NYSE · Financial Statements

Brown & Brown, Inc. (BRO) Financial Statements

$72.97 NYSE: BRO Market Cap $24.42B

Brown & Brown, Inc. most recently reported annual revenue of $6.0B, net profit of $1.1B. Revenue grew at an average annual rate of 18.0% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Brown & Brown, Inc.: Revenue rose from $1.8B in 2016 to $6.0B in 2025, a change of +237.8% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 26.5% to 28.5%, a shift of +2.0 percentage points; the most recent year shows net profit of $1.1B.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$1.8B$1.9B$2.0B$2.4B$2.6B$3.0B$3.6B$4.2B$4.7B$6.0B
Operating Expenses$1.3B$1.4B$1.5B$1.8B$1.9B$2.2B$2.6B$3.0B$3.3B$4.3B
Operating Profit$467.0M$471.0M$499.0M$571.0M$669.0M$855.0M$963.0M$1.2B$1.4B$1.7B
Operating Margin26.5%25.4%24.9%23.9%25.7%28.1%27.0%27.5%29.1%28.5%
Other Income$-44.0M$-21.0M$-37.0M$-45.0M$-45.0M$-92.0M$-87.0M$-10.0M$-64.0M$-324.0M
Interest$39.0M$38.0M$41.0M$64.0M$59.0M$65.0M$148.0M$197.0M$201.0M$297.0M
Depreciation$108.0M$108.0M$109.0M$129.0M$135.0M$153.0M$186.0M$206.0M$222.0M$367.0M
Profit Before Tax$423.0M$450.0M$462.0M$526.0M$624.0M$763.0M$876.0M$1.1B$1.3B$1.4B
Tax$39.2M$11.1M$25.6M$24.2M$23.0M$23.0M$23.3M$24.1M$23.1M$22.2M
Net Profit$257.0M$400.0M$344.0M$399.0M$481.0M$587.0M$672.0M$871.0M$993.0M$1.1B
EPS$0.91$1.41$1.22$1.40$1.69$2.07$2.37$3.05$3.46$3.16
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$1.1B$972.0M$1.2B$1.2B$1.2B$1.1B$1.4B$1.2B$1.6B$1.7B$1.9B$1.7B
Operating Expenses$751.0M$765.0M$846.0M$813.0M$828.0M$852.0M$933.0M$912.0M$1.2B$1.2B$1.4B$1.1B
Operating Profit$315.0M$207.0M$391.0M$341.0M$358.0M$237.0M$452.0M$337.0M$422.0M$429.0M$533.0M$567.0M
Operating Margin29.6%21.3%31.6%29.6%30.2%21.8%32.6%27.0%26.3%25.7%28.0%33.8%
Interest$48.0M$50.0M$50.0M$52.0M$50.0M$54.0M$48.0M$53.0M$100.0M$100.0M$0$100.0M
Profit Before Tax$242.0M$355.0M$364.0M$346.0M$317.0M$275.0M$427.0M$311.0M$311.0M$321.0M$533.0M$383.0M
Tax$27.3M$24.4M$19.5M$25.1M$24.6M$23.3M$21.8M$24.8M$26.4M$16.5M$20.1M$24.5M
Net Profit$176.0M$269.0M$293.0M$257.0M$234.0M$210.0M$331.0M$231.0M$227.0M$264.0M$426.0M$288.0M
EPS$0.62$0.94$1.02$0.90$0.82$0.73$1.15$0.78$0.68$0.59$1.26$0.85

Over the 10 years reported for Brown & Brown, Inc., borrowings increased from $1.1B in 2016 to $7.9B in 2025, cash stood at $1.1B in the latest year, shareholders' equity was $36.0M, current assets covered current liabilities 1.04 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$5.3B$5.7B$6.7B$7.6B$9.0B$9.8B$14.0B$14.9B$17.6B$30.0B
Current Assets$1.7B$2.2B$2.2B$2.5B$3.0B$3.3B$5.0B$5.1B$6.9B$8.6B
Cash$516.0M$573.0M$439.0M$542.0M$817.0M$693.0M$650.0M$700.0M$675.0M$1.1B
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$581.0M$1.0B$910.0M$1.0B$1.1B$1.3B$2.4B$2.0B$3.5B$3.6B
Fixed Assets$76.0M$77.0M$100.0M$333.0M$388.0M$409.0M$455.0M$469.0M$519.0M$636.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$38.0M$39.0M$30.0M$40.0M$43.0M$44.0M$34.0M$32.0M$29.0M$0
Other Assets$2.7B$2.7B$3.4B$3.7B$4.4B$4.7B$6.7B$7.3B$8.0B$15.1B
Total Liabilities$2.9B$3.2B$3.7B$4.3B$5.2B$5.6B$9.4B$9.3B$11.2B$17.4B
Current Liabilities$1.4B$2.0B$1.8B$2.0B$2.4B$2.7B$4.6B$5.0B$6.3B$8.3B
Borrowings$1.1B$976.0M$1.5B$1.8B$2.3B$2.2B$4.2B$4.0B$4.1B$7.9B
Other Liabilities$1.9B$2.2B$2.2B$2.5B$2.9B$3.4B$5.2B$5.3B$7.1B$9.5B
Equity$15.0M$29.0M$29.0M$30.0M$30.0M$30.0M$30.0M$30.0M$31.0M$36.0M
Reserves$2.4B$2.6B$3.0B$3.4B$3.8B$4.2B$4.6B$5.6B$6.4B$12.5B

For Brown & Brown, Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $1.4B; free cash flow was positive in 10 of 10 years; financing activities used $237.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$411.0M$442.0M$568.0M$678.0M$713.0M$809.0M$881.0M$1.0B$1.2B$1.4B
Investing Cash Flow$-160.0M$-87.0M$-993.0M$-487.0M$-830.0M$-442.0M$-2.0B$-656.0M$-980.0M$-8.0B
Financing Cash Flow$-17.0M$-162.0M$-108.0M$-38.0M$-89.0M$-30.0M$-93.0M$99.0M$60.0M$-237.0M
Net Cash Flow$108.0M$43.0M$-46.0M$185.0M$309.0M$198.0M$563.0M$270.0M$199.0M$1.3B
Free Cash Flow$393.0M$418.0M$526.0M$605.0M$642.0M$764.0M$829.0M$941.0M$1.1B$1.4B

Valuation & Return Ratios

MetricValue
PEG Ratio5.83
EV / EBITDA11.19
FCF Yield7.45%
Quick Ratio1.05
Interest Coverage6.50
Return 1Y-17.02%
Return 3Y6.99%
Return 5Y11.09%

Brown & Brown, Inc. (BRO) financials — frequently asked questions

What is Brown & Brown, Inc.'s annual revenue?

Brown & Brown, Inc. (BRO) reported annual revenue of $6.0B in its most recent fiscal year.

What is Brown & Brown, Inc.'s net profit?

Brown & Brown, Inc. (BRO) reported net profit of $1.1B in its most recent fiscal year.

What is BRO EV/EBITDA?

Brown & Brown, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 11.19.

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