Brown & Brown, Inc. (BRO)

Brown & Brown Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	1,000	993	871	672	587.1	480.5
Depreciation & Amortization	291	222	206	186	152.9	134.8
Other Amortization	-	-	-	-	2.8	2.3
Loss (Gain) From Sale of Investments	2	-29	-140	-4	-7	-0.8
Stock-Based Compensation	100	101	89	66	61	59.7
Other Operating Activities	93	-8	9	-23	53.4	7
Change in Accounts Receivable	1,665	-1,496	600	-829	-81.5	13
Change in Accounts Payable	-133	-47	260	124	54.4	111.6
Change in Unearned Revenue	-33	115	50	20	14.6	11.6
Change in Other Net Operating Assets	-1,618	1,323	-935	669	-28.9	-106.7
Operating Cash Flow	1,367	1,174	1,010	881	808.8	713
Operating Cash Flow Growth	22.16%	16.24%	14.64%	8.93%	13.44%	5.13%
Capital Expenditures	-68	-82	-69	-52	-45	-70.7
Sale of Property, Plant & Equipment	-	-	-	-	16.6	9.6
Cash Acquisitions	-8,431	-890	-631	-1,928	-366.8	-694.8
Divestitures	20	70	107	60	-	-
Investment in Securities	4	4	6	7	-1.6	-3.2
Investing Cash Flow	-8,480	-898	-587	-1,913	-396.8	-759.1
Long-Term Debt Issued	-	1,099	420	2,350	-	950
Long-Term Debt Repaid	-	-1,069	-571	-411	-73.1	-405
Net Debt Issued (Repaid)	4,167	30	-151	1,939	-73.1	545
Issuance of Common Stock	4,358	44	40	38	34	30.1
Repurchase of Common Stock	-43	-55	-40	-123	-132.4	-96.4
Common Dividends Paid	-180	-154	-135	-120	-107.2	-100.6
Other Financing Activities	-174	71	99	-8	68.6	-23.1
Financing Cash Flow	8,128	-64	-187	1,726	-210.1	355
Foreign Exchange Rate Adjustments	8	-13	34	-131	-3.6	-
Net Cash Flow	1,023	199	270	563	198.3	308.9
Free Cash Flow	1,299	1,092	941	829	763.8	642.3
Free Cash Flow Growth	26.61%	16.05%	13.51%	8.54%	18.92%	6.15%
Free Cash Flow Margin	24.28%	23.18%	22.38%	23.25%	25.04%	24.60%
Free Cash Flow Per Share	4.33	3.85	3.35	2.97	2.75	2.33
Cash Interest Paid	195	195	186	120	61.5	52.4
Cash Income Tax Paid	302	302	218	122	146.9	131.6
Levered Free Cash Flow	1,212	859.13	789.5	725.33	506.02	621.75
Unlevered Free Cash Flow	1,364	979.75	908.25	813.45	543.85	656.32
Change in Working Capital	-119	-105	-25	-16	-41.4	29.5

Updated Oct 27, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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