Company file · BRO
Brown & Brown
Brown & Brown's revenue rose 22.8% in FY2025, to $5.9B, and net income rose 6.1% to $1.1B
Revenue rose 22.8% to $5.9B in FY2025, from $4.8B in FY2024. Net income rose 6.1% to $1.1B. United States was the largest region, at 86% of revenue.
Key facts
Brown & Brown (NYSE: BRO) closed fiscal 2025 on Dec 31, 2025 with revenue of $5.9B, up 22.8% from a year before; net income came to $1.1B, up 6.1%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $1.7B, up 7.4% on the same stretch of the prior year, and net income of $240M. Broken down by region, United States led with 86% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 12, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 26, 2026).
Source: 10-K FY2025, filed Feb 12, 2026
Source: 10-Q filed Apr 27, 2026 · 10-Q filed Jul 27, 2026 · 10-Q filed Oct 26, 2026
How it makes money
By region, FY2025
Source: 10-K FY2025, XBRL breakdown
By region in FY2025: United States (86%) and Other International Countries (14%), as shares of total revenue. Total revenue was $5.9B.
Source: 10-K FY2025
By segment, FY2025
Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Brown & Brown 10-Q for the quarter ended Sep 30, 2026, filed Oct 26, 2026
By region
Source: Brown & Brown 10-Q for the quarter ended Sep 30, 2026, filed Oct 26, 2026
The bull case and the bear case
The bull case
- Revenue rose 22.8% in FY2025 to $5.9B, from $4.8B a year earlier. 10-K, FY2025
- Net income rose 6.1% in FY2025 to $1.1B, from $993M. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $1.7B, up 7.4% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $240M, up 5.7% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Diluted shares rose 10.2% in FY2025, which spreads profit across more shares. 10-K, FY2025
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include catastrophes and claims; reserves; investments and rates. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Brown & Brown is in the insurance brokers industry, part of the financials sector. The SEC files it under Insurance Agents, Brokers & Service.
Brown & Brown reports 2 segments: Retail and Specialty Distribution.
Its fiscal year ends in January; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the insurance brokers industry. They are not a summary of Brown & Brown’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Catastrophes and claimsStorms, disasters and large claims can cause losses that are hard to predict.
- ReservesInsurers estimate future claims, and estimates can turn out too low.
- Investments and ratesReturns on the investment portfolio move with interest rates and markets.
- RegulationState and national insurance rules shape pricing, capital and products.
- Competition and pricingRivals can cut prices, and premiums may not keep pace with claims costs.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Risk factors (Item 1A)
- Segment reporting
- The cash flow statement
- Market cap and enterprise value
- Return on equity (ROE)
- Customer concentration
- Return on assets (ROA)
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Brown & Brown names its fiscal year by the calendar year in which it ends, so FY2025 is the year that ended Dec 31, 2025.
- Brown & Brown's revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.
- The segment chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.
What we left out
- Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 26, 2026 | Sep 30, 2026 |
| 10-Q | Jul 27, 2026 | Jun 30, 2026 |
| 10-Q | Apr 27, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 24, 2026 | May 6, 2026 |
| 10-K | Feb 12, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Brown & Brown
How does Brown & Brown make money?
Fiscal 2025 revenue: $5.9B. By region in FY2025: United States (86%) and Other International Countries (14%), as shares of total revenue. Total revenue was $5.9B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
What was Brown & Brown's revenue in fiscal 2025?
$5.9B, up 22.8% from fiscal 2024 ($4.8B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $4.3B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
Is Brown & Brown profitable?
Net income was $1.1B in fiscal 2025 (up 6.1%; fiscal 2024 was $993M). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $240M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
What did Brown & Brown report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $1.7B (up 7.4% from $1.6B) and net income $240M (up 5.7% from $227M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 26, 2026.
What are the main risks Brown & Brown faces?
Brown & Brown's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 12, 2026. Risks that are common among companies in the insurance brokers industry include Catastrophes and claims; reserves; investments and rates; regulation; competition and pricing. The first: Storms, disasters and large claims can cause losses that are hard to predict. Source: 10-K, Item 1A Risk Factors.
Where do these Brown & Brown numbers come from?
The 10-K filed Feb 12, 2026 (fiscal 2025) and the 10-Q filed Oct 26, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Brown & Brown
- Two Sigma Investments: 1,993,822 shares, reported value $127.9M at Jun 30, 2026 (+71.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 904,200 shares, reported value $58.0M at Jun 30, 2026 (−42.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Citadel Advisors: 675,291 shares, reported value $43.3M at Jun 30, 2026 (−31.6% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Millennium Management: 42,791 shares, reported value $2.7M at Jun 30, 2026 (−74.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Baillie Gifford: 40,951 shares, reported value $2.5M at Sep 30, 2026 (−61.1% in shares since the filing for Jun 30, 2026). Form 13F filed Nov 9, 2026.
- Bridgewater Associates: 18,017 shares, reported value $1.2M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in BRO
- The editor holds no position in Brown & Brown (BRO). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell BRO from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 10, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold BRO, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Brown & BrownBRO | FY2025 | $5.9B | +22.8% | $1.1B |
| Marsh McLennanMRSH | FY2025 | $27.0B | +10.3% | $4.2B |
| Arthur J. GallagherAJG | FY2025 | $13.9B | +20.7% | $1.5B |
| Aon | FY2025 | $17.2B | +9.4% | $3.7B |
| Willis Towers WatsonWTW | FY2025 | $9.7B | −2.2% | $1.6B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.