olivLaw · US equity research
Brown & Brown, Inc. BRO
Insurance Agents, Brokers & Service · SIC 6411 · Vertical: Insurance Agents, Brokers & Service (SIC 6411)
Brown & Brown, Inc. (BRO) is a diversified insurance agency, wholesale brokerage, programs and service company, with revenues of 5.9 billion USD in 2025. In the third quarter of 2026, total revenues were 1.7 billion USD, up 7.4%, but Organic Revenue grew only 1.2%. The results show growth driven by acquisitions while organic growth remains modest.
At the close of 04 Nov 2026, Brown & Brown, Inc. (BRO) stock was 73.89 USD (+4.19% on the day), with market capitalisation 24.5 bn USD, P/E 22.1 on diluted EPS of 3.35 USD over the last 12 months, dividend yield 0.90%, beta 0.14, 52-week range 54.38–82.33 USD. Latest reported quarter (Q3 2026): revenue of 1.7 bn USD (+7.4% YoY), net income of 240.0 m USD (+5.7% YoY), diluted EPS 0.67 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 63.1
- strong (55–70)
- Bollinger (20, 2)
- 61.73 – 75.61
- in the upper half of the band · %B 0.88 · band width 20.2%
- SMA 50 / 200
- 66.93 / 66.51
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.66 / 1.28
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +21.3% | −1.1% | +22.4 pp | — |
| 3 months | +4.1% | −0.5% | +4.6 pp | — |
| 6 months | +30.6% | +4.4% | +26.2 pp | — |
| Year to date | −7.3% | +12.3% | −19.6 pp | — |
| 1 year | −6.5% | +13.5% | −20.0 pp | +0.8% |
| 3 years | +4.8% | +76.4% | −71.6 pp | +4.3% |
| 5 years | +19.2% | +63.7% | −44.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.4 bn | 1.3 bn | 1.6 bn | 1.6 bn | 1.9 bn | 1.7 bn | 1.7 bn |
| Interest expense | 46.0 m | 46.0 m | 51.0 m | 100.0 m | 100.0 m | 99.0 m | 100.0 m | 100.0 m |
| Pre-tax income | 275.0 m | 427.0 m | 311.0 m | 311.0 m | 321.0 m | 533.0 m | 383.0 m | 320.0 m |
| Income tax | 64.0 m | 93.0 m | 77.0 m | 82.0 m | 53.0 m | 106.0 m | 94.0 m | 79.0 m |
| Net income | 210.0 m | 331.0 m | 231.0 m | 227.0 m | 264.0 m | 426.0 m | 288.0 m | 240.0 m |
| Diluted EPS | 0.73 ≈ | 1.15 | 0.78 | 0.68 | 0.78 ≈ | 1.06 | 0.84 | 0.67 |
| Operating cash flow | 361.0 m | 213.0 m | 325.0 m ≈ | 468.0 m ≈ | 444.0 m | 262.0 m | 346.0 m ≈ | 532.0 m ≈ |
| Capex | 20.0 m | 17.0 m | 15.0 m ≈ | 16.0 m ≈ | 20.0 m | 21.0 m | 17.0 m ≈ | 39.0 m ≈ |
| Dividends paid | 43.0 m | 43.0 m | 43.0 m ≈ | 51.0 m ≈ | 56.0 m | 57.0 m | 55.0 m ≈ | 57.0 m ≈ |
| Share repurchases | — | 0 | 0 ≈ | 0 ≈ | 100.0 m | 250.0 m | 250.0 m ≈ | 250.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 11 percentile of its own 44-quarter history (min 12.4, median 27.0, max 2,077.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.0 bn | 2.4 bn | 2.6 bn | 3.1 bn | 3.6 bn | 4.3 bn | 4.8 bn | 5.9 bn |
| Revenue YoY | +7.1% | +18.8% | +9.2% | +16.8% | +17.1% | +19.1% | +12.9% | +22.8% |
| Net income | 344.3 m | 398.5 m | 480.5 m | 587.1 m | 672.0 m | 871.0 m | 993.0 m | 1.1 bn |
| Net income YoY | −13.9% | +15.8% | +20.6% | +22.2% | +14.5% | +29.6% | +14.0% | +6.1% |
| Diluted EPS | 1.22 | 1.40 | 1.69 | 2.07 | 2.37 | 3.05 | 3.46 | 3.16 |
| Diluted EPS YoY | −12.9% | +14.8% | +20.7% | +22.5% | +14.5% | +28.7% | +13.4% | −8.7% |
| net % | 17.1% | 16.7% | 18.4% | 19.2% | 18.8% | 20.5% | 20.7% | 17.9% |
| Free cash flow | 526.0 m | 605.1 m | 642.3 m | 763.8 m | 829.0 m | 941.0 m | 1.1 bn | 1.4 bn |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.1 bn USD
- Financial debt
- 7.6 bn USD
- Net debt
- 6.5 bn USD
- Equity
- 12.6 bn USD
- Total assets
- 30.0 bn USD
- Debt / equity
- 0.61x
- Current ratio
- 1.04x
- ROE
- 11.1%
- ROA
- 4.4%
- FCF margin
- 23.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.6 bn | 3.1 bn | 3.6 bn | 4.3 bn | 4.8 bn | 5.9 bn | SEC (XBRL)· 12 Feb 2026verified |
| Interest expense | 59.0 m | 65.0 m | 141.2 m | 190.0 m | 193.0 m | 297.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Pre-tax income | 624.1 m | 762.8 m | 876.0 m | 1.1 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | 143.6 m | 175.7 m | 204.0 m | 275.0 m | 301.0 m | 304.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 480.5 m | 587.1 m | 672.0 m | 871.0 m | 993.0 m | 1.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 1.69 | 2.07 | 2.37 | 3.05 | 3.46 | 3.16 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 275.8 m | 277.4 m | 279.0 m | 281.0 m | 284.0 m | 313.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividend per share | 0.35 | 0.38 | 0.42 | 0.48 | 0.54 | 0.62 | SEC (XBRL)· 12 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 656.2 m | 693.2 m | 650.0 m | 700.0 m | 675.0 m | 1.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | 3.0 bn | 3.3 bn | 5.0 bn | 5.1 bn | 6.9 bn | 8.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| Property, plant & equipment, net | 201.1 m | 212.0 m | 239.9 m | 270.0 m | 319.0 m | 367.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Goodwill | 4.4 bn | 4.7 bn | 6.7 bn | 7.3 bn | 8.0 bn | 15.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.0 bn | 1.1 bn | 1.6 bn | 1.6 bn | 1.8 bn | 4.9 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | 9.0 bn | 9.8 bn | 14.0 bn | 14.9 bn | 17.6 bn | 30.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Accounts payable | 190.5 m | 242.7 m | 286.5 m | 459.0 m | 373.0 m | 990.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Short-term debt | 70.0 m | 42.5 m | 250.6 m | 569.0 m | 225.0 m | 719.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Long-term debt | 2.0 bn | 2.0 bn | 3.7 bn | 3.2 bn | 3.6 bn | 6.9 bn | SEC (XBRL)· 12 Feb 2026verified |
| Current liabilities | 2.4 bn | 2.7 bn | 4.6 bn | 5.0 bn | 6.3 bn | 8.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 3.8 bn † | 4.2 bn | 4.6 bn | 5.6 bn | 6.4 bn | 12.6 bn | SEC (XBRL)· 12 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 713.0 m | 808.8 m | 881.0 m | 1.0 bn | 1.2 bn | 1.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 70.7 m | 45.0 m | 52.0 m | 69.0 m | 82.0 m | 68.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Free cash flow | 642.3 m ≈ | 763.8 m ≈ | 829.0 m ≈ | 941.0 m ≈ | 1.1 bn ≈ | 1.4 bn ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Investing cash flow | -759.1 m | -396.8 m | -1.9 bn | -587.0 m | -898.0 m | -7.9 bn | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | 355.0 m | -210.1 m | 1.7 bn | -187.0 m | -64.0 m | 7.7 bn | SEC (XBRL)· 12 Feb 2026verified |
| Dividends paid | 100.6 m | 107.2 m | 120.0 m | 135.0 m | 154.0 m | 193.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Share repurchases | 55.1 m | 82.6 m | 74.0 m | 0 | 0 | 100.0 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 76 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 24.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation68
- Returns78
- Quality93
- Balance sheet29
- Growth84
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 49.45 – 152.39 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)83.32 – 152.39 (Mid 108.81)WACC 8.2% · starting FCFF 1.8 bn USD · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 0.8%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E49.45 – 143.93 (Mid 84.31)11 companies used · median multiple 25.2x · quartiles 14.8x – 43.0xACT, AJG, AON, CRVL, GSHD, MRSH, RYAN, SLQT, TWFG, WDH, WTW
- Dividend discount (DDM)outside the aggregate8.15 – 10.96 (Mid 9.35)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 76/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 17.6% | 86 (vs peers) | 10% |
| FCF conversion · Quality | 122.1% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 18.2% | 100 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | 10.1% | 67 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.1x | 29 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 22.1x | 62 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.1% | 76 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 4.4% | 63 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 15.1% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial29/100 · 1/3 factors with a value
- Growth84/100 · 2/2 factors with a value
- Quality93/100 · 2/3 factors with a value
- Returns78/100 · 2/2 factors with a value
- Valuation68/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BROWN & BROWN, INC. (BRO). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 5.9 bn USD in 2025; YoY growth 22.8%; net margin 17.6%; ROE 9.7%.
The estimated value range is 66.39–148.16 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 96.56 USD, the price of 73.89 USD leaves a potential of 30.7% (value / price − 1) and a margin of safety of 23.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 76/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 17.6%
- FCF conversion: 122.1%
- Revenue CAGR 3Y: 18.2%
- FCF yield: 6.1%
- Payout ratio (FCF): 15.1%
What contradicts it
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Insurance Agents, Brokers & Service (SIC 6411) · same industry (4-digit SIC) · compared with 29 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MRSHMarsh & Mclennan Companies, Inc. | 100.0 bn | 25.2 | 26.7% | 14.2% | +10.3% | +15% / +5% |
| XHGXChange TEC.INC | 85.9 bn | — | — | -204.9% | +24.9% | +253% / −100% |
| AJGArthur J. Gallagher & Co. | 73.9 bn | 47.1 | 6.7% | 10.0% | +20.7% | +16% / +16% |
| AONAon plc | 73.1 bn | 18.9 | 43.6% | 22.2% | +9.4% | −3% / +5% |
| WTWWillis Towers Watson PLC | 31.1 bn | 20.5 | 20.2% | 15.2% | −2.2% | +5% / +37% |
| BROBrown & Brown, Inc. | 24.5 bn | 22.1 | 9.7% | 17.6% | +22.8% | −6% / +5% |
| EQHEquitable Holdings, Inc. | 15.3 bn | — | -508.8% | -8.7% | −6.1% | +20% / +83% |
| AIFUAIFU Inc. | 10.5 bn | — | -155.9% | -408.8% | −67.9% | −84% / −100% |
| ACTEnact Holdings, Inc. | 6.6 bn | 10.7 | 12.7% | 53.8% | +2.8% | +25% / +74% |
| HGTYHagerty, Inc. | 6.5 bn | 108.0 | 25.6% | 4.4% | +17.3% | +40% / +121% |
| RYANRyan Specialty Holdings, Inc. | 5.2 bn | 49.9 | 19.4% | 3.2% | +21.3% | −18% / +4% |
| CRVLCorvel Corporation | 4.4 bn | 38.9 | 30.7% | 11.7% | +7.0% | +19% / +26% |
| WDHWaterdrop Inc. | 3.6 bn | 50.5 | 11.6% | 14.2% | +49.8% | −44% / −16% |
| ARXAccelerant Holdings | 3.3 bn | — | -241.6% | -112.1% | +51.5% | +36% / unavailable |
| NPNeptune Insurance Holdings Inc. | 2.7 bn | 91.6 | — | 22.7% | +33.7% | +22% / unavailable |
| GSHDGoosehead Insurance, Inc. | 1.2 bn | 33.8 | — | 8.8% | +16.2% | −21% / −23% |
| HUIZHuize Holding Limited | 1.1 bn | — | 1.0% | 0.3% | +32.2% | −31% / −48% |
| BWINThe Baldwin Insurance Group, Inc. | 1.1 bn | — | -10.7% | -4.7% | +8.3% | +13% / +84% |
| RDZNRoadzen Inc. | 92.8 m | — | — | -46.9% | +24.2% | −37% / −78% |
| SLQTSelectQuote, Inc. | 88.1 m | 7.3 | 23.4% | 4.6% | +6.0% | −66% / −61% |
| EHTHeHealth, Inc | 20.3 m | — | 5.0% | 5.4% | +4.1% | −84% / −91% |
| EZRAReliance Global Group, Inc. | 2.4 m | — | -123.4% | -54.3% | −11.6% | −91% / −100% |
| LIFEEthos Technologies Inc. | 0 | — | -50.8% | -16.2% | +52.0% | unavailable / unavailable |
| CRD-ACrawford & Co | — | — | 14.0% | 2.0% | −2.2% | +7% / +7% |
| YBYuanbao Inc. | — | — | 152.7% | 29.9% | +33.1% | −43% / unavailable |
1- and 3-year price returns: for BRO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 52.97 Total return -27% · Per year -27% | 93.22 Total return 27% · Per year 27% | 139.83 Total return 91% · Per year 91% |
| 3 years | 62.83 Total return -12% · Per year -4% | 123.29 Total return 71% · Per year 20% | 201.36 Total return 177% · Per year 41% |
| 5 years | 74.53 Total return 6% · Per year 1% | 163.05 Total return 128% · Per year 18% | 289.96 Total return 303% · Per year 32% |
- Exit P/E± 30.82
- Net margin± 21.58
- Annual revenue growth± 16.09
- Annual dilution± 1.81
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Brown & Brown, Inc. (BRO) is a diversified insurance agency, wholesale brokerage, programs and service company, with revenues of 5.9 billion USD in 2025 1. In the third quarter of 2026, total revenues were 1.7 billion USD, up 7.4%, but Organic Revenue grew only 1.2% 3. The results show growth driven by acquisitions while organic growth remains modest 13.
SWOT
Strengths
- The company has a decentralized structure, an ownership culture among employees, and a long record of integrating acquisitions successfully 1.
- The revenue base is diversified across Retail and Specialty Distribution, reducing dependence on any single type of client 1.
- Revenue growth has been steady over the past decades, with one exception, which points to operational resilience 1.
Weaknesses
- Organic growth remained very modest in the third quarter of 2026, showing reliance on acquisitions 3.
- Total debt rose sharply after financing the Accession acquisition, reducing financial flexibility and increasing interest costs 1.
- The adjusted EBITDAC margin declined from the prior year, suggesting pressure on operating efficiency 3.
Opportunities
Risks
- Accession integrationhigh
Realizing the expected benefits and synergies could take longer than planned or may not happen at all 1.
- Higher indebtednesshigh
Substantial debt increases interest costs and could limit flexibility if economic conditions change 1.
- Captive litigationhigh
Litigation over the restructuring of certain financial guarantee policies could have significant adverse effects if outcomes are unfavorable 1.
- Cybersecuritymedium
A cyberattack or systems interruption could lead to data losses, penalties and reputational damage 1.
- Dependence on key personnelmedium
Losing key employees to competitors could affect client relationships and the ability to generate new business 1.
Investment thesis
What would need to be true (bull case)
- If the Accession synergies materialize, margins could recover and net income could keep growing 13.
- Diversification across Retail and Specialty Distribution provides a solid base even when one segment slows 1.
- A long history of growth and successful acquisitions shows management's ability to integrate and expand the business 1.
What would break the thesis
What to watch
- Trend in organic growth and Organic Revenue with ContingentsQ4 2026
- Realization of Accession synergies and adjusted EBITDAC margins2027
- Outcome of the litigation over captive financial guarantee policies2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Reporting was reduced to two segments, Retail and Specialty Distribution, after the RSC acquisition in Q3 2025 1. The company also runs ancillary insurance operations, including captives and a write-your-own flood carrier, Wright National Flood Insurance Company 1. Revenues have increased every year from 1993 to 2025, except 2009 1.
For the nine months to September 2026, net income attributable to the company was 954 million USD, up 20.8% from the same period of 2025, though higher debt and share count changes raise questions about the quality of that growth 3.
Market context
Brown & Brown operates in a highly competitive insurance intermediary market, where competition rests on innovation, knowledge, service quality and price 1. Commission growth depends on business volume, premium rate levels and changes in insurable exposure units, factors the company does not control 1.
Trends
- Difficult rate environmentheadwind
The company cited a challenging rate environment in the third quarter of 2026, which could limit premium and commission growth 3.
- Acquisitions and integrationmixed
The Accession integration added many teammates and expected synergies, but integration costs and high amortization could compress margins if synergies fall short 13.
- Moderate organic growthheadwind
Organic Revenue grew only 1.2% in the third quarter of 2026, suggesting that expansion depends largely on acquisitions 3.
- Demand for complex riskstailwind
Demand for wholesale brokerage and program solutions for hard-to-place risks remains active, which could support Specialty Distribution if it persists 1.
Competitive position
Competition includes firms with substantially greater resources and market presence, as well as insurers that sell directly and pay no commissions to intermediaries 1. Internet and start-up platforms may also take personal lines and small business customers 1.
Brown & Brown maintains its position through expertise, a decentralized service model and its own technology capabilities, but the risk of losing key employees to competitors remains a real concern 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Here’s Why This Fund Sold Brown & Brown (BRO)Yahoo Finance — News · 16 Sept 2026 · EN
- Brown & Brown Stock: Is BRO Underperforming the Financial Sector?Yahoo Finance — News · 15 Sept 2026 · EN
- AI and Insurance: Is Brown & Brown (BRO) Facing Extinction or Evolution?Yahoo Finance — News · 25 Aug 2026 · EN
The latest news item in our archive is from 16 Sept 2026; the newest SEC filing is from 26 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report26 Oct 2026
- Current report26 Oct 2026Results of operations · Financial statements and exhibits
- Current report22 Oct 2026Departure or appointment of officers
- Current report10 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report10 Aug 2026Departure or appointment of officers
- Quarterly report27 Jul 2026
- Current report27 Jul 2026Results of operations · Financial statements and exhibits
- Current report05 Jun 2026Material agreement · Creation of a direct financial obligation
- Current report07 May 2026Departure or appointment of officers · Shareholder vote
- Quarterly report27 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Brown & Brown, Inc. · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Brown & Brown, Inc. · 26 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Brown & Brown, Inc. · 26 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.