Brown & Brown, Inc. (BRO) Cash Flow Statement
Where BRO’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.45B +23.5% vs 2024
- Capital expenditures
- $68.0M 1.2% of revenue
- Free cash flow
- $1.38B 24.0% margin
- Returned to shareholders
- $294.0M 21% of free cash flow
- Change in cash
- $1.31B cash at year-end $3.81B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BRO operating cash flow, capex and free cash flow
BRO cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $411.0M2016 | $1.45B2025 | +15.0%/yr | |
| Capital expenditures | $17.8M2016 | $68.0M2025 | +16.1%/yr | |
| Free cash flow | $393.3M2016 | $1.38B2025 | +15.0%/yr | |
| Free cash flow margin | 22.3%2016 | 24.0%2025 | +1.7 pts | |
| Operating cash flow / net income | 1.602016 | 1.362025 | −0.24 | |
| Stock-based compensation | $16.1M2016 | $93.0M2025 | +21.6%/yr | |
| Dividends paid | $70.3M2016 | $194.0M2025 | +11.9%/yr | |
| Share buybacks (net) | $18.9M2016 | $100.0M2025 | +20.3%/yr | |
| Capex / revenue | 1.0%2016 | 1.2%2025 | +0.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BRO cash flow by activity
BRO net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BRO cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.07B | $1.00B | $870.5M | $671.8M | $587.1M | $480.5M | $398.5M | $344.3M | $399.6M | $257.5M |
| Depreciation & amortization | $367.0M | $222.0M | $206.0M | $185.8M | $152.9M | $134.8M | $128.7M | $109.4M | $108.1M | $107.7M |
| Stock-based compensation | $93.0M | $101.0M | $89.4M | $66.1M | $61.0M | $59.7M | $47.0M | $33.5M | $30.6M | $16.1M |
| Change in working capital | −$47.0M | −$105.0M | $292.2M | −$15.9M | $97.7M | $38.2M | $100.8M | $75.3M | $11.0M | $11.3M |
| Other non-cash items | −$30.0M | −$46.0M | −$448.6M | −$26.4M | $49.3M | $8.4M | $3.2M | $5.1M | −$107.5M | $18.5M |
| Cash from operating activities | $1.45B | $1.17B | $1.01B | $881.4M | $948.0M | $721.6M | $678.2M | $567.5M | $442.0M | $411.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$68.0M | −$82.0M | −$58.6M | −$52.6M | −$45.0M | −$70.7M | −$73.1M | −$41.5M | −$24.2M | −$17.8M |
| Investments (net) | — | −$898.0M | −$193.3M | −$1.91B | −$200,000 | −$3.1M | −$9.0M | $8.6M | −$1.0M | −$7.0M |
| Acquisitions & other investing | −$7.85B | $82.0M | −$335.1M | $52.7M | −$351.5M | −$685.2M | −$331.5M | −$918.9M | −$37.4M | −$117.7M |
| Cash from investing activities | −$7.91B | −$898.0M | −$587.0M | −$1.91B | −$396.7M | −$759.1M | −$413.6M | −$951.8M | −$62.6M | −$142.4M |
| Financing activities | ||||||||||
| Dividends paid | −$194.0M | −$154.0M | −$134.9M | −$119.5M | −$107.2M | −$100.6M | −$91.3M | −$84.7M | −$77.7M | −$70.3M |
| Share repurchases & issuance (net) | −$100.0M | −$55.0M | −$40.0M | −$122.9M | −$132.4M | −$96.4M | −$58.7M | −$91.2M | −$128.6M | −$18.9M |
| Net borrowing (repayment) | $3.82B | $30.0M | −$151.0M | $1.94B | −$73.1M | $538.2M | $46.3M | $480.0M | −$96.8M | −$73.1M |
| Shares issued | $4.32B | $0 | $0 | $0 | $0 | $0 | $25.0M | $19.4M | $0 | $0 |
| Other financing | −$125.0M | $115.0M | $139.2M | $29.1M | −$36.6M | $5.2M | −$499,000 | $14.3M | −$33.5M | $1.8M |
| Cash from financing activities | $7.71B | −$64.0M | −$186.7M | $1.73B | −$349.3M | $346.4M | −$79.2M | $337.8M | −$336.6M | −$160.5M |
| Summary | ||||||||||
| Net change in cash | $1.31B | $199.0M | $269.7M | $562.9M | $198.4M | $308.9M | $185.4M | −$46.5M | $42.8M | $108.1M |
| Cash at end of period | $3.81B | $2.50B | $2.30B | $2.03B | $1.47B | $1.27B | $963.0M | $777.6M | $824.1M | $781.3M |
| Free cash flow | $1.38B | $1.09B | $1.01B | $828.8M | $903.0M | $650.9M | $605.1M | $526.0M | $417.8M | $393.3M |
| Free cash flow margin | 24.0% | 23.2% | 23.7% | 23.2% | 29.6% | 25.0% | 25.4% | 26.2% | 22.5% | 22.3% |
| Capex / revenue | 1.2% | 1.7% | 1.4% | 1.5% | 1.5% | 2.7% | 3.1% | 2.1% | 1.3% | 1.0% |
| Operating cash flow / net income | 1.36 | 1.17 | 1.16 | 1.31 | 1.61 | 1.50 | 1.70 | 1.65 | 1.11 | 1.60 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $289.0M | $427.0M | $255.0M | $230.0M | $235.0M | $334.0M | $211.0M | $238.0M | $260.0M | $293.0M | $268.7M | $175.9M |
| Depreciation & amortization | $128.0M | $133.0M | $134.0M | $107.0M | $62.0M | $64.0M | $58.0M | $57.0M | $55.0M | $54.0M | $51.8M | $51.5M |
| Stock-based compensation | $23.0M | $26.0M | −$76.0M | $24.0M | $23.0M | $29.0M | $24.0M | $25.0M | $23.0M | $29.0M | $22.4M | $21.8M |
| Change in working capital | −$79.0M | −$281.0M | $105.0M | $65.0M | −$13.0M | −$204.0M | $33.0M | $138.0M | $73.0M | −$349.0M | $95.7M | $45.1M |
| Other non-cash items | −$15.0M | −$43.0M | $26.0M | $42.0M | $18.0M | −$10.0M | $35.0M | −$18.0M | −$51.0M | −$14.0M | −$133.2M | $21.3M |
| Cash from operating activities | $346.0M | $262.0M | $444.0M | $468.0M | $325.0M | $213.0M | $361.0M | $440.0M | $360.0M | $13.0M | $305.4M | $315.6M |
| Investing activities | ||||||||||||
| Capital expenditures | −$17.0M | −$21.0M | −$20.0M | −$16.0M | −$15.0M | −$17.0M | −$20.0M | −$23.0M | −$26.0M | −$13.0M | −$30.5M | −$13.3M |
| Investments (net) | — | — | — | −$7.51B | −$108.0M | −$79.0M | −$779.0M | −$42.0M | $11.0M | −$88.0M | −$393.7M | −$58.6M |
| Acquisitions & other investing | −$16.0M | −$17.0M | −$193.0M | $16.0M | $15.0M | $17.0M | $20.0M | $23.0M | $26.0M | $13.0M | $30.5M | −$121.4M |
| Cash from investing activities | −$33.0M | −$38.0M | −$213.0M | −$7.51B | −$108.0M | −$79.0M | −$779.0M | −$42.0M | $11.0M | −$88.0M | −$393.7M | −$193.3M |
| Financing activities | ||||||||||||
| Dividends paid | −$55.0M | −$57.0M | −$57.0M | −$51.0M | −$43.0M | −$43.0M | −$43.0M | −$36.0M | −$37.0M | −$38.0M | −$37.1M | −$32.7M |
| Share repurchases & issuance (net) | −$250.0M | −$276.0M | −$58.0M | −$1.0M | −$1.0M | −$40.0M | −$1.0M | $54.0M | $0 | −$54.0M | $39.8M | −$800,000 |
| Net borrowing (repayment) | −$62.0M | $206.0M | −$119.0M | $182.0M | $3.77B | −$19.0M | $231.0M | −$525.0M | — | — | — | −$109.3M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $195.0M | −$227.0M | $96.0M | −$260.0M | $4.47B | −$116.0M | $90.0M | −$209.0M | $479.0M | $25.0M | $85.7M | −$78.8M |
| Cash from financing activities | −$172.0M | −$354.0M | −$138.0M | −$130.0M | $8.20B | −$218.0M | $277.0M | −$716.0M | $442.0M | −$67.0M | $88.4M | −$221.6M |
| Summary | ||||||||||||
| Net change in cash | $141.0M | −$157.0M | $91.0M | −$7.20B | $8.48B | −$62.0M | −$199.0M | −$273.0M | $824.0M | −$153.0M | $32.0M | $7.5M |
| Cash at end of period | $3.80B | $3.66B | $3.81B | $3.72B | $10.92B | $2.44B | $2.50B | $2.70B | $2.97B | $2.15B | $2.30B | $2.27B |
| Free cash flow | $329.0M | $241.0M | $424.0M | $452.0M | $310.0M | $196.0M | $341.0M | $417.0M | $334.0M | $13.0M | $274.9M | $302.3M |
| Free cash flow margin | 19.6% | 12.7% | 25.4% | 28.1% | 24.8% | 14.2% | 31.3% | 35.2% | 28.9% | 1.1% | 28.3% | 28.4% |
| Capex / revenue | 1.0% | 1.1% | 1.2% | 1.0% | 1.2% | 1.2% | 1.8% | 1.9% | 2.3% | 1.1% | 3.1% | 1.2% |
| Operating cash flow / net income | 1.20 | 0.61 | 1.74 | 2.03 | 1.38 | 0.64 | 1.71 | 1.85 | 1.38 | 0.04 | 1.14 | 1.79 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BRO cash generation
In fiscal 2025 (ended December 31, 2025), Brown & Brown generated $1.4 billion of cash from operations (up 23.5%) and spent $68.0 million on capital expenditures, leaving free cash flow of $1.4 billion, 24.0% of revenue. It returned $294.0 million to shareholders through dividends ($194.0 million) and net share buybacks ($100.0 million). Cash and equivalents rose by $1.3 billion over the year.
Related: BRO income statement, BRO balance sheet, BRO dividend history. See the BRO stock overview for the latest quote and news.
BRO cash flow FAQ
What is Brown & Brown's free cash flow?
Brown & Brown's free cash flow was $1.4 billion in fiscal 2025: $1.4 billion of operating cash flow minus $68.0 million of capital expenditures It was $1.1 billion a year earlier..
How much cash does Brown & Brown generate from operations?
Brown & Brown generated $1.4 billion of cash from operating activities in fiscal 2025, 1.36 times its net income of $1.1 billion.
How much does Brown & Brown spend on capital expenditures?
Brown & Brown spent $68.0 million on capital expenditures in fiscal 2025, 1.2% of revenue, compared with $82.0 million the year before.
How much stock does Brown & Brown buy back?
Brown & Brown spent $100.0 million on net share repurchases in fiscal 2025.
How much does Brown & Brown pay in dividends?
Brown & Brown paid $194.0 million in dividends in fiscal 2025, 14.0% of free cash flow.