BROWN & BROWN, INC.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), BROWN & BROWN, INC. reported revenue of $5.9B (+22.8% year on year) and net income of $1.1B (+6.1% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Commissions and fees | $5.8B | $4.7B | $4.2B | $3.6B |
| Investment and other income | $139.0M | — | — | — |
| Total revenues | $5.9B | $4.8B | $4.3B | $3.6B |
| Employee compensation and benefits | $2.9B | $2.4B | $2.2B | $1.8B |
| Other operating expenses | $959.0M | $710.0M | $649.9M | $596.8M |
| Loss/(gain) on disposal | $2.0M | ($31.0M) | ($143.3M) | ($4.5M) |
| Amortization | $312.0M | $178.0M | $166.0M | $146.6M |
| Depreciation | $55.0M | $44.0M | $40.0M | $39.2M |
| Interest | $297.0M | $193.0M | $190.0M | $141.2M |
| Change in estimated acquisition earn-out payables | $25.0M | $2.0M | $21.8M | ($38.9M) |
| Mark-to-market of escrow liability | ($54.0M) | — | — | — |
| Total expenses | $4.5B | $3.5B | $3.1B | $2.7B |
| Income before income taxes | $1.4B | $1.3B | $1.1B | $876.1M |
| Income taxes | $304.0M | $301.0M | $275.6M | $204.3M |
| Net income before non-controlling interests | $1.1B | $1.0B | — | — |
| Less: Net income attributable to non-controlling interests | $13.0M | $9.0M | — | — |
| Net income attributable to the Company | $1.1B | $993.0M | $870.5M | $671.8M |
| Basic | $3.37 | $3.48 | $3.07 | $2.38 |
| Diluted | $3.16 | $3.46 | $3.05 | $2.37 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Commissions and fees | $1.7B | $1.9B | $1.6B | $1.2B |
| Investment and other income | $22.0M | $21.0M | $56.0M | $36.0M |
| Total revenues | $1.7B | $1.9B | $1.6B | $1.3B |
| Employee compensation and benefits | $838.0M | $907.0M | $793.0M | $640.0M |
| Other operating expenses | $271.0M | $289.0M | $276.0M | $211.0M |
| Loss on disposal | $1.0M | ($1.0M) | — | — |
| Amortization | $110.0M | $116.0M | $93.0M | $50.0M |
| Depreciation | $18.0M | $17.0M | $14.0M | $11.0M |
| Interest | $100.0M | $99.0M | $100.0M | $51.0M |
| Change in estimated acquisition earn-out payables | ($40.0M) | $5.0M | $11.0M | $11.0M |
| Mark-to-market of escrow liability | ($5.0M) | ($64.0M) | $8.0M | — |
| Total expenses | $1.3B | $1.4B | $1.3B | $974.0M |
| Income before income taxes | $383.0M | $533.0M | $311.0M | $311.0M |
| Income taxes | $94.0M | $106.0M | $82.0M | $77.0M |
| Net income before non-controlling interests | $289.0M | $427.0M | $229.0M | $234.0M |
| Less: Net income attributable to non-controlling interests | $1.0M | $1.0M | $2.0M | $3.0M |
| Net income attributable to the Company | $288.0M | $426.0M | $227.0M | $231.0M |
| Basic | $0.86 | $1.27 | $0.68 | $0.79 |
| Diluted | $0.84 | $1.06 | $0.68 | $0.78 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $1.1B | $675.0M | $700.3M | $650.0M |
| Fiduciary cash | $2.5B | $1.8B | $1.6B | $1.4B |
| Commission, fees and other receivables | $1.4B | $895.0M | $789.7M | $642.9M |
| Fiduciary receivables | $1.5B | $1.1B | $1.1B | $881.4M |
| Reinsurance recoverable | $647.0M | $1.5B | $125.2M | $831.0M |
| Prepaid reinsurance premiums | $980.0M | $520.0M | $461.5M | $393.2M |
| Other current assets | $484.0M | $354.0M | $315.0M | $202.3M |
| Total current assets | $8.6B | $6.9B | $5.1B | $5.0B |
| Fixed assets, net | $367.0M | $319.0M | $270.3M | $239.9M |
| Operating lease assets | $269.0M | $200.0M | $198.8M | $214.9M |
| Goodwill | $15.1B | $8.0B | $7.3B | $6.7B |
| Amortizable intangible assets, net | $4.9B | $1.8B | $1.6B | $1.6B |
| Other assets | $748.0M | $366.0M | $301.8M | $230.9M |
| Total assets | $30.0B | $17.6B | $14.9B | $14.0B |
| Fiduciary liabilities | $4.0B | $2.9B | $2.7B | $2.3B |
| Losses and loss adjustment reserve | $671.0M | $1.5B | $131.5M | $841.1M |
| Unearned premiums | $1.1B | $577.0M | $462.4M | $412.3M |
| Accounts payable | $990.0M | $373.0M | $458.9M | $286.5M |
| Accrued expenses and other liabilities | $875.0M | $653.0M | $608.2M | $541.5M |
| Current portion of long-term debt | $719.0M | $225.0M | $568.7M | $250.6M |
| Total current liabilities | $8.3B | $6.3B | $5.0B | $4.6B |
| Long-term debt less unamortized discount and debt issuance costs | $6.9B | $3.6B | $3.2B | $3.7B |
| Operating lease liabilities | $243.0M | $189.0M | $178.6M | $195.9M |
| Deferred income taxes, net | $815.0M | $711.0M | $616.2M | $584.0M |
| Other liabilities | $1.2B | $362.0M | $326.0M | $298.9M |
| 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 | $36000000.00 | $31000000.00 | $30400000.00 | $30300000.00 |
| Additional paid-in capital | $6.2B | $1.1B | $1.0B | $919.7M |
| Treasury stock, at cost 21 shares at 2025 and 20 shares at 2024, respectively | -848.0M | -748.0M | -748.1M | -748.0M |
| Accumulated other comprehensive income/(loss) | $210.0M | ($109.0M) | ($19.1M) | ($148.4M) |
| Non-controlling interests | $26.0M | $17.0M | — | — |
| Retained earnings | $7.0B | $6.1B | $5.3B | $4.6B |
| Total equity | $12.6B | $6.4B | — | — |
| Total liabilities and equity | $30.0B | $17.6B | $14.9B | $14.0B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $918.0M | $1.0B | $1.2B | $8.9B |
| Fiduciary cash | $2.6B | $2.4B | $2.3B | $2.0B |
| Commission, fees and other receivables | $1.5B | $1.6B | $1.5B | $1.1B |
| Fiduciary receivables | $1.6B | $1.6B | $1.3B | $1.2B |
| Reinsurance recoverable | $591.0M | $590.0M | $603.0M | $385.0M |
| Prepaid reinsurance premiums | $850.0M | $869.0M | $790.0M | $529.0M |
| Other current assets | $541.0M | $456.0M | $484.0M | $343.0M |
| Total current assets | $8.7B | $8.5B | $8.1B | $14.4B |
| Fixed assets, net | $368.0M | $370.0M | $366.0M | $334.0M |
| Operating lease assets | $274.0M | $263.0M | $269.0M | $198.0M |
| Goodwill | $15.1B | $15.1B | $14.9B | $8.4B |
| Amortizable intangible assets, net | $4.6B | $4.8B | $5.0B | $1.9B |
| Other assets | $837.0M | $754.0M | $733.0M | $430.0M |
| Total assets | $29.9B | $29.7B | $29.4B | $25.6B |
| Fiduciary liabilities | $4.2B | $4.0B | $3.6B | $3.2B |
| Losses and loss adjustment reserve | $612.0M | $611.0M | $620.0M | $400.0M |
| Unearned premiums | $953.0M | $938.0M | $887.0M | $632.0M |
| Accounts payable | $807.0M | $873.0M | $849.0M | $382.0M |
| Accrued expenses and other liabilities | $683.0M | $695.0M | $840.0M | $530.0M |
| Current portion of long-term debt | $413.0M | $1.2B | $75.0M | $75.0M |
| Total current liabilities | $7.7B | $8.3B | $6.9B | $5.3B |
| Long-term debt less unamortized discount and debt issuance costs | $7.3B | $6.6B | $7.7B | $7.5B |
| Operating lease liabilities | $248.0M | $238.0M | $243.0M | $186.0M |
| Deferred income taxes, net | $925.0M | $899.0M | $857.0M | $721.0M |
| Other liabilities | $1.0B | $1.1B | $1.3B | $385.0M |
| Common stock, par value $0.10 per share; authorized 560 shares; issued 359 shares and outstanding 330 shares at 2026, issued 357 shares and outstanding 336 shares at 2025 | $36000000.00 | $36000000.00 | $36000000.00 | $35000000.00 |
| Additional paid-in capital | $6.2B | $6.2B | $6.1B | $5.4B |
| Treasury stock, at cost 29 shares at 2026 and 21 shares at 2025 | -1.3B | -1.1B | -748.0M | -748.0M |
| Accumulated other comprehensive income | $116.0M | $128.0M | $200.0M | $262.0M |
| Non-controlling interests | $25.0M | $24.0M | $21.0M | $23.0M |
| Retained earnings | $7.6B | $7.4B | $6.8B | $6.6B |
| Total equity | $12.6B | $12.6B | $12.4B | $11.6B |
| Total liabilities and equity | $29.9B | $29.7B | $29.4B | $25.6B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income before non-controlling interests | $1.1B | $1.0B | — | — |
| Amortization | $312.0M | $178.0M | $166.0M | $146.6M |
| Depreciation | $55.0M | $44.0M | $40.0M | $39.2M |
| Non-cash stock-based compensation | $93.0M | $101.0M | $89.4M | $66.1M |
| Change in estimated acquisition earn-out payables | $25.0M | $2.0M | $21.8M | ($38.9M) |
| Mark-to-market of escrow liability | ($54.0M) | — | — | — |
| Deferred income taxes | ($7.0M) | $13.0M | $12.3M | $42.8M |
| Net loss/(gain) on sales/disposals of investments, businesses, fixed assets and customer accounts | $3.0M | ($29.0M) | — | ($3.6M) |
| Payments on acquisition earn-outs in excess of original estimated payables | ($3.0M) | ($37.0M) | ($29.3M) | ($30.1M) |
| Other | $6.0M | $5.0M | — | — |
| Commissions, fees and other receivables (increase) decrease | ($95.0M) | ($94.0M) | ($106.4M) | ($60.9M) |
| Reinsurance recoverable (increase) decrease | $1.4B | ($1.4B) | $705.9M | ($767.9M) |
| Prepaid reinsurance premiums (increase) decrease | ($182.0M) | ($58.0M) | ($68.3M) | ($1.0M) |
| Other assets (increase) decrease | ($44.0M) | ($98.0M) | ($117.7M) | ($17.6M) |
| Losses and loss adjustment reserve increase (decrease) | ($1.3B) | $1.4B | ($709.6M) | $777.8M |
| Unearned premiums increase (decrease) | $177.0M | $115.0M | $50.1M | $20.1M |
| Accounts payable increase (decrease) | $11.0M | ($47.0M) | $260.0M | $124.3M |
| Accrued expenses and other liabilities increase (decrease) | $18.0M | $35.0M | $43.2M | $37.0M |
| Other liabilities increase (decrease) | $60.0M | $33.0M | ($82.8M) | ($127.7M) |
| Net cash provided by operating activities | $1.4B | $1.2B | $1.0B | $881.4M |
| Additions to fixed assets | ($68.0M) | ($82.0M) | ($68.9M) | ($52.6M) |
| Payments for businesses acquired, net of cash acquired | ($7.9B) | ($890.0M) | ($630.7M) | ($1.9B) |
| Proceeds from sales of businesses, fixed assets and customer accounts | $9.0M | $70.0M | $106.6M | — |
| Other investing activities | ($1.0M) | — | — | — |
| Net cash used in investing activities | ($7.9B) | ($898.0M) | ($587.0M) | ($1.9B) |
| Fiduciary receivables and liabilities, net | $53.0M | $191.0M | $188.5M | $96.2M |
| Payments on acquisition earn-outs | ($143.0M) | ($117.0M) | ($89.5M) | ($76.2M) |
| Proceeds from long-term debt | $4.2B | $599.0M | — | $2.0B |
| Payments on long-term debt | ($225.0M) | ($719.0M) | ($250.6M) | ($61.3M) |
| Deferred debt issuance costs | ($36.0M) | ($5.0M) | — | ($23.4M) |
| Borrowings on revolving credit facility | $450.0M | $500.0M | $420.0M | $350.0M |
| Payments on revolving credit facility | ($600.0M) | ($350.0M) | ($320.0M) | ($350.0M) |
| Proceeds from issuance of common stock, net of expenses | $4.3B | — | — | — |
| Issuances of common stock for employee stock benefit plans | $48.0M | $44.0M | $39.8M | $37.6M |
| Repurchase shares to fund tax withholdings for non-cash stock-based compensation | -42.0M | -55.0M | -39.8M | -48.8M |
| Purchase of treasury stock | ($100.0M) | — | ($100.0K) | ($74.1M) |
| Cash dividends paid | ($193.0M) | ($154.0M) | ($135.0M) | ($119.5M) |
| Other financing activities | ($6.0M) | $2.0M | — | — |
| Net cash provided by (used in) financing activities | $7.7B | ($64.0M) | ($186.7M) | $1.7B |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash inclusive of fiduciary cash | $64.0M | — | — | — |
| Net increase in cash, cash equivalents and restricted cash inclusive of fiduciary cash | $1.3B | $199.0M | $269.7M | $563.0M |
| Cash, cash equivalents and restricted cash inclusive of fiduciary cash at beginning of period | $2.5B | $2.3B | $2.0B | $1.5B |
| Cash, cash equivalents and restricted cash inclusive of fiduciary cash at end of period | $3.8B | — | — | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income before non-controlling interests | $716.0M | $427.0M | $799.0M | $569.0M |
| Amortization | $226.0M | $116.0M | $196.0M | $103.0M |
| Depreciation | $35.0M | $17.0M | $37.0M | $23.0M |
| Non-cash stock-based compensation | $49.0M | $26.0M | $76.0M | $52.0M |
| Change in estimated acquisition earn-out payables | ($34.0M) | $5.0M | $18.0M | $7.0M |
| Mark-to-market of escrow liability | ($69.0M) | ($64.0M) | $8.0M | — |
| Deferred income taxes | $128.0M | $80.0M | $18.0M | ($2.0M) |
| Net loss on sales/disposals of investments, businesses, fixed assets and customer accounts | $0 | ($1.0M) | $2.0M | $2.0M |
| Payments on acquisition earn-outs in excess of original estimated payables | ($40.0M) | ($15.0M) | ($1.0M) | ($1.0M) |
| Other | $8.0M | $3.0M | $5.0M | $2.0M |
| Commissions, fees and other receivables (increase) decrease | ($143.0M) | ($142.0M) | ($59.0M) | ($139.0M) |
| Reinsurance recoverable (increase) decrease | $56.0M | $57.0M | $1.2B | $1.1B |
| Prepaid reinsurance premiums (increase) decrease | $130.0M | $110.0M | $8.0M | ($9.0M) |
| Other assets (increase) decrease | ($112.0M) | $25.0M | ($23.0M) | ($11.0M) |
| Losses and loss adjustment reserve increase (decrease) | ($59.0M) | ($60.0M) | ($1.2B) | ($1.1B) |
| Unearned premiums increase (decrease) | ($100.0M) | ($116.0M) | $15.0M | $55.0M |
| Accounts payable increase (decrease) | ($11.0M) | ($29.0M) | ($95.0M) | $5.0M |
| Accrued expenses and other liabilities increase (decrease) | ($194.0M) | ($184.0M) | ($41.0M) | ($132.0M) |
| Other liabilities increase (decrease) | $22.0M | $7.0M | $41.0M | $15.0M |
| Net cash provided by operating activities | $608.0M | $262.0M | $1.0B | $538.0M |
| Additions to fixed assets | ($38.0M) | ($21.0M) | ($48.0M) | ($32.0M) |
| Payments for businesses acquired, net of cash acquired | ($30.0M) | ($17.0M) | ($7.7B) | ($161.0M) |
| Proceeds from sales of businesses, fixed assets and customer accounts | $3.0M | $0 | $10.0M | $10.0M |
| Other investing activities | ($6.0M) | $0 | ($4.0M) | ($4.0M) |
| Net cash used in investing activities | ($71.0M) | ($38.0M) | ($7.7B) | ($187.0M) |
| Fiduciary receivables and liabilities, net | $157.0M | ($76.0M) | ($145.0M) | $119.0M |
| Payments on acquisition earn-outs | ($184.0M) | ($150.0M) | ($77.0M) | ($45.0M) |
| Proceeds from long-term debt | $0 | — | $4.2B | $4.2B |
| Payments on long-term debt | ($31.0M) | ($19.0M) | ($206.0M) | ($188.0M) |
| Deferred debt issuance costs | ($3.0M) | — | ($37.0M) | ($36.0M) |
| Borrowings on revolving credit facility | $225.0M | $225.0M | $450.0M | $150.0M |
| Payments on revolving credit facility | ($50.0M) | — | ($500.0M) | ($400.0M) |
| Proceeds from issuance of common stock, net of expenses | $0 | — | $4.3B | $4.3B |
| Repurchase shares to fund tax withholdings for non-cash stock-based compensation | -27.0M | -26.0M | -42.0M | -41.0M |
| Purchase of treasury stock | ($500.0M) | ($250.0M) | — | — |
| Cash dividends paid | ($112.0M) | ($57.0M) | ($137.0M) | ($86.0M) |
| Other financing activities | ($1.0M) | ($1.0M) | ($5.0M) | $1.0M |
| Net cash (used in) provided by financing activities | ($526.0M) | ($354.0M) | $7.9B | $8.0B |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash inclusive of fiduciary cash | ($27.0M) | ($27.0M) | — | — |
| Net (decrease) increase in cash, cash equivalents and restricted cash inclusive of fiduciary cash | ($16.0M) | ($157.0M) | $1.2B | $8.4B |
| Cash, cash equivalents and restricted cash inclusive of fiduciary cash at beginning of period | $3.8B | $3.8B | $2.5B | $2.5B |
| Cash, cash equivalents and restricted cash inclusive of fiduciary cash at end of period | $3.8B | $3.7B | — | — |
BROWN & BROWN, INC. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.