Brown & Brown, Inc. (BRO) Balance Sheet
BRO balance sheet, 2025
December 31, 2025 · U.S. dollars$29.99B assets = $17.42B liabilities + $12.57B equity
Both columns are drawn to the same scale: what BRO owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BRO financial health
Descriptive bands, not a rating. Fiscal 2025.
BRO balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $5.29B2016 | $29.99B2025 | +21.3%/yr | |
| Total liabilities | $2.93B2016 | $17.42B2025 | +21.9%/yr | |
| Shareholders’ equity | $2.36B2016 | $12.55B2025 | +20.4%/yr | |
| Cash & short-term investments | $530.7M2016 | $1.08B2025 | +8.2%/yr | |
| Total debt | $1.07B2016 | $7.92B2025 | +24.9%/yr | |
| Net cash (debt) | −$543.2M2016 | −$6.84B2025 | −$6.3B | |
| Working capital | $291.0M2016 | $320.0M2025 | +$29.0M | |
| Book value per share | $8.562016 | $40.092025 | +18.7%/yr | |
| Debt / equity | 0.452016 | 0.632025 | +0.18 | |
| Shares outstanding | 275.6M2016 | 313.0M2025 | +1.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BRO assets
BRO liabilities and equity
BRO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BRO balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.08B | $685.0M | $711.0M | $662.0M | $706.1M | $835.7M | $554.5M | $451.8M | $598.4M | $530.7M |
| Cash & equivalents | $1.08B | $675.0M | $700.0M | $650.0M | $693.2M | $817.4M | $542.2M | $439.0M | $573.4M | $515.6M |
| Short-term investments | — | $10.0M | $11.0M | $12.0M | $12.9M | $18.3M | $12.3M | $12.9M | $25.0M | $15.0M |
| Receivables | $3.60B | $3.54B | $2.04B | $2.36B | $1.28B | $1.14B | $1.00B | $910.2M | $1.03B | $580.6M |
| Inventory | $0 | $0 | $1 | $1.78B | $975.4M | $832.1M | $786.8M | $676.5M | $571.7M | $598.9M |
| Other current assets | $3.94B | $2.70B | $2.38B | $202.3M | $369.4M | $147.7M | $152.2M | $128.8M | $47.9M | $26.0M |
| Total current assets | $8.61B | $6.92B | $5.13B | $5.00B | $3.33B | $2.96B | $2.49B | $2.17B | $2.25B | $1.74B |
| Property, plant & equipment (net) | $636.0M | $519.0M | $469.0M | $454.8M | $409.0M | $388.1M | $332.9M | $100.4M | $77.1M | $75.8M |
| Goodwill & intangible assets | $19.99B | $9.78B | $8.96B | $8.27B | $5.82B | $5.45B | $4.66B | $4.33B | $3.36B | $3.38B |
| Long-term investments | $0 | $19.0M | $21.0M | $22.4M | $31.0M | $25.0M | $27.4M | $17.4M | $13.9M | $23.0M |
| Other non-current assets | $748.0M | $366.0M | $301.0M | $230.9M | $206.8M | $149.6M | $104.9M | $72.0M | $57.3M | $69.5M |
| Total assets | $29.99B | $17.61B | $14.88B | $13.97B | $9.80B | $8.97B | $7.62B | $6.69B | $5.76B | $5.29B |
| Liabilities | ||||||||||
| Accounts payable | $990.0M | $373.0M | $459.0M | $286.5M | $242.7M | $1.39B | $1.11B | $944.9M | $759.1M | $717.2M |
| Short-term debt | $781.0M | $272.0M | $614.0M | $295.6M | $85.9M | $113.5M | $98.4M | $50.0M | $120.0M | $55.5M |
| Deferred revenue | $1.18B | $657.0M | $540.0M | $492.2M | $459.6M | $534.1M | $521.0M | $480.6M | $412.6M | $392.5M |
| Total current liabilities | $8.29B | $6.31B | $4.96B | $4.60B | $2.67B | $2.35B | $2.05B | $1.78B | $2.00B | $1.45B |
| Long-term debt | $6.89B | $3.60B | $3.23B | $3.69B | $1.98B | $2.03B | $1.50B | $1.46B | $856.1M | $1.02B |
| Lease obligations | $305.0M | $236.0M | $224.0M | $195.9M | $180.0M | $172.9M | $211.3M | — | — | — |
| Other long-term liabilities | $2.23B | $1.26B | $1.12B | $1.08B | $950.7M | $832.0M | $726.8M | $448.1M | $321.3M | $439.0M |
| Total liabilities | $17.42B | $11.18B | $9.30B | $9.37B | $5.60B | $5.21B | $4.27B | $3.69B | $3.17B | $2.93B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $36.0M | $31.0M | $30.0M | $30.3M | $30.1M | $30.0M | $29.7M | $29.3M | $14.9M | $14.8M |
| Retained earnings (deficit) | $6.99B | $6.13B | $5.29B | $4.55B | $4.00B | $3.52B | $3.14B | $2.83B | $2.46B | $2.13B |
| Treasury stock | — | — | — | — | −$673.9M | −$591.3M | −$536.2M | −$477.6M | −$386.3M | −$257.7M |
| Accumulated other comprehensive income | $210.0M | −$109.0M | −$19.0M | −$148.4M | −$9.4M | $0 | $0 | $0 | $0 | $0 |
| Minority interest | $26.0M | $17.0M | $0 | — | — | — | — | — | — | $0 |
| Total shareholders' equity | $12.55B | $6.44B | $5.58B | $4.61B | $4.20B | $3.75B | $3.35B | $3.00B | $2.58B | $2.36B |
| Key figures | ||||||||||
| Total debt | $7.92B | $4.06B | $4.02B | $4.18B | $2.25B | $2.31B | $1.77B | $1.51B | $976.1M | $1.07B |
| Net cash (debt) | −$6.84B | −$3.38B | −$3.31B | −$3.52B | −$1.54B | −$1.48B | −$1.21B | −$1.06B | −$377.7M | −$543.2M |
| Working capital | $320.0M | $610.0M | $174.0M | $399.4M | $662.9M | $603.9M | $449.4M | $384.3M | $254.7M | $291.0M |
| Tangible book value | −$7.45B | −$3.35B | −$3.38B | −$3.66B | −$1.62B | −$1.69B | −$1.31B | −$1.33B | −$774.4M | −$1.02B |
| Book value per share | $40.09 | $22.67 | $19.87 | $16.53 | $15.13 | $13.61 | $12.20 | $10.63 | $9.30 | $8.56 |
| Shares outstanding | 313.0M | 284.0M | 280.8M | 278.6M | 277.4M | 275.9M | 274.6M | 282.2M | 277.6M | 275.6M |
| Current ratio | 1.04 | 1.10 | 1.04 | 1.09 | 1.25 | 1.26 | 1.22 | 1.22 | 1.13 | 1.20 |
| Quick ratio | 0.56 | 0.67 | 0.56 | 0.66 | 0.74 | 0.84 | 0.76 | 0.76 | 0.82 | 0.77 |
| Debt / equity | 0.63 | 0.63 | 0.72 | 0.91 | 0.54 | 0.62 | 0.53 | 0.50 | 0.38 | 0.45 |
| Equity / assets | 41.8% | 36.5% | 37.5% | 33.0% | 42.8% | 41.9% | 44.0% | 44.9% | 44.9% | 44.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $918.0M | $1.00B | $1.08B | $1.19B | $8.89B | $669.0M | $685.0M | $968.0M | $1.12B | $591.0M | $711.0M | $768.9M |
| Cash & equivalents | $918.0M | $1.00B | $1.08B | $1.19B | $8.89B | $669.0M | $675.0M | $957.0M | $1.11B | $581.0M | $700.0M | $755.7M |
| Short-term investments | — | — | — | — | — | — | $10.0M | $11.0M | $9.0M | $10.0M | $11.0M | $13.2M |
| Receivables | $3.18B | $3.15B | $3.60B | $3.41B | $2.65B | $2.67B | $3.54B | $3.91B | $2.31B | $2.13B | $2.04B | $1.82B |
| Inventory | $594.0M | $590.0M | $0 | $0 | $0 | $0 | $0 | −$3.91B | $0 | $0 | $1 | $2.02B |
| Other current assets | $4.00B | $3.71B | $3.94B | $3.54B | $2.90B | $2.58B | $2.70B | $6.51B | $2.67B | $2.28B | $2.38B | $243.2M |
| Total current assets | $8.69B | $8.46B | $8.61B | $8.14B | $14.44B | $5.92B | $6.92B | $7.48B | $6.09B | $5.00B | $5.13B | $4.85B |
| Property, plant & equipment (net) | $642.0M | $370.0M | $636.0M | $635.0M | $532.0M | $524.0M | $519.0M | $501.0M | $482.0M | $469.0M | $469.0M | $448.2M |
| Goodwill & intangible assets | $19.72B | $19.86B | $19.99B | $19.84B | $10.23B | $9.93B | $9.78B | $9.16B | $9.00B | $8.98B | $8.96B | $8.38B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $19.0M | $21.0M | $22.0M | $21.0M | $21.0M | $24.3M |
| Other non-current assets | $837.0M | $1.02B | $748.0M | $733.0M | $430.0M | $387.0M | $366.0M | $365.0M | $355.0M | $333.0M | $301.0M | $288.0M |
| Total assets | $29.89B | $29.70B | $29.99B | $29.35B | $25.64B | $16.76B | $17.61B | $17.52B | $15.94B | $14.81B | $14.88B | $13.98B |
| Liabilities | ||||||||||||
| Accounts payable | $807.0M | $873.0M | $990.0M | $849.0M | $382.0M | $481.0M | $373.0M | $329.0M | $313.0M | $322.0M | $459.0M | $380.2M |
| Short-term debt | $413.0M | $1.24B | $781.0M | $75.0M | $75.0M | $75.0M | $272.0M | $225.0M | $725.0M | $875.0M | $614.0M | $562.5M |
| Deferred revenue | $953.0M | $938.0M | $1.18B | $887.0M | $632.0M | $542.0M | $657.0M | $625.0M | $603.0M | $488.0M | $540.0M | $530.9M |
| Total current liabilities | $7.71B | $8.32B | $8.29B | $6.89B | $5.26B | $4.93B | $6.31B | $6.53B | $5.39B | $4.88B | $4.96B | $4.59B |
| Long-term debt | $7.35B | $6.58B | $6.89B | $7.65B | $7.47B | $3.73B | $3.60B | $3.37B | $3.39B | $3.01B | $3.23B | $3.14B |
| Lease obligations | $248.0M | $238.0M | $305.0M | $243.0M | $186.0M | $186.0M | $236.0M | $181.0M | $180.0M | $178.0M | $224.0M | $178.9M |
| Other long-term liabilities | $2.22B | $2.19B | $2.23B | $2.40B | $1.29B | $1.26B | $1.26B | $1.15B | $1.12B | $1.13B | $1.12B | $1.05B |
| Total liabilities | $17.28B | $17.09B | $17.42B | $16.95B | $14.02B | $9.92B | $11.18B | $11.04B | $9.91B | $9.02B | $9.30B | $8.78B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $36.0M | $36.0M | $36.0M | $36.0M | $35.0M | $31.0M | $31.0M | $31.0M | $30.0M | $30.0M | $30.0M | $30.4M |
| Retained earnings (deficit) | $7.59B | $7.36B | $6.99B | $6.78B | $6.60B | $6.42B | $6.13B | $5.96B | $5.76B | $5.54B | $5.29B | $5.06B |
| Accumulated other comprehensive income | $116.0M | $128.0M | $210.0M | $200.0M | $262.0M | $15.0M | −$109.0M | $125.0M | −$47.0M | −$51.0M | −$19.0M | −$127.6M |
| Minority interest | $25.0M | $24.0M | $26.0M | $21.0M | $23.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $12.58B | $12.59B | $12.55B | $12.39B | $11.59B | $6.82B | $6.44B | $6.46B | $6.03B | $5.78B | $5.58B | $5.20B |
| Key figures | ||||||||||||
| Total debt | $8.01B | $8.06B | $7.92B | $7.97B | $7.73B | $3.99B | $4.06B | $3.77B | $4.30B | $4.06B | $4.02B | $3.89B |
| Net cash (debt) | −$7.09B | −$7.06B | −$6.84B | −$6.78B | $1.16B | −$3.32B | −$3.38B | −$2.81B | −$3.18B | −$3.47B | −$3.31B | −$3.12B |
| Working capital | $979.0M | $139.0M | $320.0M | $1.25B | $9.19B | $987.0M | $610.0M | $954.0M | $698.0M | $125.0M | $174.0M | $254.7M |
| Tangible book value | −$7.13B | −$7.27B | −$7.45B | −$7.46B | $1.36B | −$3.11B | −$3.35B | −$2.69B | −$2.97B | −$3.20B | −$3.38B | −$3.18B |
| Book value per share | $37.12 | $37.14 | $37.01 | $37.31 | $39.57 | $23.93 | $22.67 | $22.84 | $21.29 | $20.42 | $19.79 | $18.48 |
| Shares outstanding | 339.0M | 339.0M | 339.0M | 332.0M | 293.0M | 285.0M | 284.0M | 283.0M | 283.0M | 283.0M | 281.9M | 281.3M |
| Current ratio | 1.13 | 1.02 | 1.04 | 1.18 | 2.75 | 1.20 | 1.10 | 1.15 | 1.13 | 1.03 | 1.04 | 1.06 |
| Quick ratio | 0.53 | 0.50 | 0.56 | 0.67 | 2.20 | 0.68 | 0.67 | 0.75 | 0.63 | 0.56 | 0.56 | 0.56 |
| Debt / equity | 0.64 | 0.64 | 0.63 | 0.64 | 0.67 | 0.59 | 0.63 | 0.58 | 0.71 | 0.70 | 0.72 | 0.75 |
| Equity / assets | 42.1% | 42.4% | 41.8% | 42.2% | 45.2% | 40.7% | 36.5% | 36.9% | 37.8% | 39.0% | 37.5% | 37.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 12, 2026); data from EODHD.
BRO financial position
At the end of fiscal 2025 (December 31, 2025), Brown & Brown had total assets of $30.0 billion (up 70.3% from a year earlier), total liabilities of $17.4 billion and shareholders' equity of $12.5 billion. It held $1.1 billion in cash and short-term investments against $7.9 billion of debt, net debt of $6.8 billion. Its current ratio was 1.04. In the latest quarter (ended June 30, 2026) total assets were $29.9 billion and equity $12.6 billion.
Related: BRO income statement, BRO cash flow statement, BRO key metrics. See the BRO stock overview for the latest quote and news.
BRO balance sheet FAQ
What are Brown & Brown's total assets?
Brown & Brown reported total assets of $30.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $17.6 billion a year earlier.
How much debt does Brown & Brown have?
Brown & Brown had $7.9 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.63.
How much cash does Brown & Brown have?
Brown & Brown held $1.1 billion in cash and short-term investments at the end of fiscal 2025; with $7.9 billion of debt that is net debt of $6.8 billion.
What is Brown & Brown's book value?
Brown & Brown's shareholders' equity (book value) was $12.5 billion at the end of fiscal 2025, or $40.09 per share.
What is Brown & Brown's current ratio?
Brown & Brown had current assets of $8.6 billion and current liabilities of $8.3 billion, a current ratio of 1.04 (it can cover its short-term obligations).
How much goodwill does Brown & Brown have?
Brown & Brown carried $20.0 billion of goodwill and intangible assets, 66.7% of total assets, at the end of fiscal 2025.