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 revenue.

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	18.3%	14.0%	16.4%	18.2%	22.7%
Accounts Receivable	16.8%	7.8%	10.8%	8.0%	6.8%
Prepaid Expenses	8.2%	7.4%	7.4%	5.7%	5.8%
Other Current Assets	8.2%	7.4%	7.4%	5.7%	5.8%
Total Current Assets	146.0%	144.1%	120.5%	139.8%	109.1%
Property,Plant and Equipment	6.2%	6.6%	6.3%	6.7%	6.9%
Operating Lease Assets	4.6%	4.2%	4.7%	6.0%	6.5%
Goodwill	255.6%	165.9%	172.4%	186.8%	155.2%
Intangible Assets	83.1%	37.8%	38.1%	44.6%	35.4%
Other Noncurrent Assets	12.7%	7.6%	7.1%	6.5%	6.8%
Total Assets	508.1%	366.5%	349.6%	391.1%	321.0%
Liabilities
Accounts Payable	16.8%	7.8%	10.8%	8.0%	6.8%
Accrued Liabilities	14.8%	13.6%	14.3%	15.2%	14.9%
Deferred Revenue	2.2%	1.7%	1.8%	2.2%	2.2%
Current Portion of Long Term Debt	12.2%	4.7%	13.4%	7.0%	1.4%
Operating Lease Liabilities	1.1%	1.0%	1.1%	1.3%	1.4%
Other Current Liabilities	19.9%	0.7%	1.1%	0.8%	0.7%
Total Current Liabilities	140.5%	131.4%	116.4%	128.6%	87.4%
Long Term Debt	116.8%	74.9%	75.8%	103.3%	64.9%
Deferred Revenue Noncurrent	0.7%	0.8%	0.8%	0.9%	2.2%
Operating Lease Liabilities Noncurrent	4.1%	3.9%	4.2%	5.5%	5.9%
Deferred Tax Liabilities	13.8%	14.8%	14.5%	16.3%	12.7%
Other Noncurrent Liabilities	19.9%	7.5%	7.7%	8.4%	12.6%
Equity
Common Stock	0.6%	0.6%	0.7%	0.8%	1.0%
Additional Paid In Capital	104.4%	23.3%	24.1%	25.7%	27.8%
Retained Earnings	118.4%	127.5%	124.2%	127.4%	131.1%
Treasury Stock	1.7%	15.6%	0.0%	2.1%	2.7%
Accumulated Other Comprehensive Income	3.6%	-2.3%	-0.4%	-4.2%	-0.3%
Noncontrolling Interest	0.4%	0.4%	—	—	—
Total Stockholders Equity	213.0%	134.0%	131.1%	128.9%	137.5%
Total Liabilitiesand Equity	508.1%	366.5%	349.6%	391.1%	321.0%

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	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Depreciation and Amortization	5.3%	3.7%	3.9%	4.1%	3.9%
Expenses Share Based Compensation	1.6%	2.1%	2.1%	1.8%	2.0%
Other Income Expense Interest Income	2.2%	1.9%	1.2%	0.2%	0.0%
Other Income Expense Income Before Tax	23.2%	27.1%	26.9%	24.5%	25.0%
Income Tax Income Tax Expense	5.2%	6.3%	6.5%	5.7%	5.8%
net Income net Income	17.9%	20.7%	20.5%	18.8%	19.2%
net Income Comprehensive Income	23.3%	18.8%	23.5%	14.9%	18.9%
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	5.3%	5.9%	6.6%	7.8%	9.0%
Earnings Per Share Weighted Average Shares Diluted	5.3%	5.9%	6.6%	7.8%	9.1%

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	17.9%	20.7%	20.5%	18.8%	19.2%
Operating Activities Depreciation and Amortization	5.3%	3.7%	3.9%	4.1%	3.9%
Operating Activities Stock Based Compensation	1.6%	2.1%	2.1%	1.8%	2.0%
Operating Activities Deferred Income Taxes	-0.1%	0.3%	0.3%	1.2%	1.1%
Operating Activities Changes In Operating Assets and Liabilities	0.2%	-1.0%	6.1%	3.5%	1.8%
Operating Activities Other Non Cash Items	0.1%	0.1%	0.1%	0.1%	-1.5%
Operating Activities net Cash From Operating Activities	24.6%	24.4%	23.7%	24.7%	26.5%
Investing Activities Capital Expenditures	1.2%	1.7%	1.6%	1.5%	1.5%
Investing Activities Business Acquisitions	133.1%	18.5%	14.8%	54.0%	12.0%
Investing Activities Other Investing Activities	0.0%	-0.1%	-0.1%	—	—
Investing Activities net Cash From Investing Activities	-134.1%	-18.7%	-13.8%	-53.5%	-13.0%
Financing Activities Proceeds From Debt	71.0%	12.5%	0.0%	56.0%	—
Financing Activities Repayment of Debt	3.8%	15.0%	5.9%	1.7%	2.4%
Financing Activities Repurchase of Common Stock	1.7%	0.0%	0.0%	2.1%	2.7%
Financing Activities Dividends Paid	3.3%	3.2%	3.2%	3.4%	3.5%
Financing Activities Proceeds From Stock Issuance	0.8%	0.9%	0.9%	1.1%	1.1%
Financing Activities Other Financing Activities	-0.1%	0.0%	0.0%	-0.1%	—
Financing Activities net Cash From Financing Activities	130.7%	-1.3%	-4.4%	48.3%	-6.9%
Cash Reconciliation Effect of Exchange Rate On Cash	64.6%	52.1%	54.1%	56.9%	48.2%
Cash Reconciliation net Change In Cash	22.2%	4.1%	6.3%	15.8%	6.5%
Cash Reconciliation Cash At Beginning of Period	64.6%	52.1%	54.1%	56.9%	48.2%
Cash Reconciliation Cash At End of Period	64.6%	52.1%	54.1%	56.9%	48.2%

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	—	—	—	—	—

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