Brown & Brown Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	1,160	1,067	1,002	871	672	587.1
Depreciation & Amortization	436	367	222	206	186	155.7
Stock-Based Compensation	90	93	101	89	66	61
Other Adjustments	106	-30	-46	-131	-27	46.4
Change in Receivables	-57	-95	-94	-106	-61	-61.9
Changes in Accounts Payable	-144	11	-47	260	124	54.4
Changes in Accrued Expenses	29	18	35	43	37	66.9
Changes in Unearned Revenue	96	177	115	50	20	14.6
Changes in Other Operating Activities	-99	-158	-114	-272	-136	-115.4
Operating Cash Flow	1,499	1,450	1,174	1,010	881	808.8
Operating Cash Flow Growth	9.10%	23.51%	16.24%	14.64%	8.93%	13.44%
Capital Expenditures	-72	-68	-82	-69	-52	-45
Purchases of Investments	-	-	-	-	-	-12.4
Proceeds from Sale of Investments	-	-	-	-	7	10.8
Payments for Business Acquisitions	-7,804	-7,854	-890	-631	-1,928	-366.8
Other Investing Activities	3	8	74	113	60	16.6
Investing Cash Flow	-7,873	-7,914	-898	-587	-1,913	-396.8
Short-Term Debt Issued	525	450	500	420	350	-
Short-Term Debt Repaid	-400	-600	-350	-320	-350	-
Net Short-Term Debt Issued (Repaid)	125	-150	150	100	0	-
Long-Term Debt Issued	2,096	4,192	599	-	2,000	-
Long-Term Debt Repaid	-75	-225	-719	-251	-61	-73.1
Net Long-Term Debt Issued (Repaid)	2,021	3,967	-120	-251	1,939	-73.1
Issuance of Common Stock	2,158	4,363	44	40	38	34
Repurchase of Common Stock	-28	-142	-55	-40	-123	-132.4
Net Common Stock Issued (Repurchased)	2,130	4,221	-11	0	-85	-98.4
Common Dividends Paid	-207	-193	-154	-135	-120	-107.2
Other Financing Activities	-225	-132	71	99	-8	68.6
Financing Cash Flow	7,577	7,713	-64	-187	1,726	-210.1
Effect of Exchange Rate Changes on Cash and Cash Equivalents	15	64	-13	34	-131	-3.6
Net Cash Flow	-157	1,313	199	270	563	198.3
Free Cash Flow	1,427	1,382	1,092	941	829	763.8
Free Cash Flow Growth	3.26%	26.56%	16.05%	13.51%	8.54%	18.92%
FCF Margin	22.80%	23.98%	23.21%	22.41%	23.27%	25.06%
Free Cash Flow Per Share	4.39	4.42	3.85	3.35	2.97	2.75
Levered Free Cash Flow	3,540	5,218	1,152	938	2,790	645.2
Unlevered Free Cash Flow	1,503	1,516	1,180	1,097	917.74	789.03

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