Detailed financial statements for Brown & Brown, Inc. (BRO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Brown & Brown, Inc. operates as an insurance brokerage firm, providing a diverse range of products and services throughout the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. The company's operations are strategically divided into four primary segments: Retail, National Programs, Wholesale Brokerage, and Services.
Analysis Summary
Brown & Brown, Inc. reported revenue of $5.96B in the most recent fiscal year, growing at a 5-year CAGR of 18.0%. Net income reached $1.05B, with a 17.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 59.0%, operating margin 28.5%, net margin 17.6%. Free cash flow grew at 16.6% CAGR over 5 years.
At the current price of $60.93, BRO trades at a P/E of 17.72 and an ROE of 9.62%. Market capitalisation stands at $20.4B, placing it among large-cap names.
Balance sheet quality for BRO: current ratio of 1.0, net debt of $6.84B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.38B represents 131% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.76B | $1.86B | $2.01B | $2.38B | $2.61B | $3.05B | $3.56B | $4.20B | $4.71B | $5.96B |
| Cost of Revenue | $925.2M | $994.7M | $1.07B | $1.31B | $1.44B | $1.64B | $1.82B | $2.19B | $2.41B | $734.0M |
| Gross Profit | $837.6M | $862.6M | $940.9M | $1.08B | $1.17B | $1.41B | $1.75B | $2.01B | $2.30B | $5.22B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $370.5M | $391.6M | $441.5M | $505.8M | $500.8M | $555.9M | $783.0M | $856.0M | $932.0M | $3.53B |
| Operating Income | $467.0M | $471.0M | $499.4M | $570.8M | $668.9M | $854.7M | $963.0M | $1.16B | $1.37B | $1.70B |
| EBITDA | $570.6M | $596.2M | $612.4M | $718.3M | $817.9M | $980.7M | $1.21B | $1.55B | $1.73B | $2.04B |
| Interest Expense | $39.5M | $38.3M | $40.6M | $63.7M | $59.0M | $65.0M | $148.0M | $197.0M | $201.0M | $297.0M |
| Pre-tax Income | $423.5M | $449.7M | $462.5M | $525.9M | $624.1M | $762.8M | $876.0M | $1.15B | $1.30B | $1.37B |
| Income Tax | $166.0M | $50.1M | $118.2M | $127.4M | $143.6M | $175.7M | $204.3M | $275.6M | $301.0M | $304.0M |
| Net Income | $257.5M | $399.6M | $344.3M | $398.5M | $480.5M | $587.1M | $671.8M | $870.5M | $993.0M | $1.05B |
| EPS | $0.92 | $1.43 | $1.24 | $1.42 | $1.70 | $2.08 | $2.38 | $3.07 | $3.48 | $3.40 |
| EPS (Diluted) | $0.91 | $1.41 | $1.22 | $1.40 | $1.69 | $2.07 | $2.37 | $3.05 | $3.46 | $3.16 |
| Shares Outstanding (Diluted) | $275.6M | $277.6M | $282.2M | $274.6M | $275.9M | $277.4M | $278.6M | $280.8M | $284.0M | $313.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.61B | $1.67B | $1.90B | $1.68B |
| Gross Profit | $813.0M | $1.40B | $994.0M | $838.0M |
| Operating Income | $422.0M | $429.0M | $533.0M | $567.0M |
| EBITDA | $518.0M | $556.0M | $656.0M | $695.0M |
| Net Income | $227.0M | $264.0M | $426.0M | $288.0M |
| EPS | $0.69 | $0.79 | $1.28 | $0.86 |
| EPS (Diluted) | $0.68 | $0.59 | $1.26 | $0.85 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $515.6M | $573.4M | $439.0M | $542.2M | $817.4M | $693.2M | $650.0M | $700.0M | $675.0M | $1.08B |
| Short-term Investments | $15.0M | $25.0M | $12.9M | $12.3M | $18.3M | $12.9M | $12.0M | $11.0M | $10.0M | 0 |
| Receivables | $580.6M | $1.02B | $910.2M | $1.00B | $1.14B | $1.28B | $2.36B | $2.04B | $3.54B | $3.60B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.74B | $2.24B | $2.17B | $2.49B | $2.96B | $3.33B | $5.00B | $5.13B | $6.92B | $8.61B |
| Property, Plant & Equipment | $75.8M | $77.1M | $100.4M | $332.9M | $388.1M | $409.0M | $454.8M | $469.0M | $519.0M | $636.0M |
| Goodwill | $2.68B | $2.72B | $3.43B | $3.75B | $4.40B | $4.74B | $6.67B | $7.34B | $7.97B | $15.09B |
| Intangible Assets | $707.5M | $641.0M | $898.8M | $916.8M | $1.05B | $1.08B | $1.60B | $1.62B | $1.81B | $4.91B |
| Total Assets | $5.29B | $5.75B | $6.69B | $7.62B | $8.97B | $9.80B | $13.97B | $14.88B | $17.61B | $29.99B |
| Accounts Payable | $717.2M | $749.3M | $944.9M | $1.11B | $1.39B | $242.7M | $286.5M | $459.0M | $373.0M | $990.0M |
| Short-term Debt | $55.5M | $120.0M | $50.0M | $55.0M | $70.0M | $42.5M | $250.6M | $569.0M | $225.0M | $719.0M |
| Total Current Liabilities | $1.45B | $1.99B | $1.78B | $2.05B | $2.35B | $2.67B | $4.60B | $4.96B | $6.31B | $8.29B |
| Long-term Debt | $1.02B | $856.1M | $1.46B | $1.50B | $2.03B | $1.98B | $3.69B | $3.23B | $3.60B | $6.89B |
| Total Liabilities | $2.93B | $3.16B | $3.69B | $4.27B | $5.21B | $5.60B | $9.37B | $9.30B | $11.18B | $17.42B |
| Retained Earnings | $2.13B | $2.46B | $2.83B | $3.14B | $3.52B | $4.00B | $4.55B | $5.29B | $6.13B | $6.99B |
| Total Equity | $2.36B | $2.58B | $3.00B | $3.35B | $3.75B | $4.20B | $4.61B | $5.58B | $6.44B | $12.55B |
| Total Debt | $1.07B | $976.1M | $1.51B | $1.77B | $2.31B | $2.25B | $4.18B | $4.02B | $4.06B | $7.92B |
| Net Debt | $543.2M | $377.8M | $1.06B | $1.21B | $1.48B | $1.54B | $3.52B | $3.31B | $3.38B | $6.84B |
| Working Capital | $291.0M | $254.7M | $384.3M | $449.4M | $603.9M | $662.9M | $399.4M | $174.0M | $610.0M | $320.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.19B | $1.08B | $1.00B | $918.0M |
| Total Assets | $29.35B | $29.99B | $29.70B | $29.89B |
| Total Liabilities | $16.95B | $17.42B | $17.09B | $17.28B |
| Total Equity | $12.39B | $12.55B | $12.59B | $12.58B |
| Total Debt | $7.97B | $7.92B | $8.06B | $8.01B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $257.5M | $399.6M | $344.3M | $398.5M | $480.5M | $587.1M | $672.0M | $871.0M | $1.00B | $1.07B |
| Depreciation & Amortization | $107.7M | $108.1M | $109.4M | $128.7M | $134.8M | $152.9M | $186.0M | $206.0M | $222.0M | $367.0M |
| Stock-based Compensation | $16.1M | $30.6M | $33.5M | $47.0M | $59.7M | $61.0M | $66.0M | $89.0M | $101.0M | $93.0M |
| Change in Working Capital | $11.3M | $11.0M | $75.3M | $100.8M | $29.5M | -$41.4M | -$16.0M | -$25.0M | -$105.0M | -$47.0M |
| Operating Cash Flow | $411.0M | $442.0M | $567.5M | $678.2M | $713.0M | $808.8M | $881.0M | $1.01B | $1.17B | $1.45B |
| Capital Expenditure | -$17.8M | -$24.2M | -$41.5M | -$73.1M | -$70.7M | -$45.0M | -$52.0M | -$69.0M | -$82.0M | -$68.0M |
| Acquisitions | -$117.7M | -$37.4M | -$918.9M | -$331.5M | -$685.2M | -$350.2M | -$1.87B | -$524.0M | -$820.0M | -$7.84B |
| Stock Repurchased | -$18.9M | -$128.6M | -$91.2M | -$58.7M | -$96.4M | -$132.4M | -$123.0M | -$40.0M | -$55.0M | -$100.0M |
| Dividends Paid | -$70.3M | -$77.7M | -$84.7M | -$91.3M | -$100.6M | -$107.2M | -$120.0M | -$135.0M | -$154.0M | -$194.0M |
| Free Cash Flow | $393.3M | $417.8M | $526.0M | $605.1M | $642.3M | $763.8M | $829.0M | $941.0M | $1.09B | $1.38B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $468.0M | $444.0M | $262.0M | $346.0M |
| Capital Expenditure | $32.0M | -$20.0M | -$21.0M | -$17.0M |
| Free Cash Flow | $500.0M | $424.0M | $241.0M | $329.0M |
| Dividends Paid | -$51.0M | -$57.0M | -$57.0M | -$55.0M |
| Stock-based Compensation | $24.0M | -$76.0M | $26.0M | $23.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +5.4% | +8.2% | +18.7% | +9.3% | +16.9% | +16.9% | +17.9% | +12.1% | +26.6% | |
| Net Income Growth (YoY) | +55.2% | -13.9% | +15.8% | +20.6% | +22.2% | +14.4% | +29.6% | +14.1% | +6.1% | |
| EPS Growth (YoY) | +55.4% | -13.3% | +14.5% | +19.7% | +22.4% | +14.4% | +29.0% | +13.4% | -2.3% | |
| Shares Change (YoY) | +0.7% | +1.7% | -2.7% | +0.5% | +0.6% | +0.4% | +0.8% | +1.1% | +10.2% | |
| FCF Growth (YoY) | +6.2% | +25.9% | +15.0% | +6.2% | +18.9% | +8.5% | +13.5% | +16.0% | +26.6% | |
| Gross Margin | 47.5% | 46.4% | 46.8% | 45.1% | 44.9% | 46.3% | 49.0% | 47.9% | 48.9% | 87.7% |
| Operating Margin | 26.5% | 25.4% | 24.8% | 23.9% | 25.7% | 28.0% | 27.0% | 27.5% | 29.1% | 28.5% |
| EBITDA Margin | 32.4% | 32.1% | 30.5% | 30.1% | 31.4% | 32.2% | 34.0% | 36.9% | 36.7% | 34.2% |
| Net Margin | 14.6% | 21.5% | 17.1% | 16.7% | 18.4% | 19.3% | 18.9% | 20.7% | 21.1% | 17.7% |
| FCF Margin | 22.3% | 22.5% | 26.2% | 25.4% | 24.6% | 25.1% | 23.3% | 22.4% | 23.2% | 23.2% |
| Effective Tax Rate | 39.2% | 11.1% | 25.6% | 24.2% | 23.0% | 23.0% | 23.3% | 24.0% | 23.1% | 22.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.43 | $1.51 | $1.86 | $2.20 | $2.33 | $2.75 | $2.98 | $3.35 | $3.85 | $4.42 |
| Dividends Per Share | $0.25 | $0.28 | $0.30 | $0.33 | $0.36 | $0.39 | $0.43 | $0.48 | $0.54 | $0.62 |
| Shares Outstanding (Basic) | $272.3M | $272.6M | $282.2M | $272.5M | $275.3M | $276.0M | $278.1M | $280.8M | $282.0M | $310.0M |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when our data does not include it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | 9.62% |
| Return on Invested Capital | 6.79% |
| Return on Assets | 4.03% |
| Gross Margin | 59.02% |
| Operating Margin | 28.47% |
| Net Margin | 17.59% |
Financial Health
| Debt / Equity | 0.64 |
| Current Ratio | 1.13 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 1.58 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 24.38 | 17.99 | 22.23 | 27.80 | 27.89 | 33.79 | 23.94 | 23.16 | 29.32 | 23.44 |
| P/B | 2.59 | 2.72 | 2.59 | 3.21 | 3.48 | 4.62 | 3.44 | 3.58 | 4.47 | 1.97 |
| P/S | 3.46 | 3.78 | 3.87 | 4.51 | 5.01 | 6.37 | 4.45 | 4.76 | 6.11 | 4.15 |
| Gross Margin | 47.5% | 46.4% | 46.8% | 45.1% | 44.9% | 46.3% | 49.0% | 47.9% | 48.9% | 87.7% |
| Operating Margin | 26.5% | 25.4% | 24.8% | 23.9% | 25.7% | 28.0% | 27.0% | 27.5% | 29.1% | 28.5% |
| Net Margin | 14.6% | 21.5% | 17.1% | 16.7% | 18.4% | 19.3% | 18.9% | 20.7% | 21.1% | 17.7% |
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Explore sector: Financial Services · Insurance - Brokers
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