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BROWN & BROWN, INC. (BRO)

As-reported financials and SEC filings for BROWN & BROWN, INC. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About BROWN & BROWN, INC.

Brown & Brown, Inc. is a diversified insurance agency and brokerage firm that markets and sells insurance products primarily in property, casualty, and employee benefits. The company operates through two main segments: Retail, which serves commercial, public, professional, and individual customers with a broad range of insurance and related services; and Specialty Distribution, which includes programs, wholesale brokerage, and specialty businesses offering niche insurance solutions and access to complex risks. Brown & Brown serves clients across the United States and internationally through numerous locations.

Snapshot

Revenue
$5.90B
Revenue growth (YoY)
22.8%
Net income
$1.05B
Diluted EPS
$3.16
Gross margin
Operating margin
Net margin
17.9%
FCF margin
23.4%
ROE
8.4%
net income / fiscal-year-end equity
P/E
23.0×
trailing when available, otherwise FY EPS
Market cap
$24.11B
Long-term debt / equity
0.55×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Brown & Brown

  • Revenue grew 22.8% to $5.9B in FY2025, faster than the 12.9% the year before.
  • Most recent quarter Q2 FY2026: revenue $1.7B, up 30.4% from Q2 FY2025.
  • Free cash flow was $1.4B in FY2025, 23.4% of revenue.
  • Net income rose 6.1% to $1.1B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Brown & Brown’s fundamentals sit among the 88 insurance companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Net margin17.9%
75th percentile of 82
FCF margin23.4%
74th percentile of 55
Revenue growth (YoY)+22.8%
71st percentile of 88
ROE8.4%
28th percentile of 73
P/E23.0×
80th percentile of 72
Long-term debt / equity0.55×
79th percentile of 48
Short interest7.14d
86th percentile of 87

1 reported insider purchase (code P) totaling $49,923 in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 5 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
5
+6 quant / multi-strat
Initiated / added
5
1 new, 4 added
Reduced / exited
4
4 trimmed, 0 exited
Combined position
$1.17B
reported long value
InvestorAs ofPosition valueSharesChange
First Eagle Investment ManagementQ2 2026$752.3M11.7MAdded
Two Sigma InvestmentsquantQ2 2026$127.9M2.0MAdded
Gotham Asset ManagementQ2 2026$78.2M1.2MAdded
AQR Capital ManagementquantQ2 2026$61.1M963.8KAdded
Renaissance TechnologiesquantQ2 2026$58.0M904.2KReduced
Giverny CapitalQ2 2026$48.3M753.3KReduced
Citadel AdvisorsquantQ2 2026$43.3M675.3KReduced
Millennium ManagementquantQ2 2026$2.7M42.8KReduced
Bridgewater AssociatesQ2 2026$1.2M18.0KNew
Markel GroupQ2 2026$898,10014.0KHeld
D. E. ShawquantQ2 2026$455,4657.1KHeld

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
1
1 insider
Bought (90d)
$50K
code P value
Sells (90d)
0
Reported activity
Net buying
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-06-09
filed 2026-06-10
JOHNSON JOIA MDirectorBuy860$58.05$50K
2026-05-05
filed 2026-05-06
PROCTOR H PALMER JRDirectorBuy2.0K$57.10$114K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
14.2M
settled 2026-08-14
Change vs prior
-14.3%
vs previous settlement
Days to cover
7.14
at avg daily volume
Avg daily volume
2.0M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-1414.2M-14.3%7.14
2026-07-3116.6M-11.6%4.86
2026-07-1518.8M-0.8%8.48
2026-06-3018.9M+12.6%5.33
2026-06-1516.8M+2.6%5.47
2026-05-2916.3M+1.2%5.85
2026-05-1516.2M-11.6%3.94
2026-04-3018.3M-0.9%6.23

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$5.90B$4.80B$4.26B$3.57B$3.05B
Gross profit
Operating income
Net income$1.05B$993.0M$871.0M$672.0M$587.1M
Diluted EPS$3.16$3.46$3.05$2.37$2.07

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$1.08B$675.0M$700.0M$650.0M$693.2M
Current assets$8.61B$6.92B$5.13B$5.00B$3.33B
Total assets$29.99B$17.61B$14.88B$13.97B$9.80B
Current liabilities$8.29B$6.31B$4.96B$4.60B$2.67B
Long-term debt$6.89B$3.60B$3.23B$3.69B$1.98B
Total liabilities$17.42B$11.18B$9.30B$9.37B$5.60B
Total equity$12.57B$6.44B$5.58B$4.61B$4.20B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$1.45B$1.17B$1.01B$881.0M$808.8M
Capital expenditure$68.0M$82.0M$69.0M$52.0M$45.0M
Free cash flow$1.38B$1.09B$941.0M$829.0M$763.8M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$1.68B30.4%$288.0M$0.84
Q1 FY2026$1.90B35.4%$426.0M$1.06
Q4 FY2025$1.61B35.8%$264.0M$0.78
Q3 FY2025$1.61B35.4%$227.0M$0.68
Q2 FY2025$1.28B9.1%$231.0M$0.78
Q1 FY2025$1.40B11.6%$331.0M$1.15
Q4 FY2024$1.18B15.3%$210.0M$0.73
Q3 FY2024$1.19B11.0%$234.0M$0.81

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNYSE
SectorFinancials
SIC industryInsurance Agents, Brokers & Service
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2010
SEC CIK79282

Selected SEC filings

10-K2026-02-12
View on EDGAR →
10-K2025-02-13
View on EDGAR →
10-Q2026-07-27
View on EDGAR →
10-Q2026-04-27
View on EDGAR →
10-Q2025-10-28
View on EDGAR →
10-Q2025-07-28
View on EDGAR →
8-K2026-08-10
View on EDGAR →
8-K2026-07-27
View on EDGAR →

Largest insurance peers

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.