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Brown & Brown Inc Financials

BRO
FY2025 annual
Revenue $5.9B +22.8% YoY
Net Income $1.1B +6.1% YoY
EPS (Diluted) Not reported for FY2025
Free Cash Flow $1.4B +26.6% YoY
Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

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).

Rhea AI BRO FY2025

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 to 8.4%, 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 $1.38B against net income of $1.05B. With capital spending only $68M, the business appears to expand mainly through acquired and intangible assets rather than heavy physical reinvestment, which helps keep earnings and cash closely aligned.

Liquidity is kept fairly lean, with the current ratio staying near 1.0x for four years. In FY2025, a $7.9B investing outflow was almost matched by $7.7B of financing inflow, showing large expansion is funded externally rather than from excess cash on hand.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

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.

Piotroski F-Score Partial
3/8

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.

Earnings Quality Cash-Backed
1.38x

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

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Earnings & Revenue

Revenue
$5.9B
YoY+22.8%
5Y CAGR+17.7%
10Y CAGR+13.5%

Brown & Brown Inc generated $5.9B in revenue in fiscal year 2025. This represents an increase of 22.8% from the prior year.

Net Income
$1.1B
YoY+6.1%
5Y CAGR+17.0%
10Y CAGR+15.8%

Brown & Brown Inc reported $1.1B in net income in fiscal year 2025. This represents an increase of 6.1% from the prior year.

EBITDA

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow
$1.4B
YoY+26.6%
5Y CAGR+16.6%
10Y CAGR+14.3%

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.

Cash & Debt
$1.1B
YoY+59.9%
5Y CAGR+10.5%
10Y CAGR+9.3%

Brown & Brown Inc held $1.1B in cash against $6.9B in long-term debt as of fiscal year 2025.

Dividends Per Share
$0.62
YoY+14.8%
5Y CAGR+12.1%

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.

Shares Outstanding
340M
YoY+19.1%
5Y CAGR+3.8%

Brown & Brown Inc had 340M shares outstanding in fiscal year 2025. This represents an increase of 19.1% from the prior year.

Margins & Returns

Net Margin
17.9%
YoY-2.8pp
5Y CAGR-0.5pp
10Y CAGR+3.2pp

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.

Return on Equity
8.4%
YoY-7.0pp
5Y CAGR-4.4pp
10Y CAGR-2.9pp

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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks
$100.0M
5Y CAGR+12.7%
10Y CAGR-4.8%

Brown & Brown Inc spent $100.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$68.0M
YoY-17.1%
5Y CAGR-0.8%
10Y CAGR+14.0%

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.

R&D Spending

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.

BRO annual income statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
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.

BRO annual balance sheet
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
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.

BRO annual cash flow statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
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%-$62.6MN/AN/AN/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%-$336.6MN/AN/AN/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 BuybacksN/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$0N/AN/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.

BRO annual financial ratios
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Net Margin17.9%-2.8pp20.7%+0.2pp20.5%+1.7pp18.8%-0.4pp19.2%+0.8pp18.4%+1.7pp16.7%-0.4pp17.1%-4.2pp21.2%+6.7pp14.6%-0.1pp14.6%+1.5pp13.1%-2.8pp15.9%+0.6pp15.3%-0.8pp16.2%
Return on Equity8.4%-7.0pp15.4%-0.2pp15.6%+1.0pp14.6%+0.6pp14.0%+1.2pp12.8%+0.9pp11.9%+0.4pp11.5%-4.0pp15.5%+4.6pp10.9%-0.4pp11.3%+1.5pp9.8%-1.0pp10.8%+0.6pp10.2%+0.2pp10.0%
Return on Assets3.5%-2.1pp5.6%-0.2pp5.9%+1.0pp4.8%-1.2pp6.0%+0.6pp5.4%+0.1pp5.2%+0.1pp5.1%-1.8pp7.0%+2.1pp4.9%0.0pp4.9%+0.7pp4.2%-1.8pp5.9%+0.1pp5.9%-0.4pp6.3%
Current Ratio1.04-0.1x1.10+0.1x1.04-0.1x1.09-0.2x1.250.0x1.260.0x1.220.0x1.22+0.1x1.13-0.1x1.200.0x1.16-0.1x1.24+0.2x1.02-0.3x1.34-0.1x1.47
Debt-to-Equity0.550.0x0.560.0x0.58-0.2x0.80+0.3x0.47-0.1x0.54+0.1x0.450.0x0.49+0.2x0.33-0.1x0.43-0.1x0.500.0x0.55+0.4x0.19-0.1x0.25+0.1x0.15
FCF Margin23.4%+0.7pp22.7%+0.6pp22.1%-1.1pp23.2%-1.8pp25.0%+0.5pp24.6%-0.7pp25.3%-0.8pp26.1%+3.9pp22.2%-0.1pp22.3%+0.4pp21.9%-1.0pp22.9%-4.5pp27.4%+11.0pp16.4%-5.7pp22.1%

Not reported in any period shown, so not listed: Gross Margin, Operating Margin.

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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%.

As of fiscal year 2025, Brown & Brown Inc (BRO) had $1.1B in cash and equivalents against $6.9B in long-term debt.

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.

Yes, Brown & Brown Inc (BRO) paid $0.62 per share in dividends during fiscal year 2025.

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.

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.

Brown & Brown Inc (BRO) generated $1.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Brown & Brown Inc (BRO) had $30.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Brown & Brown Inc (BRO) invested $68.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Brown & Brown Inc (BRO) spent $100.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Brown & Brown Inc (BRO) had 340M shares outstanding as of fiscal year 2025.

Brown & Brown Inc (BRO) had a current ratio of 1.04 as of fiscal year 2025, which is considered adequate.

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.

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.

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.

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.

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