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BROWN & BROWN, INC.BRO

Sector
Financial Services
Industry
Insurance Agents, Brokers & Service
Exchange
NYSE

Stock Price $BRO

Latest filings

You are here#54 of 58 in Financials by market cap

Filing record · 2016–202610-K1210-Q388-K126

BRO filed 12 annual reports (10-K), 38 quarterly reports (10-Q) and 126 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’17Mar ’17
  2. Material agreement8-K · Mar ’19Mar ’19
  3. Leadership change8-K · Dec ’21Dec ’21
  4. Leadership change8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $5.90B
YoY changeLargest recent move+19.1%in FY23Latest +22.8%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All BRO Financial Metrics55 metrics

Income Statement9

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

BROWN & BROWN, INC. Financial Overview 2021–2025

Updated Aug 8, 2026

Brown & Brown executed a staggering $9.608 billiona acquisition of Accession Risk Management Group in FY2025, marking a massive acceleration in its historically steady roll-up strategy. This pivot toward debt- and equity-financed mega-deals establishes the intermediary as an aggressive consolidator capable of capturing unprecedented scale in the specialty insurance market.

Total revenues expanded from $3,051.4 million in FY2021 to $5.902 billionb in FY2025. This top-line growth was fueled by relentless bolt-on purchases—including 43 acquisitions in FY2025 alone—and consistent underlying performance that delivered 10.4% organic revenue growth in FY2024. Despite soaring integration expenses and a 22.0% jump in employee compensation during FY2025, the broker successfully expanded its 35.9% adjusted EBITDAC margin that year, proving its ability to extract operational leverage from acquired targets.

At the close of FY2025, the market valued this highly leveraged growth engine at a 25.2x P/E, with the stock trading at $79.70c against a $3.16 EPS. The company’s financial momentum has only accelerated post-acquisition, with total revenues surging 35.4% to $1.901 billion in Q1 2026, alongside a 125.6% explosion in profit-sharing contingent commissions.

Recent Developments (Q1 and Q2 2027)

Brown & Brown sustained its aggressive expansion through the first half of 2026, completing 14 acquisitions and significantly expanding its borrowing capacity. The company upsized its revolving credit facility to $1,250 milliond and secured $500 million in new term loans during Q2 2026, ending the period with $825 million outstanding to fund ongoing consolidation. Operational execution remained robust, with Q2 2026 revenues climbing 30.4% year-over-year to $1,676 million and net income rising 24.7% to $288 million.

Bulls will highlight the company's consistent operational leverage, evidenced by a 36.6% increase in adjusted EBITDAC to $731 millione during Q1 2026. Bears might warn that drawing down $825 million from new credit facilities to fuel continuous M&A heightens balance sheet risks. Trading at 22.1x earnings as of July 27, 2026, the equity presents a more tempered valuation compared to prior periods.

What to watch: utilization of expanded credit lines for major target acquisitions; executive progress against the 2026 cash incentive plan demanding aggressive organic top-line growth.

03—Filings

Recent SEC Filings

  1. 8-KBROWN & BROWN, INC. 8-K Report, Regulation FD Disclosure (Sep 10, 2026)Brown & Brown's 8-K (Item 7.01, furnished under Regulation FD) attaches a 2026 corporate overview presentation rather than new quarterly or annual results. The deck is best read as an investor-relations update on the company's scale, profitability, and balance sheet after its acquisition of Accession (RSC Topco, Inc.). It cites about $5.9 billion of 2025 revenue, roughly 23,000 teammates, and operations in 16 countries with over 700 locations. Its 2025 figures include $1.5 billion of operating cash flow (up 24% over 2024) and $1.1 billion of year-end cash. Liquidity is described as $975 million of undrawn revolver capacity as of June 30, 2026, against a $1.25 billion facility. The deck's main financial message is consistent profitability and cash conversion, not top-line growth. Organic revenue growth was 2.8% in 2025 for both the Retail and Specialty Distribution segments, well below the 5-year averages it shows (6.5% for Retail and 11.5% for Specialty). Adjusted EBITDAC margins were 30.0% for Retail and 43.1% for Specialty in 2025. Growth is presented as largely acquisition-driven, with revenue growth of 24.8% for Retail and 19.5% for Specialty. The forward-looking risk factors explicitly flag that the Accession financing increased the company's indebtedness, which is the key balance-sheet item for investors to monitor. The company targets net debt to EBITDAC of 0 to 2.5x and has a covenant maximum of 3.5x. Shareholder-return claims are favorable over long periods but weak recently. The deck shows 10-year total shareholder return of 443% versus 365% for peers and 298% for the S&P 500, and it notes 32 consecutive years of dividend increases. However, 1-year total shareholder return was -21%, against -4% for peers and +18% for the S&P 500. Investors should treat the presentation as promotional, since it uses non-GAAP measures (EBITDAC - Adjusted, organic revenue) and selects long-period comparisons. Its own reconciliations and risk language should be checked against the company's 10-K and 10-Q filings.
  2. 8-KBROWN & BROWN, INC. 8-K Report, Executive Changes (Aug 10, 2026)Brown & Brown, Inc. (BRO) has announced the departure of P. Barrett Brown, Executive Vice President and former President of the Retail Segment, effective August 10, 2026. Mr. Brown has resigned from his officer and director positions to pursue other opportunities, effective immediately. He will remain with the company in a transitional capacity until July 31, 2027, providing support and training to ensure a smooth handover of his responsibilities. This transition includes a comprehensive separation package for Mr. Brown. He will continue to receive his base salary of $1,000,000 annually and is eligible for a total bonus of $1,300,000, paid in two installments. Additionally, Mr. Brown will receive $130,000 for transition-related expenses and a severance payment of $2,500,000, payable over two years. These payments are contingent upon satisfactory transition services and the execution of a supplemental release of claims. The agreement also includes a one-year non-compete clause.
  3. 8-KBROWN & BROWN, INC. 8-K Report, Financial Results (Jul 27, 2026)Brown & Brown reported Q2 2026 total revenues of $1.68 billion (the press release rounds to $1.7 billion), up 30.4% year over year. The growth was driven mainly by acquisitions, including the pending-then-closed acquisition of RSC Topco (Accession). Organic Revenue declined 0.7%, and Organic Revenue with Contingents rose only 0.7%, so underlying organic growth remained flat to slightly negative. Acquisitions contributed roughly $393 million of Q2 commissions and fees. Net income attributable to the Company rose 24.7% to $288 million, but the pre-tax margin fell to 22.9% from 24.2%, and EBITDAC Margin - Adjusted fell to 35.7% from 36.7%. Per-share results were weaker than net income growth. Diluted EPS rose 7.7% to $0.84, and Diluted EPS - Adjusted rose 3.9% to $1.07. The diluted share count increased to 334 million from 293 million, reflecting the 2025 equity offering and acquisition-related share issuance. Amortization more than doubled to $110 million, and interest expense doubled to $100 million as debt increased. For the first half, Diluted EPS fell 1.6% to $1.90, while Adjusted EPS rose 6.0% to $2.46. Management's tone is positive, citing 'great momentum' into the second half. Investors should weigh the flat organic growth, margin compression, and dilution against the acquisition-driven top-line gain. The filing also carries a caveat: the forward-looking statements note that final Q2 2026 results could differ from these preliminary unaudited figures. The company holds its conference call on July 28, 2026.
  4. 8-KBROWN & BROWN, INC. 8-K Report, Material Agreement (Jun 5, 2026)On June 5, 2026, Brown & Brown, Inc. (NYSE: BRO) entered into a Third Amended and Restated Credit Agreement that replaces its October 27, 2021 credit agreement. The new facility expands the revolving credit line from $800 million to $1,250 million and extends its maturity to June 5, 2031. It also adds two term loan tranches of $250 million each: a Term A-1 loan maturing June 5, 2029, and a Term A-2 loan maturing June 5, 2031. As of the filing date, $825 million was outstanding under the facilities. For investors, the key takeaways are the increased liquidity headroom and the longer maturity profile. The revolver upsizing of $450 million, combined with $500 million of new term debt capacity, gives the company significant flexibility for acquisitions, which have historically been a core part of Brown & Brown's growth strategy, as well as for general corporate purposes. Extending maturities to 2031 reduces near-term refinancing risk. The filing does not disclose pricing, spreads, or covenant specifics, so the impact on interest expense cannot yet be assessed. The filing also indicates that the company's lending group includes major banks that maintain other commercial relationships with Brown & Brown, including cash management, letter of credit, and investment banking services. The full agreement will be filed as an exhibit to the Form 10-Q for the quarter ending June 30, 2026, at which point pricing, covenants, and the terms of the term loans can be reviewed in detail.
  5. 8-KBROWN & BROWN, INC. 8-K Report, Executive Changes (May 7, 2026)Brown & Brown, Inc. (BRO) reported the results of its May 6, 2026 Annual Meeting of Shareholders. Shareholders approved an amendment to the 2019 Stock Incentive Plan (SIP) that adds 6,900,000 shares to the plan's available pool and extends its term. The increase equals roughly 2.0% of the 339,559,191 shares outstanding on the March 2, 2026 record date. The SIP amendment passed with about 99% of votes cast, a strong signal of shareholder support for the equity compensation program. The filing does not state the total shares remaining under the plan or the expected grant pace, so the near-term dilution impact cannot be fully quantified from this document. All 14 director nominees were elected, with individual support ranging from about 91% (H. Palmer Proctor, Jr., the lowest) to about 97% (J. Hyatt Brown). Shareholders also ratified Deloitte & Touche LLP as the independent auditor for fiscal 2026, with about 95% of votes cast in favor. The quorum was 90.27% of outstanding shares, indicating broad participation. The advisory say-on-pay vote on named executive officer compensation passed, but with materially weaker support than the other items. About 85% of votes cast were in favor, with roughly 42.5 million votes (about 15%) against. Investors may view this as a sign of some shareholder concern over executive pay, even though the proposal passed. The filing contains no management commentary on the vote result.
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04—See also

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