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BROBrown & Brown

Financials · Insurance Brokers · NYSE

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FY2025 at a glance

Sales up 22.8%, free cash flow up to $1.4B

XBRL, from each 10-K

RevenueStatements ↓

$5.9B

from $4.8B in FY2024

FY2016FY2025

Net incomeStatements ↓

$1.1B

from $993.0M in FY2024

FY2016FY2025

Free cash flowStatements ↓

$1.4B

from $1.1B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$3.16

from $3.46 in FY2024

FY2016FY2025

Total debtStatements ↓

$7.6B

from $3.8B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (34, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	3.16	Sales (ttm)	6.9B	Net income (ttm)	1.2B	Sales growth	+22.8%	EPS growth	-8.7%	Sales Q/Q	+7.4%
Free cash flow	1.5B	Gross margin	-	Oper. margin	-	Net margin	17.6%	FCF margin	21.5%	ROE	9.7%
ROA	4.1%	R&D / sales	-	Dividend	0.62	Debt/Eq	0.62	Curr. ratio	1.14	Cash	1.1B
Op. cash flow (ttm)	1.6B	Net debt	6.7B	Quick ratio	1.14	Payout ratio	19.6%	Tax rate	22.2%	Stock pay / sales	1.6%
Shares out.	331.7M	Shares Y/Y	+10.2%	Book / share	37.99	Cash / share	3.31	Sales / share	20.83	Asset turnover	0.23
Sales 3Y CAGR	+18.2%	Sales 5Y CAGR	+17.7%	EPS 3Y CAGR	+10.1%	EPS 5Y CAGR	+13.3%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Debt rose 99%$3.8B → $7.6B · Short-term + long-term debt at year end
Free cash flow rose 27%$1.1B → $1.4B · Cash from operations − capital expenditure · 10-K ↗
Revenue growth sped up to +22.8%+12.9% → +22.8% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗

What management wrote about it → · Every company →

BRO against Financials peers

Ten years, side by side → · All 76 →

BROPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 76 companies, the better end on the right. Hover a dot for the company.

Sales growth

+22.8%6th of 76 · median +7.2%

Net margin

17.6%44th of 76 · median 20.4%

Return on equity

9.7%59th of 74 · median 16.7%

Free cash flow margin

21.5%24th of 49 · median 21.5%

Debt / equity (less is better)

0.6227th of 62 · median 0.70

BRO and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
BRO Brown & Brown	$6.9B	+22.8%	-	17.6%	9.7%	21.5%	0.62
RF Regions Financial Corporation	$7.7B	+6.3%	-	29.9%	12.9%	-	0.59
IVZ Invesco	$7.1B	+5.1%	-	-4.4%	-2.5%	24.9%	0.10
IBKR Interactive Brokers	$7.1B	+19.7%	-	16.5%	18.9%	-	-
CME CME Group	$7.0B	+6.4%	-	63.3%	16.6%	62.1%	0.00
GL Globe Life	$6.3B	+3.7%	-	18.9%	17.9%	21.3%	0.45

Profitability

1 of 3

!
Net margin below the peer median17.6% vs 20.4%
!
Return on equity below 15%9.7%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 14.6% → 17.9%

Cash and shareholders

1 of 2

!
Share count up over 5 years+13.5%
✓
Dividend per share up over 5 years$0.35 → $0.62

Free cash flow, FY2016 to FY2025: 393.3M → 1.4B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$7.7B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 5.9B Net income 1.1B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $5.8B of revenue came from

by product, year to Dec 31, 2025

Base Commission Revenue $3.9B · 68%
Fee Revenue $1.3B · 22%
Profit-Sharing Contingent Commission Revenue $255.0M · 4%
Other Supplemental Commissions Revenue $206.0M · 4%
Earned premium $83.0M · 1%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

BRO's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue5.9B

Net income1.1B

Free cash flow1.4B

EPS (diluted)3.16

Dividend per share0.62

Diluted shares313.0M

The segments changed

10-K filed 2026-02-12

Compared with the 10-K of Feb 13, 2025: new segment Specialty Distribution; no longer reported: Programs, Wholesale Brokerage.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Retail	3.4B	57.7%	+24.8%
Specialty Distribution	2.4B	40.8%	+19.5%

10-K 0001193125-26-046984, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Base Commission Revenue	3.9B	66.8%	+20.1%
Fee Revenue	1.3B	21.7%	+28.8%
Profit-Sharing Contingent Commission Revenue	255.0M	4.3%	+53.6%
Other Supplemental Commissions Revenue	206.0M	3.5%	+9.6%
Earned premium	83.0M	1.4%	+7.8%

10-K 0001193125-26-046984, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
U.S.	5.1B	85.7%	+22.2%
Other International Countries	843.0M	14.3%	+26.8%
U.K.	599.0M	10.1%	+9.9%
Other	244.0M	4.1%	+103%

10-K 0001193125-26-046984, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1.8B	1.9B	2.0B	2.4B	2.6B	3.1B	3.6B	4.3B	4.8B	5.9B
Interest expense	39.5M	38.3M	40.6M	63.7M	59.0M	65.0M	141.2M	190.0M	193.0M	297.0M
Pretax income	423.5M	449.7M	462.5M	525.9M	624.1M	762.8M	876.0M	1.1B	1.3B	1.4B
Income tax	166.0M	50.1M	118.2M	127.4M	143.6M	175.7M	204.0M	275.0M	301.0M	304.0M
Net income	257.5M	399.6M	344.3M	398.5M	480.5M	587.1M	672.0M	871.0M	993.0M	1.1B
EPS (diluted)	0.91	1.40	1.22	1.40	1.69	2.07	2.37	3.05	3.46	3.16
Diluted shares	275.6M	277.6M	275.5M	275K	275.8M	277.4M	279.0M	281.0M	284.0M	313.0M
Depreciation & amortization	21.0M	22.7M	22.8M	23.4M	26.3M	33.3M	39.0M	40.0M	44.0M	55.0M
Net margin	14.6%	21.2%	17.1%	16.7%	18.4%	19.2%	18.8%	20.5%	20.7%	17.9%
Revenue growth	-	+6.5%	+7.1%	+18.8%	+9.2%	+16.8%	+17.1%	+19.1%	+12.9%	+22.8%
EPS growth	-	+53.8%	-12.9%	+14.8%	+20.7%	+22.5%	+14.5%	+28.7%	+13.4%	-8.7%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	515.6M	573.4M	439.0M	542.2M	656.2M	693.2M	650.0M	700.0M	675.0M	1.1B
Short-term investments	15.0M	25.0M	12.9M	12.3M	18.3M	12.9M	12.0M	11.0M	10.0M	-
Current assets	1.7B	2.2B	2.2B	2.5B	3.0B	3.3B	5.0B	5.1B	6.9B	8.6B
Property & equipment	75.8M	77.1M	100.4M	148.6M	201.1M	212.0M	239.9M	270.0M	319.0M	367.0M
Goodwill	2.7B	2.7B	3.4B	3.7B	4.4B	4.7B	6.7B	7.3B	8.0B	15.1B
Total assets	5.3B	5.7B	6.7B	7.6B	9.0B	9.8B	14.0B	14.9B	17.6B	30.0B
Accounts payable	69.6M	64.2M	87.3M	100.0M	190.5M	242.7M	286.5M	459.0M	373.0M	990.0M
Current liabilities	1.4B	2.0B	1.8B	2.0B	2.4B	2.7B	4.6B	5.0B	6.3B	8.3B
Total debt	1.1B	976.1M	1.5B	1.6B	2.1B	2.0B	3.9B	3.8B	3.8B	7.6B
Total liabilities	-	-	3.7B	-	-	-	-	-	-	-
Shareholders' equity	2.4B	2.6B	3.0B	3.4B	3.8B	4.2B	4.6B	5.6B	6.4B	12.6B
Retained earnings	2.1B	2.5B	2.8B	3.1B	3.5B	4.0B	4.6B	5.3B	6.1B	7.0B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	411.0M	442.0M	567.5M	678.2M	713.0M	808.8M	881.0M	1.0B	1.2B	1.4B
Capital spending	17.8M	24.2M	41.5M	73.1M	70.7M	45.0M	52.0M	69.0M	82.0M	68.0M
Free cash flow	393.3M	417.8M	526.0M	605.1M	642.3M	763.8M	829.0M	941.0M	1.1B	1.4B
Stock-based pay (added back)	16.1M	30.6M	33.5M	47.0M	59.7M	61.0M	66.0M	89.0M	101.0M	93.0M
Dividends paid	70.3M	77.7M	84.7M	91.3M	100.6M	107.2M	120.0M	135.0M	154.0M	193.0M
Buybacks	18.9M	128.6M	91.2M	58.7M	55.1M	82.6M	74.0M	0	0	100.0M
Acquisitions	122.6M	41.5M	923.9M	353.0M	694.8M	366.8M	1.9B	631.0M	890.0M	7.9B
Debt raised	0	0	300.0M	350.0M	700.0M	-	2.0B	0	599.0M	4.2B
Debt repaid	73.1M	96.8M	120.0M	50.0M	55.0M	73.1M	61.0M	251.0M	719.0M	225.0M
Investing cash flow	-142.4M	-62.6M	-951.8M	-413.6M	-759.1M	-396.8M	-1.9B	-587.0M	-898.0M	-7.9B
Financing cash flow	-160.5M	-336.6M	337.8M	-79.2M	355.0M	-210.1M	1.7B	-187.0M	-64.0M	7.7B
Dividend per share	0.25	0.28	0.31	0.33	0.35	0.38	0.42	0.48	0.54	0.62

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	16.1M	30.6M	33.5M	47.0M	59.7M	61.0M	66.0M	89.0M	101.0M	93.0M
Stock-based pay / revenue	0.9%	1.6%	1.7%	2.0%	2.3%	2.0%	1.8%	2.1%	2.1%	1.6%
Operating lease cost	-	-	-	49.9M	53.8M	52.8M	55.5M	58.0M	59.0M	68.0M
Operating lease cash paid	-	-	-	51.9M	54.9M	56.0M	58.2M	61.0M	62.0M	73.0M
Right-of-use assets	-	-	0	184.3M	187.0M	197.0M	214.9M	199.0M	200.0M	269.0M
Operating lease liabilities	-	-	210.0M	211.3M	216.5M	223.4M	240.9M	224.0M	236.0M	305.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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