cash flow reconciliationreview2026-09-30
Operating, investing and financing flows differ from the reported change in cash by 31000000, beyond tolerance 15840000.00.
Revenue
$6.91B
Fiscal year ended 2026-09-30Net income
$1.22B
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 $6.91B and net income of $1.22B for the fiscal year ended 2026-09-30. This page shows 1 annual period 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 |
|---|---|
| Revenue | $6.91B |
| Cost of revenue | Unavailable |
| Gross profit | Unavailable |
| Operating income | Unavailable |
| Net income | $1.22B |
| Research & development | Unavailable |
| Weighted-average diluted shares | Unavailable |
| Pretax income | $1.56B |
| Income tax expense | $332.00M |
| Diluted EPS | Unavailable |
| Selling, general & administrative | Unavailable |
| General & administrative | Unavailable |
| Selling & marketing | Unavailable |
Balance
| Metric | 2026-09-30 |
|---|---|
| Cash & equivalents | $1.10B |
| Total assets | $29.45B |
| Current assets | $8.26B |
| Total liabilities | Unavailable |
| Current liabilities | $7.23B |
| Total equity incl. NCI | $12.60B |
| Temporary (mezzanine) equity | Unavailable |
| Inventory | Unavailable |
| Accounts receivable | Unavailable |
| Goodwill | $15.19B |
| Long-term debt | $7.35B |
| Accounts payable | $709.00M |
Cash flow
| Metric | 2026-09-30 |
|---|---|
| Operating cash flow | $1.58B |
| Capital expenditures | $97.00M |
| Investing cash flow | -$338.00M |
| Financing cash flow | -$1.13B |
| Net change in cash | $88.00M |
| Stock-based compensation | $89.00M |
| Common dividends paid | $225.00M |
| Common share repurchases | $850.00M |
| Depreciation & amortization | Unavailable |
Derived
| Metric | 2026-09-30 |
|---|---|
| Free cash flow | $1.49B |
| Gross margin | Unavailable |
| Operating margin | Unavailable |
| FCF margin | 21.5% |
| SBC / revenue | 1.3% |
| Current ratio | 1.14x |
| Revenue YoY growth | 26.1% |
| Net margin | 17.6% |
| R&D / revenue | Unavailable |
| CapEx / revenue | 1.4% |
| Long-term debt / equity | 0.58x |
| Effective tax rate | 21.3% |
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
1 period 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.