BROWN & BROWN, INC.

BRO 10-K · FY 2025
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BRO FY 2025 request

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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Insurance Commissions And Fees 5,763 4,705 +22.5%
Investment And Other Income 139 100 +39.0%
Revenue 5,902 4,805 +22.8%
Show Business Segments breakouts
Retail · Operating Segments 3,406 2,729 +24.8%
Specialty Distribution · Operating Segments 2,409 2,016 +19.5%
Show Geography breakouts
GB 599 545 +9.9%
Other 244 120 +103.3%
Other International Countries 843 665 +26.8%
US 5,059 4,140 +22.2%
Show Consolidation Items breakouts
Corporate Non Segment 87 60 +45.0%
Material Reconciling Items 87 60 +45.0%
Operating Segments 5,815 4,745 +22.6%
Employee Compensation And Benefits 2,935 2,406 +22.0%
Show Business Segments breakouts
Retail · Operating Segments 1,848 1,462 +26.4%
Specialty Distribution · Operating Segments 919 772 +19.0%
Other Cost And Expense Operating 959 710 +35.1%
Show Business Segments breakouts
Retail · Operating Segments 563 449 +25.4%
Specialty Distribution · Operating Segments 458 382 +19.9%
Gain Loss On Disposition Of Assets1 2 -31 +106.5%
Show Business Segments breakouts
Retail · Operating Segments 2 -3 +166.7%
Adjustment For Amortization 312 178 +75.3%
Depreciation 55 44 +25.0%
Interest Expense 297 193 +53.9%
Show Business Segments breakouts
Retail · Operating Segments 28 71 -60.6%
Specialty Distribution · Operating Segments 38 41 -7.3%
Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1 25 2 +1150.0%
Show Business Segments breakouts
Retail · Operating Segments 8 8 0.0%
Specialty Distribution · Operating Segments 17 -6 +383.3%
Mark To Market Of Escrow Liability -54 — —
Operating Expenses And Nonoperating Expenses 4,531 3,502 +29.4%
Income Before Taxes 1,371 1,303 +5.2%
Show Business Segments breakouts
Retail · Operating Segments 707 602 +17.4%
Specialty Distribution · Operating Segments 865 778 +11.2%
Show Consolidation Items breakouts
Corporate Non Segment -201 -77 -161.0%
Operating Segments 1,572 1,380 +13.9%
Income Tax Expense (Benefit) 304 301 +1.0%
Net Income 1,067 1,002 +6.5%
Show Equity Components breakouts
Noncontrolling Interest 13 9 +44.4%
Retained Earnings 1,054 993 +6.1%
Net Income Loss Attributable To Noncontrolling Interest 13 9 +44.4%
Net Income 1,054 993 +6.1%
EPS (Basic) 3.37 3.48 -3.2%
EPS (Diluted) 3.16 3.46 -8.7%
Revenue (FY) — — —
Show Product Lines breakouts
Core Commission Revenue 3,941 3,282 +20.1%
Core Commission Revenue · Retail 2,334 1,874 +24.5%
Core Commission Revenue · Specialty Distribution 1,607 1,407 +14.2%
Earned premium 83 77 +7.8%
Earned premium · Specialty Distribution 83 77 +7.8%
Fee Revenue 1,278 992 +28.8%
Fee Revenue · Material Reconciling Items -2 -1 -100.0%
Fee Revenue · Retail 795 631 +26.0%
Fee Revenue · Specialty Distribution 485 362 +34.0%
Other Supplemental Commissions Revenue 206 188 +9.6%
Other Supplemental Commissions Revenue · Retail 185 171 +8.2%
Other Supplemental Commissions Revenue · Specialty Distribution 21 17 +23.5%
Profit-Sharing Contingent Commission Revenue 255 166 +53.6%
Profit-Sharing Contingent Commission Revenue · Retail 72 44 +63.6%
Profit-Sharing Contingent Commission Revenue · Specialty Distribution 183 122 +50.0%
Comprehensive Income 1,373 903 +52.0%
Wtd Avg Shares (Basic) 310 282 +9.9%
Wtd Avg Shares (Diluted) 313 284 +10.2%
Premiums Earned Net 83 77 +7.8%
Show Subsegments breakouts
Captive Insurance Facility 83 77 +7.8%
Depreciation And Amortization (FY) — — —
Show Business Segments breakouts
Retail · Operating Segments 250 140 +78.6%
Specialty Distribution · Operating Segments 112 77 +45.5%
Net Income Loss Available To Common Stockholders Basic 1,043 981 +6.3%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 1,079 675 +59.9%
Fiduciary Cash Current 2,471 1,827 +35.2%
Commission Fees And Other Receivable 1,438 895 +60.7%
Fiduciary Receivables Current 1,515 1,116 +35.8%
Reinsurance Recoverables Gross 647 1,527 -57.6%
Prepaid Reinsurance Premiums 980 520 +88.5%
Show Subsegments breakouts
Captive Insurance Facility 426 — —
Wright National Flood Insurance Company 553 520 +6.3%
Other Assets Current 484 364 +33.0%
Total Current Assets 8,614 6,924 +24.4%
Non-Current Assets
Property, Plant & Equipment 367 319 +15.0%
Operating Lease Right-of-Use Assets 269 200 +34.5%
Goodwill 15,087 7,970 +89.3%
Show Business Segments breakouts
Retail 9,173 5,436 +68.7%
Specialty Distribution 5,914 2,534 +133.4%
Intangible Assets 4,906 1,814 +170.5%
Other Non-Current Assets 748 385 +94.3%
Total Assets 29,991 17,612 +70.3%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 1,153 — —
Current Liabilities
Fiduciary Liabilities Current 3,986 2,943 +35.4%
Liability For Claims And Claims Adjustment Expense 671 1,543 -56.5%
Unearned Premiums 1,053 577 +82.5%
Show Subsegments breakouts
Captive Insurance Facility 499 57 +775.4%
Accounts Payable 990 373 +165.4%
Accrued Liabilities 875 653 +34.0%
Current Portion of Long-Term Debt 719 225 +219.6%
Total Current Liabilities 8,294 6,314 +31.4%
Deferred Revenue (Current) 127 80 +58.8%
Non-Current Liabilities
Long-Term Debt 6,894 3,599 +91.6%
Operating Lease Liabilities 243 189 +28.6%
Deferred Tax Liabilities 815 711 +14.6%
Other Non-Current Liabilities 1,172 362 +223.8%
Long-Term Debt 7,613 3,824 +99.1%
Show Credit Facility breakouts
Revolving Credit Facility 100 250 -60.0%
Term Loan 532 756 -29.6%
Total Liabilities (Q) — — —
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 1,151 — —
Contract With Customer Liability Noncurrent 41 39 +5.1%
Stockholders' Equity
Common Stock 36 31 +16.1%
Additional Paid In Capital Common Stock 6,160 1,118 +451.0%
Treasury Stock Value -848 -748 -13.4%
Accumulated Other Comprehensive Income 210 -109 +292.7%
Minority Interest 26 17 +52.9%
Retained Earnings 6,989 6,128 +14.1%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 12,573 6,437 +95.3%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 210 -109 +292.7%
Additional Paid In Capital 6,160 1,118 +451.0%
Common Stock 36 31 +16.1%
Noncontrolling Interest 26 17 +52.9%
Retained Earnings 6,989 6,128 +14.1%
Treasury Stock Common -848 -748 -13.4%
Total Liabilities & Equity 29,991 17,612 +70.3%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Adjustment For Amortization Excluding Accretion Amortization Of Debt Discounts And Premiums Investments 312 178 +75.3%
Stock-Based Compensation 93 101 -7.9%
Show Plan Name breakouts
2010 and 2019 Stock Incentive Plans 77 87 -11.5%
Sharesave Plan 2 1 +100.0%
Teammate Stock Purchase Plan 14 13 +7.7%
Deferred Income Taxes -7 13 -153.8%
Net Loss Gain On Sales Of Investments Fixed Assets And Customer Accounts 3 -29 +110.3%
Payments On Acquisition Earn Outs In Excess Of Original Estimated Payables -3 -37 +91.9%
Other Operating Activities Cash Flow Statement 6 5 +20.0%
Increase Decrease In Premiums Commission And Fees Receivable -95 -94 -1.1%
Increase Decrease In Reinsurance Recoverable 1,356 -1,402 +196.7%
Increase Decrease In Prepaid Reinsurance Premiums -182 -58 -213.8%
Increase Decrease In Other Operating Assets -44 -98 +55.1%
Increase Decrease For Loss And Loss Adjustment Expense -1,348 1,411 -195.5%
Increase Decrease In Unearned Premiums 177 115 +53.9%
Change in Accounts Payable 11 -47 +123.4%
Increase Decrease In Accrued Liabilities And Other Operating Liabilities 18 35 -48.6%
Increase Decrease In Other Operating Liabilities 60 33 +81.8%
Net Cash from Operations 1,450 1,174 +23.5%
Investing Activities
Capital Expenditures -68 -82 +17.1%
Payments To Acquire Businesses Net Of Cash Acquired -7,854 -890 -782.5%
Proceeds From Sales Of Businesses Fixed Assets And Customer Accounts 9 70 -87.1%
Other Investing Activities -1 4 -125.0%
Net Cash from Investing -7,914 -898 -781.3%
Financing Activities
Fiduciary Receivables And Liabilities Net 53 191 -72.3%
Payments On Acquisition Earn Outs -143 -117 -22.2%
Proceeds From Issuance Of Long Term Debt 4,192 599 +599.8%
Repayments Of Long Term Debt -225 -719 +68.7%
Debt Issuance Costs -36 -5 -620.0%
Proceeds From Lines Of Credit 450 500 -10.0%
Repayments Of Lines Of Credit -600 -350 -71.4%
Proceeds From Issuance Of Common Stock 4,315 — —
Proceeds From Stock Options Exercised 48 44 +9.1%
Repurchase Of Stock Benefit Plan Shares For Employees To Fund Tax Withholdings -42 -55 +23.6%
Share Repurchases -100 — —
Payments Of Dividends -193 -154 -25.3%
Proceeds From Payments For Other Financing Activities -6 2 -400.0%
Net Cash from Financing 7,713 -64 +12151.6%
Supplemental
Income Taxes Paid 371 302 +22.8%
Interest Paid 284 195 +45.6%
Other Cash Flow
Effect Of Foreign Exchange Rate Cash Changes In Cash Cash Equivalents And Restricted Cash Inclusive Of Fiduciary 64 -13 +592.3%
Net Change in Cash 1,313 199 +559.8%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 3,815 2,502 +52.5%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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