29.4%	24.9%
FCF / Net income	1.31	1.10	1.08	1.23	1.53	1.35
R&D / Revenue	-	-	-	-	-	-
SG&A / Revenue	-	-	-	-	-	-
Effective tax rate	22.4%	23.3%	24.0%	23.3%	23.0%	23.0%
Return on assets	3.5%	5.6%	5.8%	4.8%	6.0%	5.4%
Return on equity	8.4%	23.7%	15.6%	14.6%	14.0%	12.8%
Return on invested capital	5.5%	12.8%	9.9%	8.1%	9.5%	8.3%
Liquidity
Current ratio	1.04	1.10	1.03	1.09	1.25	1.26
Quick ratio	1.04	1.10	1.03	1.09	1.25	1.26
Cash ratio	0.13	0.11	0.14	0.14	0.33	0.35
Leverage
Debt / Equity	0.55	0.86	0.58	0.80	0.47	0.54
Debt / Assets	0.23	0.20	0.22	0.26	0.20	0.23
Debt / EBITDA	4.83	2.67	2.72	4.03	2.49	3.11
Interest coverage	4.6x	6.8x	6.0x	6.2x	11.7x	10.6x
Equity multiplier	2.39	4.20	2.67	3.03	2.33	2.39
Liabilities / Assets	-	-	-	-	-	-
Efficiency
Asset turnover	0.20	0.27	0.29	0.26	0.31	0.29
Inventory turnover	-	-	-	-	-	-
Days sales outstanding	-	-	-	-	-	-
Days inventory outstanding	-	-	-	-	-	-
Days payable outstanding	-	-	-	-	-	-
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	25.2x	29.5x	23.3x	24.0x	34.0x	28.1x
P / B	2.0x	6.9x	3.6x	3.4x	0.0x	3.5x
P / S	4.2x	6.0x	4.7x	4.4x	0.0x	5.0x
EV / EBITDA	21.6x	23.7x	19.0x	20.7x	1.4x	22.0x
Growth
Revenue growth (YoY)	22.8%	12.9%	19.1%	17.1%	16.8%	9.2%
Revenue CAGR (3y)	18.2%	16.3%	17.7%	14.3%	14.8%	11.6%
Revenue CAGR (5y)	17.7%	15.0%	16.1%	13.7%	11.6%	9.5%
Gross profit growth (YoY)	-	-	-	-	-	-
Operating income growth (YoY)	5.2%	13.7%	30.8%	14.8%	22.2%	18.7%
Net income growth (YoY)	6.1%	14.1%	29.6%	14.4%	22.2%	20.6%
EPS growth (YoY)	-8.7%	13.4%	28.7%	14.5%	22.5%	20.7%
EPS CAGR (3y)	10.1%	18.7%	21.8%	19.2%	19.3%	-15.6%
EPS CAGR (5y)	13.3%	19.8%	20.1%	-3.3%	2.6%	-0.1%
FCF growth (YoY)	26.6%	16.1%	13.5%	-7.6%	37.9%	7.6%
FCF CAGR (5y)	16.2%	12.5%	12.3%	14.7%	20.2%	10.6%
Book value growth (YoY)	199.6%	-24.8%	21.1%	9.8%	11.8%	12.1%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$5.82B total

Retail Segment$3.41B · 58.6%

Specialty Distribution$2.41B · 41.4%

Product / service

$3.47B total

Core Commission Revenue$2.33B · 67.3%

Fee Revenue$795.00M · 22.9%

Other Supplemental Commissions Revenue$185.00M · 5.3%

Earned Premium$83.00M · 2.4%

Profit Sharing Contingent Commission Revenue$72.00M · 2.1%

Geographic

$6.75B total

US$5.06B · 75.0%

Other International Countries$843.00M · 12.5%

GB$599.00M · 8.9%

Other Country$244.00M · 3.6%

Stability scores

Piotroski F-score

FY 2025 · 9-point quality

3/9

Weak

✓Net income positive
✓Operating cash flow positive
✗ROA improved YoY
✓Cash flow > net income
✗Long-term debt decreased
✗Current ratio improved
✗No share dilution
-Gross margin improved
✗Asset turnover improved

Peer comparison

Same SIC group: Insurance Agents, Brokers & Service

Company	Revenue (last FY)	Net margin	ROE
WTW	$9.71B	16.5%	20.1%
ERIE	$4.07B	13.8%	24.5%
ACT	$1.24B	55.7%	12.8%
AJG	$13.94B	10.7%	6.4%
MRSH	$26.98B	15.4%	27.2%

Comparing BROWN & BROWN against the 5 most active filers in the same SIC group.

Dividends

$0.65/share trailing 12 months · +11.2% YoY

Ex-date	Per share
May 11, 2026	$0.1650
Feb 4, 2026	$0.1650
Nov 5, 2025	$0.1650
Aug 13, 2025	$0.1500
May 12, 2025	$0.1500
Feb 5, 2025	$0.1500
Nov 6, 2024	$0.1500
Aug 7, 2024	$0.1300
May 3, 2024	$0.1300
Feb 1, 2024	$0.1300
Oct 31, 2023	$0.1300
Aug 8, 2023	$0.1150
May 5, 2023	$0.1150
Feb 2, 2023	$0.1150
Nov 1, 2022	$0.1150
Aug 9, 2022	$0.1030
May 6, 2022	$0.1030
Feb 3, 2022	$0.1030
Nov 2, 2021	$0.1030
Aug 10, 2021	$0.0930
May 7, 2021	$0.0930
Feb 4, 2021	$0.0930
Nov 3, 2020	$0.0930
Aug 4, 2020	$0.0850