Brown & Brown
BRO · NYSEInsurance Agents, Brokers & Service · Fiscal year ends Jan 19
Brown & Brown reported revenue of $5.9B in the fiscal year ended Dec 2025, up 22.8% from the year before. Net income was $1.1B. Operating cash flow of $1.5B less capital expenditure of $68M left free cash flow of $1.4B. Net debt was $6.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3.1B | $3.6B | $4.3B | $4.8B | $5.9B |
| Interest expense | $65M | $141M | $190M | $193M | $297M |
| Pre-tax income | $763M | $876M | $1.1B | $1.3B | $1.4B |
| Income tax | $176M | $204M | $275M | $301M | $304M |
| Net income | $587M | $672M | $871M | $993M | $1.1B |
| Diluted EPS | 2.07 | 2.37 | 3.05 | 3.46 | 3.16 |
| Diluted shares | 277M | 279M | 281M | 284M | 313M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $693M | $650M | $700M | $675M | $1.1B |
| Current assets | $3.3B | $5B | $5.1B | $6.9B | $8.6B |
| Net PP&E | $212M | $240M | $270M | $319M | $367M |
| Goodwill | $4.7B | $6.7B | $7.3B | $8B | $15.1B |
| Total assets | $9.8B | $14B | $14.9B | $17.6B | $30B |
| Payables | $243M | $287M | $459M | $373M | $990M |
| Deferred revenue | $67M | $80M | $78M | $80M | $127M |
| Current liabilities | $2.7B | $4.6B | $5B | $6.3B | $8.3B |
| Short-term debt | $43M | $251M | $569M | $225M | $719M |
| Long-term debt | $2B | $3.7B | $3.2B | $3.6B | $6.9B |
| Shareholders' equity | $4.2B | $4.6B | $5.6B | $6.4B | $12.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $809M | $881M | $1B | $1.2B | $1.5B |
| Capital expenditure | $45M | $52M | $69M | $82M | $68M |
| Free cash flow | $764M | $829M | $941M | $1.1B | $1.4B |
| Depreciation & amortisation | $33M | $39M | $40M | $44M | $55M |
| Stock-based compensation | $61M | $66M | $89M | $101M | $93M |
| Acquisitions | $367M | $1.9B | $631M | $890M | $7.9B |
| Share buybacks | $83M | $74M | $0 | $0 | $100M |
| Dividends paid | $107M | $120M | $135M | $154M | $193M |
| Dividend per share | 0.38 | 0.42 | 0.48 | 0.54 | 0.62 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 17.1% | 19.1% | 12.9% | 22.8% |
| EPS growth (YoY) | – | 14.5% | 28.7% | 13.4% | −8.7% |
| Net margin | 19.2% | 18.8% | 20.5% | 20.7% | 17.9% |
| Return on equityBlank when equity is negative | 14.0% | 14.6% | 15.6% | 15.4% | 8.4% |
| Free cash flow margin | 25.0% | 23.2% | 22.1% | 22.7% | 23.4% |
| Cash conversion (CFO ÷ net income) | 1.38x | 1.31x | 1.16x | 1.18x | 1.38x |
| Debt ÷ equity | 0.48x | 0.86x | 0.68x | 0.59x | 0.61x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.3B | $3.3B | $3.1B | $3.1B | $6.5B |
| Current ratio | 1.25x | 1.09x | 1.04x | 1.10x | 1.04x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.