Brown & Brown (BRO) financial statements
Brown & Brown reported revenue of $5.9B in fiscal 2025, up 14.3% a year over 9 years.
Net income was $1.1B.
Free cash flow was $1.4B, and the company returned $193M in dividends and $100M in net buybacks.
The diluted share count rose 14% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Brown & Brown's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B | $1.9B | $2.0B | $2.4B | $2.6B | $3.1B | $3.6B | $4.3B | $4.8B | $5.9B |
| Interest expense | $39M | $38M | $41M | $64M | $59M | $65M | $141M | $190M | $193M | $297M |
| Pre-tax income | $423M | $450M | $462M | $526M | $624M | $763M | $876M | $1.1B | $1.3B | $1.4B |
| Income tax | $166M | $50M | $118M | $127M | $144M | $176M | $204M | $275M | $301M | $304M |
| Net income | $257M | $400M | $344M | $399M | $480M | $587M | $672M | $871M | $993M | $1.1B |
| EPS (diluted) | $0.91 | $1.40 | $1.22 | $1.40 | $1.69 | $2.07 | $2.37 | $3.05 | $3.46 | $3.16 |
| Diluted shares | 276M | 278M | 276M | 275M | 276M | 277M | 279M | 281M | 284M | 313M |
| Net margin | 14.6% | 21.2% | 17.1% | 16.7% | 18.4% | 19.2% | 18.8% | 20.5% | 20.7% | 17.9% |
Balance sheet
Fiscal years, from Brown & Brown's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $531M | $598M | $452M | $554M | $675M | $706M | $662M | $711M | $685M | $1.1B |
| Total current assets | $1.7B | $2.2B | $2.2B | $2.5B | $3.0B | $3.3B | $5.0B | $5.1B | $6.9B | $8.6B |
| Property, plant and equipment | $76M | $77M | $100M | $149M | $201M | $212M | $240M | $270M | $319M | $367M |
| Goodwill | $2.7B | $2.7B | $3.4B | $3.7B | $4.4B | $4.7B | $6.7B | $7.3B | $8.0B | $15.1B |
| Total assets | $5.3B | $5.7B | $6.7B | $7.6B | $9.0B | $9.8B | $14.0B | $14.9B | $17.6B | $30.0B |
| Total current liabilities | $1.4B | $2.0B | $1.8B | $2.0B | $2.4B | $2.7B | $4.6B | $5.0B | $6.3B | $8.3B |
| Long-term debt | $1.0B | $856M | $1.5B | $1.5B | $2.0B | $2.0B | $3.7B | $3.2B | $3.6B | $6.9B |
| Total liabilities | $2.9B | $3.2B | $3.7B | $4.3B | $5.2B | $5.6B | $9.4B | $9.3B | $11.2B | $17.4B |
| Shareholders' equity | $2.4B | $2.6B | $3.0B | $3.4B | $3.8B | $4.2B | $4.6B | $5.6B | $6.4B | $12.6B |
| Net debt | $558M | $403M | $1.1B | $1.0B | $1.4B | $1.3B | $3.3B | $3.1B | $3.1B | $6.5B |
Cash flow
Fiscal years, from Brown & Brown's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $411M | $442M | $568M | $678M | $713M | $809M | $881M | $1.0B | $1.2B | $1.4B |
| Capital spending | $18M | $24M | $42M | $73M | $71M | $45M | $52M | $69M | $82M | $68M |
| Free cash flow | $393M | $418M | $526M | $605M | $642M | $764M | $829M | $941M | $1.1B | $1.4B |
| Stock-based compensation | $16M | $31M | $34M | $47M | $60M | $61M | $66M | $89M | $101M | $93M |
| Dividends paid | $70M | $78M | $85M | $91M | $101M | $107M | $120M | $135M | $154M | $193M |
| Share buybacks (net) | -$19M | -$129M | -$91M | -$59M | -$55M | -$83M | -$74M | $0 | $0 | -$100M |
| Net borrowing | -$73M | -$97M | $180M | $300M | $645M | -$73M | $1.9B | -$251M | -$120M | $4.0B |
| Free cash flow margin | 22.3% | 22.2% | 26.1% | 25.3% | 24.6% | 25.0% | 23.2% | 22.1% | 22.7% | 23.4% |
| Dividends per share | $0.25 | $0.28 | $0.31 | $0.33 | $0.36 | $0.39 | $0.43 | $0.48 | $0.54 | $0.62 |
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Open BRO in InvestinglyQuestions
What was Brown & Brown's revenue in 2025?
$5.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Brown & Brown generate?
$1.4B in fiscal 2025 (operating cash flow minus capital spending).
From Brown & Brown's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.