Brown & Brown

Financials Insurance Brokers Daytona Beach, Florida Last filing Feb 12, 2026 · FY2025

                    Revenue
                    FY2025
                
$5.9B
                    3y CAGR +18.2%
                    
                    P64
                    
                    +22.8%
                    
                    Net income
                    FY2025
                
$1.1B
                    Net margin +17.9%
                    
                    P39
                    
                    +6.1%
                    
                    Total assets
                    FY2025
                
$30.0B
                    ROA +3.5%
                    
                    P59
                    
                    +70.3%
                    
                    Operating cash flow
                    FY2025
                
$1.4B
                    FCF margin +23.4%
                    
                    P50
                    
                    +23.5%

18 yrs · FY2008–FY2025 7 filed · 1 derived · 1 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

31 accounts · 5 years

Total assets $30.0B

Total liabilities ~$17.4B

Shareholders equity $12.6B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	3.6%	3.8%	4.7%	4.7%	7.1%
Accounts Receivable	3.3%	2.1%	3.1%	2.1%	2.1%
Prepaid Expenses	1.6%	2.0%	2.1%	1.4%	1.8%
Other Current Assets	1.6%	2.0%	2.1%	1.4%	1.8%
Total Current Assets	28.7%	39.3%	34.5%	35.8%	34.0%
Property,Plant and Equipment	1.2%	1.8%	1.8%	1.7%	2.2%
Operating Lease Assets	0.9%	1.1%	1.3%	1.5%	2.0%
Goodwill	50.3%	45.3%	49.3%	47.8%	48.4%
Intangible Assets	16.4%	10.3%	10.9%	11.4%	11.0%
Other Noncurrent Assets	2.5%	2.1%	2.0%	1.7%	2.1%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	3.3%	2.1%	3.1%	2.1%	2.1%
Accrued Liabilities	2.9%	3.7%	4.1%	3.9%	4.7%
Deferred Revenue	0.4%	0.5%	0.5%	0.6%	0.7%
Current Portion of Long Term Debt	2.4%	1.3%	3.8%	1.8%	0.4%
Operating Lease Liabilities	0.2%	0.3%	0.3%	0.3%	0.4%
Other Current Liabilities	3.9%	0.2%	0.3%	0.2%	0.2%
Total Current Liabilities	27.7%	35.9%	33.3%	32.9%	27.2%
Long Term Debt	23.0%	20.4%	21.7%	26.4%	20.2%
Deferred Revenue Noncurrent	0.1%	0.2%	0.2%	0.2%	0.7%
Operating Lease Liabilities Noncurrent	0.8%	1.1%	1.2%	1.4%	1.8%
Deferred Tax Liabilities	2.7%	4.0%	4.1%	4.2%	3.9%
Other Noncurrent Liabilities	3.9%	2.1%	2.2%	2.1%	3.9%
Equity
Common Stock	0.1%	0.2%	0.2%	0.2%	0.3%
Additional Paid In Capital	20.5%	6.3%	6.9%	6.6%	8.7%
Retained Earnings	23.3%	34.8%	35.5%	32.6%	40.8%
Treasury Stock	0.3%	4.2%	0.0%	0.5%	0.8%
Accumulated Other Comprehensive Income	0.7%	-0.6%	-0.1%	-1.1%	-0.1%
Noncontrolling Interest	0.1%	0.1%	—	—	—
Total Stockholders Equity	41.9%	36.5%	37.5%	33.0%	42.8%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

12 accounts · 5 years

Revenue $5.9B

Operating income Not reported

Net income $1.1B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	19.7%	27.3%	28.6%	25.6%	31.2%
Expenses Depreciation and Amortization	1.0%	1.0%	1.1%	1.1%	1.2%
Expenses Share Based Compensation	0.3%	0.6%	0.6%	0.5%	0.6%
Other Income Expense Interest Income	0.4%	0.5%	0.3%	0.1%	0.0%
Other Income Expense Income Before Tax	4.6%	7.4%	7.7%	6.3%	7.8%
Income Tax Income Tax Expense	1.0%	1.7%	1.8%	1.5%	1.8%
net Income net Income	3.5%	5.6%	5.9%	4.8%	6.0%
net Income Comprehensive Income	4.6%	5.1%	6.7%	3.8%	5.9%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.0%	1.6%	1.9%	2.0%	2.8%
Earnings Per Share Weighted Average Shares Diluted	1.0%	1.6%	1.9%	2.0%	2.8%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 5 years

Operating cash flow $1.4B

Investing cash flow $-7.9B

Financing cash flow $7.7B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	3.5%	5.6%	5.9%	4.8%	6.0%
Operating Activities Depreciation and Amortization	1.0%	1.0%	1.1%	1.1%	1.2%
Operating Activities Stock Based Compensation	0.3%	0.6%	0.6%	0.5%	0.6%
Operating Activities Deferred Income Taxes	-0.0%	0.1%	0.1%	0.3%	0.3%
Operating Activities Changes In Operating Assets and Liabilities	0.0%	-0.3%	1.7%	0.9%	0.6%
Operating Activities Other Non Cash Items	0.0%	0.0%	0.0%	0.0%	-0.5%
Operating Activities net Cash From Operating Activities	4.8%	6.7%	6.8%	6.3%	8.3%
Investing Activities Capital Expenditures	0.2%	0.5%	0.5%	0.4%	0.5%
Investing Activities Business Acquisitions	26.2%	5.1%	4.2%	13.8%	3.7%
Investing Activities Other Investing Activities	0.0%	-0.0%	-0.0%	—	—
Investing Activities net Cash From Investing Activities	-26.4%	-5.1%	-3.9%	-13.7%	-4.1%
Financing Activities Proceeds From Debt	14.0%	3.4%	0.0%	14.3%	—
Financing Activities Repayment of Debt	0.8%	4.1%	1.7%	0.4%	0.7%
Financing Activities Repurchase of Common Stock	0.3%	0.0%	0.0%	0.5%	0.8%
Financing Activities Dividends Paid	0.6%	0.9%	0.9%	0.9%	1.1%
Financing Activities Proceeds From Stock Issuance	0.2%	0.2%	0.3%	0.3%	0.3%
Financing Activities Other Financing Activities	-0.0%	0.0%	0.0%	-0.0%	—
Financing Activities net Cash From Financing Activities	25.7%	-0.4%	-1.3%	12.4%	-2.1%
Cash Reconciliation Effect of Exchange Rate On Cash	12.7%	14.2%	15.5%	14.5%	15.0%
Cash Reconciliation net Change In Cash	4.4%	1.1%	1.8%	4.0%	2.0%
Cash Reconciliation Cash At Beginning of Period	12.7%	14.2%	15.5%	14.5%	15.0%
Cash Reconciliation Cash At End of Period	12.7%	14.2%	15.5%	14.5%	15.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	—	—	—	—	—
Net margin	+17.9%	+20.7%	+20.5%	+18.8%	+19.2%
FCF margin	+23.4%	+22.7%	+22.1%	+23.2%	+25.0%
Growth
Revenue CAGR (3y)	+18.2%	+16.3%	+17.7%	+14.3%	+14.8%
Returns
ROE	+8.4%	+15.4%	+15.6%	+14.6%	+14.0%
ROA	+3.5%	+5.6%	+5.9%	+4.8%	+6.0%
ROIC	—	—	—	—	—
Liquidity
Current ratio	1.04x	1.10x	1.03x	1.09x	1.25x
Quick ratio	0.25x	0.17x	0.23x	0.20x	0.34x
Leverage
D/E	1.39x	1.74x	1.67x	2.03x	1.33x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.20x	0.27x	0.29x	0.26x	0.31x
Cash conversion cycle	—	—	—	—	—

Valuation

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