MARKETS / NYSE / Financials / Insurance brokerage / BRO

NYSE · INSURANCE AGENTS, BROKERS & SERVICE · LARGE CAP

Brown & Brown, Inc. BRO

18 fiscal years on record · USD · FY2025 reported · SEC filings only

5 YEARS OF DIVIDEND GROWTH

Revenue

$5.9B

▲ 22.8% YoY

Net income

$1.1B

▲ 6.1% YoY

Free cash flow

$1.4B

▲ 26.6% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Brown & Brown, Inc. and its subsidiaries market and sell insurance products and services, primarily in the property, casualty and employee benefits areas. The Company primarily operates as an agent or broker and does not assume underwriting risks. As of December 31, 2025, its activities were conducted in 468 domestic locations across 47 states and 246 international locations in Belgium, Bermuda, Canada, Cayman Islands, France, Germany, Hong Kong, India, Italy, Malaysia, the Netherlands, Republic of Ireland, Singapore, United Arab Emirates and the United Kingdom. As of December 31, 2025, Brown & Brown employed 22,888 individuals worldwide. Following a 2025 segment reorganization, the Company reports its financial results in two reportable segments: Retail and Specialty Distribution. The Retail segment provides insurance products and services to commercial, public and quasi-public entities and to professional and individual customers, as well as non-insurance warranty services and products through its automobile and recreational vehicle dealer services ("F&I") businesses. The Specialty Distribution segment consists of the company's programs, wholesale brokerage and specialty businesses.

Written from the business description in BROWN & BROWN, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 12 February 2026. Every sentence was checked against that document before publication.

Growth

USD 5.9B

Revenue, FY2025 · full 18-year series below

Revenue $B Net income $B

FY2025 · Revenue 5.9 · Net income 1.1

2.5B5.0B

2008201120142017202020232025

Compound annual growth

Revenue

+18.2%

+17.7%

+13.5%

+12.8%

Net income

+16.2%

+17.0%

+15.8%

+13.3%

EPS, diluted

+10.1%

+13.3%

Dividend / share

+13.9%

+12.1%

Returned to shareholders

+7.4%

+9.0%

−0.9%

+10.3%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +17.7% a year over the five years to FY2025 — but profit grew slower: net income at +17.0%, earnings per share at +13.3%.

The share count rose from 0.28B to 0.34B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

18 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 23.2% · Net 18.1%

10%20%

200820162025

ROE

FY2025 · ROE 11.1%

5%10%15%

200820162025

Three returns, three denominators.

Return on equity11.1%

Return on assets4.5%

Return on capital employedNot available: we don't have a clean operating profit figure for this period.

Gross margin·

Operating margin23.2%

Net margin18.1%

EBITDAUSD 1.4B

Each USD of equity produced 11 cents of profit this year.

Cash & shareholders

USD 193.0M

returned in FY2025 · dividends + net buybacks

Free cash flow $B

FY2025 · FCF 1.4

0.5B1.0B

200820162025

Net buybacks $B Dividends $B

FY2025 · Dividends 0.2 · Net buybacks -4.2

-2B-3BDividendsNet buybacks

2008201120142017202020232025

Dividends paidUSD 193.0M

Net buybacksUSD -4.2B

Share of profit18.3%

Consecutive raises5 years (since the 2020 share-count change)

USD 193.0M in dividends — 18% of the year's profit went back to shareholders.

Total assetsUSD 30.0B

CashUSD 1.1B

Gross debtUSD 7.6B

Net debtUSD 6.5B

Current ratio1.04×

Net debt stands at 52% of equity.

The 18-year record

18 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data

BRO, 18-year financial record
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	5.9	4.8	4.3	3.6	3.1	2.6	2.4	2.0	1.9	1.8	1.7	1.6	1.4	1.2	1.0	1.0	1.0	1.0
Operating income $B	1.4	1.3	1.1	0.9	0.8	0.6	0.5	0.5	0.4	◌	◌	◌	◌	0.3	0.3	0.3	0.3	◌
EBITDA $B	1.4	1.3	1.2	0.9	0.8	0.7	0.5	0.5	0.5	◌	◌	◌	◌	0.3	0.3	0.3	0.3	◌
Income tax $B	0.3	0.3	0.3	0.2	0.2	0.1	0.1	0.1	0.1	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Net income $B	1.1	1.0	0.9	0.7	0.6	0.5	0.4	0.3	0.4	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Free cash flow $B	1.4	1.1	0.9	0.8	0.8	0.6	0.6	0.5	0.4	0.4	0.4	0.4	0.4	0.2	0.2	0.3	0.2	0.3
EPS, diluted $	3.16	3.46	3.05	2.37	2.07	1.69	1.40	1.22	1.40	0.91	1.70	1.41	1.48	1.26	1.13	1.12	1.08	1.17
Dividend / sh $	0.62	0.54	0.48	0.42	0.38	0.35	0.33	0.31	0.28	0.25	0.45	0.41	0.37	0.35	0.33	0.31	0.30	0.28
Payout %	18	16	15	18	18	21	23	25	19	27	26	29	25	27	28	28	28	24
ROE %	11.1	16.5	17.1	15.3	14.8	13.5	12.5	12.3	16.2	11.4	11.4	10.0	11.4	10.7	10.4	11.2	11.7	13.4
Shares out B	0.34	0.29	0.28	0.28	0.28	0.28	0.28	0.28	0.14	0.14	0.14	0.14	0.15	0.14	0.14	0.14	0.14	◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

This company against its peers

Brown & Brown, Inc.vsMarsh & Mclennan Companies, Inc.Same industry: Insurance Agents, Brokers & Service Brown & Brown, Inc.vsAon PLCSame industry: Insurance Agents, Brokers & Service Brown & Brown, Inc.vsArthur J. Gallagher & Co.Same industry: Insurance Agents, Brokers & Service Brown & Brown, Inc.vsEquitable Holdings, Inc.Same industry: Insurance Agents, Brokers & Service Brown & Brown, Inc.vsWillis Towers Watson PLCSame industry: Insurance Agents, Brokers & Service Brown & Brown, Inc.vsErie Indemnity Co.Same industry: Insurance Agents, Brokers & Service Brown & Brown, Inc.vsRyan Specialty Holdings, Inc.Same industry: Insurance Agents, Brokers & Service

Other companies filing in the same sector

UNH · BRK-A · BRK-B · CI · ELV · CNC

Provenance

Company facts, as filed

How we verify · 0 failures · 1 divergence in 70 reconciliationsAUDITED

Reconciled in 17 of the 18 fiscal years we could check. 1 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. Four checks were skipped: the balance sheet is not tagged before 2009. One check was skipped: EPS is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures1 divergent

ActivityInsurance Agents, Brokers & Service

Listed onNYSE

Incorporated inFlorida

Fiscal year endsJanuary 19

Data on record since2008

Brown & Brown, Inc. BRO

What this company does

Growth↗ Share

Profitability↗ Share

Cash & shareholders↗ Share

The 18-year record

This company against its peers

Other companies filing in the same sector

Company facts, as filed

Growth

Profitability

Cash & shareholders