BROWN & BROWN (BRO) Company Report

Total revenues of $1.6 billion, up 35.4% YoY (3.5% organic); adjusted EBITDA margin expanded 170 bps to 36.6% and adjusted EPS grew 15% to $1.05.
Completed seven acquisitions adding ~$1.7 billion in estimated annual revenues, notably AssuredPartners; Q3 acquisition/integration costs ~$50 million and $8 million mark-to-market escrow charge; AssuredPartners contributed $285 million of stub-period revenue.
Board increased the quarterly dividend by 10% (32nd consecutive year) and authorized up to $1.5 billion in share repurchases.
Retail segment delivered 2.7% organic growth; Specialty Distribution (Arrowhead Intermediaries) grew organically 4.6%.
Outlook: Q4 organic growth expected similar to Q3; admitted rates stable with continued casualty rate increases; active M&A pipeline; targeting debt/EBITDA leverage back to 0–3x range within 12–18 months.

Oct 28, 2025, 12:00 PM

Transcript

Brown & Brown reports Q3 2025 results

BRO

Earnings

M&A

Dividends

Brown & Brown delivered $1.6 billion revenue (+35.4% YoY; 3.5% organic growth), 36.6% adjusted EBITDA margin (+170 bps), and $1.05 adjusted EPS (+15%) in Q3 2025.
Completed 7 acquisitions with annualized revenues of $1.7 billion, led by AssuredPartners, which generated $285 million of stub-period revenue in August–September.
Board increased dividend by 10% (32nd consecutive annual raise) and authorized up to $1.5 billion in share repurchases.
Upgraded full-year adjusted EBITDA margin outlook to modest growth; Q4 2025 guidance includes Retail organic growth similar to Q3, Specialty Distribution organic mid-single-digit decline, and AssuredPartners revenues of $430–450 million.

Oct 28, 2025, 12:00 PM

Transcript

Brown & Brown reports Q3 2025 results

BRO

Earnings

Guidance Update

M&A

Total revenues of $1,606 M (+35.4% YoY) and EBITDA margin of 36.6% (+170 bps YoY); EPS of $1.05 (+15.4%)
Retail segment: revenues +37.8% YoY; organic growth +2.7%
Specialty distribution: revenues +30% YoY; organic growth +4.6%; EBITDA margin down 110 bps to 43.9%
AssuredPartners acquisition: Q3 stub revenues of $285 M; acquisition/integration costs of $50 M; escrow mark-to-market charge of $8 M
Outlook: Q4 Retail organic growth similar to Q3; Specialty distribution organic growth down mid-single digits; Q4 contingent commissions of $30–$40 M; Q4 AssuredPartners revenues of $430–$450 M

Oct 28, 2025, 12:00 PM

Transcript

Brown & Brown reports Q3 2025 results

BRO

Earnings

M&A

Guidance Update

Brown & Brown generated $1.606 billion in total revenue, up 35.4% year-over-year; organic revenue grew 3.5% to $1.170 billion.
Adjusted EBITDAC rose 41.8% to $587 million, and adjusted EBITDAC margin improved 170 bps to 36.6%.
Adjusted EPS increased 15.4% to $1.05, while GAAP diluted EPS declined 16.0% to $0.68.
Closed seven acquisitions in Q3 adding $1.7 billion of annual revenue; M&A pipeline remains robust.
For Q4, the company expects a neutral bias on hiring and investment, similar rate trends to Q3, and continued acquisition activity.

Oct 28, 2025, 12:00 PM

Presentation

Brown & Brown announces Q3 2025 results

BRO

Earnings

Revenue Acceleration/Inflection

Hiring

Revenues reached $1.606 billion, up 35.4% year-over-year; organic revenue grew 3.5%.
GAAP diluted EPS was $0.68 (−16.0%); Adjusted EPS was $1.05 (+15.4%).
EBITDAC – Adjusted totaled $587 million, up 41.8%, with margin expanding to 36.6% from 34.9%.
Income before taxes was $311 million (−1.9%), with margin declining to 19.4% from 26.7%.
The company welcomed over 5,000 new teammates during the quarter.

Oct 27, 2025, 9:04 PM

8-K

Brown & Brown reports Q3 2025 results

BRO

Earnings

Revenue Acceleration/Inflection

Total revenues of $1.6 billion, up 35.4% year-over-year
Organic Revenue growth of 3.5%
Diluted net income per share of $0.68
Diluted Net Income Per Share – Adjusted of $1.05

Oct 27, 2025, 9:00 PM

Press Release

Brown & Brown reports Q2 2025 results

BRO

Earnings

Revenue Acceleration/Inflection

GAAP revenues of $1.3 billion, up 9.1% year-over-year
Organic Revenue growth of 3.6%
Net income attributable of $231 million, down 10.1% from Q2 2024
Diluted EPS of $0.78, down 13.3%; Adjusted diluted EPS of $1.03, up 10.8%

Jul 28, 2025, 9:00 PM

Press Release

Brown & Brown issues $4.2 billion senior notes to finance RSC acquisition

BRO

Debt Issuance

M&A

On June 23, 2025, Brown & Brown completed the issuance of $4.2 billion aggregate principal amount of senior unsecured notes in six tranches: $400 million of 4.600% due 2026; $500 million of 4.700% due 2028; $800 million of 4.900% due 2030; $500 million of 5.250% due 2032; $1 billion of 5.550% due 2035; and $1 billion of 6.250% due 2055.
The net proceeds are earmarked to fund the cash consideration for the acquisition of RSC Topco, Inc. under the June 10, 2025 merger agreement; if the deal isn’t closed by the Outside Date (later of March 10 / June 10 2026), all notes except the 2035 tranche must be mandatorily redeemed at 101% of principal.
The notes rank pari passu with the Company’s existing and future senior unsecured debt, bear interest semi-annually on June 23 and December 23, and are callable at the Company’s option at prescribed redemption prices.

Jun 23, 2025, 12:00 AM

8-K

Brown & Brown prices $4 billion common stock offering

BRO

M&A

39.2 million shares priced at $102.00 per share, generating $4.0 billion in gross proceeds.
Underwriters granted a 30-day option to purchase up to $400 million of additional shares at the same price.
Net proceeds of approximately $3.9 billion earmarked to fund the acquisition of Accession Risk Management Group via merger with RSC Topco; if the transaction is not completed, proceeds will be used for general corporate purposes.
Offering expected to close on June 12, 2025, subject to customary closing conditions.

Jun 13, 2025, 12:00 AM

8-K

Brown & Brown Announces $9.8B Acquisition of RSC Topco Inc

BRO

M&A

Acquisition Overview: Brown & Brown Inc. announced the pending acquisition of RSC Topco Inc, the holding company for Ascension, valued at approximately $9.8 billion, with around $9.4 billion payable at close .
Transaction Structure: The deal includes approximately $1.3 billion in stock provided to the sellers, is funded in part by a $4.0 billion equity raise, and supported by the issuance of senior unsecured notes .
Strategic Rationale: The acquisition is expected to enhance Brown & Brown’s capabilities by adding over 5,500 new professionals and generating targeted revenue and expense synergies, supporting the company’s goal to grow towards an $8.0 billion enterprise .

Jun 10, 2025, 2:26 PM

Earnings Transcripts

Quarterly earnings call transcripts for BROWN & BROWN.

Ask Fintool AI Agent

Get instant answers from SEC filings, earnings calls & more

What did J. Powell Brown say about margins?What are BROWN & BROWN's strategic priorities?How is BROWN & BROWN positioned vs competitors?How did BROWN & BROWN do last quarter?

Let Fintool AI Agent track BROWN & BROWN's earnings for you

Get instant analysis when filings drop