Brown & Brown Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	5,763	4,705	4,199	3,563	3,048
Other Revenue	-	7	6	3	2.8
Revenue	5,763	4,712	4,205	3,566	3,050
Revenue Growth (YoY)	22.30%	12.06%	17.92%	16.91%	16.84%
Cost of Revenue	2,935	2,406	2,187	1,817	1,637
Gross Profit	2,828	2,306	2,018	1,749	1,413
Amortization of Goodwill & Intangibles	312	178	166	147	119.6
Other Operating Expenses	959	710	650	597	403
Operating Expenses	1,326	932	856	783	555.9
Operating Income	1,502	1,374	1,162	966	857.5
Interest Expense	-297	-193	-190	-141	-65
Interest & Investment Income	139	93	52	7	1.1
EBT Excluding Unusual Items	1,344	1,274	1,024	832	793.6
Gain (Loss) on Sale of Assets	-2	31	143	5	9.6
Other Unusual Items	29	-2	-21	39	-40.4
Pretax Income	1,371	1,303	1,146	876	762.8
Income Tax Expense	304	301	275	204	175.7
Earnings From Continuing Operations	1,067	1,002	871	672	587.1
Minority Interest in Earnings	-13	-9	-	-	-
Net Income	1,054	993	871	672	587.1
Preferred Dividends & Other Adjustments	-	12	13	13	12.9
Net Income to Common	1,054	981	858	659	574.2
Net Income Growth	6.14%	14.01%	29.61%	14.46%	22.18%
Shares Outstanding (Basic)	310	282	280	278	276
Shares Outstanding (Diluted)	313	284	281	279	277
Shares Change (YoY)	10.21%	1.07%	0.72%	0.58%	0.58%
EPS (Basic)	3.40	3.48	3.06	2.37	2.08
EPS (Diluted)	3.16	3.46	3.05	2.37	2.07
EPS Growth	-8.67%	13.44%	28.69%	14.49%	22.48%
Free Cash Flow	1,382	1,092	941	829	763.8
Free Cash Flow Per Share	4.42	3.85	3.35	2.97	2.75
Dividend Per Share	0.615	0.540	0.480	0.420	0.380
Dividend Growth	13.89%	12.50%	14.29%	10.53%	8.57%
Gross Margin	49.07%	48.94%	47.99%	49.05%	46.34%
Operating Margin	26.06%	29.16%	27.63%	27.09%	28.11%
Profit Margin	18.29%	20.82%	20.40%	18.48%	18.82%
Free Cash Flow Margin	23.98%	23.18%	22.38%	23.25%	25.04%
EBITDA	1,869	1,596	1,368	1,152	1,010
EBITDA Margin	32.43%	33.87%	32.53%	32.30%	33.13%
D&A For EBITDA	367	222	206	186	152.9
EBIT	1,502	1,374	1,162	966	857.5
EBIT Margin	26.06%	29.16%	27.63%	27.09%	28.11%
Effective Tax Rate	22.17%	23.10%	24.00%	23.29%	23.03%
Revenue as Reported	5,902	4,805	4,257	3,573	3,051

Source: S&P Global Market Intelligence. Standard template. Financial Sources.