BRO Brown & Brown
FY2025 10-K
Brown & Brown (BRO) filed its fiscal year 2025 10-K annual report with the SEC on Feb 12, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
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
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
Financial SummaryXBRL
Revenue
$5.9B
Net Income
$1.1B
Net Margin
17.9%
ROE
8.4%
Total Assets
$30.0B
EPS (Diluted)
$3.16
Operating Cash Flow
$1.4B
Source: XBRL data from Brown & Brown FY2025 10-K filing on SEC EDGAR. All figures in USD.
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