Summary
Brown & Brown, Inc. reported solid financial results for the nine months ended September 30, 2025. Total revenues increased by 18.6% to $4,295 million, primarily driven by a substantial increase in commissions and fees, which rose by 18.0% to $4,183 million. This growth was fueled by both organic revenue increases of 4.6% and significant contributions from acquisitions, most notably the acquisition of Accession Risk Management Group for $9.6 billion. Net income attributable to the Company for the nine-month period remained stable at $790 million, while diluted earnings per share slightly decreased to $2.57 from $2.73 in the prior year, influenced by a larger share count following the equity offering. The company's balance sheet reflects substantial growth, with total assets increasing significantly to $29,354 million from $17,612 million at year-end 2024, largely due to acquisitions and a substantial increase in goodwill and amortizable intangible assets. Long-term debt also increased significantly to fund acquisitions. Despite higher interest expenses, the company generated strong operating cash flows of $1,006 million for the nine months, enabling it to manage its increased debt levels and fund its operations and investments.
Financial Highlights
51 data points| Revenue | $1.19B |
| Operating Expenses | $869.00M |
| Net Income | $239.00M |
| EPS (Basic) | $0.82 |
| EPS (Diluted) | $0.81 |
| Shares Outstanding (Basic) | 282.00M |
| Shares Outstanding (Diluted) | 284.00M |
Key Highlights
- 1Total revenues grew 18.6% year-over-year to $4.3 billion for the nine months ended September 30, 2025, driven by strong commission and fee income.
- 2The company completed a significant acquisition of Accession Risk Management Group for $9.6 billion, funded through a combination of equity and debt, which substantially increased assets and goodwill.
- 3Net income attributable to the Company was stable at $790 million for the nine months, though diluted EPS decreased to $2.57 due to a higher share count.
- 4Operating cash flow remained robust at $1,006 million for the nine months, indicating strong operational performance despite increased debt.
- 5Employee compensation and benefits increased by 16.1% year-over-year for the nine months, largely due to integration costs from recent acquisitions.
- 6Interest expense more than doubled for the nine months, reflecting the higher debt levels incurred to finance acquisitions.
- 7The company's balance sheet expanded significantly, with total assets reaching $29.4 billion, primarily driven by acquisitions and resulting in a substantial increase in goodwill and intangible assets.