Short answer
Brown & Brown (BRO) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $5.9B (+22.8% year over year) and net income of $1.1B.
- Top risk flagged: Regulatory/legal risk: Enforcement of anti-corruption laws for acquired businesses may lead to fines, compliance costs, or reputational damage
FY2025 key financial metrics · XBRL
- Revenue
- $5.9B
- +22.8% YoY
- Net income
- $1.1B
- +6.1% YoY
- EPS (diluted)
- $3.16
- −8.7% YoY
- ROE
- 8.4%
- −7.0 pp YoY
- Operating cash flow
- $1.4B
- +23.5% YoY
Source: XBRL data from the Brown & Brown (BRO) FY2025 10-K on SEC EDGAR. USD.
Brown & Brown FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: insurance agency and brokerage primarily in property, casualty, and employee benefits, with ancillary underwriting risk via captives and flood insurance carrier
- New segment structure: consolidated Programs and Wholesale Brokerage into new Specialty Distribution segment post-RSC acquisition in Q3 2025
- Strategic shift: streamlined from three to two reportable segments (Retail and Specialty Distribution) to enhance operational focus and reporting comparability
- Notable metric: workforce expansion by 5,794 employees in 2025 due to 43 acquisitions, totaling 22,888 employees worldwide
- Unique fact: Specialty Distribution’s largest customer accounts for 7.2% of segment commissions, indicating significant client concentration in that segment
Management Discussion & Analysis
- Revenue $5,902M, up 22.8% YoY from $4,805M driven by core commissions and fees increase of $969M (+21.3%)
- Net income $1,054M, up 6.1% YoY from $993M; income before income taxes margin 23.2% vs 27.1% in prior year
- Best performing segment Retail: revenue $3,406M (+24.8% YoY), EBITDAC Margin 30.0% flat YoY; worst Specialty Distribution: revenue $2,409M (+19.5%), EBITDAC Margin 43.1% vs 42.8% prior year
- Operating cash flow $1,450M up $276M; acquisitions capex $7,854M (notably Accession $7,463M); cash and equivalents $1,079M (+$404M); $225M debt drawn in 2026 for general purposes
- Management notes acquisition integration costs, increased debt interest expense, and slowed organic growth rate (2.8% in 2025 vs 10.4% prior); key risks include macroeconomic and regulatory environment impacts on underwriting results
Risk Factors
- Regulatory/legal risk: Enforcement of anti-corruption laws for acquired businesses may lead to fines, compliance costs, or reputational damage
- Geopolitical/macroeconomic risk: Significant business concentration in Florida (16%), Michigan (9%), Massachusetts (8%) exposed to regional economic downturns or natural disasters
- Operational/supply chain risk: Cybersecurity threats exacerbated by generative AI use and complexities integrating Accession acquisition systems
- Competitive risk: New AI-enabled platforms and competitors using generative AI, blockchain, robotics may bypass traditional intermediaries, reducing demand for Brown & Brown’s services
- Financial/structural risk: Key-person dependency risk with intense competition for talent; loss of executive officers or skilled employees could materially harm business and innovation
Generated from the filing text; verify against the original. How to read a 10-K
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