Brown & Brown Inc (BRO) reported $5.9B in revenue for fiscal year 2025, up 22.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Brown & Brown runs a cash-generative, acquisition-driven model where rapid balance-sheet expansion is beginning to outpace profit efficiency.
FY2025 was an acquisition-led balance-sheet expansion: assets jumped by$12.4B while goodwill rose by$7.1B . Even with operating cash flow reaching$1.45B , return on equity fell to8.4% , implying the added scale produced cash faster than it produced profit relative to the capital base, a sign that financing and purchase accounting muted the payoff visible in earnings.
Cash conversion is a defining strength: FY2025 free cash flow was
Liquidity is kept fairly lean, with the current ratio staying near 1.0x for four years. In FY2025, a
Financial Health Signals
Brown & Brown Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Brown & Brown Inc passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Brown & Brown Inc generates $1.38 in operating cash flow ($1.4B OCF vs $1.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Brown & Brown Inc generated $5.9B in revenue in fiscal year 2025. This represents an increase of 22.8% from the prior year.
Brown & Brown Inc reported $1.1B in net income in fiscal year 2025. This represents an increase of 6.1% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Brown & Brown Inc generated $1.4B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 26.6% from the prior year.
Brown & Brown Inc held $1.1B in cash against $6.9B in long-term debt as of fiscal year 2025.
Brown & Brown Inc paid $0.62 per share in dividends in fiscal year 2025. This represents an increase of 14.8% from the prior year.
Margins & Returns
Brown & Brown Inc's net profit margin was 17.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.8 percentage points from the prior year.
Brown & Brown Inc's ROE was 8.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 7.0 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Brown & Brown Inc spent $100.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Brown & Brown Inc invested $68.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 17.1% from the prior year.
Not reported for fiscal year 2025.
BRO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.8B | $5.9B+22.8% | $4.8B+12.9% | $4.3B+19.1% | $3.6B+17.1% | $3.1B+16.8% | $2.6B+9.2% | $2.4B+18.8% | $2.0B+7.1% | $1.9B+6.5% | $1.8B+6.4% | $1.7B+5.4% | $1.6B+15.6% | $1.4B+13.6% | $1.2B+18.4% | $1.0B |
| Interest Expense | $399.0M | $297.0M+53.9% | $193.0M+1.6% | $190.0M+34.6% | $141.2M+117.2% | $65.0M+10.2% | $59.0M-7.3% | $63.7M+56.9% | $40.6M+5.9% | $38.3M-3.0% | $39.5M+0.6% | $39.2M+38.2% | $28.4M+72.8% | $16.4M+2.1% | $16.1M+13.9% | $14.1M |
| Income Tax | $334.0M | $304.0M+1.0% | $301.0M+9.5% | $275.0M+34.8% | $204.0M+16.1% | $175.7M+22.4% | $143.6M+12.7% | $127.4M+7.8% | $118.2M+136.0% | $50.1M-69.8% | $166.0M+4.2% | $159.2M+19.9% | $132.9M-5.4% | $140.5M+16.3% | $120.8M+13.4% | $106.5M |
| Net Income | $1.2B | $1.1B+6.1% | $993.0M+14.0% | $871.0M+29.6% | $672.0M+14.5% | $587.1M+22.2% | $480.5M+20.6% | $398.5M+15.8% | $344.3M-13.9% | $399.6M+55.2% | $257.5M+5.8% | $243.3M+17.6% | $206.9M-4.7% | $217.1M+18.0% | $184.0M+12.2% | $164.0M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EPS (Diluted).
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BRO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $30.0B+70.3% | $17.6B+18.3% | $14.9B+6.5% | $14.0B+42.7% | $9.8B+9.2% | $9.0B+17.6% | $7.6B+14.0% | $6.7B+16.4% | $5.7B+9.2% | $5.3B+5.7% | $5.0B+0.5% | $5.0B+35.8% | $3.6B+16.7% | $3.1B+20.0% | $2.6B |
| Current Assets | $8.6B+24.4% | $6.9B+35.0% | $5.1B+2.7% | $5.0B+50.0% | $3.3B+12.6% | $3.0B+18.6% | $2.5B+15.1% | $2.2B-3.3% | $2.2B+29.1% | $1.7B+12.9% | $1.5B-2.1% | $1.6B+69.2% | $928.0M+22.2% | $759.5M+7.3% | $708.1M |
| Cash & Equivalents | $1.1B+59.9% | $675.0M-3.6% | $700.0M+7.7% | $650.0M-6.2% | $693.2M+5.6% | $656.2M+21.0% | $542.2M+23.5% | $439.0M-23.4% | $573.4M+11.2% | $515.6M+16.3% | $443.4M-5.7% | $470.0M0.0% | $470.0M+131.6% | $203.0M-29.1% | $286.3M |
| Goodwill | $15.1B+89.3% | $8.0B+8.6% | $7.3B+10.0% | $6.7B+40.9% | $4.7B+7.8% | $4.4B+17.3% | $3.7B+9.1% | $3.4B+26.4% | $2.7B+1.5% | $2.7B+3.4% | $2.6B+5.1% | $2.5B+22.7% | $2.0B+17.2% | $1.7B+29.3% | $1.3B |
| Total Liabilities | $17.4B+55.9% | $11.2B+20.1% | $9.3B-0.7% | $9.4B+67.3% | $5.6B+7.4% | $5.2B+22.0% | $4.3B+15.8% | $3.7B+16.5% | $3.2B+9.0% | $2.9B+2.6% | $2.8B-0.4% | $2.8B+73.1% | $1.6B+24.4% | $1.3B+37.1% | $963.0M |
| Current Liabilities | $8.3B+31.4% | $6.3B+27.4% | $5.0B+7.8% | $4.6B+72.3% | $2.7B+13.3% | $2.4B+15.1% | $2.0B+14.7% | $1.8B-10.3% | $2.0B+37.5% | $1.4B+8.8% | $1.3B+4.7% | $1.3B+39.9% | $906.9M+59.7% | $567.8M+17.9% | $481.6M |
| Long-Term Debt | $6.9B+91.6% | $3.6B+11.5% | $3.2B-12.6% | $3.7B+86.4% | $2.0B-2.2% | $2.0B+35.0% | $1.5B+3.0% | $1.5B+70.2% | $856.1M-15.9% | $1.0B-5.0% | $1.1B-7.0% | $1.2B+203.4% | $380.0M-15.6% | $450.0M+80.0% | $250.0M |
| Total Equity | $12.6B+95.3% | $6.4B+15.4% | $5.6B+21.1% | $4.6B+9.8% | $4.2B+11.8% | $3.8B+12.1% | $3.4B+11.7% | $3.0B+16.2% | $2.6B+9.4% | $2.4B+9.8% | $2.1B+1.7% | $2.1B+5.3% | $2.0B+11.1% | $1.8B+9.9% | $1.6B |
| Retained Earnings | $7.0B+14.1% | $6.1B+15.9% | $5.3B+16.2% | $4.6B+13.8% | $4.0B+13.6% | $3.5B+12.1% | $3.1B+10.8% | $2.8B+15.3% | $2.5B+15.1% | $2.1B+9.6% | $1.9B+10.1% | $1.8B+9.1% | $1.6B+11.2% | $1.5B+10.2% | $1.3B |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable.
BRO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.5B | $1.4B+23.5% | $1.2B+16.2% | $1.0B+14.6% | $881.0M+8.9% | $808.8M+13.4% | $713.0M+5.1% | $678.2M+19.5% | $567.5M+28.4% | $442.0M+7.5% | $411.0M+7.6% | $381.8M-0.8% | $385.0M-1.1% | $389.4M+76.7% | $220.3M-7.2% | $237.5M |
| Capital Expenditures | $74.0M | $68.0M-17.1% | $82.0M+18.8% | $69.0M+32.7% | $52.0M+15.6% | $45.0M-36.4% | $70.7M-3.3% | $73.1M+76.1% | $41.5M+71.6% | $24.2M+36.2% | $17.8M-3.3% | $18.4M-26.3% | $24.9M+52.3% | $16.4M-31.9% | $24.0M+76.6% | $13.6M |
| Free Cash Flow | $1.4B | $1.4B+26.6% | $1.1B+16.0% | $941.0M+13.5% | $829.0M+8.5% | $763.8M+18.9% | $642.3M+6.2% | $605.1M+15.0% | $526.0M+25.9% | $417.8M+6.2% | $393.3M+8.2% | $363.5M+0.9% | $360.1M-3.5% | $373.0M+90.0% | $196.3M-12.3% | $223.9M |
| Investing Cash Flow | -$7.8B | -$7.9B-781.3% | -$898.0M-53.0% | -$587.0M+69.3% | -$1.9B-382.1% | -$396.8M+47.7% | -$759.1M-83.5% | -$413.6M+56.5% | -$951.8M-1420.6% | -$62.6M | N/A | N/A | N/A | -$380.6M+12.6% | -$435.5M-147.8% | -$175.7M |
| Financing Cash Flow | -$794.0M | $7.7B+12151.6% | -$64.0M+65.8% | -$187.0M-110.8% | $1.7B+921.5% | -$210.1M-159.2% | $355.0M+548.1% | -$79.2M-123.5% | $337.8M+200.3% | -$336.6M | N/A | N/A | N/A | -$25.6M-117.2% | $148.7M+406.7% | -$48.5M |
| Dividends Paid | $219.0M | $193.0M+25.3% | $154.0M+14.1% | $135.0M+12.5% | $120.0M+11.9% | $107.2M+6.6% | $100.6M+10.1% | $91.3M+7.9% | $84.7M+9.0% | $77.7M+10.6% | $70.3M+9.6% | $64.1M+8.0% | $59.3M+10.8% | $53.5M+8.1% | $49.5M+6.5% | $46.5M |
| Share Buybacks | N/A | $100.0M | $0 | $0-100.0% | $74.0M-10.4% | $82.6M+49.9% | $55.1M-6.1% | $58.7M-35.7% | $91.3M-29.1% | $128.6M+580.3% | $18.9M-88.5% | $163.8M+118.3% | $75.0M | $0 | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BRO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 17.9%-2.8pp | 20.7%+0.2pp | 20.5%+1.7pp | 18.8%-0.4pp | 19.2%+0.8pp | 18.4%+1.7pp | 16.7%-0.4pp | 17.1%-4.2pp | 21.2%+6.7pp | 14.6%-0.1pp | 14.6%+1.5pp | 13.1%-2.8pp | 15.9%+0.6pp | 15.3%-0.8pp | 16.2% |
| Return on Equity | 8.4%-7.0pp | 15.4%-0.2pp | 15.6%+1.0pp | 14.6%+0.6pp | 14.0%+1.2pp | 12.8%+0.9pp | 11.9%+0.4pp | 11.5%-4.0pp | 15.5%+4.6pp | 10.9%-0.4pp | 11.3%+1.5pp | 9.8%-1.0pp | 10.8%+0.6pp | 10.2%+0.2pp | 10.0% |
| Return on Assets | 3.5%-2.1pp | 5.6%-0.2pp | 5.9%+1.0pp | 4.8%-1.2pp | 6.0%+0.6pp | 5.4%+0.1pp | 5.2%+0.1pp | 5.1%-1.8pp | 7.0%+2.1pp | 4.9%0.0pp | 4.9%+0.7pp | 4.2%-1.8pp | 5.9%+0.1pp | 5.9%-0.4pp | 6.3% |
| Current Ratio | 1.04-0.1x | 1.10+0.1x | 1.04-0.1x | 1.09-0.2x | 1.250.0x | 1.260.0x | 1.220.0x | 1.22+0.1x | 1.13-0.1x | 1.200.0x | 1.16-0.1x | 1.24+0.2x | 1.02-0.3x | 1.34-0.1x | 1.47 |
| Debt-to-Equity | 0.550.0x | 0.560.0x | 0.58-0.2x | 0.80+0.3x | 0.47-0.1x | 0.54+0.1x | 0.450.0x | 0.49+0.2x | 0.33-0.1x | 0.43-0.1x | 0.500.0x | 0.55+0.4x | 0.19-0.1x | 0.25+0.1x | 0.15 |
| FCF Margin | 23.4%+0.7pp | 22.7%+0.6pp | 22.1%-1.1pp | 23.2%-1.8pp | 25.0%+0.5pp | 24.6%-0.7pp | 25.3%-0.8pp | 26.1%+3.9pp | 22.2%-0.1pp | 22.3%+0.4pp | 21.9%-1.0pp | 22.9%-4.5pp | 27.4%+11.0pp | 16.4%-5.7pp | 22.1% |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin.
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Where Brown & Brown Inc Ranks
Frequently Asked Questions
What is Brown & Brown Inc's annual revenue?
Brown & Brown Inc (BRO) reported $5.9B in total revenue for fiscal year 2025. This represents a 22.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Brown & Brown Inc's revenue growing?
Brown & Brown Inc (BRO) revenue grew by 22.8% year-over-year, from $4.8B to $5.9B in fiscal year 2025.
Is Brown & Brown Inc profitable?
Yes, Brown & Brown Inc (BRO) reported a net income of $1.1B in fiscal year 2025, with a net profit margin of 17.9%.
How much debt does Brown & Brown Inc have?
As of fiscal year 2025, Brown & Brown Inc (BRO) had $1.1B in cash and equivalents against $6.9B in long-term debt.
What is Brown & Brown Inc's net profit margin?
Brown & Brown Inc (BRO) had a net profit margin of 17.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Brown & Brown Inc pay dividends?
Yes, Brown & Brown Inc (BRO) paid $0.62 per share in dividends during fiscal year 2025.
What is Brown & Brown Inc's return on equity (ROE)?
Brown & Brown Inc (BRO) has a return on equity of 8.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Brown & Brown Inc's free cash flow?
Brown & Brown Inc (BRO) generated $1.4B in free cash flow during fiscal year 2025. This represents a 26.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Brown & Brown Inc's operating cash flow?
Brown & Brown Inc (BRO) generated $1.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Brown & Brown Inc's total assets?
Brown & Brown Inc (BRO) had $30.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Brown & Brown Inc's capital expenditures?
Brown & Brown Inc (BRO) invested $68.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Brown & Brown Inc's current ratio?
Brown & Brown Inc (BRO) had a current ratio of 1.04 as of fiscal year 2025, which is considered adequate.
What is Brown & Brown Inc's debt-to-equity ratio?
Brown & Brown Inc (BRO) had a debt-to-equity ratio of 0.55 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Brown & Brown Inc's return on assets (ROA)?
Brown & Brown Inc (BRO) had a return on assets of 3.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Brown & Brown Inc's Piotroski F-Score?
Brown & Brown Inc (BRO) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Brown & Brown Inc's earnings high quality?
Brown & Brown Inc (BRO) has an earnings quality ratio of 1.38x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.