Earnings summaries and quarterly performance for BROWN & BROWN.
Executive leadership at BROWN & BROWN.
J. Powell Brown
Detailed
Chief Executive Officer and President
CEO
CL
Chris L. Walker
Detailed
Executive Vice President; President – Programs Segment
JH
J. Hyatt Brown
Detailed
Chairman of the Board
JS
J. Scott Penny
Detailed
Executive Vice President; Chief Acquisitions Officer
JL
Julie L. Turpin
Detailed
Executive Vice President; Chief People Officer
RA
R. Andrew Watts
Detailed
Executive Vice President, Chief Financial Officer and Treasurer
SM
Stephen M. Boyd
Detailed
Executive Vice President; President – Wholesale Brokerage Segment
SP
Stephen P. Hearn
Detailed
Executive Vice President and Chief Operating Officer; President – Retail Segment
Board of directors at BROWN & BROWN.
BE
Bronislaw E. Masojada
Detailed
Director
HP
H. Palmer Proctor, Jr.
Detailed
Lead Independent Director
JS
James S. Hunt
Detailed
Director
JB
Jaymin B. Patel
Detailed
Director
JM
Joia M. Johnson
Detailed
Director
KA
Kathleen A. Savio
Detailed
Director
LL
Lawrence L. Gellerstedt III
Detailed
Director
PJ
Paul J. Krump
Detailed
Director
TJ
Theodore J. Hoepner
Detailed
Director
TR
Timothy R.M. Main
Detailed
Director
TJ
Toni Jennings
Detailed
Director
WS
Wendell S. Reilly
Detailed
Director
Research analysts who have asked questions during BROWN & BROWN earnings calls.
EG
Elyse Greenspan
Wells Fargo
8 questions for BRO
Also covers: ACGL, AFL, AHL +30 more
MH
Mark Hughes
Truist Securities
8 questions for BRO
Also covers: AIZ, AJG, AMBC +41 more
Meyer Shields
Keefe, Bruyette & Woods
5 questions for BRO
Also covers: ACGL, AFG, AIG +24 more
Michael Zaremski
BMO Capital Markets
5 questions for BRO
Also covers: ACGL, AFG, AIG +25 more
RC
Robert Cox
The Goldman Sachs Group, Inc.
5 questions for BRO
Also covers: AHL, AIG, AJG +13 more
Alex Scott
Barclays PLC
4 questions for BRO
Also covers: ACGL, AFL, AIG +29 more
Brian Meredith
UBS
4 questions for BRO
Also covers: ACGL, AIG, AIZ +17 more
CG
C. Gregory Peters
Raymond James
4 questions for BRO
Also covers: ACIC, AFG, AJG +19 more
Andrew Andersen
Jefferies
3 questions for BRO
Also covers: ACGL, AFG, AHL +20 more
Joshua Shanker
Bank of America Merrill Lynch
3 questions for BRO
Also covers: ACGL, AFL, ALL +13 more
YK
Yaron Kinar
Oppenheimer & Co. Inc.
3 questions for BRO
Also covers: ACGL, ALL, AXS +12 more
CP
Charles Peters
Raymond James
2 questions for BRO
Also covers: ACIC, AFG, AJG +11 more
Charlie Lederer
BMO Capital Markets
2 questions for BRO
Also covers: AHL, AJG, ARX +4 more
D(
Dean (on behalf of Mayer Shields)
Keefe, Bruyette & Woods
2 questions for BRO
JB
Jimmy Bhullar
JPMorgan Chase & Co.
2 questions for BRO
Also covers: ACGL, AFL, ALL +12 more
JS
Josh Schenker
Bank of America
2 questions for BRO
Also covers: CINF
J(
Justin (on behalf of Alex Scott)
Barclays
2 questions for BRO
Also covers: GAIN
L(
Leandro (on behalf of Brian Meredith)
UBS
2 questions for BRO
Matthew Heimermann
Citi
2 questions for BRO
Also covers: AHL, AON, ASIC +2 more
M(
Mitch (on behalf of Greg Peters)
Raymond James
2 questions for BRO
RC
Rob Cox
Goldman Sachs
2 questions for BRO
Also covers: ACGL, AJG, FIHL +4 more
SH
Scott Heleniak
RBC Capital Markets
2 questions for BRO
Also covers: BOW, FRFHF, GSHD +8 more
S(
Sid (on behalf of Bob Gianquitti)
Morgan Stanley
2 questions for BRO
TS
Taylor Scott
BofA Securities
2 questions for BRO
Also covers: ACGL, AFL, AJG +12 more
TB
Tracy Benguigui
Wolfe Research
2 questions for BRO
Also covers: ACGL, AJG, CB +6 more
Dean Criscitiello
Keefe, Bruyette & Woods
1 question for BRO
Also covers: AJG, AON, AXS +3 more
Grace Carter
BofA Securities
1 question for BRO
Also covers: AJG, AON, CINF +3 more
Josh Shanker
Bank of America
1 question for BRO
Also covers: ACGL, ALL, AXS +11 more
Mike Zaremski
BMO Capital Markets
1 question for BRO
Also covers: ACGL, AJG, ALL +8 more
MZ
Mike Zurimski
BMO
1 question for BRO
Also covers: RNR
Recent press releases and 8-K filings for BRO.
Brown & Brown reports Q4 and full-year 2025 results
BRO
Earnings
M&A
Guidance Update
- Brown & Brown delivered Q4 2025 revenues of $1.607 billion (+35.7% y-o-y; organic –2.8%), with an adjusted EBITDAC margin of 32.9% (flat) and adjusted EPS of $0.93 (+8.1%).
- For FY 2025, revenues reached $5.9 billion (+23.0% total; +2.8% organic), adjusted EBITDAC margin was 35.9% (+70 bps), adjusted EPS was $4.26 (+10.9%), and cash flow from operations was $1.45 billion (+23.5%).
- The acquisition of Accession—Brown & Brown’s largest deal—added over 5,000 employees; Q4 revenue from Accession was $405 million, below the $430–450 million guidance, and depressed margins by ~200 bps; 2026 EBITDA synergies are projected at $30–40 million.
- The company obtained an injunction in a legal dispute after 275 former employees joined a startup broker, taking client relationships representing $23 million of annual revenue.
- 2026 outlook includes an effective tax rate of 24–25%, flat legacy margins excluding lower investment income, a long-term adjusted EBITDAC margin target raised to 32–37%, modest retail organic growth and approximately $15 million lower contingent commissions in Specialty Distribution.
Jan 27, 2026, 1:00 PM
Brown & Brown reports Q4 2025 results
BRO
Earnings
M&A
Guidance Update
- Brown & Brown delivered Q4 revenues of $1.607 billion, up 35.7% YoY, with adjusted EPS of $0.93, up 8.1%, and an EBITDAC margin of 32.9%.
- For full-year 2025, revenue reached $5.9 billion (+23% total, +2.8% organic), adjusted EPS was $4.26 (+10.9%), and operating cash flow grew 23.5% to $1.45 billion (24.6% of revenues).
- Completed the largest acquisition in company history—Accession—adding over 5,000 teammates; Q4 Accession revenue was $405 million (below $430-450 million guidance), which reduced margins by 200 bps; expect $30–40 million of 2026 EBITDA synergies.
- 2026 outlook includes modest retail organic growth improvement, partially offset by lower investment income; long-term EBITDAC margin target raised to 32%–37%, effective tax rate of 24%–25%, and contingent commissions down $15 million.
Jan 27, 2026, 1:00 PM
Brown & Brown reports Q4 2025 results
BRO
Earnings
Dividends
M&A
- Consolidated Q4 revenues of $1.607 billion, up 35.7% YoY; Q4 organic revenues were $1.079 billion, down 2.8% YoY.
- Adjusted Q4 net income attributable of $319 million, a 28.6% increase, and adjusted diluted EPS of $0.93, up 8.1%.
- Retail segment Q4 revenues grew 44.4% to $920 million with organic growth of 1.1%; Specialty Distribution revenues rose 27.0% to $678 million despite a 7.8% organic decline.
- Declared Q4 dividend of $0.165 per share, a 10.0% increase; full-year dividend raised to $0.615 per share, up 13.9%.
- Management expects modest moderation in admitted commercial line rate increases, continued strength in employee benefits pricing, and plans to stay active in M&A during 2026.
Jan 27, 2026, 1:00 PM
Brown & Brown reports Q4 2025 results
BRO
Earnings
M&A
Guidance Update
- Q4 revenue of $1.607 B, up 35.7%; adjusted EBITDAC margin flat at 32.9%; diluted EPS $0.93, +8.1%
- Full-year 2025 revenue of $5.9 B, +23% total and +2.8% organic; adjusted EPS $4.26, +10.9%; generated $1.45 B of cash from operations, +23.5%
- Completed the largest acquisition in company history (Accession, >5,000 teammates), and closed 43 deals adding ~$1.8 B of annual revenue; expect $30–40 M of EBITDA synergies in 2026, with integration to finish by end 2028
- Raised long-term adjusted EBITDAC margin target to 32–37%; anticipate modest retail organic growth improvement in 2026, specialty distribution contingents down ~$15 M, and flat margins excluding lower investment income
Jan 27, 2026, 1:00 PM
Brown & Brown announces Q4 2025 results
BRO
Earnings
- Total revenues of $1.6 billion, up 35.7%, with Organic Revenue down 2.8%.
- Income before income taxes of $321 million, up 16.7%, with a 20.0% pre-tax margin.
- Adjusted EBITDAC of $529 million, up 35.6%, with a 32.9% margin.
- Net income of $264 million, up 25.7%, diluted EPS of $0.59 (–19.2%), and adjusted diluted EPS of $0.93 (+8.1%).
Jan 26, 2026, 10:00 PM
Brown & Brown reports Q3 2025 results
BRO
Earnings
Dividends
M&A
- 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
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
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
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
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
Quarterly earnings call transcripts for BROWN & BROWN.
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