Brown & Brown Cash Flow 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
Net Income	1,054	993	871	672	587.1
Depreciation & Amortization	367	222	206	186	152.9
Other Amortization	-	-	-	-	2.8
Loss (Gain) From Sale of Investments	3	-29	-140	-4	-7
Stock-Based Compensation	93	101	89	66	61
Other Operating Activities	-20	-8	9	-23	53.4
Change in Accounts Receivable	1,261	-1,496	600	-829	-81.5
Change in Accounts Payable	11	-47	260	124	54.4
Change in Unearned Revenue	177	115	50	20	14.6
Change in Other Net Operating Assets	-1,496	1,323	-935	669	-28.9
Operating Cash Flow	1,450	1,174	1,010	881	808.8
Operating Cash Flow Growth	23.51%	16.24%	14.64%	8.93%	13.44%
Capital Expenditures	-68	-82	-69	-52	-45
Sale of Property, Plant & Equipment	-	-	-	-	16.6
Cash Acquisitions	-7,854	-890	-631	-1,928	-366.8
Divestitures	9	70	107	60	-
Investment in Securities	-	-	-	7	-1.6
Other Investing Activities	-1	4	6	-	-
Investing Cash Flow	-7,914	-898	-587	-1,913	-396.8
Long-Term Debt Issued	4,642	1,099	420	2,350	-
Long-Term Debt Repaid	-825	-1,069	-571	-411	-73.1
Net Debt Issued (Repaid)	3,817	30	-151	1,939	-73.1
Issuance of Common Stock	4,363	44	40	38	34
Repurchase of Common Stock	-142	-55	-40	-123	-132.4
Common Dividends Paid	-193	-154	-135	-120	-107.2
Other Financing Activities	-132	71	99	-8	68.6
Financing Cash Flow	7,713	-64	-187	1,726	-210.1
Foreign Exchange Rate Adjustments	64	-13	34	-131	-3.6
Net Cash Flow	1,313	199	270	563	198.3
Free Cash Flow	1,382	1,092	941	829	763.8
Free Cash Flow Growth	26.56%	16.05%	13.51%	8.54%	18.92%
Free Cash Flow Margin	23.98%	23.21%	22.41%	23.25%	25.04%
Free Cash Flow Per Share	4.42	3.85	3.35	2.97	2.75
Cash Interest Paid	284	195	186	120	61.5
Cash Income Tax Paid	371	302	218	122	146.9
Levered Free Cash Flow	1,401	844.75	785.75	725.33	506.02
Unlevered Free Cash Flow	1,586	965.38	904.5	813.45	543.85
Change in Working Capital	-47	-105	-25	-16	-41.4

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