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Brown & Brown

BRO Clue Score65
United States Fiscal year ends January CIK 0000079282
$62.88 -1.36% Close, 9 Oct 2026
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Price $62.88 +4.37% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue1.77Net income0.26EPS, diluted0.91Fiscal year 2017Revenue1.88 +6.5%Net income0.40 +55.2%EPS, diluted1.40Fiscal year 2018Revenue2.01 +7.1%Net income0.34 −13.9%EPS, diluted1.22Fiscal year 2019Revenue2.39 +18.8%Net income0.40 +15.8%EPS, diluted1.40Fiscal year 2020Revenue2.61 +9.2%Net income0.48 +20.6%EPS, diluted1.69Fiscal year 2021Revenue3.05 +16.8%Net income0.59 +22.2%EPS, diluted2.07Fiscal year 2022Revenue3.57 +17.1%Net income0.67 +14.5%EPS, diluted2.37Fiscal year 2023Revenue4.26 +19.1%Net income0.87 +29.6%EPS, diluted3.05Fiscal year 2024Revenue4.81 +12.9%Net income0.99 +14.0%EPS, diluted3.46Fiscal year 2025Revenue5.90 +22.8%Net income1.05 +6.1%EPS, diluted3.16
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1.77 1.88 2.01 2.39 2.61 3.05 3.57 4.26 4.81 5.90
Growth +6.5% +7.1% +18.8% +9.2% +16.8% +17.1% +19.1% +12.9% +22.8%
Net income 0.26 0.40 0.34 0.40 0.48 0.59 0.67 0.87 0.99 1.05
Growth +55.2% −13.9% +15.8% +20.6% +22.2% +14.5% +29.6% +14.0% +6.1%
EPS, diluted 0.91 1.40 1.22 1.40 1.69 2.07 2.37 3.05 3.46 3.16

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Net margin14.6%Free cash flow margin22.3%Fiscal year 2017Net margin21.2%Free cash flow margin22.2%Fiscal year 2018Net margin17.1%Free cash flow margin26.1%Fiscal year 2019Net margin16.7%Free cash flow margin25.3%Fiscal year 2020Net margin18.4%Free cash flow margin24.6%Fiscal year 2021Net margin19.2%Free cash flow margin25.0%Fiscal year 2022Net margin18.8%Free cash flow margin23.2%Fiscal year 2023Net margin20.5%Free cash flow margin22.1%Fiscal year 2024Net margin20.7%Free cash flow margin22.7%Fiscal year 2025Net margin17.9%Free cash flow margin23.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin 14.6% 21.2% 17.1% 16.7% 18.4% 19.2% 18.8% 20.5% 20.7% 17.9%
Free cash flow margin 22.3% 22.2% 26.1% 25.3% 24.6% 25.0% 23.2% 22.1% 22.7% 23.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.41Capital expenditure−0.02Free cash flow0.39Buybacks−0.02Dividends paid−0.07Fiscal year 2017Operating cash flow0.44Capital expenditure−0.02Free cash flow0.42 +6.2%Buybacks−0.13Dividends paid−0.08Fiscal year 2018Operating cash flow0.57Capital expenditure−0.04Free cash flow0.53 +25.9%Buybacks−0.09Dividends paid−0.08Fiscal year 2019Operating cash flow0.68Capital expenditure−0.07Free cash flow0.61 +15.0%Buybacks−0.06Dividends paid−0.09Fiscal year 2020Operating cash flow0.71Capital expenditure−0.07Free cash flow0.64 +6.2%Buybacks−0.06Dividends paid−0.10Fiscal year 2021Operating cash flow0.81Capital expenditure−0.05Free cash flow0.76 +18.9%Buybacks−0.08Dividends paid−0.11Fiscal year 2022Operating cash flow0.88Capital expenditure−0.05Free cash flow0.83 +8.5%Buybacks−0.07Dividends paid−0.12Fiscal year 2023Operating cash flow1.01Capital expenditure−0.07Free cash flow0.94 +13.5%Buybacks0.00Dividends paid−0.14Fiscal year 2024Operating cash flow1.17Capital expenditure−0.08Free cash flow1.09 +16.0%Buybacks0.00Dividends paid−0.15Fiscal year 2025Operating cash flow1.45Capital expenditure−0.07Free cash flow1.38 +26.6%Buybacks−0.10Dividends paid−0.19
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.41 0.44 0.57 0.68 0.71 0.81 0.88 1.01 1.17 1.45
Capital expenditure −0.02 −0.02 −0.04 −0.07 −0.07 −0.05 −0.05 −0.07 −0.08 −0.07
Free cash flow 0.39 0.42 0.53 0.61 0.64 0.76 0.83 0.94 1.09 1.38
Growth +6.2% +25.9% +15.0% +6.2% +18.9% +8.5% +13.5% +16.0% +26.6%
Buybacks −0.02 −0.13 −0.09 −0.06 −0.06 −0.08 −0.07 0.00 0.00 −0.10
Dividends paid −0.07 −0.08 −0.08 −0.09 −0.10 −0.11 −0.12 −0.14 −0.15 −0.19

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.52Total debt1.07Net cash (debt)−0.56Shareholders’ equity2.36Debt to equity0.45Fiscal year 2017Cash0.57Total debt0.98Net cash (debt)−0.40Shareholders’ equity2.58Debt to equity0.38Fiscal year 2018Cash0.44Total debt1.51Net cash (debt)−1.07Shareholders’ equity3.00Debt to equity0.50Fiscal year 2019Cash0.54Total debt1.56Net cash (debt)−1.01Shareholders’ equity3.35Debt to equity0.46Fiscal year 2020Cash0.66Total debt2.10Net cash (debt)−1.44Shareholders’ equity3.75Debt to equity0.56Fiscal year 2021Cash0.69Total debt2.02Net cash (debt)−1.33Shareholders’ equity4.20Debt to equity0.48Fiscal year 2022Cash0.65Total debt3.94Net cash (debt)−3.29Shareholders’ equity4.61Debt to equity0.86Fiscal year 2023Cash0.70Total debt3.80Net cash (debt)−3.10Shareholders’ equity5.58Debt to equity0.68Fiscal year 2024Cash0.68Total debt3.82Net cash (debt)−3.15Shareholders’ equity6.44Debt to equity0.59Fiscal year 2025Cash1.08Total debt7.61Net cash (debt)−6.53Shareholders’ equity12.57Debt to equity0.61
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.52 0.57 0.44 0.54 0.66 0.69 0.65 0.70 0.68 1.08
Total debt 1.07 0.98 1.51 1.56 2.10 2.02 3.94 3.80 3.82 7.61
Net cash (debt) −0.56 −0.40 −1.07 −1.01 −1.44 −1.33 −3.29 −3.10 −3.15 −6.53
Shareholders’ equity 2.36 2.58 3.00 3.35 3.75 4.20 4.61 5.58 6.44 12.57
Debt to equity 0.45 0.38 0.50 0.46 0.56 0.48 0.86 0.68 0.59 0.61

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019† 31 Dec 2019 FY2020† 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
1.77 1.88 2.01 2.39 2.61 3.05 3.57 4.26 4.81 5.90
Growth +6.5% +7.1% +18.8% +9.2% +16.8% +17.1% +19.1% +12.9% +22.8%
0.42 0.45 0.46 0.53 0.62 0.76 0.88 1.15 1.30 1.37
0.17 0.05 0.12 0.13 0.14 0.18 0.20 0.28 0.30 0.30
0.26 0.40 0.34 0.40 0.48 0.59 0.67 0.87 0.99 1.05
Growth +55.2% −13.9% +15.8% +20.6% +22.2% +14.5% +29.6% +14.0% +6.1%
Per share
0.92 1.43 1.24 1.42 1.70 2.08 2.38 3.07 3.48 3.37
0.91 1.40 1.22 1.40 1.69 2.07 2.37 3.05 3.46 3.16
Growth +53.8% −12.9% +14.8% +20.7% +22.5% +14.5% +28.7% +13.4% −8.7%
272.3 272.6 271.0 0.3 274.3 276.0 278.0 280.0 282.0 310.0
275.6 277.6 275.5 0.3 275.8 277.4 279.0 281.0 284.0 313.0
Growth +0.7% −0.7% −99.9% +100,331.1% +0.6% +0.6% +0.7% +1.1% +10.2%

† The diluted share count jumps at 2019 and 2020, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 17.7% a year over five years.
  • Profitable in every one of the 10 years on file.