Brown & Brown, Inc. (BRO) Stock Analysis
Financial Services · Insurance Brokers · NYSE
Brown & Brown, Inc. (BRO) posted $5.90B in revenue for fiscal 2025 (up 22.8% year over year), at a 17.9% net margin, and has compounded revenue about 17.7%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Brown & Brown, Inc.
Brown & Brown, Inc. has grown revenue from $1.77B to $5.90B over the last 10 fiscal years, compounding about 17.7% a year. The most recent year was up 22.8%, so growth is actually accelerating.
Net margin sits at 17.9%, down 2.8 points year over year. It carries about $7.61B of total debt.
At today's valuation the market is pricing in roughly 5.5% annual free-cash-flow growth — versus the 16.6% it actually delivered over the last five years, so the price is arguably undemanding against what it has already proven. The one thing worth a second look in the filings is share count rising (dilution).
Synthesised from Brown & Brown, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Brown & Brown, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.77B | $1.88B | $2.01B | $2.39B | $2.61B | $3.05B | $3.57B | $4.26B | $4.80B | $5.90B |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $257.49M | $399.63M | $344.25M | $398.51M | $480.50M | $587.10M | $671.80M | $870.50M | $993.00M | $1.05B |
| Net margin | 14.6% | 21.2% | 17.1% | 16.7% | 18.4% | 19.2% | 18.8% | 20.4% | 20.7% | 17.9% |
Source: Brown & Brown, Inc. SEC filings (10-K). 18 years of history available in the interactive view.
Brown & Brown, Inc.: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Share count rising (dilution)Shares outstanding grew 18.9% over 4 years (282.5M → 336M) — existing holders' stakes are being diluted.
- Heavy debt loadTotal debt of $9051M is 6.2× last year's operating cash flow — it would take years of cash flow to clear.
What growth is priced into BRO stock?
At today's market cap of $23.56B, Brown & Brown, Inc. is priced for free-cash-flow growth of about 5.5% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.38B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 16.6%/yr over the last five fiscal years and revenue 17.7%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 18 years of Brown & Brown, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Brown & Brown, Inc. financial history by metric
Compare Brown & Brown, Inc. with peers
About Brown & Brown, Inc.
Brown & Brown, Inc. markets and sells insurance products and services in the United States, the United Kingdom, and internationally. It operates through Retail and Specialty Distribution segments. The Retail segment provides property and casualty insurance products, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control surveys and analysis, consulting, and claims processing services. This segment also offers non-insurance services and products through automobile and recreational vehicle dealer services businesses. It serves commercial, public and quasi-public entities, professionals, and individual customers. The Specialty Distribution segment comprises wholesale brokerage and specialty businesses. This segment offers professional liability and related package insurance products for dentistry, legal, eyecare, financial services, physicians, and real estate title professionals, as well as supplementary insurance products related to weddings, events, medical facilities, and cyber liabilities. This segment also provides public entity-related and specialty programs through a network of independent agents, as well as program management services for insurance carrier partners. In addition, the company's wholesale brokerage businesses underwrite and place excess and surplus commercial and personal lines insurance through independent agents and brokers. Its program businesses operate under the Arrowhead Programs name. The company was formerly known as Poe & Brown, Inc. and changed its name to Brown & Brown, Inc. in April 1999. Brown & Brown, Inc. was founded in 1939 and is headquartered in Daytona Beach, Florida.
Brown & Brown, Inc. — frequently asked questions
What is Brown & Brown, Inc.'s revenue?
Brown & Brown, Inc. (BRO) reported revenue of $5.90B for fiscal year 2025, up 22.8% from the prior year, according to its SEC filings.
Is Brown & Brown, Inc. profitable?
Yes. BRO earned net income of $1.05B in fiscal 2025, a net margin of 17.9%.
What is BRO's P/E ratio?
Brown & Brown, Inc. trades at a price-to-earnings ratio of about 22.5 based on the latest data in our nightly-refreshed cache.
How fast is Brown & Brown, Inc. growing?
BRO's revenue grew at roughly 17.7% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Brown & Brown, Inc. have?
As of fiscal year 2025, BRO carried roughly $7.61B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Brown & Brown, Inc.'s market cap?
Brown & Brown, Inc. (BRO) has a market capitalization of about $23.56B, based on the latest data in our nightly-refreshed cache.
When does Brown & Brown, Inc.'s fiscal year end?
BRO's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into BRO stock?
At today's market cap of $23.56B, Brown & Brown, Inc. is priced for free-cash-flow growth of about 5.5% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.38B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 16.6%/yr over the last five fiscal years and revenue 17.7%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Brown & Brown, Inc.'s official SEC filings (10-K and 10-Q), covering 18 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.