BRO on NYSE

Brown & Brown

American insurance company

Brown & Brown, Inc. is an American insurance brokerage firm headquartered in Daytona Beach, Florida.³ From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

1939Founded¹

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TickerBRO on NYSE¹
Industrygeneral insurance¹
HeadquartersDaytona Beach¹
Websitewww.bbinsurance.com
Incorporated inFL⁴
Business address300 N. Beach Street, Daytona Beach, Fl 32114⁴
Filer categoryLarge accelerated filer⁴

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Image: bbinsurance.com⁶

Brown & Brown, Inc. is an American insurance brokerage firm headquartered in Daytona Beach, Florida. It is one of the largest independent insurance intermediaries in the United States, providing risk management solutions, insurance products, and services to businesses, governmental institutions, professional organizations, trade associations, and individuals.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

17.9%Net margin⁷

22.8%Revenue growth, 2025⁷

8.4%Return on equity⁷

0.55×Debt to equity⁷

$1.4BFree cash flow⁷

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Core Commission Revenue brought in 68% of the revenue Brown & Brown broke down this way in fiscal 2025.

Core Commission Revenue$3.9B⁷68%up 20% from 2024
Fee revenue$1.3B⁷22%up 29% from 2024
Profit Sharing Contingent Commission Revenue$255.0M⁷4%up 54% from 2024
Other Supplemental Commissions Revenue$206.0M⁷4%up 10% from 2024
Earned premium [member]$83.0M⁷1%up 8% from 2024

Products and services by year

Products and services	2023	2024	2025
Core Commission Revenue	$2.9B	$3.3B	$3.9B
Fee revenue	$995.0M	$992.0M	$1.3B
Profit Sharing Contingent Commission Revenue	$130.0M	$166.0M	$255.0M
Other Supplemental Commissions Revenue	$178.0M	$188.0M	$206.0M
Earned premium [member]	$28.0M	$77.0M	$83.0M

Business segments

Retail brought in 59% of the revenue Brown & Brown broke down this way in fiscal 2025.

Retail$3.4B⁷59%up 25% from 2024
Specialty Distribution$2.4B⁷41%up 19% from 2024

Business segments by year

Business segments	2023	2024	2025
Retail	$2.5B	$2.7B	$3.4B
Specialty Distribution	$1.7B	$2.0B	$2.4B

Regions

United States brought in 86% of the revenue Brown & Brown broke down this way in fiscal 2025.

United States$5.1B⁷86%up 22% from 2024
United Kingdom$599.0M⁷10%up 10% from 2024
Other Country$244.0M⁷4%up 103% from 2024

Regions by year

Regions	2023	2024	2025
United States	$3.7B	$4.1B	$5.1B
United Kingdom	$433.0M	$545.0M	$599.0M
Other Country	$94.0M	$120.0M	$244.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Other costsProfit

Other costs77¢$4.5B
Income tax5¢$304.0M
Profit18¢$1.1B

Out of $5.9B in revenue.⁷

Where each dollar of operating cash went, fiscal 2025

Dividends paidKept or used elsewhere

Capital spending5¢$68.0M
Dividends paid13¢$193.0M
Share buybacks7¢$100.0M
Kept or used elsewhere75¢$1.1B

Out of $1.4B of cash from operations.⁷

Financial statements

Revenue⁸⁹¹⁰¹¹⁷$5.9B in 2025+147% since 2019

Net income⁸⁹¹⁰¹¹⁷$1.1B in 2025+164% since 2019

Every line of the income statement in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Commissions and fees	$5.8B	$4.7B	$4.2B
Investment and other income	$139.0M	$100.0M	$58.0M
Total revenues	$5.9B	$4.8B	$4.3B
Employee compensation and benefits	$2.9B	$2.4B	$2.2B
Other operating expenses	$959.0M	$710.0M	$650.0M
Loss/(gain) on disposal	$2.0M	-$31.0M	-$143.0M
Amortization	$312.0M	$178.0M	$166.0M
Depreciation	$55.0M	$44.0M	$40.0M
Interest	$297.0M	$193.0M	$190.0M
Change in estimated acquisition earn-out payables	$25.0M	$2.0M	$21.0M
Mark-to-market of escrow liability	-$54.0M	$0	$0
Total expenses	$4.5B	$3.5B	$3.1B
Income before income taxes	$1.4B	$1.3B	$1.1B
Income taxes	$304.0M	$301.0M	$275.0M
Net income before non-controlling interests	$1.1B	$1.0B	$871.0M
Less: Net income attributable to non-controlling interests	$13.0M	$9.0M
Net income attributable to the Company	$1.1B	$993.0M	$871.0M
Basic	$3.37	$3.48	$3.07
Diluted	$3.16	$3.46	$3.05

Total assets⁸⁹¹⁰¹¹⁷$30.0B in 2025+293% since 2019

Shareholders’ equity⁹¹⁰⁷$12.6B in 2025+275% since 2019

Cash⁸⁹¹⁰¹¹⁷$1.1B in 2025+99% since 2019

Long-term debt¹⁵⁸⁹¹⁰¹¹⁷$6.9B in 2025+359% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$1.1B	$675.0M	$700.0M
Fiduciary cash	$2.5B	$1.8B
Commission, fees and other receivables	$1.4B	$895.0M
Fiduciary receivables	$1.5B	$1.1B
Reinsurance recoverable	$647.0M	$1.5B
Prepaid reinsurance premiums	$980.0M	$520.0M
Other current assets	$484.0M	$364.0M
Total current assets	$8.6B	$6.9B
Fixed assets, net	$367.0M	$319.0M
Operating lease assets	$269.0M	$200.0M
Goodwill	$15.1B	$8.0B	$7.3B
Amortizable intangible assets, net	$4.9B	$1.8B
Other assets	$748.0M	$385.0M
Total assets	$30.0B	$17.6B
Fiduciary liabilities	$4.0B	$2.9B
Losses and loss adjustment reserve	$671.0M	$1.5B
Unearned premiums	$1.1B	$577.0M
Accounts payable	$990.0M	$373.0M
Accrued expenses and other liabilities	$875.0M	$653.0M
Current portion of long-term debt	$719.0M	$225.0M
Total current liabilities	$8.3B	$6.3B
Long-term debt less unamortized discount and debt issuance costs	$6.9B	$3.6B
Operating lease liabilities	$243.0M	$189.0M
Deferred income taxes, net	$815.0M	$711.0M
Other liabilities	$1.2B	$362.0M
Common stock, par value $0.10 per share; authorized 560 shares; issued 357 shares and outstanding 336 shares at 2025, issued 306 shares and outstanding 286 shares at 2024, respectively	$36.0M	$31.0M
Additional paid-in capital	$6.2B	$1.1B
Treasury stock, at cost 21 shares at 2025 and 20 shares at 2024, respectively	-$848.0M	-$748.0M
Accumulated other comprehensive income/(loss)	$210.0M	-$109.0M
Non-controlling interests	$26.0M	$17.0M
Retained earnings	$7.0B	$6.1B
Total equity	$12.6B	$6.4B	$5.6B
Total liabilities and equity	$30.0B	$17.6B
Common stock, par value (in dollars per share)	$0.10	$0.10
Common stock, shares authorized (in shares)	560.0M shares	560.0M shares
Common stock, shares issued (in shares)	357.0M shares	306.0M shares
Common stock, shares outstanding (in shares)	336.0M shares	286.0M shares
Treasury stock shares (in shares)	21.0M shares	20.0M shares

Cash from operations⁸⁹¹⁰¹¹⁷$1.4B in 2025+114% since 2019

Capital spending⁸⁹¹⁰¹¹⁷$68.0M in 2025−7% since 2019

Free cash flow⁸⁹¹⁰¹¹⁷$1.4B in 2025+128% since 2019

Dividends paid⁸⁹¹⁰¹¹⁷$193.0M in 2025+111% since 2019

Share buybacks⁸⁹¹⁰¹¹⁷$100.0M in 2025+70% since 2019

Every line of the cash flow in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income before non-controlling interests	$1.1B	$1.0B	$871.0M
Amortization	$312.0M	$178.0M	$166.0M
Depreciation	$55.0M	$44.0M	$40.0M
Non-cash stock-based compensation	$93.0M	$101.0M	$89.0M
Change in estimated acquisition earn-out payables	$25.0M	$2.0M	$21.0M
Mark-to-market of escrow liability	-$54.0M	$0	$0
Deferred income taxes	-$7.0M	$13.0M	$12.0M
Net loss/(gain) on sales/disposals of investments, businesses, fixed assets and customer accounts	$3.0M	-$29.0M	-$140.0M
Payments on acquisition earn-outs in excess of original estimated payables	-$3.0M	-$37.0M	-$29.0M
Other	$6.0M	$5.0M	$5.0M
Commissions, fees and other receivables (increase) decrease	-$95.0M	-$94.0M	-$106.0M
Reinsurance recoverable (increase) decrease	$1.4B	-$1.4B	$706.0M
Prepaid reinsurance premiums (increase) decrease	-$182.0M	-$58.0M	-$68.0M
Other assets (increase) decrease	-$44.0M	-$98.0M	-$117.0M
Losses and loss adjustment reserve increase (decrease)	-$1.3B	$1.4B	-$710.0M
Unearned premiums increase (decrease)	$177.0M	$115.0M	$50.0M
Accounts payable increase (decrease)	$11.0M	-$47.0M	$260.0M
Accrued expenses and other liabilities increase (decrease)	$18.0M	$35.0M	$43.0M
Other liabilities increase (decrease)	$60.0M	$33.0M	-$83.0M
Net cash provided by operating activities	$1.4B	$1.2B	$1.0B
Additions to fixed assets	-$68.0M	-$82.0M	-$69.0M
Payments for businesses acquired, net of cash acquired	-$7.9B	-$890.0M	-$631.0M
Proceeds from sales of businesses, fixed assets and customer accounts	$9.0M	$70.0M	$107.0M
Other investing activities	-$1.0M	$4.0M	$6.0M
Net cash used in investing activities	-$7.9B	-$898.0M	-$587.0M
Fiduciary receivables and liabilities, net	$53.0M	$191.0M	$189.0M
Payments on acquisition earn-outs	-$143.0M	-$117.0M	-$90.0M
Proceeds from long-term debt	$4.2B	$599.0M	$0
Payments on long-term debt	-$225.0M	-$719.0M	-$251.0M
Deferred debt issuance costs	-$36.0M	-$5.0M	$0
Borrowings on revolving credit facility	$450.0M	$500.0M	$420.0M
Payments on revolving credit facility	-$600.0M	-$350.0M	-$320.0M
Proceeds from issuance of common stock, net of expenses	$4.3B	$0	$0
Issuances of common stock for employee stock benefit plans	$48.0M	$44.0M	$40.0M
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	-$42.0M	-$55.0M	-$40.0M
Purchase of treasury stock	-$100.0M	$0	$0
Cash dividends paid	-$193.0M	-$154.0M	-$135.0M
Other financing activities	-$6.0M	$2.0M	$0
Net cash provided by (used in) financing activities	$7.7B	-$64.0M	-$187.0M
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash inclusive of fiduciary cash	$64.0M	-$13.0M	$34.0M
Net increase in cash, cash equivalents and restricted cash inclusive of fiduciary cash	$1.3B	$199.0M	$270.0M

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The story

Brown & Brown was founded in 1939 as a small insurance agency in Daytona Beach, Florida, by J. Adrian Brown, partnering with his cousin Charles "Cov" Owen. Originally named Brown & Owen, the firm quickly expanded its customer base in central Florida. J. Adrian's son, J. Hyatt Brown, joined the agency in 1959, bought the company and became CEO in 1961, and played a key role in its growth and modernization.

In 1980, Brown & Brown restructured to adopt a decentralized model, aiming to boost revenue and profit margins by giving more authority to local teams. This approach encouraged an entrepreneurial culture across the company.

In 1983, the firm changed its name to Brown & Brown, Inc. to reflect its focus on national expansion.

In 1993, the company merged with Poe & Associates. Also in 1993, the company went public, listing on the New York Stock Exchange under the ticker symbol BRO. The use of public stock for acquisitions enabled a deliberate expansion strategy focused on acquiring middle-market insurance brokers nationwide.

J. Hyatt Brown retired as CEO in 2009, but remains with the company as chairman. He was succeeded as CEO by his son J. Powell Brown. Subsequently, the company has pursued aggressive acquisition strategies and organic growth. It surpassed $1 billion in revenue in 2012. It joined the S&P 500 index in 2021.

In 2021, new headquarters were completed at Daytona Beach, Florida, featuring an 11-story building on 13 acres facing the Halifax River.

In 2021, Brown & Brown was added to the S&P 500 index following an announcement by S&P Dow Jones Indices, effective September 20, 2021.

In 2022, Brown & Brown was added to the S&P 500 Dividend Aristocrats Index, which includes S&P 500 companies that have increased their dividend payments for at least 25 consecutive years.

Read the full text

In 2023, Brown & Brown received the Platinum Bell Seal for Workplace Mental Health from Mental Health America for its workplace mental health initiatives.

From Wikipedia’s article on Brown & Brown, shared under CC BY-SA 4.0.⁵

Products and brands

Brown & Brown operates through two major business segments:

Retail: Offers property and casualty insurance and employee benefits products to commercial, public, and individual customers.

Arrowhead Intermediaries: A purpose-built platform with three distinct divisions, each serving the evolving needs of insurance carriers, brokers, and customers worldwide:

Programs

Read the full text

Wholesale

Specialty divisions

The company serves customers in all 50 U.S. states and in select international markets.

From Wikipedia’s article on Brown & Brown, shared under CC BY-SA 4.0.⁵

Acquisitions

Brown & Brown has grown significantly through strategic acquisitions. Notable acquisitions include:

Hays Companies (2018) – A major employee benefits and risk management firm based in Minneapolis.

CoverHound and CyberPolicy (2021) – Digital platforms offering small business and personal lines insurance.

Orchid Underwriters and CrossCover Insurance Services (2023) – Expanded the company's E&S (excess and surplus) capabilities.

Read the full text

Global Risk Partners (GRP) (2022) – A major U.K.-based insurance intermediary, marking a significant expansion into the European market.

O’Leary Insurances (2021) – A comprehensive insurance broking service based in Ireland. The acquisition marked Brown & Brown’s strategic entry into the EU market.

McNamara Company (2024) – Offers a range of insurance solutions for businesses, families, and individuals.

Accession Risk Management Group, including Risk Strategies (2025) – A private American insurance brokerage and risk management advisor. This acquisition expanded Brown & Brown’s presence in property and casualty, employee benefits, and middle-market broker services. The acquisition added more than 5,000 employees.

MacKay Corporate Insurance Brokers (2026) – A commercial and personal insurance broker based in Scotland. The acquisition marked Brown & Brown’s strategic entry into the Scotland market.

From Wikipedia’s article on Brown & Brown, shared under CC BY-SA 4.0.⁵

Former names

BROWN & BROWN, INCNov 13, 2017 to Nov 13, 2017⁴
BROWN & BROWN INCAug 9, 1999 to Nov 3, 2017⁴
POE & BROWN INCFeb 14, 1994 to Mar 15, 1999⁴

Timeline

1939Founded Founded¹

Recent filings

Sep 23, 20264
Sep 10, 20268-K
Aug 10, 20268-K
Aug 6, 2026SCHEDULE 13G
Jul 27, 20268-K
Jul 27, 202610-Q
Jun 25, 202611-K
Jun 10, 20264
Jun 5, 20268-K
May 14, 2026SCHEDULE 13G/A
May 8, 2026S-3ASR
May 7, 20268-K
May 7, 2026S-8
May 6, 20264
May 6, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.²

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataBrown & Brown on Wikidata
2
SEC EDGARBrown & Brown filings on SEC EDGAR
3
WikipediaBrown & Brown on Wikipedia
4
SEC EDGARBrown & Brown filings on SEC EDGAR
5
WikipediaBrown & Brown on Wikipedia (revision used)
6
Company websiteBrown & Brown photo
7
SEC EDGARBrown & Brown 10-K for fiscal 2025
8
SEC EDGARBrown & Brown 10-K for fiscal 2019
9
SEC EDGARBrown & Brown 10-K for fiscal 2020
10
SEC EDGARBrown & Brown 10-K for fiscal 2021
11
SEC EDGARBrown & Brown 10-K for fiscal 2022
12
SEC EDGARBrown & Brown 10-Q for fiscal 2026
13
SEC EDGARBrown & Brown 10-Q for fiscal 2026
14
SEC EDGARBrown & Brown 10-K for fiscal 2019
15
SEC EDGARBrown & Brown 10-K for fiscal 2019

Overview

Financials

Key numbers, fiscal 2025

What sells

Products and services

Business segments

Regions

Where the money goes

Where each dollar of revenue went, fiscal 2025

Where each dollar of operating cash went, fiscal 2025

Financial statements

The story

Products and brands

Acquisitions

Former names

Timeline

Recent filings

Links

Sources