financial statements

The full income statement, balance sheet, and cash-flow statement for Brown & Brown Inc. (BRO), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	5.90B YoY+22.8%	4.80B YoY+12.9%	4.26B YoY+19.1%	3.57B YoY+17.1%	3.05B YoY+16.8%
Total operating expenses	—	—	3.11B YoY+15.3%	2.70B YoY+17.9%	2.29B YoY+15.0%
Interest expense	297M YoY+53.9%	193M YoY+1.6%	190M YoY+34.6%	141M YoY+117.2%	65.0M YoY+10.2%
Pre-tax income	1.37B YoY+5.2%	1.30B YoY+13.7%	1.15B YoY+30.8%	876M YoY+14.8%	763M YoY+22.2%
Income tax	304M YoY+1.0%	301M YoY+9.5%	275M YoY+34.8%	204M YoY+16.1%	176M YoY+22.4%
	1.05B YoY+6.1%	993M YoY+14.0%	871M YoY+29.6%	672M YoY+14.5%	587M YoY+22.2%
Net income to non-controlling interest	13.0M YoY+44.4%	9.00M	—	—	—
Net income to common	1.04B YoY+6.3%	981M YoY+14.3%	858M YoY+30.2%	659M YoY+14.8%	574M YoY+23.4%
	$3.16 YoY-8.7%	$3.46 YoY+13.4%	$3.05 YoY+28.7%	$2.37 YoY+14.5%	$2.07 YoY+22.5%
EPS (basic)	$3.37 YoY-3.2%	$3.48 YoY+13.4%	$3.07 YoY+29.0%	$2.38 YoY+14.4%	$2.08 YoY+22.4%
Weighted-avg shares (basic)	310M YoY+9.9%	282M YoY+0.7%	280M YoY+0.7%	278M YoY+0.7%	276M YoY+0.6%
Weighted-avg shares (diluted)	313M YoY+10.2%	284M YoY+1.1%	281M YoY+0.7%	279M YoY+0.6%	277M YoY+0.6%
Dividends per share	—	—	$0.48 YoY+14.3%	$0.42 YoY+10.5%	$0.38 YoY+8.6%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	8.61B YoY+24.4%	6.92B YoY+35.0%	5.13B YoY+2.7%	5.00B YoY+50.0%	3.33B YoY+12.6%
Cash & equivalents	1.08B YoY+59.9%	675M YoY-3.6%	700M YoY+7.7%	650M YoY-6.2%	693M YoY+5.6%
Short-term investments	10.0M YoY+0.0%	10.0M YoY-9.1%	11.0M YoY-8.3%	12.0M YoY-7.0%	12.9M YoY-29.6%
Other current assets	484M YoY+33.0%	364M YoY+15.9%	314M YoY+55.2%	202M YoY+15.2%	176M YoY+18.9%
	30.0B YoY+70.3%	17.6B YoY+18.3%	14.9B YoY+6.5%	14.0B YoY+42.7%	9.80B YoY+9.2%
Property, plant & equipment	367M YoY+15.0%	319M YoY+18.1%	270M YoY+12.5%	240M YoY+13.2%	212M YoY+5.4%
Operating lease right-of-use	269M YoY+34.5%	200M YoY+0.5%	199M YoY-7.4%	215M YoY+9.1%	197M YoY+5.3%
Goodwill	15.1B YoY+89.3%	7.97B YoY+8.6%	7.34B YoY+10.0%	6.67B YoY+40.9%	4.74B YoY+7.8%
Intangible assets	4.91B YoY+170.5%	1.81B YoY+11.9%	1.62B YoY+1.6%	1.60B YoY+47.5%	1.08B YoY+3.0%
Long-term investments	16.0K YoY+0.0%	16.0K YoY+0.0%	16.0K YoY+0.0%	16.0K YoY+0.0%	16.0K YoY+0.0%
Deferred tax assets	33.9M YoY+0.0%	33.9M YoY+0.0%	33.9M YoY+0.0%	33.9M YoY+0.0%	33.9M YoY+0.0%
Other non-current assets	748M YoY+94.3%	385M YoY+27.9%	301M YoY+30.4%	231M YoY+11.7%	207M YoY+38.3%
	8.29B YoY+31.4%	6.31B YoY+27.4%	4.96B YoY+7.8%	4.60B YoY+72.3%	2.67B YoY+13.3%
Accounts payable	990M YoY+165.4%	373M YoY-18.7%	459M YoY+60.2%	287M YoY+18.0%	243M YoY+27.4%
Accrued liabilities	875M YoY+34.0%	653M YoY+7.4%	608M YoY+12.3%	542M YoY+18.7%	456M YoY+22.7%
Deferred revenue	127M YoY+58.8%	80.0M YoY+2.6%	78.0M YoY-2.4%	79.9M YoY+18.5%	67.4M YoY+24.8%
Short-term & current debt	719M YoY+219.6%	225M YoY-60.5%	569M YoY+127.1%	251M YoY+489.6%	42.5M YoY-39.3%
Current lease liability	62.0M YoY+31.9%	47.0M YoY+4.4%	45.0M YoY+0.0%	45.0M YoY+3.7%	43.4M YoY-0.3%
	3.86B YoY+0.0%	3.86B YoY+0.0%	3.86B YoY+0.0%	3.86B YoY+0.0%	3.86B YoY+0.0%
Long-term debt	6.89B YoY+91.6%	3.60B YoY+11.5%	3.23B YoY-12.6%	3.69B YoY+86.4%	1.98B YoY-2.2%
Deferred revenue (non-current)	41.0M YoY+5.1%	39.0M YoY+11.4%	35.0M YoY+4.8%	33.4M YoY+9.5%	30.5M YoY+13.0%
Non-current lease liability	243M YoY+28.6%	189M YoY+5.6%	179M YoY-8.6%	196M YoY+8.8%	180M YoY+4.1%
Deferred tax liabilities	815M YoY+14.6%	711M YoY+15.4%	616M YoY+5.5%	584M YoY+51.0%	387M YoY+12.4%
Other non-current liabilities	1.17B YoY+223.8%	362M YoY+11.0%	326M YoY+9.1%	299M YoY-22.1%	384M YoY+21.9%
	12.6B YoY+95.3%	6.44B YoY+15.4%	5.58B YoY+21.1%	4.61B YoY+9.8%	4.20B YoY+11.8%
Common stock	36.0M YoY+16.1%	31.0M YoY+3.3%	30.0M YoY-1.0%	30.3M YoY+0.7%	30.1M YoY+0.4%
Additional paid-in capital	6.16B YoY+451.0%	1.12B YoY+8.9%	1.03B YoY+11.7%	920M YoY+8.3%	849M YoY+6.9%
Retained earnings	6.99B YoY+14.1%	6.13B YoY+15.9%	5.29B YoY+16.2%	4.55B YoY+13.8%	4.00B YoY+13.6%
Treasury stock	848M YoY+13.4%	748M YoY+0.0%	748M YoY+0.0%	748M YoY+11.0%	674M YoY+14.0%
Accumulated other comprehensive income	210M YoY+292.7%	-109M YoY-473.7%	-19.0M YoY+87.2%	-148M YoY-1478.7%	-9.40M YoY-23600.0%
Non-controlling interest	26.0M YoY+52.9%	17.0M	—	—	—
Total equity incl. non-controlling	12.6B YoY+95.3%	6.44B YoY+15.4%	5.58B YoY+21.1%	4.61B YoY+9.7%	4.20B
Total liabilities & equity	30.0B YoY+70.3%	17.6B YoY+18.3%	14.9B YoY+6.5%	14.0B YoY+42.7%	9.80B YoY+9.2%
Common shares issued	357M YoY+16.7%	306M YoY+0.7%	304M YoY+0.4%	303M YoY+0.6%	301M YoY+0.4%
Common shares outstanding	336M YoY+17.5%	286M YoY+0.4%	285M YoY+0.6%	283M YoY+0.2%	283M YoY-0.2%
Shares outstanding (cover)	341M YoY+19.4%	286M YoY+0.5%	285M YoY+0.5%	283M YoY+0.3%	282M YoY-0.6%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.45B YoY+23.5%	1.17B YoY+16.2%	1.01B YoY+14.6%	881M YoY+8.9%	809M YoY+13.4%
Depreciation & amortization	55.0M YoY+25.0%	44.0M YoY+10.0%	40.0M YoY+2.6%	39.0M YoY+17.1%	33.3M YoY+26.6%
Share-based compensation	93.0M YoY-7.9%	101M YoY+13.5%	89.0M YoY+34.8%	66.0M YoY+8.2%	61.0M YoY+2.2%
Deferred income taxes	-7.00M YoY-153.8%	13.0M YoY+8.3%	12.0M YoY-72.1%	43.0M YoY+28.0%	33.6M YoY+110.0%
Change in payables	11.0M YoY+123.4%	-47.0M YoY-118.1%	260M YoY+109.7%	124M YoY+127.9%	54.4M YoY-51.3%
Other operating activities	6.00M YoY+20.0%	5.00M YoY+0.0%	5.00M YoY+66.7%	3.00M	—
	-7.91B YoY-781.3%	-898M YoY-53.0%	-587M YoY+69.3%	-1.91B YoY-382.1%	-397M YoY+47.7%
Capital expenditure	68.0M YoY-17.1%	82.0M YoY+18.8%	69.0M YoY+32.7%	52.0M YoY+15.6%	45.0M YoY-36.4%
Acquisitions	7.85B YoY+782.5%	890M YoY+41.0%	631M YoY-67.3%	1.93B YoY+425.6%	367M YoY-47.2%
Purchases of investments	—	7.00M YoY+0.0%	7.00M YoY+6900.0%	100K YoY-99.2%	12.4M YoY-12.7%
Sales/maturities of investments	—	11.0M YoY-15.4%	13.0M YoY+85.7%	7.00M YoY-35.2%	10.8M YoY-1.8%
Other investing activities	1.00M YoY+125.0%	-4.00M YoY+33.3%	-6.00M	—	—
	7.71B YoY+12151.6%	-64.0M YoY+65.8%	-187M YoY-110.8%	1.73B YoY+921.5%	-210M YoY-159.2%
Long-term debt issued	4.19B YoY+599.8%	599M	0.00 YoY-100.0%	2.00B	—
Long-term debt repaid	225M YoY-68.7%	719M YoY+186.5%	251M YoY+311.5%	61.0M YoY-16.6%	73.1M YoY+32.9%
Common stock issued	4.32B	0.00	0.00	—	—
Common stock repurchased	100M	0.00	0.00 YoY-100.0%	74.0M YoY-10.4%	82.6M YoY+49.9%
Dividends paid	193M YoY+25.3%	154M YoY+14.1%	135M YoY+12.5%	120M YoY+11.9%	107M YoY+6.6%
Other financing activities	-6.00M YoY-400.0%	2.00M	0.00 YoY+100.0%	-5.00M	—
Net change in cash	1.31B YoY+559.8%	199M YoY-26.3%	270M YoY-52.0%	563M YoY+183.9%	198M YoY-35.8%
Interest paid	284M YoY+45.6%	195M YoY+4.8%	186M YoY+55.0%	120M YoY+95.1%	61.5M YoY+17.4%
Income taxes paid	371M YoY+22.8%	302M YoY+38.5%	218M YoY+78.7%	122M YoY-17.0%	147M YoY+11.6%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	27.2B YoY-6.7%	29.2B YoY+44.2%	20.2B YoY+25.4%	16.1B YoY-18.7%	19.8B YoY+47.4%
P/E	25.8× YoY-12.1%	29.4× YoY+8.9%	27.0× YoY+5.4%	25.6× YoY-24.2%	33.8× YoY+20.6%
P/S	4.6× YoY-24.1%	6.1× YoY+24.4%	4.9× YoY+3.4%	4.7× YoY-27.5%	6.5× YoY+26.2%
P/B	2.2× YoY-52.2%	4.5× YoY+16.8%	3.9× YoY+3.9%	3.7× YoY-21.1%	4.7× YoY+31.8%
P/FCF	19.7× YoY-26.3%	26.7× YoY+22.7%	21.8× YoY-0.2%	21.8× YoY-16.1%	26.0× YoY+23.9%
Earnings yield	3.9% YoY+13.8%	3.4% YoY-8.2%	3.7% YoY-5.1%	3.9% YoY+32.0%	3.0% YoY-17.1%
FCF yield	5.1% YoY+35.7%	3.7% YoY-18.5%	4.6% YoY+0.2%	4.6% YoY+19.2%	3.8% YoY-19.3%
Dividend yield	—	—	0.7% YoY-8.4%	0.7% YoY+36.3%	0.5% YoY-26.8%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: BRO's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all BRO filings on SEC EDGAR → Not investment advice.

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About this data

financial statements