Brown & Brown, Inc. (BRO) Financial Statements

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Brown & Brown financial statements at a glance

Brown & Brown reported revenue of $5.76 billion for fiscal year 2025 (ended December 31, 2025), up 22.5% from fiscal year 2024. Net income was $1.04 billion, a net margin of 18.1%, and diluted earnings per share were $3.16.

At the end of fiscal year 2025 it had total assets of $29.99 billion, total liabilities of $17.42 billion and shareholders' equity of $12.55 billion, with cash and short-term investments of $1.08 billion and total debt of $7.92 billion.

Its operations brought in $1.45 billion of cash; capital spending was $68.00 million, leaving free cash flow of $1.38 billion.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

BRO logo

Brown & Brown, Inc.

BROUnited States
Financial Services
USD (Local)

Income Statement

Annual • USD

Total Revenue
5.76B
Prev Year: 4.71B
YoY: +22.5%
Operating Revenue
5.76B
Prev Year: 4.71B
YoY: +22.5%
Total Unusual Items
121.00M
Prev Year: 130.00M
YoY: -6.9%
Normalized EBITDA
1.92B
Prev Year: 1.60B
YoY: +20.5%
Tax Rate for Calcs
0.221
Prev Year: 0
Tax Effect of Unusual Items
26.74M
Prev Year: 30.03M
YoY: -11.0%
Average Dilution Earnings
-54.00M
Otherunder Preferred Stock Dividend
11.00M
Prev Year: 12.00M
YoY: -8.3%
Special Income Charges
-18.00M
Prev Year: 37.00M
YoY: -148.6%
Gain on Sale of Business
-2.00M
Prev Year: 31.00M
YoY: -106.5%
Restructuring and Mergers Acquisition
16.00M
Prev Year: -6.00M
YoY: +366.7%
Depreciation Amortization Depletion
367.00M
Prev Year: 222.00M
YoY: +65.3%
Depreciation and amortization
367.00M
Prev Year: 222.00M
YoY: +65.3%
Amortization
312.00M
Prev Year: 178.00M
YoY: +75.3%
Amortization of Intangibles
312.00M
Prev Year: 178.00M
YoY: +75.3%
Depreciation
55.00M
Prev Year: 44.00M
YoY: +25.0%
Cost of Revenue
2.94B
Prev Year: 2.41B
YoY: +22.0%
Gross Profit
2.83B
Prev Year: 2.30B
YoY: +23.0%
Operating Expense
1.33B
Prev Year: 932.00M
YoY: +42.3%
Other Operating Expenses
959.00M
Prev Year: 710.00M
YoY: +35.1%
Operating Income
1.50B
Prev Year: 1.37B
YoY: +9.9%
Net Non Operating Interest Income Expense
-306.00M
Prev Year: -201.00M
YoY: -52.2%
Non-operating Interest Expense
306.00M
Prev Year: 201.00M
YoY: +52.2%
Other Income Expense
175.00M
Prev Year: 137.00M
YoY: +27.7%
Gain on Sale of Securities
139.00M
Prev Year: 93.00M
YoY: +49.5%
Other Non-operating Income (expense)
54.00M
Prev Year: 7.00M
YoY: +671.4%
Pre-tax Income
1.37B
Prev Year: 1.30B
YoY: +5.2%
Provision for Income Taxes
304.00M
Prev Year: 301.00M
YoY: +1.0%
Net Income Common Stockholders
1.04B
Prev Year: 981.00M
YoY: +6.3%
Net Income
1.05B
Prev Year: 993.00M
YoY: +6.1%
Net Income Including Non-Controlling Interests
1.07B
Prev Year: 1.00B
YoY: +6.5%
Net Income from Continuing Operations
1.07B
Prev Year: 1.00B
YoY: +6.5%
Noncontrolling Interests
-13.00M
Prev Year: -9.00M
YoY: -44.4%
Diluted NI Available to Com Stockholders
989.00M
Prev Year: 981.00M
YoY: +0.8%
Basic EPS
3.37
Prev Year: 3.48
YoY: -3.2%
Diluted EPS
3.16
Prev Year: 3.46
YoY: -8.7%
Weighted Average Shares (basic)
310.00M
Prev Year: 282.00M
YoY: +9.9%
Weighted Average Shares (diluted)
313.00M
Prev Year: 284.00M
YoY: +10.2%
Total Expenses
4.26B
Prev Year: 3.34B
YoY: +27.7%
Net Income from Continuing and Discontinued Operation
1.05B
Prev Year: 993.00M
YoY: +6.1%
Normalized Income
959.74M
Prev Year: 893.03M
YoY: +7.5%
Interest Expense
306.00M
Prev Year: 201.00M
YoY: +52.2%
Net Interest Income
-306.00M
Prev Year: -201.00M
YoY: -52.2%
EBIT
1.68B
Prev Year: 1.50B
YoY: +11.5%
EBITDA
2.04B
Prev Year: 1.73B
YoY: +18.4%
Reconciled Cost of Revenue
2.94B
Prev Year: 2.41B
YoY: +22.0%
Reconciled Depreciation
367.00M
Prev Year: 222.00M
YoY: +65.3%
Net Income from Continuing Operation Net Minority Interest
1.05B
Prev Year: 993.00M
YoY: +6.1%
Total Unusual Items Excluding Goodwill
121.00M
Prev Year: 130.00M
YoY: -6.9%
Values in USD

Brown & Brown key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$5.8B$4.7B$4.2B$3.6B$3.0B
Gross profit$2.8B$2.3B$2.0B$1.7B$1.4B
Operating income$1.5B$1.4B$1.2B$963.0M$854.7M
Net income$1.0B$981.0M$858.0M$659.0M$574.2M
Diluted EPS$3.16$3.46$3.05$2.37$2.07
Total assets$30.0B$17.6B$14.9B$14.0B$9.8B
Total liabilities$17.4B$11.2B$9.3B$9.4B$5.6B
Shareholders' equity$12.5B$6.4B$5.6B$4.6B$4.2B
Cash and short-term investments$1.1B$685.0M$711.0M$662.0M$706.1M
Total debt$7.9B$4.1B$4.0B$4.2B$2.2B
Operating cash flow$1.5B$1.2B$1.0B$881.0M$808.8M
Capital spending$68.0M$82.0M$69.0M$52.0M$45.0M
Free cash flow$1.4B$1.1B$941.0M$829.0M$763.8M

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Brown & Brown's revenue in fiscal year 2025?

$5.76 billion, up 22.5% from $4.71 billion in fiscal year 2024.

How much profit does Brown & Brown make?

Brown & Brown reported net income of $1.04 billion for fiscal year 2025 (18.1% of revenue); operating income was $1.50 billion.

How much cash and debt does Brown & Brown have?

At the end of fiscal year 2025: cash and short-term investments of $1.08 billion and total debt of $7.92 billion.

What is Brown & Brown's free cash flow?

$1.38 billion in fiscal year 2025 (operating cash flow of $1.45 billion minus capital spending of $68.00 million).

MoreBrown & Brown stock overviewBrown & Brown executive teamBrown & Brown shareholdersBrown & Brown revenue by segment
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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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