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Brown & Brown vs Equitable: revenue, profit, margins and growth compared

Brown & Brown brought in $5.9B of revenue in fiscal 2025, Equitable $11.7B in fiscal 2025. Revenue changed by +22.8% at Brown & Brown and -6.1% at Equitable on the year before, so Brown & Brown grew faster. Brown & Brown kept 17.9% of its revenue as net profit, Equitable -11.8%.

Side by side, latest fiscal year

BROEQH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$5.9B$11.7B
Revenue growth+22.8%-6.1%
Net income$1.1B-$1.4B
Net margin17.9%-11.8%
Free cash flow$1.4Bn/a
Free cash flow margin23.4%n/a
Earnings per share (diluted)$3.16-$4.83
Cash$1.1B$12.5B
Debt$7.6B$3.8B
Price to earnings19.3n/a
Market value$20.4B$14.7B
Dividend yield1.02%1.95%
Rank by revenue in sector#91 of 444 · Finance#57 of 444 · Finance

Over the years

Revenue
BRO FY2018: $2BBRO FY2019: $2.4BBRO FY2020: $2.6BBRO FY2021: $3.1BBRO FY2022: $3.6BBRO FY2023: $4.3BBRO FY2024: $4.8BBRO FY2025: $5.9BEQH FY2018: $12.1BEQH FY2019: $9.6BEQH FY2020: $12.4BEQH FY2021: $7.6BEQH FY2022: $12.6BEQH FY2023: $10.5BEQH FY2024: $12.4BEQH FY2025: $11.7BFY18FY19FY20FY21FY22FY23FY24FY25
BRO $5.9BEQH $11.7B
Net income
BRO FY2018: $344.3MBRO FY2019: $398.5MBRO FY2020: $480.5MBRO FY2021: $587.1MBRO FY2022: $672MBRO FY2023: $871MBRO FY2024: $993MBRO FY2025: $1.1BEQH FY2018: $1.9BEQH FY2019: -$1.8BEQH FY2020: -$648MEQH FY2021: $1.8BEQH FY2022: $2.2BEQH FY2023: $1.3BEQH FY2024: $1.3BEQH FY2025: -$1.4BFY18FY19FY20FY21FY22FY23FY24FY25
BRO $1.1BEQH -$1.4B
Net margin
BRO FY2018: 17.1%BRO FY2019: 16.7%BRO FY2020: 18.4%BRO FY2021: 19.2%BRO FY2022: 18.8%BRO FY2023: 20.5%BRO FY2024: 20.7%BRO FY2025: 17.9%EQH FY2018: 15.4%EQH FY2019: -18.3%EQH FY2020: -5.2%EQH FY2021: 23.0%EQH FY2022: 17.0%EQH FY2023: 12.3%EQH FY2024: 10.3%EQH FY2025: -11.8%FY18FY19FY20FY21FY22FY23FY24FY25
BRO 17.9%EQH -11.8%
Revenue growth
BRO FY2019: +18.8%BRO FY2020: +9.2%BRO FY2021: +16.8%BRO FY2022: +17.1%BRO FY2023: +19.1%BRO FY2024: +12.9%BRO FY2025: +22.8%EQH FY2019: -20.3%EQH FY2020: +29.1%EQH FY2021: -38.7%EQH FY2022: +66.1%EQH FY2023: -17.3%EQH FY2024: +18.8%EQH FY2025: -6.1%FY19FY20FY21FY22FY23FY24FY25
BRO +22.8%EQH -6.1%
Free cash flow
BRO FY2018: $526MBRO FY2019: $605.1MBRO FY2020: $642.3MBRO FY2021: $763.8MBRO FY2022: $829MBRO FY2023: $941MBRO FY2024: $1.1BBRO FY2025: $1.4BFY18FY19FY20FY21FY22FY23FY24FY25
BRO $1.4BEQH

Fiscal years as each company reports them; the two may end in different months.

Questions about Brown & Brown and Equitable

Which is bigger by revenue, Brown & Brown or Equitable?

Equitable is bigger by revenue: $11.7B in fiscal 2025, against $5.9B for Brown & Brown in fiscal 2025.

Which keeps more of its revenue as profit, Brown & Brown or Equitable?

Brown & Brown had a net margin of 17.9% in fiscal 2025; Equitable had -11.8% in fiscal 2025.

Which grew revenue faster, Brown & Brown or Equitable?

In their latest fiscal years revenue changed by +22.8% at Brown & Brown and -6.1% at Equitable.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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