BROWN & BROWN, INC. BRO

Financials SIC 6411 - Insurance Agents, Brokers & Service NAICS Finance and Insurance › Insurance Carriers and Related Activities › Agencies, Brokerages, and Other Insurance Related Activities › Insurance Agencies and Brokerages derived NYSE

Last close 72.97 2026-10-23
Market cap $24.42B 2026-06-30 share count
52-week range 53.81 - 89.05

Valuation FY2025 figures against the last close

P/S4.1x
P/E23.1x
P/FCF17.7x
EV/EBITDA—
Dividend yield0.8%
Diluted EPS3.16

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • U.S.
  • U.K.
  • Other
Revenue by geography, 3 categories over 3 years. The same figures are in the table below. FY2025 U.S., FY2025: 5.1B (85.7%) 86% U.S. U.K., FY2025: 599M (10.1%) 10% U.K. Other, FY2025: 244M (4.1%) 4% Other FY2024 U.S., FY2024: 4.1B (86.2%) 86% U.K., FY2024: 545M (11.3%) 11% Other, FY2024: 120M (2.5%) FY2023 U.S., FY2023: 3.7B (87.6%) 88% U.K., FY2023: 433M (10.2%) 10% Other, FY2023: 94M (2.2%)
Region FY2025FY2024FY2023
U.S. $5.06B $4.14B $3.73B
U.K. $599.0M $545.0M $433.0M
Other $244.0M $120.0M $94.0M

As the company reported it, from the “Revenues - Schedule of Revenues Disaggregated by Geographic Area (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $5.90B$4.80B$4.26B$3.57B$3.05B$2.61B$2.39B$2.01B$1.88B$1.77B
Total operating expenses ——$3.11B$2.70B$2.29B$1.99B$1.87B$1.55B$1.43B$1.34B
Interest expense $297.0M$193.0M$190.0M$141.0M$65.0M$59.0M$63.7M$40.6M$38.3M$39.5M
Pre-tax income $1.37B$1.30B$1.15B$876.0M$762.8M$624.1M$525.9M$462.5M$449.7M$423.5M
Income tax $304.0M$301.0M$275.0M$204.0M$175.7M$143.6M$127.4M$118.2M$50.1M$166.0M
Net income $1.05B$993.0M$871.0M$672.0M$587.1M$480.5M$398.5M$344.3M$399.6M$257.5M
EPS, basic 3.373.483.072.382.081.701.421.241.430.92
EPS, diluted 3.163.463.052.372.071.691.401.221.400.91
Shares, diluted (wtd. avg.) 313.0M284.0M281.0M279.0M277.4M275.8M274,616275.5M277.6M275.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $1.08B$675.0M$700.0M$2.03B$1.47B$1.27B$963.0M$777.6M$824.1M$781.3M
Short-term investments —$10.0M$11.0M$12.0M$12.9M$18.3M$12.3M$12.9M$25.0M$15.0M
Total current assets $8.61B$6.92B$5.13B$5.00B$3.33B$2.96B$2.49B$2.17B$2.24B$1.74B
Property, plant and equipment $367.0M$319.0M$270.0M$239.9M$212.0M$201.1M$148.6M$100.4M$77.1M$75.8M
Goodwill $15.09B$7.97B$7.34B$6.67B$4.74B$4.40B$3.75B$3.43B$2.72B$2.68B
Other intangibles $4.91B$1.81B$1.62B$1.60B$1.08B$1.05B$916.8M$898.8M$641.0M$707.5M
Total assets $29.99B$17.61B$14.88B$13.97B$9.80B$8.97B$7.62B$6.69B$5.75B$5.26B
Accounts payable $990.0M$373.0M$459.0M$286.5M$242.7M$190.5M$100.0M$87.3M$64.2M$69.6M
Short-term debt $719.0M$225.0M$569.0M$250.6M$42.5M$70.0M$55.0M$50.0M$120.0M$55.5M
Total current liabilities $8.29B$6.31B$4.96B$4.60B$2.67B$2.35B$2.05B$1.78B$1.99B$1.45B
Long-term debt $6.89B$3.60B$3.23B$3.69B$1.98B$2.03B$1.50B$1.46B$856.1M$1.02B
Total liabilities ———————$3.69B——
Retained earnings $6.99B$6.13B$5.29B$4.55B$4.00B$3.52B$3.14B$2.83B$2.46B$2.13B
Total equity $12.57B$6.44B$5.58B$4.61B$4.20B$3.75B$3.35B$3.00B$2.58B$2.36B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $1.45B$1.17B$1.01B$881.0M$808.8M$713.0M$678.2M$567.5M$442.0M$411.0M
Depreciation and amortisation $55.0M$44.0M$40.0M$39.0M$33.3M$26.3M$23.4M$22.8M$22.7M$21.0M
Stock-based compensation $93.0M$101.0M$89.0M$66.0M$61.0M$59.7M$47.0M$33.5M$30.6M$16.1M
Capital expenditure $68.0M$82.0M$69.0M$52.0M$45.0M$70.7M$73.1M$41.5M$24.2M$17.8M
Investing cash flow -$7.91B-$898.0M-$587.0M-$1.91B-$396.8M-$759.1M-$413.6M-$951.8M-$62.6M-$142.4M
Financing cash flow $7.71B-$64.0M-$187.0M$1.73B-$210.1M$355.0M-$79.2M$337.8M-$336.6M-$160.5M
Dividends paid $193.0M$154.0M$135.0M$120.0M$107.2M$100.6M$91.3M$84.7M$77.7M$70.3M
Buybacks $100.0M$0$0$74.0M$82.6M$55.1M$58.7M$91.2M$128.6M$18.9M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-046984.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2B 4B 6B Revenue, FY2016: 1.8B Net income, FY2016: 257.5M Revenue, FY2017: 1.9B Net income, FY2017: 399.6M Revenue, FY2018: 2B Net income, FY2018: 344.3M Revenue, FY2019: 2.4B Net income, FY2019: 398.5M Revenue, FY2020: 2.6B Net income, FY2020: 480.5M Revenue, FY2021: 3.1B Net income, FY2021: 587.1M Revenue, FY2022: 3.6B Net income, FY2022: 672M Revenue, FY2023: 4.3B Net income, FY2023: 871M Revenue, FY2024: 4.8B Net income, FY2024: 993M Revenue, FY2025: 5.9B Net income, FY2025: 1.1B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.77B $1.88B $2.01B $2.39B $2.61B $3.05B $3.57B $4.26B $4.80B $5.90B
Gross profit — — — — — — — — — —
Net income $257.5M $399.6M $344.3M $398.5M $480.5M $587.1M $672.0M $871.0M $993.0M $1.05B

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Item 5.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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