Latest revenue
$1.90B
as of 2026-03-31
Latest net income
$426.0M
as of 2026-03-31
Net margin
22.4%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $19.60B
- Enterprise value
- $26.42B
- P/E (trailing)
- 18.6×
- Forward P/E
- —
- P/B
- 3.77×
- Dividend yield
- 1.1%
- 52-wk high
- $113.83
- 52-wk low
- $53.81
- Beta
- —
- Shares out
- 338.9M
5-year trend
What this company does
Brown & Brown is an insurance brokerage that places property, casualty, and employee benefits coverage for businesses and individuals through retail offices and specialty wholesale and program units. It earns the bulk of revenue from commissions and fees on insurance policies it sells or underwrites as a managing general agent, totaling $1.88 billion last quarter. Revenue jumped 35% year-over-year, reflecting the company's transformation through large acquisitions that roughly doubled goodwill and amortization expense versus a year ago.
Generated from BRO's filing dated 2026-02-12
Key risks
- Leverage spike: long-term debt totals $7.82B with interest expense up 115% YoY to $99M, pressuring earnings as $1.24B comes due short-term.
- Goodwill/intangibles of $19.86B equal 158% of equity; amortization doubled to $116M, signaling heavy reliance on accretive M&A to sustain growth.
- Diluted EPS fell to $1.06 from $1.15 despite 35% revenue growth, as share count nearly doubled from acquisition-related issuance diluting shareholders.
Generated from BRO's filing dated 2026-02-12
Profitability
Net margin
17.9%
13.6%Return on equity
18.9%
29.6%Return on assets
3.5%
37.7%Leverage
Debt / equity
2.23×
9.7%Long-term debt / equity
0.70×
12.6%Debt / assets
69.0%
3.0%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $1.90B | +35.4% | $426.0M | +28.7% | 22.4% |
Q4 2025 2025-12-31 | $1.61B | +35.8% | $265.0M | +26.8% | 16.5% |
Q3 2025 2025-09-30 | $1.61B | +35.4% | $227.0M | -3.0% | 14.1% |
Q2 2025 2025-06-30 | $1.28B | +9.1% | $231.0M | -10.1% | 18.0% |
Q1 2025 2025-03-31 | $1.40B | +11.6% | $331.0M | +13.0% | 23.6% |
Q4 2024 2024-12-31 | $1.18B | — | $209.0M | — | 17.7% |
Q3 2024 2024-09-30 | $1.19B | +11.1% | $234.0M | +33.0% | 19.7% |
Q2 2024 2024-06-30 | $1.18B | +12.5% | $257.0M | +35.3% | 21.8% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Insurance Agents, Brokers & Service · SIC 6411
Your notes
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Insider activity
Insider buying
$455.5K
Insider selling
$0
Net activity
+$455.5K
Distinct insiders
3
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns BRO
Institutional value
$11.08B
Total shares held
173.5M
Distinct holders
578
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 21.9M | $1.43B | — | New |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 18.9M | $1.23B | — | New |
| 3 | Capital World Investors | 16.5M | $1.08B | — | New |
| 4 | PRINCIPAL FINANCIAL GROUP INC | 15.6M | $1.02B | — | New |
| 5 | VANGUARD PORTFOLIO MANAGEMENT LLC | 14.6M | $951.2M | — | New |
| 6 | First Eagle Investment Management, LLC | 8.8M | $575.4M | — | New |
| 7 | DEUTSCHE BANK AG\ | 4.2M | $274.0M | — | New |
| 8 | Capital Research Global Investors | 3.9M | $253.8M | — | New |
| 9 | Invesco Ltd. | 3.5M | $227.0M | — | New |
| 10 | JPMORGAN CHASE & CO | 3.1M | $204.7M | — | New |
| 11 | WELLS FARGO & COMPANY/MN | 3.0M | $195.5M | — | New |
| 12 | Capital International Investors | 2.6M | $170.2M | — | New |
| 13 | Allspring Global Investments Holdings, LLC | 2.5M | $163.9M | — | New |
| 14 | Madison Asset Management, LLC | 2.3M | $150.5M | — | New |
| 15 | ProShare Advisors LLC | 2.2M | $142.7M | — | New |
| 16 | UBS Group AG | 1.9M | $121.0M | — | New |
| 17 | DIMENSIONAL FUND ADVISORS LP | 1.7M | $111.6M | — | New |
| 18 | VANGUARD FIDUCIARY TRUST CO | 1.6M | $107.4M | — | New |
| 19 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 1.5M | $98.7M | — | New |
| 20 | Bank of New York Mellon Corp | 1.4M | $90.7M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Diluted EPS fell to $1.06 from $1.15 despite net income rising 29%—what share count and contingent consideration assumptions drive that dilution, and does it persist?
- 2
Strip out the $64M escrow mark-to-market gain and doubled amortization—what was true organic commissions growth versus M&A contribution this quarter?
- 3
With $7.8B total debt, $1.24B current, and quarterly interest now $99M, how do you refinance amid covenant headroom and rating agency conversations?
Refreshed when BRO files a new report · last from 2026-02-12