At a glance
Brown & Brown Inc is worth $23.84B, about 23 times its fiscal 2025 earnings. Revenue grew 22.8% to $5.90B in fiscal 2025, with 17.9% kept as profit; over 5 years it has grown 17.7% a year. It pays a 0.95% dividend yield, raised every year for at least 9 years, and returned $965.8M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −9.0% over the past year with dividends reinvested and +3.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 34.7% in the 2020 crash (S&P 500: 33.7%) and 27.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 14 months after the lows.
The business in plain English
Brown & Brown is an insurance middleman. It arranges property, casualty and employee benefits insurance for clients, earning commissions and fees while mostly leaving the risk of paying claims to insurers. Core commissions made up 66.8% of its $5.90 billion in 2025 revenue, and fees 21.7%. It also operates some insurers, including captives (set up to cover specific clients' risks) and Wright National Flood Insurance Company, which passes the premiums and risk on its federal flood policies to FEMA's National Flood Insurance Program.
Since buying Accession Risk Management Group's parent in the third quarter of 2025, it reports two segments. Retail, 58.7% of 2025 commissions and fees, serves businesses, public entities, professionals and individuals, and sells warranty products through auto and RV dealers. Specialty Distribution, the other 41.3%, includes Arrowhead Programs, which designs and manages coverage for niches such as dentists, trucking and school boards; Bridge Specialty Group, a wholesale broker that works through other agents on hard-to-place risks; and Arrowhead Specialty, covering captives, reinsurance, warranty, travel and life coverage. No Retail customer supplied more than 0.6% of segment commissions and fees; Specialty Distribution's largest supplied about 7.2%.
The US provided 85.7% of 2025 revenue and the UK 10.1%. As of December 31, 2025, it operated from 468 US locations in 47 states and 246 abroad.
Price history
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BRO -9.0% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Core Commission Revenue | $3.94B | 66.8% |
| Fee Revenue | $1.28B | 21.7% |
| Profit Sharing Contingent Commission Revenue | $255.0M | 4.3% |
| Other Supplemental Commissions Revenue | $206.0M | 3.5% |
| Earned Premium | $83.0M | 1.4% |
By business segment
| Retail Segment | $3.41B | 57.7% |
| Specialty Distribution | $2.41B | 40.8% |
By geography
| US | $5.06B | 85.7% |
| GB | $599.0M | 10.1% |
| Other Country | $244.0M | 4.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.73B, up 7.4% from a year earlier, and net income was $240.0M (+5.7%).
- For fiscal 2025, revenue was $5.90B (+22.8% year over year; +17.7% a year from FY2020 to FY2025) with a 17.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +17.7% good |
|---|---|
| Free cash flow margin | 23.4% good |
| Return on equity (FY2025) | 8.4% watch |
| Return on assets (FY2025) | 3.5% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.61B | $480.5M | $642.3M |
| FY2021 | $3.05B | $587.1M | $763.8M |
| FY2022 | $3.57B | $672.0M | $829.0M |
| FY2023 | $4.26B | $871.0M | $941.0M |
| FY2024 | $4.80B | $993.0M | $1.09B |
| FY2025 | $5.90B | $1.05B | $1.38B |
Valuation snapshot
| Market value | $23.84B |
|---|---|
| P/E ratio | 22.7 |
| Dividend yield | 0.95% |
Rank among 1514 US companies
Market value at each year end
Brown & Brown’s market value went from $6.29B at the end of 2016 to $23.84B on Nov 2, 2026, about 3.8 times as much; since the end of 2025 it is down 12%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $23.84B | -12.4% |
| 2025 | $27.21B | -6.7% |
| 2024 | $29.17B | +44.2% |
| 2023 | $20.24B | +25.4% |
| 2022 | $16.14B | -18.7% |
| 2021 | $19.85B | +47.4% |
| 2020 | $13.47B | +21.1% |
| 2019 | $11.12B | +44.6% |
| 2018 | $7.70B | +7.3% |
| 2017 | $7.17B | +14.1% |
| 2016 | $6.29B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BRO price data to Nov 2, 2026 | -9.1% | -9.0% | +1.1% | +3.5% | +15.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -9.1% |
| 2025 | -21.4% |
| 2024 | +44.3% |
| 2023 | +25.8% |
| 2022 | -18.4% |
| 2021 | +49.3% |
| 2020 | +21.1% |
| 2019 | +44.7% |
| 2018 | +8.3% |
| 2017 | +16.2% |
| 2016 | +41.8% |
| 2015 | -1.1% |
| 2014 | +6.3% |
| 2013 | +24.8% |
| 2012 | +14.1% |
| 2011 | -4.1% |
| 2010 | +34.3% |
| 2009 | -13.3% |
| 2008 | -10.4% |
| 2007 | -16.3% |
| 2006 | -7.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 41.3% over that stretch · deepest drop along the way 42.7%, back to its old high 24.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 34.7% over that stretch · deepest drop along the way 34.7%, back to its old high 6.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 11.4% over that stretch · deepest drop along the way 27.3%, back to its old high 14.2 months after the low |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 2 open-market purchases ($164K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 5, 2026 | H Palmer Jr Proctor Director | buy | $114K |
| Jun 9, 2026 | Joia M Johnson Director | buy | $50K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 6.42% | Mar 31, 2026 |
| FMR LLC | 5.4% | Jun 30, 2026 |
| Capital World Investors | 4.9% | Mar 31, 2026 |
ETFs with the most weight in BRO
| TMFM Motley Fool Mid-Cap Growth ETF | 6.26% |
| GFGF Guru Favorite Stocks ETF | 5.94% |
| KMID Virtus KAR Mid-Cap ETF | 4.37% |
| NEWZ StockSnips AI-Powered Sentiment US All Cap ETF | 4.22% |
| CGMM Capital Group U.S. Small and Mid Cap ETF | 3.36% |
| DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF | 3.2% |
| PFI Invesco Dorsey Wright Financial Momentum ETF | 3.2% |
| IPDP Dividend Performers ETF | 2.65% |
What could go wrong
- Lawsuit over Oxford's captive guarantee policies. Accession's Oxford Risk Management Group unit faces litigation over a 2024 restructuring of financial guarantee policies. Results would suffer if claim costs exceed cash in the captives plus an escrow fund from the deal.
- Claims costs from Accession's captive insurers. Brown & Brown mostly acts as a middleman, but Accession's captives (insurers set up for specific clients) could leave it paying claims expenses not covered by reinsurance, which is insurance for insurers.
- Accession deal may deliver less than expected. The company expects gains from combining with Accession and from using Accession's deferred tax assets, which can reduce future tax bills. These may be limited, arrive late or never materialize.
- Much more debt after the purchase. After financing the deal, total debt stood at $7,613 million as of December 31, 2025, and $7,759 million as of September 30, 2026. Bigger interest bills leave less room in a downturn.
- Key deal assumptions may prove wrong. The deal's value rests on assumptions, including keeping key Accession brokers and customers. If they leave, or unknown liabilities surface, revenue and earnings could fall short of the company's projections.
- Vehicle sales slowdown could hurt dealer unit. The F&I (finance and insurance) unit sells warranty and related products through auto and RV dealers. Slower US vehicle sales, or regulatory and tax changes affecting dealers, could reduce this business.
Recent events
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
- Executive or board change
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Executive or board change; Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
- Executive or board change
For income and retirement investors
Brown & Brown pays a small but rising dividend. The yield was 1.03% as of October 28, 2026, which means little income up front. Dividends per share grew from $0.35 in 2020 to $0.62 in 2025, about 12.1% a year, with at least nine straight annual increases. The 2025 dividend used 18.3% of earnings and 14% of free cash flow (cash left after running and investing in the business). Buybacks totaled $256.6 million from 2021 through 2025, yet the share count rose 17.4% in the five years to October 2026.
In past slumps the stock fell 42.7% in the 2008 financial crisis (about 25 months to recover), 34.7% in the 2020 COVID crash (about 7 months) and 27.3% in the 2022 bear market (about 14 months). Its deepest fall in 21 years of price history, 55.8%, came in the three years to October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Brown & Brown make money?
Mainly from commissions and fees for arranging insurance. In 2025, core commissions were 66.8% of its $5.90 billion in revenue and fees were 21.7%. Profit-sharing contingent commissions, which insurers pay based on how the business placed with them performs, added 4.3%, and other supplemental commissions 3.5%. Premiums earned as an insurer were just 1.4%. By segment, Retail produced 58.7% of 2025 commissions and fees and Specialty Distribution 41.3%.
Is Brown & Brown an insurance company or a broker?
Mostly a broker. Brown & Brown primarily works as an agent or broker, selling insurers' policies without taking on underwriting risk (the risk of paying claims). It does run some insurance operations, including captives and reinsurance companies that take on some risk, and Wright National Flood Insurance Company, which passes the premiums and risk on its federal flood policies to FEMA's National Flood Insurance Program and fully reinsures its excess flood policies. Premiums earned as an insurer were 1.4% of 2025 revenue.
Does Brown & Brown raise its dividend every year?
Yes. Brown & Brown has raised its dividend at least nine years in a row through 2025, and the streak may be longer. Dividends per share grew from $0.35 in 2020 to $0.62 in 2025, about 12.1% a year. The 2025 payout used 18.3% of earnings and 14% of free cash flow. The yield was 1.03% as of October 28, 2026. That is a modest level of income, so the record is one of growth rather than high yield.
What was Brown & Brown's Accession acquisition?
It was Brown & Brown's purchase of RSC, the holding company for Accession Risk Management Group, in the third quarter of 2025. The company paid with proceeds from securities offerings and cash, and total debt was $7,613 million as of December 31, 2025. It then merged its Programs and Wholesale Brokerage segments into a Specialty Distribution segment. Accession brought captive insurers with some underwriting risk and litigation against its Oxford Risk Management Group unit. In 2025, revenue rose 22.8% while diluted earnings per share fell to $3.16 from $3.46.
How has Brown & Brown stock performed?
It has struggled over the short term but done well over 10 years. As of October 28, 2026, the share price was down 19.2% over one year and 16.7% for 2026 through that date, after a 21.4% drop in 2025. On a price basis it gained 1.6% a year over five years and 14.6% a year over 10 years. On that date the stock traded at 20.8 times 2025 earnings per share, with a 1.03% dividend yield.