BROWN & BROWN, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BROWN & BROWN, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,767	1,881	2,014	2,392	2,613	3,051	3,573	4,257	4,805	5,902
Operating expenses	1,343	1,432	1,552	1,866	1,989	2,289	2,697	3,111
Interest expense	39.5	38.3	40.6	63.7	59	65	141	190	193	297
Pre-tax income	423	450	462	526	624	763	876	1,146	1,303	1,371
Income tax	166	50.1	118	127	144	176	204	275	301	304
Net income to minority interests									9	13
Net income	257	400	344	399	481	587	672	871	993	1,054
EPS, basic	0.92	1.43	1.24	1.42	1.70	2.08	2.38	3.07	3.48	3.37
EPS, diluted	0.91	1.40	1.22	1.40	1.69	2.07	2.37	3.05	3.46	3.16
Shares, basic (weighted)	272	273	271	0.27	274	276	278	280	282	310
Shares, diluted (weighted)	276	278	276	0.27	276	277	279	281	284	313
Dividend per share	0.25	0.28	0.31	0.33	0.35	0.38	0.42	0.48	0.54	0.62

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	516	573	439	542	656	693	650	700	675	1,079
Short-term investments	15	25	12.9	12.3	18.3	12.9	12	11	10
Other current assets	50.6	47.9	129	152	148	176	202	314	364	484
Total current assets	1,736	2,242	2,167	2,495	2,958	3,330	4,996	5,130	6,924	8,614
Property, plant and equipment	75.8	77.1	100	149	201	212	240	270	319	367
Lease right-of-use assets			0	184	187	197	215	199	200	269
Goodwill	2,675	2,716	3,433	3,746	4,396	4,737	6,674	7,341	7,970	15,087
Intangible assets	707	641	899	917	1,050	1,082	1,595	1,621	1,814	4,906
Other non-current assets	44.9	57.3	72	105	150	207	231	301	385	748
Total assets	5,263	5,748	6,689	7,623	8,967	9,795	13,974	14,883	17,612	29,991
Accounts payable	69.6	64.2	87.3	100	190	243	287	459	373	990
Accrued liabilities	202	229	279	338	372	456	542	608	653	875
Deferred revenue		44.5	37	41.2	54	67.4	79.9	78	80	127
Short-term debt	55.5	120	50	55	70	42.5	251	569	225	719
Total current liabilities	1,445	1,987	1,783	2,045	2,354	2,667	4,597	4,956	6,314	8,294
Long-term debt	1,018	856	1,457	1,500	2,026	1,980	3,692	3,227	3,599	6,894
Lease liabilities			0	168	173	180	196	179	189	243
Other non-current liabilities	81.3	65.1	132	231	315	384	299	326	362	1,172
Total liabilities	2,903	3,165	3,688	4,272	5,212	5,598	9,368	9,304	11,175	17,418
Total debt	1,074	976	1,507	1,555	2,096	2,023	3,942	3,796	3,824	7,613
Paid-in capital	468	484	615	716	795	849	920	1,027	1,118	6,160
Retained earnings	2,135	2,457	2,834	3,141	3,521	4,001	4,553	5,289	6,128	6,989
Treasury stock	-258	-386	-478	-536	-591	-674	-748	-748	-748	-848
Other comprehensive income						-9.4	-148	-19	-109	210
Shareholders' equity	2,360	2,583	3,001	3,350	3,754	4,197	4,607	5,579
Minority interests									17	26
Total equity	2,360	2,583	3,001	3,350	3,754	4,197	4,606	5,579	6,437	12,573
Total liabilities and equity	5,263	5,748	6,689	7,623	8,966	9,795	13,974	14,883	17,612	29,991
Shares outstanding	140	276	280	282	283	283	283	285	286	336

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	257	400	344	399	481	587	672	871	1,002	1,067
Depreciation and amortization	21	22.7	22.8	23.4	26.3	33.3	39	40	44	55
Stock-based compensation	16.1	30.6	33.5	47	59.7	61	66	89	101	93
Deferred income tax	18.2	-102	15	12.4	16	33.6	43	12	13	-7
Change in payables	30.2	26.8	21.9	17.8	112	54.4	124	260	-47	11
Cash from operations	411	442	568	678	713	809	881	1,010	1,174	1,450
Capital expenditures	-17.8	-24.2	-41.5	-73.1	-70.7	-45	-52	-69	-82	-68
Acquisitions	-123	-41.5	-924	-353	-695	-367	-1,928	-631	-890	-7,854
Purchases of investments	-25.9	-10.7	-9.28	-17.5	-14.2	-12.4	-0.1	-7	-7
Sales and maturities of investments	18.9	9.64	17.9	8.49	11	10.8	7	13	11
Cash from investing	-142	-62.6	-952	-414	-759	-397	-1,913	-587	-898	-7,914
Debt issued	0	0	300	350	700		2,000	0	599	4,192
Debt repaid	-73.1	-96.8	-120	-50	-55	-73.1	-61	-251	-719	-225
Stock issued	16	17.4	19.4	25	30.1	34	38	0	0	4,315
Share buybacks	-18.9	-129	-91.3	-58.7	-55.1	-82.6	-74	0	0	-100
Dividends paid	-70.3	-77.7	-84.7	-91.3	-101	-107	-120	-135	-154	-193
Cash from financing	-161	-337	338	-79.2	355	-210	1,726	-187	-64	7,713
Net change in cash	108	42.8	-46.5	185	309	198	563	270	199	1,313
Free cash flow	393	418	526	605	642	764	829	941	1,092	1,382
Interest paid	37.7	36.2	38	58.3	52.4	61.5	120	186	195	284
Income taxes paid	143	152	110	110	132	147	122	218	302	371

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $60.82 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	22.8%	Pre-tax income / revenue.
Net margin	17.8%	Net income / revenue.
FCF margin	21.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	22.4%	Cash from operations / revenue.
Effective tax rate	21.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	4.0%	Net income / average total assets.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	22.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	6.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	16.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	17.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-8.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	10.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	13.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	23.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	18.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	15.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	26.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	18.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	16.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	14.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	13.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	12.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	70.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	29.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	27.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	10.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.13x	Current assets / current liabilities.
Quick ratio	0.12x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.12x	(Cash + short-term investments) / current liabilities.
Debt / assets	26.0%	Total debt / total assets.
Liabilities / assets	57.8%	Total liabilities / total assets.
Net debt	$6.84B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$979.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	66.0%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.23x	Revenue / average total assets.
Fixed asset turnover	18.5x	Revenue / average property, plant and equipment.
FCF conversion	119.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	4.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.61	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$20.33	Revenue / diluted weighted shares.
FCF per share	$4.33	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.55	Cash from operations / diluted weighted shares.
Cash per share	$2.78	(Cash + short-term investments) / shares outstanding.
Payout ratio	18.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	15.1%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$20.35B	Share price x shares outstanding.
Enterprise value	$27.19B	Market cap + total debt - cash - short-term investments.
P/E	16.9x	Market cap / net income. Only when net income is positive.
P/S	3.00x	Market cap / revenue.
P/FCF	14.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.4x	Market cap / cash from operations, when positive.
EV/Sales	4.00x	Enterprise value / revenue.
EV/FCF	18.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.1%	Free cash flow / market cap.
Earnings yield	5.9%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	1.1%	(Dividends paid + share buybacks) / market cap.
PEG	1.68x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was BROWN & BROWN, INC.'s revenue in fiscal 2025?

BROWN & BROWN, INC. reported revenue of $5.90B for fiscal 2025, 22.8% higher than the year before.

Was BROWN & BROWN, INC. profitable in fiscal 2025?

Yes. Net income was $1.05B, a net margin of 17.9%.

How much free cash flow did BROWN & BROWN, INC. generate in fiscal 2025?

Cash from operations of $1.45B minus capital expenditures of $68.0M left free cash flow of $1.38B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to BROWN & BROWN, INC.