NYSE: BRO · Insurance Brokers
Brown & Brown, Inc.
Brown & Brown is an insurance intermediary: it sells and services insurance for businesses, public entities and individuals (Retail), and places specialty risks for other agents and carriers as a program manager and wholesale broker (Specialty Distribution). It earns commissions and fees, not underwriting profit. On August 1, 2025, it completed its largest deal, the acquisition of Accession Risk Management Group (Risk Strategies and One80 Intermediaries), funded partly with $4.2 billion of new senior notes. 2025 revenue rose 22.8% to $5.9 billion, but organic revenue grew only 2.8%, and diluted EPS fell to $3.16 while shares outstanding rose from 286 million to 336 million. Total assets roughly doubled to $30 billion.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-1210-Q (quarter ended 2026-09-30) · filed 2026-10-26
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 17.7%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.38x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 19.8x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.53
Higher than 85% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 40% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$71.96close on 2026-11-04
Market cap$24.18B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 19.8x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.9x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 5.7%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.9%
At FY2025 year-end: 25.2x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 2.1x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 5.2%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$1.61B → $1.73B (vs. a year earlier)↑ +7.4%$1.61B → $1.73B (vs. a year earlier)
- Net income$227M → $240M (vs. a year earlier)↑ +5.7%$227M → $240M (vs. a year earlier)
- Diluted EPS$0.68 → $0.67 (vs. a year earlier)↓ −1.5%$0.68 → $0.67 (vs. a year earlier)
- Cash$918M → $1.1B (vs. previous quarter-end)↑ +19.7%$918M → $1.1B (vs. previous quarter-end)
- Long-term debt$7.76B → $7.76B (vs. previous quarter-end)→ +0.0%$7.76B → $7.76B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 26, 2026.
Key changes
Q3 revenues $1.7B, up 7.4%, with organic growth of 1.2%. Source sentence
including total revenues of $1.7 billion, an increase of 7.4%; growth of Organic Revenue of 1.2%; growth of Organic Revenue with Contingents of 1.5%; diluted net income per share of $0.67; and Diluted Net Income Per Share - Adjusted of $1.07
Diluted EPS $0.67, down 1.5%. Source sentence
Diluted net income per share of $0.67, a decrease of 1.5%, with Diluted Net Income Per Share - Adjusted increasing to $1.07, or 1.9%, each compared to the third quarter of the prior year.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- BROWN & BROWN, INC.
- Headquarters
- DAYTONA BEACH, FL
- Incorporated in
- Florida
- Fiscal year end
- 01/19
- Exchange & ticker
- NYSE: BRO
- Industry
- Insurance Brokers
- CIK
- 79282
- Website
- https://www.bbrown.com/ ↗
Workforce (as of FY2025 year-end)
Employees
22,888
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 23–27 days after quarter end (Jan 26, 2026; Jan 27, 2025; Jan 23, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around January 19.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 22–28 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 26, 2026 (+26 days) | Oct 26, 2026 10-Q (+26 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 27, 2026 (+27 days) | Jul 27, 2026 10-Q (+27 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 27, 2026 (+27 days) | Apr 27, 2026 10-Q (+27 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 26, 2026 (+26 days) | Feb 12, 2026 10-K (+43 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 27, 2025 (+27 days) | Oct 28, 2025 10-Q (+28 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 28, 2025 (+28 days) | Jul 28, 2025 10-Q (+28 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 28, 2025 (+28 days) | Apr 28, 2025 10-Q (+28 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 27, 2025 (+27 days) | Feb 13, 2025 10-K (+44 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 28, 2024 (+28 days) | Oct 28, 2024 10-Q (+28 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 22, 2024 (+22 days) | Jul 22, 2024 10-Q (+22 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 22, 2024 (+22 days) | Apr 24, 2024 10-Q (+24 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 23, 2024 (+23 days) | Feb 22, 2024 10-K (+53 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Retail
Commercial and personal insurance brokerage
Examples: Property and casualty, employee benefits, personal lines
$3.41B of 2025 revenue.
Specialty Distribution
Programs and wholesale brokerage
Examples: Managing general agency programs, wholesale placement (One80 from Accession)
$2.41B of 2025 revenue.
From the FY2025 Form 10-K.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
FY2025 from the 10-K, and 2026 events from the Q3 earnings release and 8-Ks.
Q3 2026 results
Revenue $1.7B (+7.4%), organic revenue +1.2%; net income attributable $240M (+5.7%); diluted EPS $0.67 (−1.5%); EBITDAC margin – adjusted 34.6% (vs 36.6%).
Source: Q3 2026 earnings release
Retail leadership
COO Stephen Hearn took over Retail in October 2025; former Retail president P. Barrett Brown resigned in August 2026.
Source: 8-Ks filed 2025-10-20 and 2026-08-10
Credit agreement
Third amended and restated credit agreement signed June 5, 2026.
Source: 8-K filed 2026-06-05
Board
Director Bronislaw Masojada resigned on October 21, 2026 to serve as Lord Mayor of the City of London; the company says it was not due to a disagreement.
Source: 8-K filed 2026-10-22
Capex ÷ D&A (FY2025)
1.24x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$68M ÷ $55M = 1.24x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$12.36B
Latest year: $7.85B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $71M in FY2020 to $68M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$5.9B
As reported in the 10-K
Revenue CAGR (5 years)
+17.7%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($5,902M ÷ $2,613M) ^ (1÷5) − 1 = 17.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
11.1%▲favorable
6-year average: 14.6%
As reported in the 10-K
P/B (FY2025 end)
2.13x
formulafiscal year-end closing price ÷ book value per share
e.g.$79.70 ÷ $37.42 = 2.13x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +17.7% a year over 5 years (strong growth)
From $2.61B in FY2020 to $5.9B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Equity ratio is 41.9% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 14.6% over 6 years (latest: 11.1%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
Retail
Advising clients and placing coverage- Loss control and claims support
Specialty Distribution
Program design and administration- Placing hard-to-place risks for retail agents
06 · what it draws on
Key resources
Retail
14,531 Retail employees- Relationships with insurance carriers
Specialty Distribution
7,905 employees- Carrier capacity and delegated underwriting authority
02 · why customers buy
Value propositions
- Insurance placement and programs expertise across retail, wholesale (Bridge Specialty Group) and managing general agent businesses.
04 · how it keeps them
Customer relationships
- Renewal business: commissions depend on the timing of policy renewals and on new and lost business.
03 · how it reaches them
Channels
- Retail offices serving commercial, public, professional and individual insureds; wholesale brokerage for other agents.
01 · who it serves
Customer segments
Retail
Businesses, public entities, individualsSpecialty Distribution
Insurance carriers and independent agents
09 · where money goes
Cost structure
FY2025, share of revenue ($5.9B)
- Interest expense5.0%
Depreciation & amortization (inside the costs above): $55M. Capital spending: $68M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Retail
Commissions from carriers- Fees from clients
Specialty Distribution
Commissions and fees- Profit-sharing (contingent) commissions
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Retail
Property and casualty, employee benefits and personal insurance placed for commercial, public, professional and individual customers, plus risk management and claims services.
01 what it draws on
Inputs & resources
- 14,531 Retail employees
- Relationships with insurance carriers
02 what it does
Activities
- Advising clients and placing coverage
- Loss control and claims support
03 who it serves
Customers
- Businesses, public entities, individuals
04 how money comes in
How it earns
- Commissions from carriers
- Fees from clients
Retail: how it makes money
- 2025 revenue $3.41B (+24.8%), pre-tax income $707M (20.8% margin).
- The largest Retail customer was 0.6% of segment commissions and fees.
Specialty Distribution
Programs (acting as managing general agent for carriers), wholesale brokerage for other agents, and specialty businesses — formed in 2025 by combining the former Programs and Wholesale Brokerage segments.
01 what it draws on
Inputs & resources
- 7,905 employees
- Carrier capacity and delegated underwriting authority
02 what it does
Activities
- Program design and administration
- Placing hard-to-place risks for retail agents
03 who it serves
Customers
- Insurance carriers and independent agents
04 how money comes in
How it earns
- Commissions and fees
- Profit-sharing (contingent) commissions
Specialty Distribution: how it makes money
- 2025 revenue $2.41B (+19.5%), pre-tax income $865M (35.9% margin).
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Brown & Brown needs licenses to act as agent or broker, and state-run insurance pools compete with it.
Approvals & licenses
Licensing
Must be licensed as agents, brokers or administrators in each jurisdiction.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Government as customer
State insurance funds
States sometimes create insurance funds and risk pools that compete with private carriers.
Constrains the businessTouches: CustomersSource: Form 10-K (FY2025)
Political engagement
Anti-ESG initiatives
Potential conflict with state anti-ESG initiatives could hurt its reputation.
Constrains the businessTouches: CustomersSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Retail
3,406 (59%)profit 707 · margin 20.8%
Specialty Distribution
2,409 (41%)profit 865 · margin 35.9%
Source: Form 10-K (FY2025) — MD&A, segment results Profit is income before income taxes. Other (revenue $87M, pre-tax loss $201M including $231M of interest expense) is not shown.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Brown & Brown is paid commissions by insurance carriers as a percentage of premiums, plus fees, so revenue moves with premium rates and insured values. Contingent commissions depend on carriers' profitability on placed business.
Core commissions and fees
Most of $5.9B (2025)
Typical term: Percentage of premiums placed, renewed annually
Organic Revenue growth 2.8% in 2025.
Profit-sharing contingent commissions
$255M (2025)
Typical term: Based on carrier profitability and volume
Source: Form 10-K (FY2025) — MD&A
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Commercial, public, professional and individual insureds, plus carriers and agents in Specialty Distribution.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- The largest Retail customer represented 0.6% of Retail commissions and fees in 2025. (Form 10-K (FY2025), Item 1)
Suppliers
Insurance carriers that provide coverage capacity and pay commissions.
Named by the company
None named in the 10-K or the company’s press releases.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Brown & Brown's 10-K says the insurance intermediary business is highly competitive, with numerous firms — some with substantially greater resources — plus insurers selling directly and internet and startup technology companies. It names no competitors.
Competitors named in the 10-K
Brown & Brown's 10-K describes competition without naming companies.
Peer group the company chose
Peer Comparison Group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Eight publicly traded insurance carriers, four insurance intermediaries and one capital markets company used by FW Cook for pay comparisons.
- Aonsite ↗
- Arch Capital Groupsite ↗
- Arthur J. Gallaghersite ↗
- AXIS Capitalsite ↗
- Erie Indemnitysite ↗
- First American Financialsite ↗
- The Hanover Insurance Groupsite ↗
- Marsh & McLennan Companiessite ↗
- Primericasite ↗
- Raymond James Financialsite ↗
- RLIsite ↗
- Selective Insurance Groupsite ↗
- WTW (Willis Towers Watson)site ↗
Insurance intermediaries
Source: Proxy statement (DEF 14A, filed 2026-03-24) — Peer Comparison GroupCompany names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Brown & Brown grows through many acquisitions; Accession was by far the largest.
Cash spent on acquisitions, FY2020–FY2025: $12.36B
Aug 2025
Accession Risk Management Group (RSC Topco)
Not shown here; financed partly with $4.2B of senior notes
North American insurance distribution platform including Risk Strategies (retail brokerage) and One80 Intermediaries (wholesale and program manager).
- Stated purpose (company)
- Not stated.
Source: Form 10-K (FY2025)
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 2,613 | 3,051 | 3,573 | 4,257 | 4,805 | 5,902 |
| Pretax income | 624 | 763 | 876 | 1,146 | 1,303 | 1,371 |
| Net income (attributable) | 481 | 587 | 672 | 871 | 993 | 1,054 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 16.8% | 17.1% | 19.1% | 12.9% | 22.8% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 18.4% | 19.2% | 18.8% | 20.5% | 20.7% | 17.9% |
| Balance sheet ($M) | ||||||
| Total assets | 8,967 | 9,795 | 13,974 | 14,883 | 17,612 | 29,991 |
| Total equity | 3,754 | 4,197 | 4,607 | 5,579 | 6,437 | 12,573 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 2,096 | 2,023 | 3,942 | 3,796 | 3,824 | 7,613 |
| Equity ratio | 41.9% | 42.8% | 33.0% | 37.5% | 36.5% | 41.9% |
| ROE | 12.8% | 14.8% | 15.3% | 17.1% | 16.5% | 11.1% |
| Cash flow ($M) | ||||||
| Operating CF | 713 | 809 | 881 | 1,010 | 1,174 | 1,450 |
| Investing CF | -759 | -397 | -1,913 | -587 | -898 | -7,914 |
| Financing CF | 355 | -210 | 1,726 | -187 | -64 | 7,713 |
| Free cash flowcalccash flow from operations − capital expenditures | 642 | 764 | 829 | 941 | 1,092 | 1,382 |
| Cash and equivalents | 656 | 693 | 650 | 700 | 675 | 1,079 |
| Per share & other | ||||||
| EPS ($) | 1.69 | 2.07 | 2.37 | 3.05 | 3.46 | 3.16 |
| BVPS ($) | 13.27 | 14.86 | 16.27 | 19.57 | 22.51 | 37.42 |
| Dividend per share ($) | 0.35 | 0.38 | 0.42 | 0.48 | 0.54 | 0.62 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 20.7% | 18.4% | 17.7% | 15.7% | 15.6% | 19.6% |
| P/E (x) | 28.1 | 34.0 | 24.0 | 23.3 | 29.5 | 25.2 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 3.57 | 4.73 | 3.50 | 3.63 | 4.53 | 2.13 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $1.73B+7.4% | $240M+5.7% | $0.67 |
| 2026-06-30 | $1.68B+30.4% | $288M+24.7% | $0.84 |
| 2026-03-31 | $1.9B+35.4% | $426M+28.7% | $1.06 |
| 2025-12-31 † | $1.61B+35.8% | $265M+26.8% | — |
| 2025-09-30 | $1.61B | $227M | $0.68 |
| 2025-06-30 | $1.29B | $231M | $0.78 |
| 2025-03-31 | $1.4B | $331M | $1.15 |
| 2024-12-31 † | $1.18B | $209M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
2.3%
Perpetual FCF growth: g = r − FCF ÷ EV = 6.8% − 4.5%
Past FCF growth (FY2020–FY2025)
+16.6%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+17.7%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.38B (operating CF − capex); enterprise value $30.71B = market cap $24.18B (latest close, 2026-11-04) + debt $7.61B − cash and short-term investments $1.08B; r = WACC of 6.8% using this page’s default assumptions (β 0.53, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$30.71B
FCF $1.38B ÷ (6.8% − 2.3%)
Theoretical ÷ actual enterprise value
1.00x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 4.8% | 5.8% | 6.8% | 7.8% | 8.8% |
|---|---|---|---|---|---|
| 0% | 0.94x | 0.78x | 0.66x | 0.58x | 0.51x |
| 2% | 1.61x | 1.18x | 0.94x | 0.78x | 0.66x |
| 4% | 5.62x | 2.50x | 1.61x | 1.18x | 0.94x |
| 6% | — | — | 5.62x | 2.50x | 1.61x |
| 8% | — | — | — | — | 5.62x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.32x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -1.7%
A small share of profit rests on accounting estimates.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,450M ÷ $1,054M = 1.38x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 87.8%
- Directors & officers (shares)
- 13.1%
- Everyone else (est.)
- 0.0%
- Directors & officers (voting power)
- 13.1%
- Institutional-ownership rank
- 227 of 416
- Beta (adjusted)
- 0.53
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 54% of covered companies have more
above 1 = swings more than the market
- 293.7M shares reported by 807 13F filers ÷ 334.6M shares outstanding on 2026-07-24. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-24 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-24)
19
Strengths & weaknessesSite analysis
Strengths
1. Scale after Accession
468 U.S. locations in 47 states and 246 international locations at year-end 2025; revenue up 22.8%.
Evidence: Form 10-K (FY2025)
2. High-margin specialty business
Specialty Distribution earned a 35.9% pre-tax margin in 2025.
Evidence: Form 10-K (FY2025), MD&A
3. Diversified customers
No single Retail customer exceeded 0.6% of segment commissions and fees.
Evidence: Form 10-K (FY2025), Item 1
Weaknesses
1. Slow organic growth
Organic Revenue grew 2.8% in 2025, fell 0.7% in Q2 2026 and grew 1.2% in Q3 2026 (0.3% for the first nine months). Brown & Brown attributes $16M of lost Q3 core commissions to a competitor that is the subject of pending litigation.
Evidence: Form 10-K (FY2025); Q2 and Q3 2026 earnings releases; Form 10-Q (quarter ended 2026-09-30)
2. Higher debt and dilution
Debt rose from $3.8B to $7.6B and shares outstanding from 286M to 336M in 2025 to fund Accession.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
25.2x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.78%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
20%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
5.2%
(Operating CF − capex) ÷ market cap
1. Acquisitive compounder
Revenue grew from $3.1B (2021) to $5.9B (2025) through acquisitions and organic growth, with rising dividends.
- What has to hold
- Accession is integrated well and organic growth recovers.
- The other side
- Organic growth has slowed to around zero, and EPS fell in 2025.
Evidence: SEC EDGAR XBRL; Q3 2026 earnings release
These summarize facts in Brown & Brown's filings, not a recommendation.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
1.5x
$1.08B vs. $719M
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
7.2x
$1.38B vs. $193M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Recurring commissions
Revenue comes from annually renewing insurance placements across many customers.
Source: Form 10-K (FY2025)
Cash generation
Operating cash flow of $1.45B in 2025.
Source: SEC EDGAR XBRL
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Brown & Brown reports only litigation arising in the ordinary course of business, with no new proceedings or material developments in the latest quarter.
Company statement: Brown & Brown's latest 10-Q reports no new legal proceedings or material developments requiring disclosure.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Premium rate cycles
- Company disclosure (summarized from the 10-K)
- Commissions depend on premium rates and insured exposures; softening rates reduce revenue growth.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 2Competition & technology shift
Competition and direct sales
- Company disclosure (summarized from the 10-K)
- The intermediary business is highly competitive; some insurers sell directly and internet and startup technology companies place personal and small business insurance.
- Company’s stated mitigation
- Its own technology capabilities for personal lines and small businesses.
- This site’s assessment
- Impact Med / Likelihood Med
- 3M&A & integration
Accession integration
- Company disclosure (summarized from the 10-K)
- The 10-K lists the risk that the Accession deal's benefits and cost savings are not realized, and risks from its financing and from Accession's underwriting exposure in certain businesses.
- Company’s stated mitigation
- Not stated in the filings; $113M of acquisition and integration costs were recorded in 2025.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Funding & liquidity
Leverage
- Company disclosure (summarized from the 10-K)
- $4.2B of senior notes issued for the Accession deal; $400M of notes due in 2026.
- Company’s stated mitigation
- Credit agreement amended and restated in June 2026.
- This site’s assessment
- Impact Med / Likelihood Low
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
WE MAY FAIL TO REALIZE ALL OF THE ANTICIPATED BENEFITS OF THE TRANSACTION (INCLUDING USE OF ACCESSION’S DEFERRED TAX ASSETS), AND THE TRANSACTION OR THOSE BENEFITS MAY TAKE LONGER TO REALIZE THAN EXPECTED.
We believe that there are significant benefits and synergies that may be realized through the Transaction. Read more
However, the efforts to realize these benefits and synergies will be a complex process and may disrupt existing operations if not implemented in a timely and efficient manner. The full benefits of the Transaction, including the anticipated synergies and growth opportunities, may not be realized as expected or may not be achieved within the anticipated time frame, or at all. In addition, our use post-closing of any of Accession’s deferred tax assets may be subject to limitation. Failure to achieve the anticipated benefits of the Transaction could adversely affect our results of operations or cash flows, and decrease or delay any anticipated accretive effect of the Transaction.
FINANCING THE TRANSACTION RESULTED IN AN INCREASE IN OUR INDEBTEDNESS, WHICH COULD ADVERSELY AFFECT US, INCLUDING BY DECREASING OUR BUSINESS FLEXIBILITY AND INCREASING OUR INTEREST EXPENSE.
As of December 31, 2025, our total debt was $7,613 million. We financed the purchase price of the Transaction with the net proceeds of certain securities offerings and cash on hand. Read more
These increases in our indebtedness may, among other things, reduce our flexibility to respond to changing business and economic conditions or to fund capital expenditures or working capital needs. In addition, the amount of cash required to pay interest on our indebtedness, and thus the demands on our cash resources, will materially increase as a result of the Transaction.
WE HAVE MADE CERTAIN ASSUMPTIONS RELATING TO THE TRANSACTION WHICH MAY PROVE TO BE MATERIALLY INACCURATE.
We have made certain assumptions relating to the Transaction, which assumptions involve significant judgment and may not reflect the full range of uncertainties and unpredictable outcomes inherent in the Transaction and may be materially inaccurate. These assumptions relate to numerous matters, including:
WE ARE SUBJECT TO RISKS RELATED TO ACCESSION’S BUSINESS, INCLUDING UNDERWRITING RISK IN CONNECTION WITH CERTAIN CAPTIVE INSURANCE COMPANIES.
We are subject to risks related to Accession’s business and assumed its insurance policies and other obligations.
No longer in the text (4)
Additionally, we use artificial intelligence (“AI”) and robotic processing automation (“RPA”) in our business, including with respect to services provided to our customers. Read more
We have internal policies governing the use of AI and RPA by our employees designed to protect us from breaches of data privacy, errors and omissions liability and regulatory enforcement risk; however, our employees could violate these policies and expose us to such risks. Furthermore, our exposure to these risks may increase if our vendors, suppliers, or other third-party providers employ AI or RPA in relation to the products or services they provide to us, as we have limited control over such use in third-party products or services. These risks include the input or processing of confidential information, including material non-public information, in contravention of our policies or contractual restrictions to which…
those relating to data protection. If any of these risks materialize, such information could become part of a dataset that is accessible by other third-party AI or RPA applications and/or users.
FUTURE PANDEMICS, EPIDEMICS OR OUTBREAKS OF INFECTIOUS DISEASE, AND THE RESULTING GOVERNMENTAL AND SOCIETAL RESPONSES MAY MATERIALLY AND ADVERSELY AFFECT OUR BUSINESS, LIQUIDITY, CUSTOMERS, INSURANCE CARRIERS AND THIRD PARTIES.
We cannot predict the impact that future pandemics, epidemics or outbreaks of infectious disease, will have in the future on our customers, insurance carriers, suppliers and other third-party contractors, and each of their financial conditions; however, any material effect on these parties could adversely impact us. Even after a pandemic, epidemic or outbreak of infectious disease has subsided, we may experience materially adverse impacts to our business as a result of the global economic impact of these events. Further, these events may affect our operating and financial results in a manner that is not presently known to us or that we currently do not consider as presenting significant risks to our operations.
9 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 12, 2026 ↗ with the 10-K filed Feb 13, 2025 ↗.
25
What to watch going forwardSite analysis
- Organic revenue growth as insurance pricing softens.
- Accession integration and cost savings.
- Debt paydown after the acquisition.
- Leadership changes in the Retail segment.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-12
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Brown & Brown, Inc.’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.