Brown & Brown Inc (BRO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.07	$1.07	0.0%	—	—	—
Q4 26	$1.36	$1.39	+2.2%	—	—	—
Q3 26	$0.9	$0.93	+3.3%	—	—	—
Q2 26	$0.93	$1.05	+12.9%	—	—	—
Q1 26	$0.99	$1.03	+4.0%	—	—	—
Q4 25	$1.3	$1.29	-0.8%	—	—	—
Q3 25	$0.77	$0.86	+11.7%	—	—	—
Q2 25	$0.88	$0.91	+3.4%	—	—	—
Q1 25	$0.88	$0.93	+5.7%	—	—	—
Q4 24	$1.07	$1.14	+6.5%	—	—	—
Q3 24	$0.53	$0.58	+9.4%	—	—	—
Q2 24	$0.62	$0.71	+14.5%	—	—	—
Q1 24	$0.59	$0.68	+15.3%	—	—	—
Q4 23	$0.82	$0.84	+2.4%	—	—	—
Q3 23	$0.46	$0.5	+8.7%	—	—	—
Q2 23	$0.61	$0.5	-18.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.37	—	—	$5.8B	—
FY24	—	$3.48	—	—	$4.7B	—
FY23	—	$3.07	—	—	$4.2B	—
FY22	—	$2.38	—	—	$3.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.8B	$1.9B	$2B	$2.4B	$2.6B	$3B	$3.6B	$4.2B	$4.7B	$5.8B
YoY change	+6.39%	+5.36%	+8.22%	+18.7%	+9.28%	+16.9%	+16.9%	+17.9%	+12%	+22.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.8B	1.9B	2B	2.4B	2.6B	3B	3.6B	4.2B	4.7B	5.8B
Cost of revenue	925.2M	994.7M	1.1B	1.3B	1.4B	1.6B	1.8B	2.2B	2.4B	2.9B
Gross profit	837.6M	862.6M	940.9M	1.1B	1.2B	1.4B	1.7B	2B	2.3B	2.8B
Gross margin	47.5%	46.4%	46.8%	45.1%	44.9%	46.3%	49%	47.9%	48.9%	49.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	262.9M	283.5M	332.1M	377.1M	366M	403M	596.8M	649.9M	710M	959M
Operating income	467M	471M	499.4M	570.8M	668.9M	854.7M	963.7M	1.2B	1.4B	1.5B
Operating margin	26.5%	25.4%	24.8%	23.9%	25.7%	28%	27%	27.5%	29.1%	26.1%
Non-operating income, net	-4.1M	17M	3.6M	18.8M	14.2M	-26.9M	60.6M	186.9M	137M	175M
Pretax income	423.5M	449.7M	462.5M	525.9M	624.1M	762.8M	876.1M	1.1B	1.3B	1.4B
Income tax	166M	50.1M	118.2M	127.4M	143.6M	175.7M	204.3M	275.6M	301M	304M
Net income	257.5M	399.6M	344.3M	398.5M	480.5M	587.1M	671.8M	870.5M	1B	1.1B
Net margin	14.6%	21.5%	17.1%	16.7%	18.4%	19.3%	18.9%	20.7%	21.3%	18.5%
EBITDA	577.1M	601.6M	610.5M	701.1M	808.2M	1B	1.2B	1.4B	1.6B	1.9B
EPS	0.92	1.43	1.24	1.42	1.7	2.08	2.38	3.07	3.48	3.37
Diluted EPS	0.91	1.41	1.22	1.4	1.69	2.07	2.37	3.05	3.46	3.16

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.1B	972.4M	1.2B	1.2B	1.2B	1.1B	1.4B	1.2B	1.6B	1.6B	1.9B	1.7B
Cost of revenue	532M	553.7M	631M	585M	607M	583M	683M	640M	793M	819M	907M	838M
Gross profit	534M	418.7M	606M	569M	579M	506M	702M	609M	757M	761M	973M	816M
Gross margin	50.1%	43.1%	49%	49.3%	48.8%	46.5%	50.7%	48.8%	48.8%	48.2%	51.8%	49.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	168M	159.7M	161M	173M	165M	211M	186M	211M	276M	287M	289M	271M
Operating income	315M	207.2M	391M	341M	358M	237M	452M	337M	374M	340M	551M	417M
Operating margin	29.5%	21.3%	31.6%	29.5%	30.2%	21.8%	32.6%	27%	24.1%	21.5%	29.3%	25.2%
Non-operating income, net	-25M	197.6M	23M	57M	9M	92M	23M	27M	37M	90M	87M	70M
Pretax income	242M	355.1M	364M	346M	317M	275M	427M	311M	311M	321M	533M	383M
Income tax	66M	86.4M	71M	87M	78M	64M	93M	77M	82M	53M	106M	94M
Net income	176M	268.7M	293M	259M	239M	211M	334M	234M	229M	268M	427M	289M
Net margin	16.5%	27.6%	23.7%	22.4%	20.2%	19.4%	24.1%	18.7%	14.8%	17%	22.7%	17.5%
EBITDA	368M	260.4M	448M	398M	415M	296M	516M	399M	473M	536M	748M	550M
EPS	0.62	0.94	1.03	0.9	0.82	0.73	1.16	0.79	0.68	0.78	1.27	0.86
Diluted EPS	0.62	0.94	1.02	0.9	0.81	0.73	1.15	0.78	0.68	0.59	1.06	0.84

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	6.1B	7B	7.5B	10.8B	13B	19.4B	15.8B	19.9B	28.8B	24.7B	20.2B
Enterprise value	6.7B	7.4B	8.5B	12B	14.5B	20.9B	19.3B	23.2B	32.1B	31.5B	27.5B
Shares outstanding	272.3M	272.6M	271M	272.5M	274.3M	276M	277.5M	279.6M	282M	310M	310M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	23.7	17.5	21.7	27	27.1	33	23.5	22.8	28.7	23.2	19.3
P/S	3.46	3.78	3.72	4.51	4.99	6.37	4.44	4.73	6.11	4.29	3.04
P/B	2.59	2.72	2.49	3.21	3.46	4.62	3.43	3.56	4.47	1.97	1.59
EV/EBITDA	11.5	12.3	14	17.1	17.9	20.7	16.8	16.9	20.1	16.4	9.52
EV/Sales	3.77	3.98	4.24	5.02	5.56	6.87	5.43	5.52	6.83	5.47	4.13
Earnings yield	4.22%	5.7%	4.61%	3.7%	3.69%	3.03%	4.25%	4.38%	3.48%	4.32%	5.17%
FCF yield	6.44%	5.96%	7.04%	5.62%	4.94%	3.94%	5.24%	4.73%	3.8%	5.59%	8.15%
PEG	—	—	—	—	—	—	—	—	—	—	2.18

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	47.5%	46.4%	46.8%	45.1%	44.9%	46.3%	49%	47.9%	48.9%	49.1%	49.3%
Operating margin	26.5%	25.4%	24.8%	23.9%	25.7%	28%	27%	27.5%	29.1%	26.1%	41.8%
Net margin	14.6%	21.5%	17.1%	16.7%	18.4%	19.3%	18.9%	20.7%	21.3%	18.5%	18.1%
ROE	10.9%	15.5%	11.5%	11.9%	12.8%	14%	14.6%	15.6%	15.6%	8.49%	10%
ROA	4.89%	6.95%	5.15%	5.23%	5.36%	5.99%	4.81%	5.85%	5.69%	3.56%	5.38%
ROIC	9.78%	14.1%	9.17%	9.48%	9.85%	11.5%	9.09%	9.89%	10.7%	6.02%	6.69%
Return on tangible assets	-17.1%	-41.3%	-17.4%	-23.4%	-25%	-31.9%	-26.2%	-28.6%	-51.2%	-10.7%	-12.7%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.2	1.13	1.22	1.22	1.26	1.25	1.09	1.03	1.1	1.04	1.13
Quick ratio	1.2	1.13	1.22	1.22	1.26	1.25	1.09	1.03	1.1	1.04	1.13
Debt / equity	0.45	0.38	0.5	0.53	0.62	0.54	0.91	0.72	0.63	0.63	0.64
Debt / assets	0.2	0.17	0.23	0.23	0.26	0.23	0.3	0.27	0.23	0.26	0.27
Net debt / EBITDA	0.94	0.63	1.73	1.73	1.83	1.52	3.05	2.42	2.11	3.56	3.07
Interest coverage	11.7	12.7	12.4	9.26	11.6	12.7	6.91	6.8	7.48	5.48	4.7
Effective tax rate	39.2%	11.1%	25.6%	24.2%	23%	23%	23.3%	24%	23.1%	22.2%	21.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.47	6.81	7.42	8.75	9.5	11	12.8	15	16.7	18.6	20.1
EPS (basic)	0.92	1.43	1.24	1.42	1.7	2.08	2.38	3.07	3.48	3.37	3.37
EPS (diluted)	0.91	1.41	1.22	1.4	1.69	2.07	2.37	3.05	3.46	3.16	3.13
Book value per share	8.67	9.48	11.1	12.3	13.7	15.2	16.6	20	22.8	40.6	38.1
FCF per share	1.44	1.53	1.94	2.22	2.34	2.77	2.99	3.36	3.87	4.46	4.33
Cash per share	1.95	2.2	1.67	2.04	3.05	2.56	2.39	2.54	2.43	3.48	2.74
Capex per share	0.07	0.09	0.15	0.27	0.26	0.16	0.19	0.25	0.29	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.01%	1.3%	2.07%	3.07%	2.71%	1.48%	1.48%	1.64%	1.74%	—	—
Capex / operating cash flow	4.36%	5.72%	7.55%	11%	10.2%	5.9%	6.19%	5.88%	6.69%	—	—
Payout ratio	27.3%	19.4%	24.6%	22.9%	20.9%	18.3%	17.8%	15.5%	15.4%	18.1%	20.6%
Dividend yield	1.15%	1.11%	1.13%	0.85%	0.77%	0.55%	0.76%	0.68%	0.54%	0.78%	1.1%

Yield

1.1%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.165

ex-dividend Aug 12, 2026

Payout ratio

21%

of earnings

Dividend growth

30 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 12, 2026	$0.165
May 11, 2026	$0.165
Feb 4, 2026	$0.165

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.1B	$972.4M	$1.2B	$1.2B	$1.2B	$1.1B	$1.4B	$1.2B	$1.6B	$1.6B	$1.9B	$1.7B
YoY change	+15.1%	+8.87%	+11.6%	+11.4%	+11.3%	+12%	+12%	+8.23%	+30.7%	+45.1%	+35.7%	+32.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	530.7M	598.3M	451.8M	554.5M	835.7M	706.1M	662M	711.3M	685M	1.1B
Receivables	580.6M	1B	910.2M	1B	1.1B	585.7M	1.5B	914.9M	2.4B	2.1B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	1.7B	2.2B	2.2B	2.5B	3B	3.3B	5B	5.1B	6.9B	8.6B
Property, plant & equipment	75.8M	77.1M	100.4M	332.9M	388.1M	409M	454.8M	469.1M	319M	367M
Goodwill & intangibles	6.8B	6.7B	8.7B	9.3B	10.9B	11.6B	16.5B	17.9B	19.6B	40B
Total assets	5.3B	5.7B	6.7B	7.6B	9B	9.8B	14B	14.9B	17.6B	30B
Accounts payable	717.2M	749.3M	944.9M	1.1B	1.4B	242.7M	286.5M	458.9M	373M	990M
Short-term debt	55.5M	120M	50M	98.4M	113.5M	85.9M	295.6M	614.1M	272M	781M
Total current liabilities	1.4B	2B	1.8B	2B	2.4B	2.7B	4.6B	5B	6.3B	8.3B
Long-term debt	1B	856.1M	1.5B	1.7B	2.2B	2.2B	3.9B	3.4B	3.8B	7.1B
Total liabilities	2.9B	3.2B	3.7B	4.3B	5.2B	5.6B	9.4B	9.3B	11.2B	17.4B
Shareholders' equity	2.4B	2.6B	3B	3.4B	3.8B	4.2B	4.6B	5.6B	6.4B	12.6B
Total debt	1.1B	976.1M	1.5B	1.8B	2.3B	2.2B	4.2B	4B	4.1B	7.9B
Net debt	558.2M	402.8M	1.1B	1.2B	1.5B	1.6B	3.5B	3.3B	3.4B	6.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	768.9M	711.3M	591M	1.1B	968M	685M	669M	8.9B	1.2B	1.1B	1B	918M
Receivables	952.7M	914.9M	997M	1B	3B	2.4B	1.5B	1.4B	2.1B	2.1B	2.2B	2.1B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	4.8B	5.1B	5B	6.1B	7.5B	6.9B	5.9B	14.4B	8.1B	8.6B	8.5B	8.7B
Property, plant & equipment	250.2M	469.1M	272M	290M	309M	319M	327M	334M	366M	367M	370M	368M
Goodwill & intangibles	16.8B	17.9B	18B	18B	18.3B	19.6B	19.9B	20.5B	39.7B	40B	39.7B	39.4B
Total assets	14B	14.9B	14.8B	15.9B	17.5B	17.6B	16.8B	25.6B	29.4B	30B	29.7B	29.9B
Accounts payable	380.2M	458.9M	322M	313M	329M	373M	481M	382M	849M	990M	873M	807M
Short-term debt	562.5M	614.1M	875M	725M	225M	272M	75M	75M	75M	781M	1.2B	413M
Total current liabilities	4.6B	5B	4.9B	5.4B	6.5B	6.3B	4.9B	5.3B	6.9B	8.3B	8.3B	7.7B
Long-term debt	3.3B	3.4B	3.2B	3.6B	3.5B	3.8B	3.9B	7.7B	7.9B	7.1B	6.8B	7.6B
Total liabilities	8.8B	9.3B	9B	9.9B	11B	11.2B	9.9B	14B	16.9B	17.4B	17.1B	17.3B
Shareholders' equity	5.2B	5.6B	5.8B	6B	6.5B	6.4B	6.8B	11.6B	12.4B	12.6B	12.6B	12.6B
Total debt	3.9B	4B	4.1B	4.3B	3.8B	4.1B	4B	7.7B	8B	7.9B	8.1B	8B
Net debt	3.1B	3.3B	3.5B	3.2B	2.8B	3.4B	3.3B	-1.2B	6.8B	6.8B	7.1B	7.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	257.5M	399.6M	344.3M	398.5M	480.5M	587.1M	671.8M	870.5M	1B	1.1B
Depreciation & amortization	107.7M	108.1M	109.4M	128.7M	134.8M	152.9M	185.8M	206M	222M	367M
Stock-based compensation	16.1M	30.6M	33.5M	47M	59.7M	61M	66.1M	89.4M	101M	93M
Change in working capital	1.2M	-9.9M	55.6M	77.7M	6.4M	-93.7M	-51.9M	-500K	-82M	117M
Operating cash flow	407.6M	422.9M	549.8M	664.7M	690.7M	763M	849.4M	1.2B	1.2B	1.4B
Capital expenditure	-17.8M	-24.2M	-41.5M	-73.1M	-70.7M	-45M	-52.6M	-68.9M	-82M	—
Investing cash flow	-142.4M	-62.6M	-951.8M	-413.6M	-759.1M	-396.8M	-1.9B	-587M	-898M	-7.8B
Dividends paid	-70.3M	-77.7M	-84.7M	-91.3M	-100.6M	-107.2M	-119.5M	-135M	-154M	-193M
Share repurchases	-18.9M	-128.6M	-91.3M	-58.7M	-96.4M	-132.4M	-122.9M	-39.9M	-55M	-142M
Financing cash flow	-152M	-329M	949.9M	31.7M	574.9M	-244.1M	1.7B	-126.5M	-108M	7.7B
Net change in cash	113.1M	31.3M	547.9M	282.8M	506.5M	122.1M	624.6M	457.7M	220M	1.3B
Free cash flow	393.3M	417.8M	526M	605.1M	642.3M	763.8M	828.8M	940.6M	1.1B	1.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	176M	268.7M	293M	260M	238M	211M	334M	235M	230M	268M	427M	289M
Depreciation & amortization	50M	51.8M	54M	53M	57M	58M	64M	62M	107M	134M	133M	128M
Stock-based compensation	22M	22.4M	29M	23M	25M	24M	29M	23M	24M	17M	26M	23M
Change in working capital	39M	-29.3M	-196M	50M	102M	-38M	-49M	-27M	-43M	236M	-258M	-89M
Operating cash flow	315M	306M	164M	368M	404M	290M	366M	311M	468M	444M	262M	346M
Capital expenditure	-13M	-30.5M	-13M	-26M	-23M	-20M	-17M	-15M	—	—	—	—
Investing cash flow	-59M	-393.7M	-88M	11M	-42M	-779M	-79M	-108M	-7.5B	-193M	-17M	-10M
Dividends paid	-33M	-37.1M	-38M	-37M	-36M	-43M	-43M	-43M	-51M	-56M	-57M	-55M
Share repurchases	-1M	0	-54M	0	0	-1M	-40M	-1M	-1M	-100M	-276M	-251M
Financing cash flow	-362M	189.2M	33M	242M	-760M	277M	-218M	3.9B	-173M	-143M	-354M	-172M
Net change in cash	-106M	101.5M	109M	621M	-398M	-212M	69M	4.1B	-7.2B	108M	-109M	164M
Free cash flow	303M	274.9M	0	334M	417M	341M	196M	310M	452M	424M	241M	329M

Date	Ratio
Mar 29, 2018	2:1
Nov 29, 2005	2:1
Nov 23, 2001	2:1
Aug 24, 2000	2:1
Mar 2, 1998	3:2
May 30, 1991	5:4
May 12, 1986	3:2
Mar 24, 1983	3:2

Brown & Brown Inc Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history