NYSE: BRO
Brown & Brown
Financials · Insurance Agents, Brokers & Service
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$20.2B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.28B |
| FY2017, ended Dec 31, 2017 | $7.09B |
| FY2018, ended Dec 31, 2018 | $7.71B |
| FY2019, ended Dec 31, 2019 | $11.1B |
| FY2020, ended Dec 31, 2020 | $13.4B |
| FY2021, ended Dec 31, 2021 | $19.8B |
| FY2022, ended Dec 31, 2022 | $16.2B |
| FY2023, ended Dec 31, 2023 | $20.3B |
| FY2024, ended Dec 31, 2024 | $29.2B |
| FY2025, ended Dec 31, 2025 | $27.1B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $20.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$6.91B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.77B |
| FY2017, ended Dec 31, 2017 | $1.88B |
| FY2018, ended Dec 31, 2018 | $2.01B |
| FY2019, ended Dec 31, 2019 | $2.39B |
| FY2020, ended Dec 31, 2020 | $2.61B |
| FY2021, ended Dec 31, 2021 | $3.05B |
| FY2022, ended Dec 31, 2022 | $3.57B |
| FY2023, ended Dec 31, 2023 | $4.26B |
| FY2024, ended Dec 31, 2024 | $4.80B |
| FY2025, ended Dec 31, 2025 | $5.90B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $6.91B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $257M | $393M |
| FY2017, ended Dec 31, 2017 | $400M | $418M |
| FY2018, ended Dec 31, 2018 | $344M | $526M |
| FY2019, ended Dec 31, 2019 | $399M | $605M |
| FY2020, ended Dec 31, 2020 | $481M | $642M |
| FY2021, ended Dec 31, 2021 | $587M | $764M |
| FY2022, ended Dec 31, 2022 | $672M | $829M |
| FY2023, ended Dec 31, 2023 | $871M | $941M |
| FY2024, ended Dec 31, 2024 | $993M | $1.09B |
| FY2025, ended Dec 31, 2025 | $1.05B | $1.38B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.22B | $1.49B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$1.10B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $516M |
| FY2017, ended Dec 31, 2017 | $573M |
| FY2018, ended Dec 31, 2018 | $439M |
| FY2019, ended Dec 31, 2019 | $542M |
| FY2020, ended Dec 31, 2020 | $656M |
| FY2021, ended Dec 31, 2021 | $693M |
| FY2022, ended Dec 31, 2022 | $650M |
| FY2023, ended Dec 31, 2023 | $700M |
| FY2024, ended Dec 31, 2024 | $675M |
| FY2025, ended Dec 31, 2025 | $1.08B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.10B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$7.76B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.07B |
| FY2017, ended Dec 31, 2017 | $976M |
| FY2018, ended Dec 31, 2018 | $1.52B |
| FY2019, ended Dec 31, 2019 | $1.56B |
| FY2020, ended Dec 31, 2020 | $2.10B |
| FY2021, ended Dec 31, 2021 | $2.02B |
| FY2022, ended Dec 31, 2022 | $3.94B |
| FY2023, ended Dec 31, 2023 | $3.80B |
| FY2024, ended Dec 31, 2024 | $3.82B |
| FY2025, ended Dec 31, 2025 | $7.61B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $7.76B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 18.5% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.332M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 280M |
| FY2017, ended Dec 31, 2017 | 276M |
| FY2018, ended Dec 31, 2018 | 280M |
| FY2019, ended Dec 31, 2019 | 282M |
| FY2020, ended Dec 31, 2020 | 282M |
| FY2021, ended Dec 31, 2021 | 282M |
| FY2022, ended Dec 31, 2022 | 284M |
| FY2023, ended Dec 31, 2023 | 286M |
| FY2024, ended Dec 31, 2024 | 286M |
| FY2025, ended Dec 31, 2025 | 340M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 332M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $761M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $18.9M | $16.1M | — | — |
| FY2017, ended Dec 31, 2017 | $129M | $30.6M | — | — |
| FY2018, ended Dec 31, 2018 | $91.3M | $33.5M | — | $100M |
| FY2019, ended Dec 31, 2019 | $58.7M | $47.0M | — | $20.0M |
| FY2020, ended Dec 31, 2020 | $55.1M | $59.7M | — | $30.1M |
| FY2021, ended Dec 31, 2021 | $82.6M | $61.0M | — | $9.90M |
| FY2022, ended Dec 31, 2022 | $74.0M | $66.0M | — | $15.0M |
| FY2023, ended Dec 31, 2023 | $0 | $89.0M | $0 | $18.0M |
| FY2024, ended Dec 31, 2024 | $0 | $101M | $0 | — |
| FY2025, ended Dec 31, 2025 | $100M | $93.0M | $4.32B | $634M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $850M | $89.0M | $0 | — |
Revenue (TTM)
$6.91B
+26.1% YoY
Net income (TTM)
$1.22B
+21.8% YoY
Cash
$1.10B
−7.6% YoY
Total debt
$7.76B
+0.4% YoY
Valuation
At current price- Market Cap
- $23.1B
- P/E
- 19.0×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.3×
- Price / Book
- 1.8×
- EV / EBITDA
- 14.7×
Growth
Trailing 12 months- Revenue (TTM)
- $6.91B
- Revenue Growth YoY
- 26.1%
- Revenue CAGR 3Y
- 18.2%
- Revenue CAGR 5Y
- 17.7%
- EPS Growth YoY
- −4.2%
- Net Income Growth YoY
- 21.8%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- 17.6%
- FCF Margin
- 21.5%
- Return on Equity
- 9.7%
Earnings
Trailing 12 months- Net Income
- $1.22B
- EPS (diluted)
- $3.16
- EBITDA
- $2.03B
- Operating Income
- —
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $1.10B
- Total Debt
- $7.76B
- Net Debt
- $6.66B
- Total Assets
- $29.4B
- Total Liabilities
- $16.8B
- Shareholders' Equity
- $12.6B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.58B
- Capital Expenditure
- $97.0M
- Free Cash Flow
- $1.49B
Dividends and risk
Last 12 months- Dividend Yield
- 0.9%
- Dividend / Share
- $0.66
- Beta (5Y)
- 0.59
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 26.1% over the last year, to $6.91B.
Note
Net margin of 17.6% over the last 12 months.
Strength
Turns 21.5% of revenue into free cash flow.
Strength
Share count is down 2.8% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 26, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K68Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 12, 2026 · Read the filing on EDGAR
- Revenue rose 22.8% to $5.9 billion and net income rose 6.1% to $1.05 billion, with most revenue growth coming from acquisitions.
- Brown & Brown paid $7.46 billion for Accession, funded with $4.2 billion of new notes, about $4.3 billion of new shares and cash.
- Growth at existing businesses slowed sharply to 2.8% from 10.4%, as insurance rate increases eased and prior-year flood claims revenue did not repeat.
- Total debt roughly doubled to $7.6 billion and interest expense rose 53.9%, though operating cash flow also grew to $1.45 billion.
Business momentum
Strong improvement
“Commissions and fees, including profit-sharing contingent commissions and earned premiums for 2025, increased $1,058 million to $5,763 million, or 22.5% over 2024.”
Outlook
Not discussed
Financial stress
Low
“Cash flows generated from operating activities totaled $1,450 million and $1,174 million for the years ended December 31, 2025 and 2024, respectively, representing an increase of $276 million.”
Tone against the previous report
About the same
Red flags
- Medium
Major lawsuit
“we cannot predict the ultimate outcome of the litigation pending against Accession’s subsidiary, Oxford Risk Management Group LLC”
Positives
Acquisitions added substantial new revenue
“$836 million from acquisitions that had no comparable revenues in the same period of 2024”
Profit-sharing commissions from insurers jumped
“Profit-sharing contingent commissions for 2025 increased by $89 million, or 53.6%, compared to the same period in 2024.”
Operating cash flow grew strongly
“Cash flows generated from operating activities totaled $1,450 million and $1,174 million for the years ended December 31, 2025 and 2024, respectively, representing an increase of $276 million.”
Concerns
Growth at existing businesses slowed sharply to 2.8%
“For the year ended December 31, 2025, our commissions and fees growth rate was 22.5% and our consolidated Organic Revenue growth rate was 2.8%.”
Interest costs climbed with the new debt, and profit grew far slower than revenue
“Interest expense for 2025 increased $104 million to $297 million, or 53.9%, from 2024.”
Credit line and term loan mature in 2026 without a refinancing agreed yet
“Although the Company intends to refinance or extend these facilities, no such agreements were in place as of period end.”
New risks since the previous report
Accession's expected benefits may fall short or arrive late
“The full benefits of the Transaction, including the anticipated synergies and growth opportunities, may not be realized as expected or may not be achieved within the anticipated time frame, or at all.”
Much higher debt from the Accession deal reduces flexibility
“These increases in our indebtedness may, among other things, reduce our flexibility to respond to changing business and economic conditions or to fund capital expenditures or working capital needs.”
Financial guarantee policy claims could exceed captive cash and the escrow fund
“Our results of operations would be negatively impacted if the costs of the claims relating to the FG Policies exceed the value of the cash within the captives, as well as the cash and stock held in the indemnity escrow fund”
IRS scrutiny of the small captive insurance advisory business acquired with Accession
“The IRS has conducted investigations, and may be conducting investigations, of certain peers of Accession that also provide similar services”
AI platforms could let insurers sell directly and bypass brokers
“emerging AI-enabled platforms may enable insurers or third parties to quote, market, or sell insurance products directly to customers, potentially bypassing traditional intermediaries and reducing demand for our services”
Biggest risks named
- Failing to realize the expected benefits of the Accession acquisition
- Higher debt and interest costs reducing financial flexibility
- Accession captive insurance liabilities, litigation and possible IRS scrutiny
- Difficulty keeping or hiring key staff and executives
- Falling insurance premiums or commission rates reducing commission revenue
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −2.4 | |
| New risks | −2 | |
| Score | 68 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 26, 2026 | Pro | |||
| 10-K | Feb 12, 2026 | 68 | Strong improvement | 1 medium | |
| 10-K | Feb 13, 2025 | 64 | Improving | None | |
| 10-K | Feb 22, 2024 | 72 | Strong improvement | 1 minor | |
| 10-K | Feb 27, 2023 | 64 | Improving | None | |
| 10-K | Feb 23, 2022 | 72 | Strong improvement | None | |
| 10-K | Feb 23, 2021 | 68 | Strong improvement | None | |
| 10-K | Feb 24, 2020 | 76 | Strong improvement | None | |
| 10-K | Feb 26, 2019 | 59 | Mixed | None | |
| 10-K | Feb 28, 2018 | 70 | Improving | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 26, 2026. View filings on SEC EDGAR