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Brown & Brown

BRO NYSE Insurance Brokers Financials FY2016–FY2025

Brown & Brown's revenue rose 22.8% to $5.9 billion in fiscal 2025. Its net margin was 17.9%, down from 20.7% a year earlier. Free cash flow was $1.4 billion, up 26.6%. It paid out $293 million in dividends and buybacks, 21% of free cash flow. The diluted share count rose 10.2%.

Last close · Oct 23, 2026

$72.97

2.0%
Value it Compare
Revenue Total sales reported in the income statement.
$5.9B
22.8% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$1.1B
6.1%
Free cash flow Cash from operations minus capital spending.
$1.4B
26.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.1%
3.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$24.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
23.0x
On $3.17 EPS (TTM)

What Brown & Brown does

No business description yet.

Legal name
BROWN & BROWN, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-046984
0000079282

Revenue and margins

Brown & Brown had $5.9B of revenue in fiscal 2025, up 22.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 14.8% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.4B in fiscal 2025, 23.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Brown & Brown returned $293M to shareholders in fiscal 2025, 21% of free cash flow. The diluted share count rose 10.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Brown & Brown yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$6.5B and divides by 313.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 23.0x · peers 32.3x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Brown & Brown can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $706M$662M$711M$685M$1.1B
Debt incl. finance leases $2.0B$3.9B$3.8B$3.8B$7.6B
Net debt / EBITDA 1.5x3.1x2.2x2.0x3.8x
Debt / equity 0.5x0.9x0.7x0.6x0.6x
Interest coverage 12.7x7.2x7.0x7.8x5.6x
Current ratio 1.3x1.1x1.0x1.1x1.0x
Quick ratio 1.3x1.1x1.0x1.1x1.0x
Total assets $9.8B$14.0B$14.9B$17.6B$30.0B
Total liabilities $5.6B$9.4B$9.3B$11.2B$17.4B
Shareholders' equity $4.2B$4.6B$5.6B$6.4B$12.6B
Net debt (− = net cash) $1.3B$3.3B$3.1B$3.1B$6.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.2M

2 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jun 9, 2026 Joia M JohnsonDirector Bought 860 $58.05 $0.0M Form 4
May 5, 2026 Proctor H Palmer JrDirector Bought 2,000 $57.10 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✓
F-score 4 / 87 / 84 / 8
Accruals ratio −1.0%−1.1%−1.7%
Altman Z'' 2.472.541.96

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Brown & Brown BRO $24.4B 22.8% — 23.4% 9.1% 23.0x 4
Erie Indemnity ERIE — 7.2% 17.6% 14.0% 31.8% — — Compare →
Willis Towers Watson WTW $30.6B −2.2% 23.0% 15.9% 12.8% 20.1x 7 Compare →
Ryan Specialty RYAN — 21.3% 16.2% 21.0% 8.7% — — Compare →
Arthur J. Gallagher AJG $68.8B 20.7% — 12.8% 9.9% 44.5x 3 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.8B $1.9B $2.0B $2.4B $2.6B $3.1B $3.6B $4.3B $4.8B $5.9B
Interest expense $39.5M $38.3M $40.6M $63.7M $59.0M $65.0M $141M $190M $193M $297M
Pretax income $424M $450M $463M $526M $624M $763M $876M $1.1B $1.3B $1.4B
Income tax $166M $50.1M $118M $127M $144M $176M $204M $275M $301M $304M
Net income $258M $400M $344M $399M $481M $587M $672M $871M $993M $1.1B
Diluted EPS $0.91 $1.40 $1.22 $1.40 $1.69 $2.07 $2.37 $3.05 $3.46 $3.16
Diluted shares 0.28B 0.28B 0.28B 0.27B 0.28B 0.28B 0.28B 0.28B 0.28B 0.31B
Cash flow
Cash from operations $411M $442M $568M $678M $713M $809M $881M $1.0B $1.2B $1.5B
Capital expenditure $17.8M $24.2M $41.5M $73.1M $70.7M $45.0M $52.0M $69.0M $82.0M $68.0M
Free cash flow $393M $418M $526M $605M $642M $764M $829M $941M $1.1B $1.4B
Depreciation and amortization $21.0M $22.7M $22.8M $23.4M $26.3M $33.3M $39.0M $40.0M $44.0M $55.0M
Stock-based compensation $16.1M $30.6M $33.5M $47.0M $59.7M $61.0M $66.0M $89.0M $101M $93.0M
Acquisitions $123M $41.5M $924M $353M $695M $367M $1.9B $631M $890M $7.9B
Share buybacks $18.9M $129M $91.2M $58.7M $55.1M $82.6M $74.0M $0.0M $0.0M $100M
Dividends paid $70.3M $77.7M $84.7M $91.3M $101M $107M $120M $135M $154M $193M
Dividends and buybacks $89.2M $206M $176M $150M $156M $190M $194M $135M $154M $293M
Balance sheet
Cash and short-term investments $531M $598M $452M $555M $675M $706M $662M $711M $685M $1.1B
Total debt $1.1B $976M $1.5B $1.6B $2.1B $2.0B $3.9B $3.8B $3.8B $7.6B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.7B $2.2B $2.2B $2.5B $3.0B $3.3B $5.0B $5.1B $6.9B $8.6B
Current liabilities $1.4B $2.0B $1.8B $2.0B $2.4B $2.7B $4.6B $5.0B $6.3B $8.3B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $75.8M $77.1M $100M $149M $201M $212M $240M $270M $319M $367M
Total assets $5.3B $5.7B $6.7B $7.6B $9.0B $9.8B $14.0B $14.9B $17.6B $30.0B
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 $3.0B $3.4B $3.8B $4.2B $4.6B $5.6B $6.4B $12.6B
Margins
EBITDA margin 27.4% 27.2% 26.1% 25.6% 27.1% 28.2% 29.6% 32.3% 32.1% 29.2%
Net margin 14.6% 21.2% 17.1% 16.7% 18.4% 19.2% 18.8% 20.5% 20.7% 17.9%
FCF margin 22.3% 22.2% 26.1% 25.3% 24.6% 25.0% 23.2% 22.1% 22.7% 23.4%
Returns
Return on capital 9.8% 14.8% 10.7% 10.6% 11.0% 11.9% 11.7% 12.3% 12.6% 9.1%
Return on capital employed 12.4% 12.9% 11.6% 11.3% 11.2% 12.1% 12.3% 13.8% 14.1% 10.1%
Return on equity 11.4% 16.2% 12.3% 12.6% 13.5% 14.8% 15.3% 17.1% 16.5% 11.1%
Return on assets 5.0% 7.3% 5.5% 5.6% 5.8% 6.3% 5.7% 6.0% 6.1% 4.4%
Growth
Revenue growth 6.4% 6.5% 7.1% 18.8% 9.3% 16.8% 17.1% 19.1% 12.9% 22.8%
Net income growth 5.8% 55.2% −13.9% 15.8% 20.6% 22.2% 14.5% 29.6% 14.0% 6.1%
EPS growth 7.1% 53.9% −12.9% 14.8% 20.7% 22.5% 14.5% 28.7% 13.4% −8.7%
FCF growth 8.2% 6.2% 25.9% 15.0% 6.2% 18.9% 8.5% 13.5% 16.1% 26.6%
Share count change −1.7% 0.7% −0.7% −0.3% 0.4% 0.6% 0.6% 0.7% 1.1% 10.2%
Financial health
Net debt / EBITDA 1.1x 0.7x 2.0x 1.6x 2.0x 1.5x 3.1x 2.2x 2.0x 3.8x
Debt / equity 0.5x 0.4x 0.5x 0.5x 0.6x 0.5x 0.9x 0.7x 0.6x 0.6x
Interest coverage 11.7x 12.7x 12.4x 9.3x 11.6x 12.7x 7.2x 7.0x 7.8x 5.6x
Current ratio 1.2x 1.1x 1.2x 1.2x 1.3x 1.3x 1.1x 1.0x 1.1x 1.0x
Quick ratio 1.2x 1.1x 1.2x 1.2x 1.3x 1.3x 1.1x 1.0x 1.1x 1.0x
Capital allocation
Capex / revenue 1.0% 1.3% 2.1% 3.1% 2.7% 1.5% 1.5% 1.6% 1.7% 1.2%
Stock comp / revenue 0.9% 1.6% 1.7% 2.0% 2.3% 2.0% 1.9% 2.1% 2.1% 1.6%
Payouts / FCF 22.7% 49.4% 33.5% 24.8% 24.2% 24.9% 23.4% 14.4% 14.1% 21.2%
Quality scores
Piotroski F-score 8.0 6.0 5.0 7.0 5.0 5.0 5.0 4.0 7.0 4.0
Altman Z'' 3.1 3.1 3.1 3.1 3.0 3.1 2.3 2.5 2.5 2.0
Accruals ratio −3.0% −0.8% −3.6% −3.9% −2.8% −2.4% −1.8% −1.0% −1.1% −1.7%

Source: SEC EDGAR XBRL filings (CIK 0000079282). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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