Brown & Brown, Inc. (BRO) Income Statement
BRO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBRO revenue and net income
Where BRO's revenue goes
2025Each bar shows an amount and its share of revenue. BRO kept 18.3% of revenue as net income.
BRO profit margins
BRO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +22.5% | +17.3% | +17.2% | +13.3% |
| Gross profit | +23.0% | +17.2% | +19.3% | +13.5% |
| Operating income | +106.9% | +42.7% | +33.2% | +20.4% |
| Net income | +6.1% | +16.2% | +17.0% | +15.8% |
| EPS (diluted) | +12.0% | +23.4% | +20.5% | +17.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BRO quarterly EPS vs estimates
Brown & Brown beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: October 26, 2026 (estimate $1.08).
BRO income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.76B | $4.71B | $4.26B | $3.57B | $3.05B | $2.61B | $2.38B | $2.01B | $1.86B | $1.76B |
| Cost of revenue | $2.94B | $2.41B | $2.84B | $1.82B | $1.64B | $1.44B | $1.31B | $1.07B | $994.7M | $925.2M |
| Gross profit | $2.83B | $2.30B | $1.42B | $1.76B | $1.41B | $1.17B | $1.08B | $940.9M | $862.6M | $837.6M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $2.94B | $2.41B | $2.19B | $1.82B | $2.08B | $1.80B | $1.68B | $1.43B | $1.31B | $1.20B |
| Total operating expenses | $3.53B | $932.0M | $2.95B | $782.6M | $555.9M | $500.8M | $505.8M | $441.5M | $391.6M | $370.5M |
| Operating income | $2.83B | $1.37B | $1.15B | $973.9M | $857.5M | $673.4M | $570.8M | $499.4M | $471.0M | $467.0M |
| Interest income | $297.0M | $193.0M | $190.0M | $141.2M | $65.0M | $59.0M | $63.7M | $40.6M | $38.3M | $39.5M |
| Interest expense | $297.0M | $201.0M | $195.4M | $141.2M | $65.0M | $59.0M | $63.7M | $40.6M | $38.3M | $39.5M |
| Income before taxes | $1.37B | $1.30B | $1.15B | $876.1M | $762.8M | $624.1M | $525.9M | $462.5M | $449.7M | $423.5M |
| Income taxes | $304.0M | $301.0M | $275.6M | $204.3M | $175.7M | $143.6M | $127.4M | $118.2M | $50.1M | $166.0M |
| Net income | $1.05B | $993.0M | $870.5M | $671.8M | $587.1M | $480.5M | $398.5M | $344.3M | $399.6M | $257.5M |
| EBITDA | $1.98B | $1.73B | $1.15B | $1.16B | $1.01B | $808.2M | $718.3M | $612.4M | $596.2M | $570.6M |
| EPS (diluted) | $4.30 | $3.84 | $2.81 | $2.29 | $2.19 | $1.69 | $1.40 | $1.23 | $0.98 | $0.94 |
| Gross margin | 49.1% | 48.9% | 33.4% | 49.2% | 46.3% | 44.9% | 45.1% | 46.8% | 46.4% | 47.5% |
| Operating margin | 49.1% | 29.1% | 26.9% | 27.3% | 28.1% | 25.8% | 23.9% | 24.8% | 25.4% | 26.5% |
| Net margin | 18.3% | 21.1% | 20.4% | 18.8% | 19.3% | 18.4% | 16.7% | 17.1% | 21.5% | 14.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.68B | $1.90B | $1.67B | $1.61B | $1.25B | $1.39B | $1.09B | $1.19B | $1.15B | $1.24B | $972.4M | $1.07B |
| Cost of revenue | $838.0M | $907.0M | $270.0M | $793.0M | $640.0M | $683.0M | $583.0M | $607.0M | $585.0M | $631.0M | $553.7M | $532.0M |
| Gross profit | $838.0M | $994.0M | $1.40B | $813.0M | $609.0M | $702.0M | $506.0M | $579.0M | $569.0M | $606.0M | $418.7M | $534.0M |
| Sales, general & admin | — | — | $819.0M | $793.0M | $640.0M | $683.0M | $583.0M | $607.0M | — | — | — | $531.6M |
| Total operating expenses | $271.0M | $461.0M | $970.0M | $391.0M | $272.0M | $250.0M | $269.0M | $221.0M | $228.0M | $215.0M | $211.5M | $219.0M |
| Operating income | $567.0M | $533.0M | $429.0M | $422.0M | $337.0M | $452.0M | $237.0M | $358.0M | $341.0M | $391.0M | $207.2M | $315.0M |
| Interest income | — | — | $100.0M | $100.0M | $51.0M | $46.0M | $46.0M | $50.0M | — | — | — | $47.5M |
| Interest expense | $100.0M | $105.0M | $100.0M | $100.0M | $53.0M | $48.0M | $54.0M | $50.0M | $52.0M | $50.0M | $49.7M | $48.0M |
| Income before taxes | $383.0M | $533.0M | $321.0M | $311.0M | $311.0M | $427.0M | $275.0M | $317.0M | $346.0M | $364.0M | $355.1M | $242.0M |
| Income taxes | $94.0M | $107.0M | $53.0M | $82.0M | $77.0M | $93.0M | $64.0M | $78.0M | $87.0M | $71.0M | $86.5M | $66.0M |
| Net income | $288.0M | $426.0M | $264.0M | $227.0M | $231.0M | $331.0M | $210.0M | $234.0M | $257.0M | $293.0M | $268.7M | $176.0M |
| EBITDA | $695.0M | $666.0M | $555.0M | $518.0M | $426.0M | $539.0M | $387.0M | $424.0M | $453.0M | $468.0M | $456.6M | $341.5M |
| EPS (diluted) | $1.07 | $1.39 | $0.93 | $1.05 | $1.03 | $1.29 | $0.86 | $0.91 | $0.93 | $1.14 | $0.58 | $0.71 |
| Gross margin | 50.0% | 52.3% | 83.8% | 50.6% | 48.8% | 50.7% | 46.5% | 48.8% | 49.3% | 49.0% | 43.1% | 50.1% |
| Operating margin | 33.8% | 28.0% | 25.7% | 26.3% | 27.0% | 32.6% | 21.8% | 30.2% | 29.5% | 31.6% | 21.3% | 29.5% |
| Net margin | 17.2% | 22.4% | 15.8% | 14.1% | 18.5% | 23.9% | 19.3% | 19.7% | 22.3% | 23.7% | 27.6% | 16.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BRO's financial statements (latest annual report filed February 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BRO financial results
In fiscal year 2025 (ended December 31, 2025), Brown & Brown reported revenue of $5.8 billion, up 22.5% from the year before. It had net income of $1.1 billion (up 6.1%), a net profit margin of 18.3%. Diluted earnings per share came to $4.30. Over five years revenue grew at an average rate of 17.2% a year.
See the BRO stock overview for the latest quote and news, or the BRO chart for price history and technical indicators.
BRO income statement FAQ
What is Brown & Brown's annual revenue?
Brown & Brown reported total revenue of $5.8 billion for fiscal year 2025, which ended on December 31, 2025. That was up 22.5% from $4.7 billion the previous year.
Is Brown & Brown profitable?
Yes. Brown & Brown reported net income of $1.1 billion in fiscal 2025, a net profit margin of 18.3%; its operating margin was 49.1%.
What is Brown & Brown's gross margin?
Brown & Brown's gross margin was 49.1% in fiscal 2025: for every $100 of revenue, Brown & Brown kept $49 after the direct cost of its products and services.
How fast is Brown & Brown growing?
Revenue grew 17.2% a year on average over the last five fiscal years, from $2.6 billion to $5.8 billion.
What are Brown & Brown's earnings per share?
Brown & Brown earned $4.30 per diluted share in fiscal 2025, compared with $3.84 a year earlier.
When will Brown & Brown report its next earnings?
Brown & Brown is expected to report results for the quarter ending September 30, 2026 on October 26, 2026 after the market closes.
When does Brown & Brown's fiscal year end?
Brown & Brown's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 12, 2026.