Revenue growth accelerated to 37.3% in 2026Q1, though earnings remain sensitive to acquisition-related accounting as evidenced by the 19.2% EPS decline observed in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 6.42B | 5.96B | 4.71B | 4.2B | 3.56B | 3.05B | 2.61B | 2.38B | 2.01B | 1.86B | 1.76B | 1.66B | 1.57B | 1.36B | 1.19B | 1.01B | 966.92M | 967.88M | 977.55M | 959.67M | 878M | 785.81M | 646.93M | 546.72M | 455.74M | 365.03M | 265.4M | 188.39M | 171.49M | 143.5M | 128.16M |
| Revenue Growth % | 33.46% | 26.59% | 12.05% | 17.85% | 16.92% | 16.94% | 9.28% | 18.65% | 8.22% | 5.36% | 6.39% | 5.71% | 15.64% | 14% | 18.2% | 4.04% | -0.1% | -0.99% | 1.86% | 9.3% | 11.73% | 21.47% | 18.33% | 19.96% | 24.85% | 37.54% | 40.88% | 9.86% | 19.5% | 11.97% | 20.49% |
| Medical Costs & Claims | 2.61B | 734M | 2.41B | 2.19B | 1.82B | 1.64B | 1.44B | 1.31B | 1.07B | 994.65M | 925.22M | 856.95M | 811.11M | 683M | 608.51M | 508.68M | 487.82M | 0 | 0 | 0 | 0 | 374.94M | 0 | 268.37M | 0 | 0 | 0 | 0 | 0 | 0 | 28.08M |
| Medical Cost Ratio % | 40.62% | 12.32% | 51.14% | 52.08% | 51% | 53.71% | 55.12% | 54.86% | 53.18% | 53.55% | 52.49% | 51.72% | 51.75% | 50.39% | 51.17% | 50.57% | 50.45% | 0% | 0% | 0% | 0% | 47.71% | 0% | 49.09% | 0% | 0% | 0% | 0% | 0% | 0% | 21.91% |
| Gross Profit | 3.81B | 5.22B | 2.3B | 2.01B | 1.75B | 1.41B | 1.17B | 1.08B | 940.94M | 862.62M | 837.57M | 800M | 756.35M | 672.5M | 580.58M | 497.29M | 479.1M | 967.88M | 977.55M | 959.67M | 878M | 407.18M | 646.93M | 278.34M | 455.74M | 365.03M | 265.4M | 188.39M | 171.49M | 143.5M | 100.08M |
| Gross Margin % | 59.38% | 87.68% | 48.86% | 47.92% | 49% | 46.29% | 44.88% | 45.14% | 46.82% | 46.45% | 47.51% | 48.28% | 48.25% | 49.61% | 48.83% | 49.43% | 49.55% | 100% | 100% | 100% | 100% | 51.82% | 100% | 50.91% | 100% | 100% | 100% | 100% | 100% | 100% | 78.09% |
| Gross Profit Growth % | - | 127.14% | 14.26% | 15.23% | 23.78% | 20.59% | 8.65% | 14.41% | 9.08% | 2.99% | 4.7% | 5.77% | 12.47% | 15.83% | 16.75% | 3.8% | -50.5% | -0.99% | 1.86% | 9.3% | 115.63% | -37.06% | 132.42% | -38.93% | 24.85% | 37.54% | 40.88% | 9.86% | 19.5% | 43.38% | 19.98% |
| Operating Expenses | 2.09B | 3.53B | 932M | 856M | 783M | 555.9M | 500.8M | 505.8M | 441.5M | 391.61M | 370.54M | 359.37M | 339.16M | 303.7M | 269.2M | 222.42M | 206.78M | 698.52M | 690.37M | 634.34M | 584.61M | 152.26M | 432.83M | 102.56M | 316.42M | 268.85M | 210.07M | 143.55M | -42.1M | -36.61M | 71.75M |
| OpEx / Revenue % | 32.59% | 59.22% | 19.81% | 20.39% | 21.98% | 18.24% | 19.22% | 21.21% | 21.97% | 21.09% | 21.02% | 21.69% | 21.64% | 22.4% | 22.64% | 22.11% | 21.39% | 72.17% | 70.62% | 66.1% | 66.58% | 19.38% | 66.9% | 18.76% | 69.43% | 73.65% | 79.15% | 76.2% | -24.55% | -25.51% | 55.98% |
| Depreciation & Amortization | 427M | 367M | 222M | 206M | 186M | 152.9M | 134.8M | 128.72M | 109.38M | 108.14M | 107.67M | 108.31M | 103.84M | 85.42M | 78.95M | 67.15M | 64.08M | 63.1M | 59.92M | 53.2M | 47.81M | 43.31M | 31.06M | 25.67M | 21.29M | 22.4M | 15.38M | 12.24M | 9.82M | 8.83M | 5.21M |
| Combined Ratio % | 73.21% | 71.54% | 70.95% | 72.47% | 72.97% | 71.95% | 74.33% | 76.07% | 75.15% | 74.64% | 73.51% | 73.41% | 73.38% | 72.79% | 73.81% | 72.68% | 71.84% | 72.17% | 70.62% | 66.1% | 66.58% | 67.09% | 66.9% | 67.85% | 69.43% | 73.65% | 79.15% | 76.2% | -24.55% | -25.51% | 77.89% |
| Operating Income | 1.72B | 1.7B | 1.37B | 1.16B | 963M | 854.7M | 668.9M | 570.77M | 499.45M | 471M | 467.03M | 440.63M | 417.18M | 368.81M | 311.38M | 274.87M | 272.32M | 269.35M | 287.19M | 325.33M | 293.4M | 258.6M | 214.1M | 175.78M | 139.32M | 96.18M | 55.33M | 44.84M | 213.59M | 180.11M | 28.33M |
| Operating Margin % | 26.79% | 28.46% | 29.05% | 27.53% | 27.03% | 28.05% | 25.67% | 23.93% | 24.85% | 25.36% | 26.49% | 26.59% | 26.62% | 27.21% | 26.19% | 27.32% | 28.16% | 27.83% | 29.38% | 33.9% | 33.42% | 32.91% | 33.1% | 32.15% | 30.57% | 26.35% | 20.85% | 23.8% | 124.55% | 125.51% | 22.11% |
| Operating Income Growth % | - | 23.99% | 18.25% | 20.04% | 12.67% | 27.78% | 17.19% | 14.28% | 6.04% | 0.85% | 5.99% | 5.62% | 13.12% | 18.44% | 13.28% | 0.94% | 1.1% | -6.21% | -11.72% | 10.88% | 13.46% | 20.78% | 21.8% | 26.17% | 44.86% | 73.83% | 23.4% | -79.01% | 18.58% | 535.68% | 7395.77% |
| EBITDA | 2.15B | 2.06B | 1.59B | 1.36B | 1.15B | 1.01B | 803.7M | 699.48M | 608.83M | 579.15M | 574.7M | 548.94M | 521.02M | 454.22M | 390.32M | 342.01M | 336.4M | 332.45M | 347.11M | 378.53M | 341.2M | 301.9M | 245.16M | 201.45M | 160.61M | 118.58M | 70.71M | 57.07M | 223.4M | 188.94M | 33.54M |
| EBITDA Margin % | 33.43% | 34.62% | 33.77% | 32.44% | 32.25% | 33.06% | 30.84% | 29.33% | 30.29% | 31.18% | 32.6% | 33.13% | 33.24% | 33.51% | 32.83% | 34% | 34.79% | 34.35% | 35.51% | 39.44% | 38.86% | 38.42% | 37.9% | 36.85% | 35.24% | 32.48% | 26.64% | 30.29% | 130.28% | 131.67% | 26.17% |
| Interest Expense | 253M | 297M | 201M | 197M | 148M | 65M | 59M | 63.66M | 40.58M | 38.32M | 39.48M | 39.25M | 28.41M | 16.44M | 16.1M | 14.13M | 14.47M | 14.6M | 14.69M | 13.8M | 13.36M | 14.47M | 7.16M | 3.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | -19M | 27M | -137M | -187M | -61M | 26.9M | -14.2M | -18.82M | -3.6M | -17.03M | 4.05M | -1.17M | 49.03M | -5.24M | -9.53M | -9.79M | -8.25M | 0 | 0 | 0 | 0 | 0 | 0 | -4.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 1.48B | 1.37B | 1.3B | 1.15B | 876M | 762.8M | 624.1M | 525.93M | 462.46M | 449.72M | 423.5M | 402.56M | 339.75M | 357.61M | 304.81M | 270.52M | 266.1M | 254.75M | 272.5M | 311.53M | 280.04M | 244.13M | 206.95M | 176.48M | 134.66M | 90.48M | 54.06M | 44.01M | 38.6M | 30.98M | 27.36M |
| Pretax Margin % | 22.97% | 23.02% | 27.69% | 27.29% | 24.59% | 25.03% | 23.95% | 22.05% | 23.01% | 24.21% | 24.02% | 24.3% | 21.68% | 26.38% | 25.63% | 26.89% | 27.52% | 26.32% | 27.88% | 32.46% | 31.9% | 31.07% | 31.99% | 32.28% | 29.55% | 24.79% | 20.37% | 23.36% | 22.51% | 21.59% | 21.35% |
| Income Tax | 319M | 304M | 301M | 275.6M | 204.3M | 175.7M | 143.6M | 127.42M | 118.21M | 50.09M | 166.01M | 159.24M | 132.85M | 140.5M | 120.77M | 106.53M | 104.35M | 101.46M | 106.37M | 120.57M | 107.69M | 93.58M | 78.11M | 66.16M | 49.27M | 34.83M | 20.15M | 17.04M | 15.04M | 12M | 10.6M |
| Effective Tax Rate % | 21.61% | 22.17% | 23.1% | 24.05% | 23.32% | 23.03% | 23.01% | 24.23% | 25.56% | 11.14% | 39.2% | 39.56% | 39.1% | 39.29% | 39.62% | 39.38% | 39.21% | 39.83% | 39.04% | 38.7% | 38.46% | 38.33% | 37.74% | 37.49% | 36.59% | 38.5% | 37.26% | 38.71% | 38.96% | 38.72% | 38.72% |
| Net Income | 1.15B | 1.05B | 993M | 870.5M | 671.8M | 587.1M | 480.5M | 398.51M | 344.25M | 399.63M | 257.49M | 243.32M | 206.9M | 217.11M | 184.04M | 164M | 161.75M | 153.29M | 166.12M | 190.96M | 172.35M | 150.55M | 128.84M | 110.32M | 83.12M | 53.91M | 32.79M | 26.79M | 23.56M | 18.99M | 16.77M |
| Net Margin % | 17.87% | 17.7% | 21.11% | 20.73% | 18.85% | 19.26% | 18.44% | 16.71% | 17.13% | 21.52% | 14.61% | 14.68% | 13.2% | 16.02% | 15.48% | 16.3% | 16.73% | 15.84% | 16.99% | 19.9% | 19.63% | 19.16% | 19.92% | 20.18% | 18.24% | 14.77% | 12.36% | 14.22% | 13.74% | 13.23% | 13.08% |
| Net Income Growth % | 11.24% | 6.14% | 14.07% | 29.58% | 14.43% | 22.19% | 20.57% | 15.76% | -13.86% | 55.2% | 5.82% | 17.6% | -4.71% | 17.97% | 12.23% | 1.39% | 5.52% | -7.72% | -13.01% | 10.8% | 14.48% | 16.85% | 16.79% | 32.72% | 54.18% | 64.4% | 22.41% | 13.7% | 24.09% | 13.25% | 13.3% |
| EPS (Diluted) | 3.39 | 3.16 | 3.46 | 3.05 | 2.37 | 2.07 | 1.69 | 1.40 | 1.22 | 1.41 | 0.91 | 0.85 | 0.71 | 0.74 | 0.63 | 0.56 | 0.56 | 0.54 | 0.59 | 0.68 | 0.61 | 0.54 | 0.47 | 0.40 | 0.31 | 0.21 | 0.07 | 0.12 | 0.05 | 0.06 | 0.01 |
| EPS Growth % | -8.06% | -8.67% | 13.44% | 28.69% | 14.49% | 22.49% | 20.71% | 14.75% | -13.48% | 54.95% | 7.06% | 19.72% | -4.05% | 17.46% | 12.5% | 0% | 3.7% | -8.47% | -13.24% | 11.48% | 12.96% | 14.89% | 17.5% | 29.03% | 47.62% | 216.74% | -44.75% | 131.21% | -10.36% | 366.94% | 13.76% |
| EPS (Basic) | - | 3.40 | 3.48 | 3.07 | 2.38 | 2.08 | 1.70 | 1.42 | 1.24 | 1.43 | 0.92 | 0.86 | 0.72 | 0.75 | 0.64 | 0.57 | 0.57 | 0.54 | 0.59 | 0.68 | 0.62 | 0.55 | 0.47 | 0.41 | 0.31 | 0.22 | 0.07 | 0.08 | 0.05 | 0.06 | 0.01 |
| Diluted Shares Outstanding | 339M | 313M | 284M | 280.8M | 278.6M | 277.41M | 275.87M | 274.62M | 282.21M | 277.59M | 275.61M | 280.22M | 285.78M | 285.25M | 284.02M | 280.53M | 278.64M | 275.01M | 283.12M | 272.71M | 282.04M | 279.55M | 277.78M | 275.59M | 272.17M | 252.89M | 494.61M | 338.97M | 454.08M | 327.34M | 135.51M |
Integration and Talent Costs
As reported in recent financial filings, Brown & Brown achieved a significant 37.3% year-over-year revenue growth in 2026Q1, signaling that the company's aggressive tuck-in acquisition strategy and exposure to hard market pricing conditions are successfully driving top-line expansion beyond historical organic growth norms for the brokerage sector.
The acceleration in revenue growth suggests that the integration of recent large-scale acquisitions, such as Global Risk Partners, is contributing meaningfully to the consolidated top line. Investors should monitor whether this growth trajectory remains sustainable as the company faces potential headwinds from a moderating insurance pricing cycle.
Based on the provided income statement data, the company maintained a combined ratio of 72.0% in 2026Q1, which indicates that Brown & Brown continues to operate with high underwriting efficiency despite the complexities introduced by its rapid international expansion and ongoing integration of new business units.
The consistent ability to keep the combined ratio well below the 100% threshold suggests that the firm's decentralized operating model effectively manages costs even as the organization scales. This margin profile appears to be a key differentiator, potentially insulating the firm from the competitive pressures that typically compress brokerage margins.
According to the latest quarterly results, the company's operating income reached $533.0 million in 2026Q1, reflecting a strong ability to convert premium growth into bottom-line earnings while managing the high variable compensation costs inherent in the talent-dependent insurance brokerage and MGA business model.
The firm's reliance on specialized talent suggests that operating margins may remain sensitive to wage inflation and the competitive market for experienced producers. Analysts should investigate whether the current level of operating leverage can be maintained if the company continues to pursue larger, more complex international deals.
As indicated by the historical quarterly data, EPS growth has shown significant volatility, including a 19.2% decline in 2025Q4, which warrants further investigation into the impact of contingent consideration adjustments and the amortization of intangible assets on the company's reported GAAP net income figures.
The fluctuation in quarterly earnings suggests that headline GAAP figures may not fully capture the underlying cash-generating power of the business. Investors should be cautious of relying solely on net income, as earn-out adjustments related to the firm's frequent M&A activity can create artificial noise in the income statement.
Quick answers to the most common questions about buying BRO stock.
For fiscal year 2025, Brown & Brown, Inc. (BRO) reported total revenue of $5.96B. This represents a 4547.3% increase compared to $128.2M in 1996.
Brown & Brown, Inc. (BRO) is profitable, generating $1.05B in net income for the fiscal year ending 2025 with a net profit margin of 17.7%.
Brown & Brown, Inc. (BRO) reported an operating income of $1.70B, resulting in an operating profit margin of 28.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Brown & Brown, Inc. (BRO) generated $5.22B in gross profit for the year, representing a gross profit margin of 87.7%. This demonstrates the company's core pricing power and production efficiency.