Brown & Brown (BRO)
Market Price (10/28/2026): $67.55 | Market Cap: $22.4 BilSector: Financials | Industry: Insurance Brokers
Brown & Brown (BRO)
Market Price (10/28/2026): $67.55Market Cap: $22.4 BilSector: FinancialsIndustry: Insurance Brokers
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6%, FCF Yield is 6.8% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 28% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22% Low stock price volatilityVol 12M is 32% Megatrend and thematic driversMegatrends include Global Risk Management. Themes include Specialty Insurance Solutions, Employee Benefits & Human Capital Risk, and Climate & Catastrophe Resilience. | Weak multi-year price returns2Y Excs Rtn is -65%, 3Y Excs Rtn is -78% | Key risksBRO key risks include [1] an acquisition-dependent growth strategy that has significantly increased financial leverage, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6%, FCF Yield is 6.8% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 28% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22% |
| Low stock price volatilityVol 12M is 32% |
| Megatrend and thematic driversMegatrends include Global Risk Management. Themes include Specialty Insurance Solutions, Employee Benefits & Human Capital Risk, and Climate & Catastrophe Resilience. |
| Weak multi-year price returns2Y Excs Rtn is -65%, 3Y Excs Rtn is -78% |
| Key risksBRO key risks include [1] an acquisition-dependent growth strategy that has significantly increased financial leverage, Show more. |
Qualitative Assessment
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Brown & Brown (BRO) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance and Enhanced Acquisition Synergies.
Brown & Brown's robust fiscal Q2 2026 results, reported on July 27, 2026, saw total revenue increase by 30.4% year-over-year to approximately $1.68 billion, which triggered a 5.7% rise in the stock price the subsequent day. This substantial top-line growth was significantly driven by the ongoing momentum of the Accession acquisition, which has surpassed initial expectations, with projected 2026 EBITDAC synergies increased from $30-40 million to approximately $50 million. The company also anticipates run-rate synergies from this acquisition to reach $175 million by 2028, further signaling long-term value creation.
2. Increased Shareholder Returns through Dividend Hike and Share Repurchases.
The company demonstrated its commitment to returning value to shareholders by announcing a 9% increase in its quarterly cash dividend rate on October 21, 2026, marking its 33rd consecutive annual dividend increase. Additionally, Brown & Brown actively engaged in capital management by repurchasing $750 million of its shares year-to-date through fiscal Q3 2026, with $250 million of these repurchases occurring during fiscal Q3 2026.
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Brown & Brown (BRO) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance and Enhanced Acquisition Synergies.
Brown & Brown's robust fiscal Q2 2026 results, reported on July 27, 2026, saw total revenue increase by 30.4% year-over-year to approximately $1.68 billion, which triggered a 5.7% rise in the stock price the subsequent day. This substantial top-line growth was significantly driven by the ongoing momentum of the Accession acquisition, which has surpassed initial expectations, with projected 2026 EBITDAC synergies increased from $30-40 million to approximately $50 million. The company also anticipates run-rate synergies from this acquisition to reach $175 million by 2028, further signaling long-term value creation.
2. Increased Shareholder Returns through Dividend Hike and Share Repurchases.
The company demonstrated its commitment to returning value to shareholders by announcing a 9% increase in its quarterly cash dividend rate on October 21, 2026, marking its 33rd consecutive annual dividend increase. Additionally, Brown & Brown actively engaged in capital management by repurchasing $750 million of its shares year-to-date through fiscal Q3 2026, with $250 million of these repurchases occurring during fiscal Q3 2026.
3. Positive Analyst Sentiment and Price Target Upgrades.
Leading into the fiscal Q3 2026 earnings period, Brown & Brown benefited from a wave of positive analyst revisions and increased price targets. For instance, Keefe, Bruyette & Woods upgraded the stock to an "Outperform" rating with a $77 price target on October 12, 2026, while TD Cowen initiated coverage with a "Buy" rating and an $82 price target. These optimistic analyst outlooks contributed to a notable rally, with the stock gaining roughly 20% between September 25 and October 23, 2026.
4. Resilient Global Economic Backdrop and Favorable Investment Environment.
Despite a softening in commercial property insurance rates during fiscal Q3 2026, the overall global macroeconomic environment remained constructive for the insurance brokerage sector. The global economy exhibited resilience, with projected global GDP growth of 2.9% for 2026. Furthermore, elevated government bond yields provided attractive opportunities for insurers to secure investment income, thus supporting strong balance sheets across the industry.
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Stock Movement Drivers
Fundamental Drivers
The 5.5% change in BRO stock from 6/30/2026 to 10/27/2026 was primarily driven by a 8.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302026 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.00 | 67.55 | 5.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,259 | 6,814 | 8.9% |
| Net Income Margin (%) | 18.3% | 17.9% | -2.5% |
| P/E Multiple | 18.5 | 18.0 | -2.3% |
| Shares Outstanding (Mil) | 331 | 325 | 1.8% |
| Cumulative Contribution | 5.5% |
Market Drivers
6/30/2026 to 10/27/2026| Return | Correlation | |
|---|---|---|
| BRO | 5.5% | |
| Market (SPY) | 3.1% | -26.5% |
| Sector (XLF) | 4.2% | 47.6% |
Fundamental Drivers
The 4.1% change in BRO stock from 3/31/2026 to 10/27/2026 was primarily driven by a 18.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.87 | 67.55 | 4.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,764 | 6,814 | 18.2% |
| Net Income Margin (%) | 18.3% | 17.9% | -2.2% |
| P/E Multiple | 20.6 | 18.0 | -12.4% |
| Shares Outstanding (Mil) | 334 | 325 | 2.8% |
| Cumulative Contribution | 4.1% |
Market Drivers
3/31/2026 to 10/27/2026| Return | Correlation | |
|---|---|---|
| BRO | 4.1% | |
| Market (SPY) | 18.7% | -24.8% |
| Sector (XLF) | 13.6% | 45.0% |
Fundamental Drivers
The -27.3% change in BRO stock from 9/30/2025 to 10/27/2026 was primarily driven by a -33.2% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 92.89 | 67.55 | -27.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,949 | 6,814 | 37.7% |
| Net Income Margin (%) | 20.3% | 17.9% | -12.1% |
| P/E Multiple | 27.0 | 18.0 | -33.2% |
| Shares Outstanding (Mil) | 292 | 325 | -10.2% |
| Cumulative Contribution | -27.3% |
Market Drivers
9/30/2025 to 10/27/2026| Return | Correlation | |
|---|---|---|
| BRO | -27.3% | |
| Market (SPY) | 16.5% | -16.1% |
| Sector (XLF) | 5.0% | 39.4% |
Fundamental Drivers
The -1.1% change in BRO stock from 9/30/2023 to 10/27/2026 was primarily driven by a -30.7% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 68.33 | 67.55 | -1.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,964 | 6,814 | 71.9% |
| Net Income Margin (%) | 18.5% | 17.9% | -3.3% |
| P/E Multiple | 26.0 | 18.0 | -30.7% |
| Shares Outstanding (Mil) | 279 | 325 | -14.2% |
| Cumulative Contribution | -1.1% |
Market Drivers
9/30/2023 to 10/27/2026| Return | Correlation | |
|---|---|---|
| BRO | -1.1% | |
| Market (SPY) | 86.2% | 13.5% |
| Sector (XLF) | 75.9% | 41.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BRO Return | 49% | -18% | 26% | 44% | -21% | -10% | 56% |
| Peers Return | 30% | -11% | 29% | 35% | -10% | -12% | 61% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| BRO Win Rate | 67% | 33% | 58% | 67% | 50% | 40% | |
| Peers Win Rate | 68% | 40% | 55% | 70% | 50% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 40% | |
Max Drawdowns [4] | |||||||
| BRO Max Drawdown | -11% | -27% | -14% | -11% | -38% | -32% | |
| Peers Max Drawdown | -25% | -35% | -18% | -19% | -29% | -37% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AJG, AON, WTW, RYAN, GSHD. See BRO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/27/2026 (YTD)
How Low Can It Go
| Event | BRO | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.7% | 32.4% |
| Time to Breakeven | 379 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.7% | -33.7% |
| % Gain to Breakeven | 53.1% | 50.9% |
| Time to Breakeven | 203 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -11.3% | -19.2% |
| % Gain to Breakeven | 12.8% | 23.8% |
| Time to Breakeven | 58 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -15.6% | -12.2% |
| % Gain to Breakeven | 18.5% | 13.9% |
| Time to Breakeven | 46 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -21.7% | -17.9% |
| % Gain to Breakeven | 27.7% | 21.8% |
| Time to Breakeven | 21 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -33.9% | -53.4% |
| % Gain to Breakeven | 51.3% | 114.4% |
| Time to Breakeven | 625 days | 1085 days |
In The Past
Brown & Brown's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | BRO | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.7% | 32.4% |
| Time to Breakeven | 379 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.7% | -33.7% |
| % Gain to Breakeven | 53.1% | 50.9% |
| Time to Breakeven | 203 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -21.7% | -17.9% |
| % Gain to Breakeven | 27.7% | 21.8% |
| Time to Breakeven | 21 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -33.9% | -53.4% |
| % Gain to Breakeven | 51.3% | 114.4% |
| Time to Breakeven | 625 days | 1085 days |
In The Past
Brown & Brown's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Brown & Brown (BRO)
Brown & Brown, Inc. (BRO) is a global insurance brokerage and services company that markets and sells a comprehensive range of insurance products and services across the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. The company operates through four distinct segments: Retail, National Programs, Wholesale Brokerage, and Services, allowing it to address diverse client needs and market segments.
Its core offerings span traditional property and casualty, employee benefits, and personal insurance products, catering to commercial enterprises, public entities, professionals, and individual customers. Beyond standard offerings, Brown & Brown also specializes in developing and underwriting niche insurance products like professional liability for specific industries (e.g., dentistry, legal) and supplementary coverages (e.g., for weddings, cyber liabilities), often distributing these through independent agents. Furthermore, it provides access to excess and surplus commercial and personal lines insurance for harder-to-place risks.
Complementing its brokerage activities, the company offers a robust suite of services including third-party claims administration, medical utilization management, Medicare Set-aside, and Social Security disability advocacy. These services primarily target entities requiring expert claims management and administrative support. Through this multifaceted approach, Brown & Brown serves a wide array of clients, from individual policyholders and small businesses to large corporations, public sector organizations, and other insurance intermediaries and carriers.
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Here are 1-3 brief analogies for Brown & Brown (BRO):
**RE/MAX for insurance policies.**
**A full-service AAA Travel, but for all types of insurance.**
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- Property & Casualty Insurance: Offers various insurance products for commercial, public, and individual customers covering assets and liabilities.
- Employee Benefits Insurance: Provides insurance products related to employee benefits, such as health and life.
- Specialty & Professional Liability Insurance: Markets niche insurance products, including professional liability for various professions and supplementary insurance for events and cyber risks.
- Excess & Surplus Lines Insurance: Sells specialized commercial and personal insurance for unique or harder-to-place risks through independent agents.
- Insurance Program Management Services: Provides outsourced services like product development, underwriting, and claims administration for insurance carrier partners.
- Claims Administration & Adjusting Services: Offers third-party claims administration, medical utilization management, and claims adjusting for workers' compensation and other liabilities.
- Risk Management & Consulting Services: Provides loss control surveys, analysis, and general consultancy to help clients manage and mitigate risks.
- Benefits Advocacy Services: Assists individuals with Medicare Set-aside, Social Security disability, and Medicare benefits advocacy.
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Brown & Brown, Inc. (BRO) primarily sells its insurance products and services to other companies, organizations, and professional entities rather than directly to individuals, though individual clients are part of its broader service offering through various channels.
Its major customers are categories of businesses and other organizations, including:
- Commercial Entities: Businesses of various sizes across diverse industries seeking property and casualty, employee benefits, and specialty insurance products and services.
- Public and Quasi-Public Entities: Government bodies, municipalities, educational institutions, and other public service organizations requiring tailored insurance solutions.
- Professional Entities and Professionals: Businesses and individuals in specific professions such as dentistry, legal, eyecare, insurance, financial, physicians, and real estate title professionals, who need professional liability and specialized insurance products.
- Independent Agents and Brokers: Other insurance intermediaries who utilize Brown & Brown's wholesale brokerage services for excess and surplus lines insurance and distribute its program products.
- Insurance Carrier Partners: Other insurance companies for whom Brown & Brown provides outsourced services, including product development, marketing, underwriting, actuarial, compliance, and claims administration.
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J. Powell Brown, President & Chief Executive Officer
J. Powell Brown was appointed Chief Executive Officer of Brown & Brown in July 2009 and President in January 2007. He joined the company in 1995 and has held various leadership positions across its business segments. Brown earned his undergraduate degree from the University of Florida and an MBA from Duke University. He also serves on the board of directors for WestRock Company and Camp Boggy Creek. His father, J. Hyatt Brown, previously served as CEO and chairman of Brown & Brown. Powell Brown was reportedly "groomed for this all his life" within the insurance industry, starting as a trainee at Continental Insurance before joining Brown & Brown.
R. Andrew Watts, Executive Vice President, Chief Financial Officer & Treasurer
R. Andrew Watts has served as Executive Vice President, Chief Financial Officer, and Treasurer of Brown & Brown since February 2014. Before joining Brown & Brown, he was the global head of customer administration for the financial and risk division of Thomson Reuters Corp. from 2011 to 2014, and the Chief Financial Officer of the financial division of Thomson Reuters from 2008 to 2011. Watts holds a Bachelor of Science degree in accounting from Illinois State University. He is a member of the board of directors for the Jacksonville Branch of the Federal Reserve Bank of Atlanta, New Planet Energy Development, Daytona Beach Museum of Arts & Science, and the Florida Chamber of Commerce Foundation. He also previously held the position of Chairman at Surflight Theatre and Chief Financial Officer for Textera, Inc.
Stephen P. Hearn, Executive Vice President, Chief Operating Officer & President - Retail Segment
Stephen P. Hearn is the Executive Vice President, Chief Operating Officer, and President of the Retail Segment at Brown & Brown. He has served as a Regional President for the company, overseeing retail operations. Hearn has been noted for his ability to successfully integrate acquisitions within the retail segment. His career with Brown & Brown spans over several decades, demonstrating a deep understanding of the company's retail operations and growth strategies.
J. Scott Penny, CIC, Executive Vice President & Chief Acquisitions Officer
J. Scott Penny holds the titles of Executive Vice President and Chief Acquisitions Officer at Brown & Brown. In this role, he is responsible for leading the company's extensive acquisition strategy, which is a significant part of Brown & Brown's growth model. Penny has been instrumental in numerous acquisitions that have expanded the company's presence and capabilities across various markets and specialties.
Steve M. Boyd, Executive Vice President & Chief Executive Officer – Specialty Distribution Segment
Steve M. Boyd serves as Executive Vice President and Chief Executive Officer of the Specialty Distribution Segment at Brown & Brown. His leadership is focused on the strategic direction and operational oversight of this specialized segment, which includes various niche insurance programs and wholesale brokerage operations. Boyd plays a key role in developing and expanding Brown & Brown's offerings within specialized markets.
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Intense Competition and Digital Disruption
Brown & Brown operates in a highly saturated insurance brokerage market, facing competition from numerous traditional brokers, larger consolidated players, and the rise of direct-to-consumer digital insurance platforms. The evolving landscape requires significant differentiation through personalized service and niche specialization. Failure to adapt to changing client expectations for digital convenience and efficient technology could lead to loss of market share and increased pressure on profitability. Many firms, including potentially Brown & Brown, still rely on legacy systems, which can limit flexibility and visibility compared to modern integrated platforms.
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Ability to Attract and Retain Qualified Talent
As an insurance intermediary, Brown & Brown's operational success and growth are heavily dependent on its ability to hire, retain, and develop qualified employees. The insurance industry faces a competitive labor market and an "underwriting talent gap," making it challenging to attract younger workers and secure necessary expertise. Remote or hybrid work arrangements further increase vulnerability to talent poaching by competitors, which could negatively impact the company's capacity to retain existing business, generate new business, and innovate.
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Evolving Regulatory Landscape and Compliance Burdens
Brown & Brown operates across various jurisdictions in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands, exposing it to a complex and ever-changing regulatory environment. Compliance expectations are growing in scope and complexity, encompassing areas like data privacy laws (e.g., GDPR and CCPA). The company must consistently monitor and adapt to regulatory changes across multiple jurisdictions. Failure to comply or adapt quickly can result in significant penalties, litigation risks, and lost business opportunities, directly impacting its financial stability and reputation.
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The rise of insurtech companies utilizing advanced technology, such as artificial intelligence and machine learning, to offer direct-to-consumer or highly automated insurance brokerage and administration services presents a clear emerging threat. These digital-first platforms aim to streamline the insurance buying process and claims management, potentially disintermediating traditional human brokers for various lines of business, particularly within Brown & Brown's Retail segment (e.g., personal lines, small commercial property and casualty) and impacting the independent agents served by its National Programs and Wholesale Brokerage segments.
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Addressable Markets for Brown & Brown's Main Products and Services
Brown & Brown, Inc. (symbol: BRO) operates in several segments within the insurance products and services industry. The addressable markets for their main offerings, primarily within the U.S. and North America, are substantial: * **Property & Casualty (P&C) Insurance:** The U.S. property and casualty insurance market was valued at $1.05 trillion in 2024. Another estimate placed the U.S. P&C market at $1.10 trillion in 2025, with projections to reach $1.33 trillion by 2030. * **Employee Benefits Insurance:** The U.S. insurance brokerage market for employee benefits was valued at $34.74 billion in 2022 and is projected to grow to $70.11 billion by 2032. The broader U.S. employee-sponsored healthcare market, which represents the underlying benefits themselves, was valued at $586.7 billion in 2023 and is expected to reach $771.2 billion by 2032. * **Personal Insurance Products:** This is a significant component of the overall P&C market. Personal lines insurance comprised over 54% of the U.S. property and casualty industry's net written premiums in 2024. Based on the 2024 U.S. P&C market size of $1.05 trillion, this would equate to approximately $567 billion. * **Professional Liability Insurance:** The North American professional liability insurance market was approximately $17.13 billion in 2024. The global market for professional liability insurance was estimated at $42.8152 billion in 2024. * **Excess & Surplus (E&S) Lines Insurance:** The U.S. excess and surplus lines market reached nearly $100 billion in direct premiums written in 2024. Another source indicated the U.S. surplus lines market was just under $130 billion in 2024. * **Third-Party Claims Administration (TPA) Services:** The U.S. Healthcare Insurance Third-Party Administrator Market was valued at $64.92 billion in 2024 and is expected to reach $144.86 billion by 2031. * **Cyber Liability Insurance:** The U.S. cyber insurance market's direct premiums written were reported as $9.14 billion in 2024. * **Flood Insurance:** The U.S. flood insurance market grew to $4.1 billion in 2024.AI Analysis | Feedback
For Brown & Brown (BRO), the expected drivers of future revenue growth over the next 2-3 years include:
- Strategic Acquisitions: Brown & Brown consistently emphasizes its robust mergers and acquisitions (M&A) pipeline and expects continued acquisition activity, as evidenced by 43 acquisitions completed in 2025, adding approximately $1.8 billion of annual revenue. The significant acquisition and integration of Accession, which brought over 5,000 new employees, is a prime example of this growth strategy.
- Organic Revenue Growth: While organic growth rates can fluctuate quarter-to-quarter due to various factors, Brown & Brown maintains a focus on achieving organic growth across its segments. For the full year 2025, the company delivered 2.8% organic revenue growth, and management is focused on driving this growth through its culture, teammates, and diversification.
- Growth in Contingent Commissions: The company highlights contingent commissions as a significant component of its value and a driver of growth. Strong growth in contingent commissions was reported for both Q4 2025 and the full year, primarily driven by higher underwriting profitability and minimal storm claim activity.
- Expansion within the Specialty Distribution Segment: The Specialty Distribution segment has demonstrated stronger organic growth compared to the Retail segment in certain periods, with notable contributions from wholesale business and good client retention.
- Investments in Technology and Capabilities: Brown & Brown's strategic priorities include investments in technology, such as AI/data, and enhancing capabilities to deliver better solutions for customers, which are expected to contribute to future value creation and revenue.
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Share Repurchases
- In October 2025, Brown & Brown's board of directors authorized the purchase of up to an additional $1.25 billion of common stock, bringing the total outstanding approval for share repurchases to approximately $1.5 billion.
- From October 1, 2025, to December 31, 2025, the company repurchased 1,255,970 shares for $100 million.
- In February 2026, Brown & Brown entered into an accelerated share repurchase program (ASR) for $250 million of its common stock, as part of the $1.5 billion authorization announced in October 2025.
Share Issuance
- Brown & Brown's shares outstanding significantly increased in 2025, reaching 339 million by December 31, 2025, a 19.37% increase year-over-year.
- The company's acquisition of Accession Risk Management Group in 2025 included a payment of $612 million in common stock, contributing to the increase in shares outstanding.
- In 2024, shares outstanding were 0.284 billion (284 million), an increase of 1.07% from 2023.
Outbound Investments
- In August 2025, Brown & Brown completed its largest acquisition to date, purchasing Accession Risk Management Group (parent company of Risk Strategies Co. and One80 Intermediaries) for approximately $9.83 billion. The payment included $8.293 billion in cash and $612 million in common stock.
- In 2025, the company completed 43 acquisitions, including the significant Accession Risk Management Group. Other acquisitions in 2025 included All Med Pro, Tim Parkman, Irvine Commercial Insurance Brokers, and 1Stukbroking.
- In 2024, Brown & Brown completed 32 acquisitions, which contributed approximately $174 million in annual revenues, including Quintes Holding B.V. and The Canopy Group.
Capital Expenditures
- Brown & Brown reported capital expenditures of $82 million in 2024, $68.9 million in 2023, and $52.6 million in 2022.
- The company's estimated capital expenditures for 2025 are $68 million.
- Primary focus of capital expenditures includes ongoing investment in technology, data, and innovations aimed at enhancing customer experience, improving teammate productivity, and streamlining interactions with risk bearers.
Peer Outperformance in Insurance Brokers
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| BRO | Brown & Brown | 18.8% | 18.0x | -22.3% | 2.1% | 11.7% | — |
| AJG | Arthur J. Gallagher | 19.6% | 42.4x | -6.1% | 16.8% | 68.2% | +56pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 26.7% | 75.8% | 120.5% | SPNT 172% · RGA 147% · RNR 140% |
| Diversified Banks | 12 | 28.5% | 160.0% | 89.2% | CM 142% · RY 127% · JPM 127% |
| Investment Banking & Brokerage | 13 | -14.1% | 103.8% | 88.8% | IBKR 371% · SNEX 178% · HOOD 167% |
| Life & Health Insurance | 20 | 14.8% | 56.1% | 80.9% | JXN 509% · UNM 284% · MFC 186% |
| Property & Casualty Insurance | 42 | 14.5% | 73.9% | 67.9% | TRV 173% · PGR 167% · ACGL 149% |
| Multi-line Insurance | 9 | 7.5% | 68.5% | 63.6% | GNW 108% · L 103% · AIZ 93% |
| Multi-Sector Holdings | 3 | 3.4% | 58.5% | 56.6% | BRK-B 89% · VOYA 57% · JEF 34% |
| Regional Banks | 265 | 30.7% | 101.3% | 54.2% | CBC 242% · FCNCA 192% · NIC 157% |
| Financial Exchanges & Data | 15 | 8.5% | 41.3% | 24.9% | CBOE 166% · VIRT 154% · CME 67% |
| Insurance Brokers ← | 15 | -6.1% | 8.6% | 18.3% | LIFE 392% · ARX 89% · AJG 68% |
| Consumer Finance | 30 | 1.7% | 80.2% | 13.6% | ENVA 452% · FCFS 111% · AGM 97% |
| Diversified Financial Services | 4 | -8.6% | 21.5% | 5.9% | FRHC 169% · EQH 85% |
| Asset Management & Custody Banks | 86 | -13.6% | 20.5% | 4.2% | WT 282% · AAMI 255% · VCTR 250% |
| Commercial & Residential Mortgage Finance | 14 | -54.1% | 25.2% | -3.3% | FNMA 388% · FMCC 342% · ACT 162% |
| Specialized Finance | 3 | 7.8% | 41.8% | -7.9% | CACC -8% · HASI -22% |
| Mortgage REITs | 34 | -19.9% | 0.6% | -30.9% | RITM 38% · DX 20% · AGNC 9% |
| Transaction & Payment Processing Services | 17 | 1.3% | 14.1% | -39.8% | V 93% · MA 87% · CPAY 51% |
| Diversified Capital Markets | 20 | -57.6% | 15.6% | -62.4% | LPLA 89% · TW 40% · RIOT -49% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 163.32 |
| Mkt Cap | 26.0 |
| Rev LTM | 8,458 |
| Op Inc LTM | 2,530 |
| FCF LTM | 1,588 |
| FCF 3Y Avg | 1,296 |
| CFO LTM | 1,754 |
| CFO 3Y Avg | 1,458 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.1% |
| Rev Chg 3Y Avg | 18.6% |
| Rev Chg Q | 9.4% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | 10.9% |
| Op Inc Chg 3Y Avg | 13.3% |
| Op Mgn LTM | 24.3% |
| Op Mgn 3Y Avg | 24.6% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 19.6% |
| CFO/Rev 3Y Avg | 20.0% |
| FCF/Rev LTM | 16.1% |
| FCF/Rev 3Y Avg | 18.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Retail | 3,406 | 2,729 | 2,508 | 2,157 | 1,768 |
| Specialty Distribution | 2,409 | 2,016 | 1,714 | ||
| Other | 87 | 60 | 35 | 5 | -1 |
| Programs | 958 | 702 | |||
| Wholesale Brokerage | 453 | 403 | |||
| Services | 179 | ||||
| Total | 5,902 | 4,805 | 4,257 | 3,573 | 3,051 |
| $ Mil | 2008 |
|---|---|
| Retail | 139 |
| Programs | 63 |
| Other | 46 |
| Wholesale Brokerage | 18 |
| Services | 7 |
| Total | 272 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Retail | 8,304 | 7,459 | 5,041 | 7,094 | 6,413 |
| Programs | 4,334 | 4,468 | 2,943 | 3,511 | 3,110 |
| Wholesale Brokerage | 1,559 | 1,402 | 1,154 | 1,792 | 1,390 |
| Other | 478 | 350 | 358 | -3,910 | -3,773 |
| Services | 209 | 295 | 299 | 480 | 481 |
| Total | 14,883 | 13,974 | 9,795 | 8,966 | 7,623 |
Price Behavior
| Market Price | $67.55 | |
| Market Cap ($ Bil) | 22.0 | |
| First Trading Date | 03/03/1992 | |
| Distance from 52W High | -22.3% | |
| 50 Days | 200 Days | |
| DMA Price | $67.20 | $66.59 |
| DMA Trend | down | down |
| Distance from DMA | 0.5% | 1.4% |
| 3M | 1YR | |
| Volatility | 33.4% | 32.3% |
| Downside Capture | 17.89 | -18.84 |
| Upside Capture | 1.50 | -37.40 |
| Correlation (S&P 500) | -16.6% | -14.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.43 | 0.32 | -0.58 | -0.56 | -0.33 | 0.25 |
| Up Beta | -1.36 | -0.35 | -2.02 | -0.77 | -0.22 | 0.34 |
| Down Beta | -0.18 | 0.21 | -0.53 | -0.95 | -0.33 | 0.25 |
| Up Capture | -17% | 5% | -21% | -26% | -29% | 3% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 5 | 16 | 26 | 55 | 113 | 385 |
| Down Capture | 259% | 148% | 4% | -43% | -18% | 46% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 17 | 26 | 38 | 71 | 137 | 364 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRO | |
|---|---|---|---|---|
| BRO | -22.6% | 32.3% | -0.76 | - |
| Sector ETF (XLF) | 6.5% | 14.5% | 0.20 | 38.6% |
| Equity (SPY) | 14.6% | 12.7% | 0.79 | -17.0% |
| Gold (GLD) | -1.4% | 28.5% | -0.06 | -14.3% |
| Commodities (DBC) | 47.3% | 20.6% | 1.76 | -8.6% |
| Real Estate (VNQ) | 3.8% | 13.9% | 0.02 | 31.3% |
| Bitcoin (BTCUSD) | -27.9% | 43.4% | -0.63 | -2.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRO | |
|---|---|---|---|---|
| BRO | 1.8% | 26.2% | 0.05 | - |
| Sector ETF (XLF) | 8.7% | 18.3% | 0.34 | 51.2% |
| Equity (SPY) | 12.8% | 17.1% | 0.56 | 37.8% |
| Gold (GLD) | 17.6% | 18.9% | 0.75 | -5.3% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | -2.2% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.06 | 42.0% |
| Bitcoin (BTCUSD) | 4.5% | 51.6% | 0.27 | 14.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRO | |
|---|---|---|---|---|
| BRO | 14.7% | 24.4% | 0.57 | - |
| Sector ETF (XLF) | 13.2% | 22.1% | 0.54 | 59.5% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 54.5% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | -0.3% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 10.4% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 51.9% |
| Bitcoin (BTCUSD) | 62.2% | 66.2% | 1.02 | 12.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/28/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/26/2026 | -5.0% | ||
| 7/27/2026 | 5.7% | 3.0% | 5.5% |
| 4/27/2026 | -4.5% | -12.8% | -13.8% |
| 1/26/2026 | -6.9% | -10.4% | -11.8% |
| 10/27/2025 | -6.1% | -11.3% | -8.1% |
| 8/22/2025 | 0.1% | 0.3% | -4.6% |
| 4/28/2025 | -6.0% | -3.9% | -3.4% |
| 1/27/2025 | -2.6% | -2.1% | 6.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 12 |
| # Negative | 13 | 12 | 10 |
| Median Positive | 1.2% | 2.8% | 5.8% |
| Median Negative | -3.9% | -5.7% | -4.1% |
| Max Positive | 5.7% | 6.6% | 11.2% |
| Max Negative | -6.9% | -12.8% | -14.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/26/2026 | -5.0% | ||
| 7/27/2026 | 5.7% | 3.0% | 5.5% |
| 4/27/2026 | -4.5% | -12.8% | -13.8% |
| 1/26/2026 | -6.9% | -10.4% | -11.8% |
| 10/27/2025 | -6.1% | -11.3% | -8.1% |
| 8/22/2025 | 0.1% | 0.3% | -4.6% |
| 4/28/2025 | -6.0% | -3.9% | -3.4% |
| 1/27/2025 | -2.6% | -2.1% | 6.6% |
| 10/28/2024 | 1.6% | 2.0% | 9.9% |
| 7/22/2024 | 5.2% | 5.9% | 10.6% |
| 4/22/2024 | 0.5% | -1.2% | 9.1% |
| 3/1/2024 | 0.3% | 1.7% | 2.1% |
| 10/23/2023 | 4.4% | 3.1% | 11.2% |
| 4/25/2023 | -0.3% | 3.0% | 0.3% |
| 1/24/2023 | 0.4% | -0.3% | -3.6% |
| 7/25/2022 | -1.1% | 1.3% | 4.4% |
| 4/26/2022 | -1.5% | -8.7% | -14.3% |
| 1/24/2022 | -0.3% | 2.6% | -0.4% |
| 10/25/2021 | -3.9% | -6.9% | -0.8% |
| 7/26/2021 | 0.7% | -0.3% | 6.2% |
| 4/26/2021 | 4.2% | 6.6% | 4.2% |
| 1/25/2021 | -4.3% | -10.0% | 0.3% |
| 10/26/2020 | -2.9% | -4.5% | -0.1% |
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 12 |
| # Negative | 13 | 12 | 10 |
| Median Positive | 1.2% | 2.8% | 5.8% |
| Median Negative | -3.9% | -5.7% | -4.1% |
| Max Positive | 5.7% | 6.6% | 11.2% |
| Max Negative | -6.9% | -12.8% | -14.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/26/2026 | 10-Q |
| 06/30/2026 | 07/27/2026 | 10-Q |
| 03/31/2026 | 04/27/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/28/2025 | 10-Q |
| 03/31/2025 | 04/28/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/28/2024 | 10-Q |
| 06/30/2024 | 07/22/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/26/2026 | 10-Q |
| 06/30/2026 | 07/27/2026 | 10-Q |
| 03/31/2026 | 04/27/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/28/2025 | 10-Q |
| 03/31/2025 | 04/28/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/28/2024 | 10-Q |
| 06/30/2024 | 07/22/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 07/26/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 10/26/2021 | 10-Q |
| 06/30/2021 | 07/27/2021 | 10-Q |
| 03/31/2021 | 04/27/2021 | 10-Q |
| 12/31/2020 | 02/23/2021 | 10-K |
| 09/30/2020 | 10/27/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 04/29/2020 | 10-Q |
| 12/31/2019 | 02/24/2020 | 10-K |
Insider Activity
Updated 6/10/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Johnson, Joia M | Revocable Trust | Buy | 6102026 | 58.05 | 860 | 49,923 | 49,923 | Form | |
| 2 | Proctor, H Palmer JR | Direct | Buy | 5062026 | 57.10 | 2,000 | 114,200 | 2,719,159 | Form | |
| 3 | Krump, Paul J | Direct | Buy | 8082025 | 93.31 | 2,678 | 249,884 | 499,488 | Form | |
| 4 | Masojada, Bronislaw Edmund | Spouse | Buy | 8072025 | 91.44 | 1,000 | 91,440 | 457,200 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Johnson, Joia M | Revocable Trust | Buy | 6102026 | 58.05 | 860 | 49,923 | 49,923 | Form | |
| 2 | Proctor, H Palmer JR | Direct | Buy | 5062026 | 57.10 | 2,000 | 114,200 | 2,719,159 | Form | |
| 3 | Krump, Paul J | Direct | Buy | 8082025 | 93.31 | 2,678 | 249,884 | 499,488 | Form | |
| 4 | Masojada, Bronislaw Edmund | Spouse | Buy | 8072025 | 91.44 | 1,000 | 91,440 | 457,200 | Form |
Investor Activity (13F)
Updated Oct 28, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Gobi Capital LLC | $105.7 Mil | 6.2% | 10 | ADD +13.5% | 13F |
| Quantum Capital Management, LLC / NJ | $41.8 Mil | 5.4% | 34 | Hold | 13F |
| Dundas Partners LLP | $43.0 Mil | 3.4% | 49 | Hold | 13F |
| Redwood Grove Capital, LLC | $7.6 Mil | 2.4% | 22 | ADD +26.5% | 13F |
| Hi-Line Capital Management, LLC | $7.4 Mil | 2.3% | 32 | New | 13F |
| Local Pensions Partnership Investment Ltd | $26.5 Mil | 0.6% | 32 | Hold | 13F |
| EdgePoint Investment Group Inc. | $7.4 Mil | 0.1% | 37 | New | 13F |
| Active Manager |
|---|
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Gobi Capital LLC | $105.7 Mil | 6.2% | 10 | ADD +13.5% | 13F |
| Dundas Partners LLP | $43.0 Mil | 3.4% | 49 | Hold | 13F |
| Quantum Capital Management, LLC / NJ | $41.8 Mil | 5.4% | 34 | Hold | 13F |
| Local Pensions Partnership Investment Ltd | $26.5 Mil | 0.6% | 32 | Hold | 13F |
| Redwood Grove Capital, LLC | $7.6 Mil | 2.4% | 22 | ADD +26.5% | 13F |
| EdgePoint Investment Group Inc. | $7.4 Mil | 0.1% | 37 | New | 13F |
| Hi-Line Capital Management, LLC | $7.4 Mil | 2.3% | 32 | New | 13F |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
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| Insurance Brokers Resources |
| Insurance Business America |
| A.M. Best |
| National Underwriter |
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External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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