SequelSEC

BROWN & BROWN, INC. BRO

Insurance Agents, Brokers & Service · CIK 0000079282 · Fiscal year ends 0119 · Insurer

AnnualQuarterlyTTM
Revenue
$5.90B
Fiscal year ended 2025-12-31
Net income
$1.05B
Fiscal year ended 2025-12-31
Total assets
$29.99B
Fiscal year ended 2025-12-31

BROWN & BROWN, INC. (BRO) reported revenue of $5.90B and net income of $1.05B for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from BROWN & BROWN, INC.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Insurance Agents, Brokers & Service.

Banks, brokers and insurers present a top line that is not comparable with an operating company’s revenue: it is reported net of interest expense, or as premiums earned, depending on the filer. The figures are the filer’s own and are traceable to the filing; the comparison across classes is what does not hold.

Income

BROWN & BROWN, INC. income by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-31
Revenue$5.90B$4.80B$4.26B$3.57B$3.05B$2.61B$2.39B$2.01B$1.88B$1.77B
Cost of revenueUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Gross profitUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Operating incomeUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Net income$1.05B$993.00M$871.00M$672.00M$587.10M$480.50M$398.51M$344.26M$399.63M$257.49M
Research & developmentUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Weighted-average diluted sharesshares 313.00Mshares 284.00Mshares 281.00Mshares 279.00Mshares 277.40Mshares 275.80MUnavailableshares 275.52Mshares 277.59Mshares 275.61M
Pretax income$1.37B$1.30B$1.15B$876.00M$762.80M$624.10M$525.93M$462.46M$449.72M$423.50M
Income tax expense$304.00M$301.00M$275.00M$204.00M$175.70M$143.60M$127.42M$118.21M$50.09M$166.01M
Diluted EPS$3.16$3.46$3.05$2.37$2.07$1.69$1.40$1.22$1.40$0.91
Selling, general & administrativeUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
General & administrativeUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Selling & marketingUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable

Balance

BROWN & BROWN, INC. balance by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-31
Cash & equivalents$1.08B$675.00M$700.00M$650.00M$693.20M$656.20M$542.17M$438.96M$573.38M$515.65M
Total assets$29.99B$17.61B$14.88B$13.97B$9.80B$8.97B$7.62B$6.69B$5.75B$5.26B
Current assets$8.61B$6.92B$5.13B$5.00B$3.33B$2.96B$2.49B$2.17B$2.24B$1.74B
Total liabilitiesUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable$3.69BUnavailableUnavailable
Current liabilities$8.29B$6.31B$4.96B$4.60B$2.67B$2.35B$2.05B$1.78B$1.99B$1.45B
Total equity incl. NCI$12.57B$6.44B$5.58B$4.61B$4.20B$3.75B$3.35B$3.00B$2.58B$2.36B
Temporary (mezzanine) equityUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
InventoryUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Accounts receivableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Goodwill$15.09B$7.97B$7.34B$6.67B$4.74B$4.40B$3.75B$3.43B$2.72B$2.68B
Long-term debt$6.89B$3.60B$3.23B$3.69B$1.98B$2.03B$1.50B$1.46B$856.14M$1.02B
Accounts payable$990.00M$373.00M$459.00M$286.50M$242.70M$190.50M$99.96M$87.34M$64.18M$69.60M

Cash flow

BROWN & BROWN, INC. cash flow by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-31
Operating cash flow$1.45B$1.17B$1.01B$881.00M$808.80M$713.00M$678.18M$567.53M$441.98MUnavailable
Capital expenditures$68.00M$82.00M$69.00M$52.00M$45.00M$70.70M$73.11M$41.52M$24.19M$17.76M
Investing cash flow-$7.91B-$898.00M-$587.00M-$1.91B-$396.80M-$759.10M-$413.58M-$951.77M-$62.59MUnavailable
Financing cash flow$7.71B-$64.00M-$187.00M$1.73B-$210.10M$355.00M-$79.22M$337.75M-$336.58MUnavailable
Net change in cash$1.31B$199.00M$270.00M$563.00M$198.30M$308.90M$185.38M-$46.49M$42.80M$108.11M
Stock-based compensation$93.00M$101.00M$89.00M$66.00M$61.00M$59.70M$46.99M$33.52M$30.63M$16.05M
Common dividends paid$193.00M$154.00M$135.00M$120.00M$107.20M$100.60M$91.34M$84.69M$77.71M$70.26M
Common share repurchases$100.00M$0$0$74.00M$82.60M$55.10M$58.67M$91.25M$128.64M$18.91M
Depreciation & amortizationUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable

Derived

BROWN & BROWN, INC. derived by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-31
Free cash flow$1.38B$1.09B$941.00M$829.00M$763.80M$642.30M$605.07M$526.01M$417.78MUnavailable
Gross marginUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Operating marginUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
FCF margin23.4%22.7%22.1%23.2%25.0%24.6%25.3%26.1%22.2%Unavailable
SBC / revenue1.6%2.1%2.1%1.8%2.0%2.3%2.0%1.7%1.6%0.9%
Current ratio1.04x1.10x1.04x1.09x1.25x1.26x1.22x1.22x1.13x1.20x
Revenue YoY growth22.8%12.9%19.1%17.1%16.8%9.2%18.8%7.1%6.5%Unavailable
Net margin17.9%20.7%20.5%18.8%19.2%18.4%16.7%17.1%21.2%14.6%
R&D / revenueUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
CapEx / revenue1.2%1.7%1.6%1.5%1.5%2.7%3.1%2.1%1.3%1.0%
Long-term debt / equity0.55xUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Effective tax rate22.2%23.1%24.0%23.3%23.0%23.0%24.2%25.6%11.1%39.2%

Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open BRO in the interactive workspace to inspect any figure back to its filing.

Source filings

10-Q · Filed 2026-07-27View SEC filing
10-Q · Filed 2026-04-27View SEC filing
10-K · Filed 2026-02-12View SEC filing
10-Q · Filed 2025-10-28View SEC filing
10-Q · Filed 2025-07-28View SEC filing
10-Q · Filed 2025-04-28View SEC filing

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Reconciliation checks needing review

3 periods on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.

cash flow reconciliationreview2024-12-31

Operating, investing and financing flows differ from the reported change in cash by 13000000, beyond tolerance 11740000.00.

cash flow reconciliationreview2023-12-31

Operating, investing and financing flows differ from the reported change in cash by 34000000, beyond tolerance 10100000.00.

cash flow reconciliationreview2022-12-31

Operating, investing and financing flows differ from the reported change in cash by 131000000, beyond tolerance 19130000.00.