cash flow reconciliationreview2026-03-31
Operating, investing and financing flows differ from the reported change in cash by 27000000, beyond tolerance 3540000.00.
Revenue
$1.72B
Fiscal year ended 2026-09-30Net income
$240.00M
Fiscal year ended 2026-09-30Total assets
$29.45B
Fiscal year ended 2026-09-30Valuation, from the filing
| Public float | $31.62B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $92.87 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 30.0× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 5.4× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 2.5× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
30.0× earnings today, against a median of 19.8× across 10 years on record. Above its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $31.62B | 30.0× | |
| 2024-06-28 | $21.45B | 21.6× | |
| 2023-06-30 | $16.29B | 18.7× | |
| 2022-06-30 | $15.30B | 22.8× | |
| 2021-06-30 | $12.48B | 21.2× | |
| 2020-06-30 | $9.60B | 20.0× | |
| 2019-06-30 | $7.85B | 19.7× | |
| 2018-12-31 | $6.38B | 18.5× | |
| 2017-12-31 | $5.01B | 12.5× | |
| 2016-06-30 | $4.35B | 16.9× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Insurance Agents, Brokers & Service filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| FCF margin | 23.4% | 90th | |
| Current ratio | 1.04x | 24th | |
| Revenue YoY growth | 22.8% | 74th | |
| Net margin | 17.9% | 74th | |
| CapEx / revenue | 1.2% | 70th | |
| Effective tax rate | 22.2% | 61th | |
| SBC / revenue | 1.6% | 40th | |
| Long-term debt / equity | 0.55x | 43th |
BROWN & BROWN, INC. (BRO) reported revenue of $1.72B and net income of $240.00M for the fiscal year ended 2026-09-30. 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
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.72B | $1.68B | $1.90B | $1.61B | $1.61B | $1.28B | $1.40B | $1.18B | $1.19B | $1.18B |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net income | $240.00M | $288.00M | $426.00M | $264.00M | $227.00M | $231.00M | $331.00M | $210.00M | $234.00M | $257.00M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 330.00M | shares 334.00M | shares 337.00M | Unavailable | shares 332.00M | shares 293.00M | shares 285.00M | Unavailable | shares 284.00M | shares 283.00M |
| Pretax income | $320.00M | $383.00M | $533.00M | $321.00M | $311.00M | $311.00M | $427.00M | $275.00M | $317.00M | $346.00M |
| Income tax expense | $79.00M | $94.00M | $106.00M | $53.00M | $82.00M | $77.00M | $93.00M | $64.00M | $78.00M | $87.00M |
| Diluted EPS | $0.67 | $0.84 | $1.06 | Unavailable | $0.68 | $0.78 | $1.15 | Unavailable | $0.81 | $0.90 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $1.10B | $918.00M | $1.00B | $1.08B | $1.19B | $8.89B | $669.00M | $675.00M | $957.00M | $1.11B |
| Total assets | $29.45B | $29.89B | $29.70B | $29.99B | $29.35B | $25.64B | $16.76B | $17.61B | $17.52B | $15.94B |
| Current assets | $8.26B | $8.69B | $8.46B | $8.61B | $8.14B | $14.44B | $5.92B | $6.92B | $7.48B | $6.09B |
| Total liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current liabilities | $7.23B | $7.71B | $8.32B | $8.29B | $6.89B | $5.26B | $4.93B | $6.31B | $6.52B | $5.39B |
| Total equity incl. NCI | $12.60B | $12.61B | $12.61B | $12.57B | $12.41B | $11.62B | $6.84B | $6.44B | $6.48B | $6.04B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Goodwill | $15.19B | $15.15B | $15.08B | $15.09B | $14.89B | $8.36B | $8.11B | $7.97B | $7.58B | $7.43B |
| Long-term debt | $7.35B | $7.35B | $6.58B | $6.89B | $7.65B | $7.47B | $3.73B | $3.60B | $3.37B | $3.39B |
| Accounts payable | $709.00M | $807.00M | $873.00M | $990.00M | $849.00M | $382.00M | $481.00M | $373.00M | $329.00M | $313.00M |
Cash flow
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $532.00M | $346.00M | $262.00M | $444.00M | $468.00M | $325.00M | $213.00M | $361.00M | $440.00M | $360.00M |
| Capital expenditures | $39.00M | $17.00M | $21.00M | $20.00M | $16.00M | $15.00M | $17.00M | $20.00M | $23.00M | $26.00M |
| Investing cash flow | -$54.00M | -$33.00M | -$38.00M | -$213.00M | -$7.51B | -$108.00M | -$79.00M | -$779.00M | -$42.00M | $11.00M |
| Financing cash flow | -$463.00M | -$172.00M | -$354.00M | -$138.00M | -$130.00M | $8.20B | -$218.00M | $277.00M | -$716.00M | $442.00M |
| Net change in cash | $13.00M | $141.00M | -$157.00M | $91.00M | -$7.20B | $8.48B | -$62.00M | -$199.00M | -$273.00M | $824.00M |
| Stock-based compensation | $23.00M | $23.00M | $26.00M | $17.00M | $24.00M | $23.00M | $29.00M | $24.00M | $25.00M | $23.00M |
| Common dividends paid | $57.00M | $55.00M | $57.00M | $56.00M | $51.00M | $43.00M | $43.00M | $43.00M | $36.00M | $37.00M |
| Common share repurchases | $250.00M | $250.00M | $250.00M | $100.00M | $0 | $0 | $0 | Unavailable | Unavailable | Unavailable |
| Depreciation & amortization | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Derived
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $493.00M | $329.00M | $241.00M | $424.00M | $452.00M | $310.00M | $196.00M | $341.00M | $417.00M | $334.00M |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| FCF margin | 28.6% | 19.6% | 12.7% | 26.4% | 28.1% | 24.1% | 14.0% | 28.8% | 35.2% | 28.4% |
| SBC / revenue | 1.3% | 1.4% | 1.4% | 1.1% | 1.5% | 1.8% | 2.1% | 2.0% | 2.1% | 2.0% |
| Current ratio | 1.14x | 1.13x | 1.02x | 1.04x | 1.18x | 2.75x | 1.20x | 1.10x | 1.15x | 1.13x |
| Revenue YoY growth | 7.4% | 30.4% | 35.4% | 35.8% | 35.4% | 9.1% | 11.6% | 15.3% | 11.0% | 12.5% |
| Net margin | 13.9% | 17.2% | 22.4% | 16.4% | 14.1% | 18.0% | 23.6% | 17.8% | 19.7% | 21.8% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 2.3% | 1.0% | 1.1% | 1.2% | 1.0% | 1.2% | 1.2% | 1.7% | 1.9% | 2.2% |
| Long-term debt / equity | 0.58x | Unavailable | Unavailable | 0.55x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 24.7% | 24.5% | 19.9% | 16.5% | 26.4% | 24.8% | 21.8% | 23.3% | 24.6% | 25.1% |
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 2026-10-26View SEC filing
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
Reconciliation checks needing review
10 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 reconciliationreview2025-03-31
Operating, investing and financing flows differ from the reported change in cash by 22000000, beyond tolerance 2180000.00.
cash flow reconciliationreview2024-12-31
Operating, investing and financing flows differ from the reported change in cash by 58000000, beyond tolerance 7790000.00.
cash flow reconciliationreview2024-09-30
Operating, investing and financing flows differ from the reported change in cash by 45000000, beyond tolerance 7160000.00.
cash flow reconciliationreview2024-06-30
Operating, investing and financing flows differ from the reported change in cash by 11000000, beyond tolerance 4420000.00.
cash flow reconciliationreview2024-03-31
Operating, investing and financing flows differ from the reported change in cash by 11000000, beyond tolerance 1000000.
cash flow reconciliationreview2023-12-31
Operating, investing and financing flows differ from the reported change in cash by 32000000, beyond tolerance 3940000.00.
cash flow reconciliationreview2023-09-30
Operating, investing and financing flows differ from the reported change in cash by 28000000, beyond tolerance 3160000.00.
cash flow reconciliationreview2023-06-30
Operating, investing and financing flows differ from the reported change in cash by 16000000, beyond tolerance 3280000.00.
cash flow reconciliationreview2023-03-31
Operating, investing and financing flows differ from the reported change in cash by 14000000, beyond tolerance 1210000.00.