Brown & Brown, Inc. markets and sells insurance products and services in the United States, the United Kingdom, and internationally. It operates through Retail and Specialty Distribution segments. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services. This segment also offers non-insurance services and products through automobile and recreational vehicle dealer services businesses. It serves commercial, public and quasi-public entities, professional, and individual customers. The Specialty Distribution segment comprises wholesale brokerage and specialty businesses. This segment offers professional liability and related package insurance products for dentistry, legal, eyecare, insurance, insurance, financial, physicians, real estate title professionals, as well as supplementary insurance products related to weddings, events, medical facilities, and cyber liabilities. This segment also provides public entity-related and specialty programs through a network of independent agents; and program management services for insurance carrier partners. In addition, the company's wholesale brokerage businesses underwrite and place excess and surplus commercial and personal lines insurance through independent agents and brokers. Its programs businesses operate under the Arrowhead Programs' name. Brown & Brown, Inc. was founded in 1939 and is headquartered in Daytona Beach, Florida.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $5.8B | $2.0B | $1.1B | $1.4B | 8.4% | 22.5% | 6.1% |
| 2024 | $4.7B | $1.7B | $993M | $1.1B | 15.5% | 12.1% | 14.0% |
| 2023 | $4.2B | $1.5B | $871M | $941M | 15.6% | 17.9% | 29.6% |
| 2022 | $3.6B | $1.2B | $672M | $829M | 14.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 3,563 | 4,199 | 4,705 | 5,763 |
| Cost Of Revenue | 1,817 | 2,187 | 2,406 | 2,935 |
| Gross Profit | 1,746 | 2,012 | 2,299 | 2,828 |
| Operating Expense | 783 | 856 | 932 | 1,326 |
| Operating Income | 963 | 1,156 | 1,367 | 1,502 |
| EBITDA | 1,210 | 1,542 | 1,726 | 2,044 |
| EBIT | 1,024 | 1,336 | 1,504 | 1,677 |
| Pretax Income | 876 | 1,146 | 1,303 | 1,371 |
| Tax Provision | 204 | 275 | 301 | 304 |
| Net Income | 672 | 871 | 993 | 1,054 |
| Net Income Common Stockholders | 659 | 858 | 981 | 1,043 |
| Total Expenses | 2,600 | 3,043 | 3,338 | 4,261 |
| Interest Expense | 148 | 190 | 201 | 306 |
| Normalized EBITDA | 1,152 | 1,362 | 1,589 | 1,923 |
| Normalized Income | 627.51 | 734.38 | 887.65 | 959.74 |
| Market Cap | 22,433.68 | 22,433.68 | 22,433.68 | 22,433.68 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Brown & Brown, Inc.this co. | BRO | $20.6B | 21.28β premium | 1.79 | 8.4% | 14.32 |
| Regions Financial Corporation | RF | $25.9B | 11.00 | 1.34 | 12.2% | - |
| KeyCorp | KEY | $25.8B | 12.86 | 1.32 | 10.2% | - |
| Cincinnati Financial Corporation | CINF | $25.7B | 10.70 | 1.61 | 15.0% | - |
| Huntington Bancshares Incorporated | HBAN | $25.7B |
| 15.04 |
| 1.54 |
| 10.2% |
| - |
| Loews Corporation | L | $23.1B | 13.65 | 1.22 | 8.9% | - |
| T. Rowe Price Group, Inc. | TROW | $22.3B | 10.35 | 1.99 | 19.2% | 6.06 |
| Principal Financial Group, Inc. | PFG | $22.1B | 18.14 | 1.81 | 10.0% | - |
| Franklin Resources, Inc. | BEN | $15.6B | 26.91 | 1.17 | 4.3% | 16.87 |
| Peer Median | - | 13.25 | 1.44 | 10.2% | 11.46 | |