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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% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,563 | 4,199 | 4,705 | 5,763 |
| Operating 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 |
| Total Expenses | - | 2,600 | 3,043 | 3,338 | 4,261 |
| Operating Income | - | 963 | 1,156 | 1,367 | 1,502 |
| EBITDA | - | 1,210 | 1,542 | 1,726 | 2,044 |
| Normalized EBITDA | - | 1,152 | 1,362 | 1,589 | 1,923 |
| EBIT | - | 1,024 | 1,336 | 1,504 | 1,677 |
| Interest Expense | - | 148 | 190 | 201 | 306 |
| Net Interest Income | - | -148 | -190 | -201 | -306 |
| Other Non Operating Income Expenses | - | 3 | 5.30 | 7 | 54 |
| Other Income Expense | - | 61 | 180 | 137 | 175 |
| Interest Expense Non Operating | - | 148 | 190 | 201 | 306 |
| Net Non Operating Interest Income Expense | - | -148 | -190 | -201 | -306 |
| Pretax Income | - | 876 | 1,146 | 1,303 | 1,371 |
| Tax Provision | - | 204 | 275 | 301 | 304 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 13.51 | 43.38 | 31.65 | 26.74 |
| Net Income Continuous Operations | - | 672 | 871 | 1,002 | 1,067 |
| Net Income From Continuing And Discontinued Operation | - | 672 | 871 | 993 | 1,054 |
| Net Income From Continuing Operation Net Minority Interest | - | 672 | 871 | 993 | 1,054 |
| Net Income | - | 672 | 871 | 993 | 1,054 |
| Net Income Common Stockholders | - | 659 | 858 | 981 | 1,043 |
| Net Income Including Noncontrolling Interests | - | 672 | 871 | 1,002 | 1,067 |
| Normalized Income | - | 627.51 | 734.38 | 887.65 | 959.74 |
| Diluted NI Availto Com Stockholders | - | 659 | 858 | 981 | 989 |
| Basic Average Shares | - | 277.52 | 279.60 | 282 | 310 |
| Diluted Average Shares | - | 278.66 | 280.80 | 284 | 313 |
| Reconciled Depreciation | - | 186 | 206 | 222 | 367 |
| Reconciled Cost Of Revenue | - | 1,817 | 2,187 | 2,406 | 2,935 |
| Total Unusual Items | - | 58 | 180 | 137 | 121 |
| Total Unusual Items Excluding Goodwill | - | 58 | 180 | 137 | 121 |
| Minority Interests | - | 0 | 0 | -9 | -13 |
| Special Income Charges | - | 51 | 122 | 37 | -18 |
| Gain On Sale Of Business | - | 5 | 143 | 31 | -2 |
| Restructuring And Mergern Acquisition | - | -46 | 21 | -6 | 16 |
| Gain On Sale Of Security | - | 7 | 58 | 100 | 139 |
| Depreciation Amortization Depletion Income Statement | - | 186 | 206 | 222 | 367 |
| Depreciation And Amortization In Income Statement | - | 186 | 206 | 222 | 367 |
| Other Operating Expenses | - | 597 | 650 | 710 | 959 |
| Otherunder Preferred Stock Dividend | - | 13 | 13 | 12 | 11 |
| Average Dilution Earnings | - | - | 0 | 0 | -54 |
| Amortization | - | 147 | 166 | 178 | 312 |
| Amortization Of Intangibles Income Statement | - | 147 | 166 | 178 | 312 |
| Depreciation Income Statement | - | 39 | 40 | 44 | 55 |
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 | $19.4B | 18.65↑ premium | 1.55 | 8.3% | 12.86 |
| Willis Towers Watson Public Limited Company | WTW | $24.4B | 15.22 | 3.06 | 20.1% | 10.72 |
| Regions Financial Corporation | RF | $24.3B | 11.25 | 1.37 | 12.2% | - |
| Synchrony Financial | SYF | $23.8B | 6.86 | 1.42 | 20.7% | - |
| KeyCorp | KEY | $23.5B |
| - |
| - |
| - |
| - |
| - |
| 12.85 |
| 1.31 |
| 10.2% |
| - |
| T. Rowe Price Group, Inc. | TROW | $22.9B | 11.25 | 2.11 | 18.8% | 6.48 |
| Principal Financial Group, Inc. | PFG | $22.4B | 18.87 | 1.88 | 10.0% | - |
| Loews Corporation | L | $21.6B | 12.96 | 1.16 | 8.9% | - |
| Franklin Resources, Inc. | BEN | $16.6B | 31.65 | 1.38 | 4.3% | 18.63 |
| Peer Median | - | 12.90 | 1.40 | 11.2% | 10.72 | |