BROWN & BROWN, INC.BRO

BROWN & BROWN, INC. Financial Overview 2021–2025

Updated Aug 8, 2026

Brown & Brown executed a staggering $9.608 billion 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 billion 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 $79.70 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 million 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 million 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.

Rev

$5.90B

+22.8% YoY

FY2025

NI

$1.07B

+7.5% YoY

FY2025

EPS

$3.37

-3.2% YoY

FY2025

OCF

$1.45B

+23.5% YoY

FY2025

Revenue Trend
Beta

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

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Data from SEC Company Facts

All BRO Financial Metrics(55)

Recent SEC Filings

BROWN & 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.

BROWN & BROWN, INC. 8-K Report, Financial Results (Jul 27, 2026)

Brown & Brown, Inc. (BRO) has filed an 8-K report on July 27, 2026, primarily to announce its financial results for the second quarter ended June 30, 2026. The report incorporates by reference a press release (Exhibit 99.1) detailing these operational and financial outcomes. While the specific financial metrics are contained within the furnished press release, this filing serves as the official notification mechanism for investors regarding the company's quarterly performance. Investors should refer to Exhibit 99.1 for detailed financial figures, revenue growth, profitability, and any forward-looking statements or management commentary. This 8-K filing is crucial for understanding Brown & Brown's recent performance and trajectory. Key information that investors will want to scrutinize in the press release includes earnings per share (EPS), revenue figures compared to prior periods and analyst expectations, operating margins, and any commentary on specific business segments or strategic initiatives. The company's disclosure of this information via a press release is standard practice and provides timely updates for the market.

BROWN & BROWN, INC. 8-K Report, Material Agreement (Jun 5, 2026)

Brown & Brown, Inc. (BRO) announced on June 5, 2026, the execution of a Third Amended and Restated Credit Agreement. This significant update to their financing structure substantially increases their available credit capacity and extends maturity dates, providing greater financial flexibility for future growth and operations. The agreement demonstrates continued support from a syndicate of major financial institutions. Key changes include an increase in the revolving credit facility from $800 million to $1,250 million, with an extended maturity to June 5, 2031. Additionally, the Company has secured new term loan facilities totaling $500 million ($250 million each for Term A-1 and Term A-2 loans) with maturities in 2029 and 2031, respectively. These enhancements underscore Brown & Brown's strategic positioning to access capital for its ongoing business development initiatives.

BROWN & BROWN, INC. 8-K Report, Executive Changes (May 7, 2026)

Brown & Brown, Inc. (BRO) filed an 8-K report on May 7, 2026, detailing key outcomes from its Annual Shareholder Meeting held on May 6, 2026. The most significant event for investors is the shareholder approval of an amendment to the 2019 Stock Incentive Plan (SIP). This amendment allows for an increase of 6,900,000 shares available for issuance and extends the plan's term, which is a common practice to ensure continued equity-based compensation for employees and management. Furthermore, the meeting confirmed the election of all 15 incumbent directors to serve until the next annual meeting. Shareholders also ratified the appointment of Deloitte & Touche LLP as the independent registered public accountants for the fiscal year ending December 31, 2026, and approved, on an advisory basis, the compensation of the Named Executive Officers. The strong shareholder turnout and overwhelming support for these proposals suggest continued confidence in the company's leadership and governance.

BROWN & BROWN, INC. 8-K Report, Financial Results (Apr 27, 2026)

Brown & Brown, Inc. (BRO) has filed an 8-K report on April 27, 2026, to announce its first-quarter financial results for the period ended March 31, 2026. The company has provided a press release containing these results, which is furnished as an exhibit to this filing. This report primarily serves to inform investors about the company's recent financial performance and operational condition at the close of the first quarter. Investors should refer to the press release (Exhibit 99.1) for the specific details regarding Brown & Brown's first-quarter 2026 financial performance. While this 8-K itself does not contain the detailed financial figures, it formally announces their public release. The information is being furnished and not deemed 'filed' for regulatory purposes, meaning it doesn't carry the same liability under Section 18 of the Securities Exchange Act of 1934.

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