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Brown & Brown (BRO) stock

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NYSE: BRO NYSE Insurance Brokers Next results ~January 25, 2027

B Fundamentals grade

Brown & Brown, Inc. is a Florida-based insurance intermediary that markets and sells cover across property, casualty and employee benefits lines. It mainly acts as an agent or broker without taking on underwriting risk, though it also runs ancillary operations including captives, reinsurance vehicles and a write-your-own flood carrier, Wright National Flood Insurance Company, which writes policies under the federal National Flood Insurance Programme.

Its customers include commercial, public and quasi-public bodies alongside professional and individual clients, and it earns commissions and fees from placing insurance. It also provides non-insurance warranty products through its motor and recreational-vehicle dealer services (F&I), plus related services such as risk management, loss control and claims processing.

Following the 2025 acquisition of RSC, the firm moved from three segments to two: Retail, and Specialty Distribution (comprising its Arrowhead Programs, Bridge Specialty Group wholesale brokerage and Arrowhead Specialty businesses). At 31 December 2025 it operated from 468 domestic locations across 47 states and 246 international locations in 15 countries, employing 22,888 people. Roughly 20% is owned by employees.

Based on Brown & Brown's 10-K filed February 12, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$170

Cash-flow model

Base case. Range ~$130–$230 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 140% above it.

Price used: $71.88, November 2, 2026

Brown & Brown valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Brown & Brown files

10-Q filed October 26: Brown & Brown

Brown & Brown posted revenue of $6.91bn for the twelve months to September 2026, up 26.1% on a year earlier. That marks a slowdown from the 34.2% recorded a quarter earlier. Free-cash-flow margin slipped to 21.5% from 23.7%. The diluted share count rose 12.3% over the year, diluting existing holders. On the back of this, the fundamentals grade moves from B+ to C+. Our model value is little changed at $164 a share, against a price of $70.93, and the rating stays Buy. At that price, the market is pricing in roughly 4.3% annual cash-flow growth over five years. That sits well below the 17.8% annual revenue growth the company has delivered.

Source: 10-Q filed October 26, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Brown & Brown stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $6.79bn, up 34.2% on a year earlier, faster than 29.2% a quarter earlier. Free-cash-flow margin fell to 21.3% from 25.0% a year earlier. The diluted share count is up 17.2% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 1 of our 5 financial-health checks. Our cash-flow model value is $168 a share, against a share price of $70.28. At that price, our model says the market is pricing in about 6.8% a year of cash-flow growth for five years, slower than the 17.3% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 25, 2027 (estimated)

Brown & Brown's trailing-twelve-month revenue grew 26.1% year on year, with a free-cash-flow margin of 21.5%. Where it stands out: free-cash-flow margin of 21.5% ranks 1 of 6 insurance brokers companies we cover. Where it lags: change in growth rate of -8.1pp ranks 17 of 17 insurance brokers companies we cover.

Our discounted-cash-flow model values the business at ~$170 per share in the base case (~$130–$230 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 26.1% (-8.1pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $71.88 is 140% below our value per share of $170.
  • Fast growth. Revenue grew 26.1% over the last 12 months, against a median of 7.6% for insurance brokers companies we cover.
  • Strong cash generation. 21.5% of revenue turned into free cash flow, against a median of 17.0% for insurance brokers companies we cover.

Things to watch

  • Growth slowing. The growth rate is 8.1 points lower than a quarter earlier.
  • Share dilution. Diluted shares rose 12.3% in a year.
  • Short interest rising. Shares sold short rose 18% in a month to 6.6% of tradable shares.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2027 Q3

Filed October 26, 2026
Earnings per share
$1.07 against an average estimate of $1.08: missed by 1.4%
Revenue
$1.73bn, up 7.4% on a year earlier
Share reaction
-7.4% in the first session after the results on October 26, 2026, against +1.3% for the S&P 500
Next report
January 25, 2027; average EPS estimate $0.91

Brown & Brown's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.0%
  • 1 week+1.1%
  • 1 month+20.0%
  • This year-9.1%
  • 1 year-9.0%
  • 5 years+20.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.9B
Net margin
17.6%
EPS (TTM, diluted)
$3.63

Growth

Revenue growth
+26.1%
Change in growth rate
−8.1 pts
Share count change
+12.3%

Cash

Free cash flow (TTM)
$1.5B
FCF margin
21.5%
Stock pay % of revenue
1.3%

Earnings

Last results
October 26, 2026
Next results (est.)
January 25, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Leadership
  4. Announcement
  5. Leadership
  6. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Brown & Brown valuation models and calculator

What the price is pricing in

The share price implies about 3.2% a year of cash-flow growth for five years.That is slower than the 17.8% a year revenue growth Brown & Brown has delivered.

  • Priced in3.2%
  • Last 12 months26.1%
  • 3 years a year18.7%
  • 5 years a year17.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($70.38, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$170
Price used
$70.38close November 3, 2026
Implied change
▲ +145%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Brown & Brown's free cash flow after stock-based pay with after-tax interest added back ($1.7B, FY2027 Q3 TTM), growing 8.6% and 14.4% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$130–~$230 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Brown & Brown's free cash flow after stock-based pay ( $1.7B, FY2027 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Brown & Brown as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 7.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.53 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$170 ~$130–$230 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$93 ~$83–$110 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$88 ~$58–$140 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$94 ~$77–$120 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$8.8 ~$12–$170 Left out: out of range vs price (0.12x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$100 ~$81–$140 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$120 ~$88–$170 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Brown & Brown with insurance brokers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +33%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▼ −8%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $53$80$116$162$223$302
8.5% $36$55$81$114$158$214
10% $25$40$60$85$118$161

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$14.56$20.65$23.98$25.98$37.58$45.49$67.93$55.44$69.71$100.60$79.10$71.88
Market value$4.1bn$5.7bn$6.7bn$7.2bn$10.3bn$12.5bn$18.8bn$15.5bn$19.6bn$28.6bn$24.8bn$24.1bn
+ Net debt (− = net cash)$726m$559m$403m−$439m$1.1bn$1.5bn$1.4bn$3.5bn$3.7bn$3.4bn$7.3bn$7.1bn
Enterprise value$4.8bn$6.2bn$7.1bn$6.7bn$11.4bn$14.1bn$20.2bn$19.0bn$23.3bn$31.9bn$32.0bn$31.2bn
Multiples
Price / sales 2.5x3.2x3.5x3.6x4.3x4.8x6.2x4.3x4.6x5.9x4.2x3.5x
Price / earnings 16.8x22.1x16.7x20.8x25.9x26.1x32.1x23.0x22.5x28.8x23.5x19.8x
Price / free cash flow 11.2x14.5x15.9x13.6x17.1x19.5x24.7x18.7x20.8x26.2x17.9x16.2x
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

60 /100

Moderate moat

How hard Brown & Brown's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 5.2% of total assets over 10 years.

  • Durability 15 / 20

    Net margin has been a median 18.2%; its worst year was 14.7%.

  • Discipline 10 / 20

    The diluted share count rose 21.2% over five years; stock-based pay has been a median 1.9% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (76 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 25, 2027, after the close. Analysts expect revenue of $1.6bn and EPS of $0.91 (range $0.86 to $0.94) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.46 +5% $6.9bn +17%
Next $4.80 +8% $7.2bn +4%

Next year's EPS estimate has moved −0.5% in 90 days, across 19 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.4% on 90 days ago. In the last 30 days, 1 analyst raised Brown & Brown's forecast and 2 cut it.

Consensus EPS forecast Brown & Brown, last 90 days
$4.40 $4.50 $4.60 $4.70 $4.80 $4.90 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.47 Current fiscal year, 60 days ago: $4.48 Current fiscal year, 30 days ago: $4.48 Current fiscal year, 7 days ago: $4.48 Current fiscal year, Now: $4.46 $4.46 Next fiscal year, 90 days ago: $4.82 Next fiscal year, 60 days ago: $4.83 Next fiscal year, 30 days ago: $4.83 Next fiscal year, 7 days ago: $4.83 Next fiscal year, Now: $4.80 $4.80

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.47$4.82
60 days ago $4.48$4.83
30 days ago $4.48$4.83
7 days ago $4.48$4.83
Now $4.46$4.80

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.08 $1.07 −1.4%
Jun 2026 $1.07 $1.07 −0.4%
Mar 2026 $1.36 $1.39 +2.3%
Dec 2025 $0.90 $0.93 +3.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 26, 2026

No numeric guidance in Brown & Brown's latest earnings release (filed October 26, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Brown & Brown's revenue by +8.6% next year and +14.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.6%, weight 69%) and the company's own record (+20.0%, weight 31%) . How the weights are set.

Analyst recommendations

21 analysts, Oct 2026
Buy733%
Hold1362%
Sell15%

Monthly trend

  1. Oct 2026341321
  2. Sep 2026221419
  3. Aug 2026221419
  4. Jul 2026221419

Counts of recommendations published by analysts covering Brown & Brown, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.6%
of tradable shares
Days to cover
6.68
at average volume
Short interest, 1 month
+18%
to October 15, 2026
Held by institutions
87%
of shares
Held by insiders
13.4%
of shares
Employees
22,888
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −9.0%

$78.98 on October 31, 2025 to $71.88

ThenNowEffect
Revenue (last 12 months) $5.1bn $6.8bn +34.2%
Net margin 19.9% 17.7% −10.8%
P/E multiple 22.5x 20.1x −11.0%
Share count 287m 336m −14.6%

Biggest factor: revenue.

Last 3 years +4.0%

$69.14 on November 3, 2023 to $71.88

ThenNowEffect
Revenue (last 12 months) $4.0bn $6.8bn +70.1%
Net margin 18.4% 17.7% −3.3%
P/E multiple 26.4x 20.1x −24.0%
Share count 280m 336m −16.9%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BRO+49%−18%+26%+44%−21%−9%
Industry peers (median)+6%−27%+16%+25%−19%−1%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BRO67%33%58%67%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BRO−11%−27%−14%−11%−38%−32%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 56% from April 3, 2025 to May 13, 2026. Getting back needed a 127% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$54.25 – $81.71
From 52-week high
−12.0%
vs 50-day average
+7.3%
vs 200-day average
+8.3%
Volatility (1 year)
32%
Beta vs S&P 500
-0.47

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±4.9%
After a week
4 up, 8 down
typical move ±5.5%
After a month
5 up, 6 down
typical move ±8.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 26, 2026 −7.4% +1.3% −1.5% —
July 27, 2026 +8.9% +0.3% +6.1% +8.6%
April 27, 2026 −4.2% −0.3% −12.5% −13.5%
January 26, 2026 −6.4% +0.9% −10.0% −11.3%
October 27, 2025 −6.4% +1.4% −11.6% −8.3%
August 22, 2025 +0.3% +1.1% +0.6% −4.4%
July 28, 2025 −11.1% −0.3% −10.3% −6.9%
April 28, 2025 −5.6% +0.7% −3.5% −3.0%
January 27, 2025 −0.9% −0.6% −0.4% +8.4%
October 28, 2024 +1.0% +0.5% +1.4% +9.2%
July 22, 2024 +6.0% +0.9% +6.7% +11.4%
April 22, 2024 +0.9% +2.1% −0.8% +9.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Brown & Brown’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.00× the last 60 days’ realised volatility , richer than 19% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Brown & Brown in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Brown & Brown
$4B $5B $6B $7B FY24 Q4 FY25 Q3 FY26 Q2 FY27 Q3 Revenue (TTM), FY24 Q4: $4.3B Revenue (TTM), FY25 Q1: $4.4B Revenue (TTM), FY25 Q2: $4.5B Revenue (TTM), FY25 Q3: $4.6B Revenue (TTM), FY25 Q4: $4.8B Revenue (TTM), FY26 Q1: $5B Revenue (TTM), FY26 Q2: $5.1B Revenue (TTM), FY26 Q3: $5.5B Revenue (TTM), FY26 Q4: $5.9B Revenue (TTM), FY27 Q1: $6.4B Revenue (TTM), FY27 Q2: $6.8B Revenue (TTM), FY27 Q3: $6.9B $6.9B

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period Revenue (TTM)
FY24 Q4 $4.3B
FY25 Q1 $4.4B
FY25 Q2 $4.5B
FY25 Q3 $4.6B
FY25 Q4 $4.8B
FY26 Q1 $5B
FY26 Q2 $5.1B
FY26 Q3 $5.5B
FY26 Q4 $5.9B
FY27 Q1 $6.4B
FY27 Q2 $6.8B
FY27 Q3 $6.9B
Revenue growth, TTM YoY Brown & Brown
0% 10% 20% 30% 40% FY24 Q4 FY25 Q3 FY26 Q2 FY27 Q3 Revenue growth, TTM YoY, FY24 Q4: 19.1% Revenue growth, TTM YoY, FY25 Q1: 16.2% Revenue growth, TTM YoY, FY25 Q2: 13.5% Revenue growth, TTM YoY, FY25 Q3: 12.5% Revenue growth, TTM YoY, FY25 Q4: 12.9% Revenue growth, TTM YoY, FY26 Q1: 12.5% Revenue growth, TTM YoY, FY26 Q2: 11.7% Revenue growth, TTM YoY, FY26 Q3: 17.9% Revenue growth, TTM YoY, FY26 Q4: 22.8% Revenue growth, TTM YoY, FY27 Q1: 29.2% Revenue growth, TTM YoY, FY27 Q2: 34.2% Revenue growth, TTM YoY, FY27 Q3: 26.1% 26.1%

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q4 19.1%
FY25 Q1 16.2%
FY25 Q2 13.5%
FY25 Q3 12.5%
FY25 Q4 12.9%
FY26 Q1 12.5%
FY26 Q2 11.7%
FY26 Q3 17.9%
FY26 Q4 22.8%
FY27 Q1 29.2%
FY27 Q2 34.2%
FY27 Q3 26.1%
FCF margin (TTM) Brown & Brown
20% 22% 24% 26% 28% FY24 Q4 FY25 Q3 FY26 Q2 FY27 Q3 FCF margin (TTM), FY24 Q4: 22.1% FCF margin (TTM), FY25 Q1: 20.3% FCF margin (TTM), FY25 Q2: 20.1% FCF margin (TTM), FY25 Q3: 22.1% FCF margin (TTM), FY25 Q4: 22.7% FCF margin (TTM), FY26 Q1: 26.0% FCF margin (TTM), FY26 Q2: 25.0% FCF margin (TTM), FY26 Q3: 23.7% FCF margin (TTM), FY26 Q4: 23.4% FCF margin (TTM), FY27 Q1: 22.3% FCF margin (TTM), FY27 Q2: 21.3% FCF margin (TTM), FY27 Q3: 21.5% 21.5%

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q4 22.1%
FY25 Q1 20.3%
FY25 Q2 20.1%
FY25 Q3 22.1%
FY25 Q4 22.7%
FY26 Q1 26.0%
FY26 Q2 25.0%
FY26 Q3 23.7%
FY26 Q4 23.4%
FY27 Q1 22.3%
FY27 Q2 21.3%
FY27 Q3 21.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Dec 2009 2011 Dec 2010 2012 Dec 2011 2013 Dec 2012 2014 Dec 2013 2015 Dec 2014 2016 Dec 2015 2017 Dec 2016 2018 Dec 2017 2019 Dec 2018 2020 Dec 2019 2021 Dec 2020 2022 Dec 2021 2023 Dec 2022 2024 Dec 2023 2025 Dec 2024 2026 Dec 2025 LTM Sept 2026
Income
Revenue 968 973 1,014 1,200 1,363 1,576 1,661 1,767 1,881 2,014 2,392 2,613 3,051 3,573 4,257 4,805 5,902 6,909
Net income 153 162 164 184 217 207 243 257 400 344 399 481 587 672 871 993 1,054 1,218
Diluted EPS $0.54 $0.56 $0.56 $0.63 $0.74 $0.70 $0.85 $0.91 $1.40 $1.22 $1.40 $1.69 $2.07 $2.37 $3.05 $3.46 $3.16 $3.63
Growth (year on year)
Revenue −1.0% +0.6% +4.1% +18.4% +13.6% +15.6% +5.4% +6.4% +6.5% +7.1% +18.8% +9.2% +16.8% +17.1% +19.1% +12.9% +22.8% +26.1%
Net income −7.7% +5.5% +1.4% +12.2% +18.0% −4.7% +17.6% +5.8% +55.2% −13.9% +15.8% +20.6% +22.2% +14.5% +29.6% +14.0% +6.1% +21.9%
Diluted EPS −7.7% +3.7% +0.9% +11.5% +17.5% −4.7% +20.6% +7.1% +53.8% −12.9% +14.8% +20.7% +22.5% +14.5% +28.7% +13.4% −8.7% +8.6%
Margins
Net margin 15.8% 16.6% 16.2% 15.3% 15.9% 13.1% 14.7% 14.6% 21.2% 17.1% 16.7% 18.4% 19.2% 18.8% 20.5% 20.7% 17.9% 17.6%
Free-cash-flow margin 21.7% 29.3% 22.1% 16.4% 27.4% 22.9% 21.9% 22.3% 22.2% 26.1% 25.3% 24.6% 25.0% 23.2% 22.1% 22.7% 23.4% 21.5%
Cash flow
Cash from operations 222 296 238 220 389 385 382 411 442 568 678 713 809 881 1,010 1,174 1,450 1,584
Capital spending 11 10 14 24 16 25 18 18 24 42 73 71 45 52 69 82 68 97
Free cash flow 210 286 224 196 373 360 363 393 418 526 605 642 764 829 941 1,092 1,382 1,487
Stock-based pay 7 7 11 16 23 19 16 16 31 34 47 60 61 66 89 101 93 89
Free cash flow after stock pay 203 279 213 180 350 341 348 377 387 492 558 583 703 763 852 991 1,289 1,398
Balance sheet
Cash 197 273 286 203 203 470 443 516 573 439 542 656 693 650 700 675 1,079 1,099
Total debt 267 252 251 450 480 1,223 1,170 1,074 976 — 1,610 2,166 2,065 4,193 4,365 4,049 8,332 8,172
Net debt (negative = net cash) 70 −21 −35 247 277 753 726 559 403 −439 1,068 1,510 1,372 3,543 3,665 3,374 7,253 7,073
Diluted shares 275m 279m 281m 284m 285m 286m 280m 276m 278m 276m 275m 276m 277m 279m 281m 284m 313m 336m
Returned to shareholders
Dividends 43 44 46 50 54 59 64 70 78 85 91 101 107 120 135 154 193 225
Buybacks — — — — 0 75 164 19 129 91 59 55 83 74 0 0 100 850
Total returned 43 44 46 50 54 134 228 89 206 176 150 156 190 194 135 154 293 1,075

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 5 checks passed · September 30, 2026
What it owns · $29.4bn
Short-term assets $8.3bnLonger-term assets $21.2bn
What it owes, and who funded it · $19.8bn
Short-term liabilities $7.2bnShareholders' equity $12.6bn
  • Short-term assets cover short-term liabilities $8.3bn of assets due within a year against $7.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $1.1bn of cash against $7.8bn of debt.
  • Debt below 40% of shareholders' equity Debt is 62% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 81% to 62% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.6bn of operating cash flow against $7.8bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Brown & Brown's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q3 TTM
Buybacks (TTM)
$850M
Dividends (TTM)
$225M
Returned to shareholders
72%
of free cash flow
Buybacks, last 3 fiscal years
$100M
Diluted share count
+12.3%
year over year
Total shareholder yield
4.6%
dividends 1.0% + buybacks 3.6% of market value
Dividend payout ratio
19%
of net income paid out

Competitors: side by side with peers

Closest by revenue in insurance brokers
Last 12 months unless stated BRO WTW ERIE RYAN AJG AON Median
Revenue, last 12 months $6.9bn $10.3bn $4.1bn $3.3bn $15.8bn $17.7bn $1.6bn
Revenue growth, last 12 months 26.1% 4.8% 2.0% 9.8% 26.3% 3.8% 7.6%
Revenue growth, 3-year average 18.7% 3.4% 9.4% 18.0% 19.6% 10.4% 13.8%
Revenue growth, latest quarter 7.4% 7.5% 0.3% 4.7% 24.2% 2.6% 4.7%
Operating margin — 22.0% 17.9% 15.6% — 26.3% 9.4%
Operating margin, 3-year average — 16.2% 17.7% 16.7% — 24.9% 4.9%
Net margin 17.6% 15.2% 14.0% 3.2% 10.0% 22.2% 4.9%
Cash from operations / revenue 22.9% 19.3% 16.8% 17.5% 15.5% 20.2% 15.5%
Free-cash-flow margin 21.5% 17.0% 13.4% 17.5% 14.5% 18.5% 13.4%
Free-cash-flow margin, 3-year average 22.4% 14.0% 13.5% 20.0% 17.2% 18.5% 13.7%
Stock pay / revenue 1.3% 2.2% — 2.2% 0.4% 2.1% 1.4%
Change in share count 12.3% −4.3% — — 7.4% −1.3% 5.7%

Median of all 17 companies we cover in insurance brokers. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 insurance brokers companies
Measure Company Peer median Rank
Revenue growth Growth 26.1% 7.6% 5 of 17
Change in growth rate Growth -8.1pp -0.7pp 17 of 17
Net margin Profitability 17.6% 4.9% 2 of 17
Free-cash-flow margin Cash generation 21.5% 17.0% 1 of 6
Stock pay as % of revenue Cash generation 1.3% 1.5% 7 of 16
Long-term debt as % of assets Balance sheet 24.9% 24.9% 3 of 5
Change in share count Balance sheet 12.3% 7.4% 9 of 12

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Core Commission Revenue $3.9B ▲ 20.1%
Fee Revenue $1.3B ▲ 28.8%
Profit Sharing Contingent Commission Revenue $255M ▲ 53.6%
Other Supplemental Commissions Revenue $206M ▲ 9.6%
Earned Premium $83M ▲ 7.8%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $5.1B 85.7% ▲ 22.2%
Other International Countries $843M 14.3% ▲ 26.8%
United Kingdom $599M 71.1% ▲ 9.9%
Other Country $244M 28.9% ▲ 103.3%

From Brown & Brown's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$18.8B
Institutions reporting
804
Shares held vs prior quarter
▲ 5.0%
Positions opened / closed
111 / 121

Top buyers and sellers, Q2 2026: 425 institutions bought and 394 sold ; the biggest buyer was First Eagle Investment Management, LLC (+14.6M shares) and the biggest seller Select Equity Group, L.P (−3.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
First Eagle Investment Management, LLC $1.5B 23.5M 8.0% ▲ 165.8%
Blackrock, Inc. $1.4B 22.1M 7.5% ▲ 0.9%
Vanguard Capital Management LLC $1.2B 18.9M 6.4% ▲ 0.1%
FMR LLC $1.2B 18.4M 6.3% ▲ 14.7%
Principal Financial Group Inc $1B 15.7M 5.4% ▲ 0.7%
Vanguard Portfolio Management LLC $939M 14.6M 5.0% ▲ 0.3%
State Street Corp $931M 14.5M 4.9% ▲ 5.4%
Capital World Investors $928M 14.5M 4.9% ▼ 12.3%
Geode Capital Management, LLC $526M 8.2M 2.8% ▲ 1.1%
Van Lanschot Kempen Investment Management N.V. $430M 6.7M 2.3% ▲ 14.3%
Orbis Allan Gray Ltd $345M 5.4M 1.8% New
Select Equity Group, L.P. $314M 4.9M 1.7% ▼ 39.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Brown & Brown's complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $164,123 2 trades by 2 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $164,123 net buying
Insider Date Trade Shares Price Value
Johnson Joia M Director June 9, 2026 Buy 860 $58.05 $49,923
Proctor H Palmer Jr Director May 5, 2026 Buy 2,000 $57.10 $114,200

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 43 trades and filings

In the last 12 months, 5 members of Congress disclosed 5 purchases and 10 sales of Brown & Brown shares.

  • April McClain Delaney(D-MD 6):Sale (full), $100,001 - $250,000, traded August 25, 2026, filed September 9, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded April 17, 2026, filed May 6, 2026
  • Jared Moskowitz(D-FL 23):Sale (full), $1,001 - $15,000, traded March 23, 2026, filed April 30, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced

  • October 26, 2026
  • July 27, 2026
  • April 27, 2026
  • January 26, 2026
  • October 27, 2025
  • August 22, 2025

Recent SEC filings

Data status

When each part of this page on Brown & Brown was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Brown & Brown in brief

What does Brown & Brown do?
Brown & Brown is a US-listed company in the insurance brokers industry. Its financial year ends in January.
What is Brown & Brown's stock ticker?
Brown & Brown trades under the ticker BRO on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Brown & Brown's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Brown & Brown reported revenue of $6.9B, 26.1% higher than a year earlier, according to its SEC filings.
What is Brown & Brown's free cash flow?
Brown & Brown's free-cash-flow margin is 21.5% of revenue over the trailing twelve months, ranking 1 of the 6 insurance brokers companies we cover.
What is Brown & Brown's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Brown & Brown's free cash flow after stock-based pay gives ~$170 per share in the base case, and ~$130–$230 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Brown & Brown's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are First Eagle Investment Management, LLC, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Brown & Brown buying back stock, and does it pay a dividend?
Brown & Brown spent $850M on share repurchases over the trailing twelve months, and its diluted share count still rose 12.3% over the year.
What is Brown & Brown's market cap?
On November 2, 2026, Brown & Brown's market capitalisation was about $24.1B, with a price-to-earnings ratio of 19.8 and net debt of $7.1B. Market figures come from third-party market data and may be delayed.
Does Brown & Brown pay a dividend?
Yes: Brown & Brown paid $225M in dividends over the trailing twelve months, a dividend yield of 0.96% and a payout ratio of 18.5%.
How much debt does Brown & Brown have?
Brown & Brown's debt-to-equity ratio is 61.6%, from its latest balance sheet (80.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Brown & Brown's competitors?
In our Insurance Brokers peer group, the companies closest to Brown & Brown are Willis Towers Watson, Erie Indemnity, Ryan Specialty Holdings, Inc., Arthur J. Gallagher & Co. and Aon plc. The side-by-side comparison below sets their revenue, margins and growth against Brown & Brown's.
Are insiders buying or selling Brown & Brown stock?
Over the last 12 months, Brown & Brown's directors and officers reported 2 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Brown & Brown's next earnings date?
Around January 25, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Brown & Brown announces its own schedule.