Brown & Brown, Inc. (BRO) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Revenue | 1.9B | 1.67B | 1.61B | 1.25B | 1.39B | 1.09B | 1.19B | 1.15B | 1.24B | 972.4M | 1.07B | 1.04B | 1.11B | 893.2M | 926.4M | 839.1M | 904.3M | 737.91M | 770.1M | 726.1M |
| Revenue Growth % | 37.26% | 53.26% | 35.41% | 8.23% | 11.96% | 11.99% | 11.26% | 11.39% | 11.64% | 8.87% | 15.07% | 23.47% | 22.53% | 21.04% | 20.3% | 15.56% | 11.05% | 15.29% | 14.7% | 21.39% |
| Medical Costs & Claims | 907M | 270M | 793M | 640M | 683M | 583M | 607M | 585M | 631M | 553.7M | 532M | 530M | 571M | 475.6M | 470.3M | 412.1M | 459M | 416.8M | 395M | 395.6M |
| Medical Cost Ratio % | 47.71% | 16.18% | 49.38% | 51.24% | 49.31% | 53.54% | 51.18% | 50.69% | 51.01% | 56.94% | 49.91% | 51.16% | 51.53% | 53.25% | 50.77% | 49.11% | 50.76% | 56.48% | 51.29% | 54.48% |
| Gross Profit | 994M | 1.4B | 813M | 609M | 702M | 506M | 579M | 569M | 606M | 418.7M | 534M | 506M | 537M | 417.6M | 456.1M | 427M | 445.3M | 321.11M | 375.1M | 330.5M |
| Gross Margin % | 52.29% | 83.82% | 50.62% | 48.76% | 50.69% | 46.46% | 48.82% | 49.31% | 48.99% | 43.06% | 50.09% | 48.84% | 48.47% | 46.75% | 49.23% | 50.89% | 49.24% | 43.52% | 48.71% | 45.52% |
| Gross Profit Growth % | 41.6% | 176.48% | 40.41% | 7.03% | 15.84% | 20.85% | 8.43% | 12.45% | 12.85% | 0.26% | 17.08% | 18.5% | 20.59% | 30.05% | 21.59% | 29.2% | 15.72% | 22.29% | 21.54% | 31.34% |
| Operating Expenses | 461M | 970M | 391M | 272M | 250M | 269M | 221M | 228M | 215M | 211.5M | 219M | 213M | 212M | 195.5M | 224.4M | 196.5M | 166M | 150.13M | 139.8M | 134.6M |
| OpEx / Revenue % | 24.25% | 58.12% | 24.35% | 21.78% | 18.05% | 24.7% | 18.63% | 19.76% | 17.38% | 21.75% | 20.54% | 20.56% | 19.13% | 21.89% | 24.22% | 23.42% | 18.36% | 20.35% | 18.15% | 18.54% |
| Depreciation & Amortization | 123M | 135M | 107M | 62M | 64M | 58M | 57M | 55M | 54M | 51.8M | 51M | 52M | 51M | 49.3M | 54.8M | 42.6M | 39.2M | 38.88M | 38.7M | 38.3M |
| Combined Ratio % | 71.96% | 74.3% | 73.72% | 73.02% | 67.36% | 78.24% | 69.81% | 70.45% | 68.39% | 78.69% | 70.45% | 71.72% | 70.67% | 75.13% | 74.99% | 72.53% | 69.11% | 76.83% | 69.45% | 73.02% |
| Operating Income | 533M | 429M | 422M | 337M | 452M | 237M | 358M | 341M | 391M | 207.2M | 315M | 293M | 325M | 222.1M | 231.7M | 230.5M | 279.3M | 170.97M | 235.3M | 195.9M |
| Operating Margin % | 28.04% | 25.7% | 26.28% | 26.98% | 32.64% | 21.76% | 30.19% | 29.55% | 31.61% | 21.31% | 29.55% | 28.28% | 29.33% | 24.87% | 25.01% | 27.47% | 30.89% | 23.17% | 30.55% | 26.98% |
| Operating Income Growth % | 17.92% | 81.01% | 17.88% | -1.17% | 15.6% | 14.38% | 13.65% | 16.38% | 20.31% | -6.71% | 35.95% | 27.12% | 16.36% | 29.9% | -1.53% | 17.66% | 10.22% | 26.7% | 28.21% | 36.84% |
| EBITDA | 656M | 564M | 529M | 399M | 516M | 295M | 415M | 396M | 445M | 259M | 366M | 345M | 376M | 271.4M | 286.5M | 273.1M | 318.5M | 209.86M | 274M | 234.2M |
| EBITDA Margin % | 34.51% | 33.79% | 32.94% | 31.95% | 37.26% | 27.09% | 34.99% | 34.32% | 35.97% | 26.64% | 34.33% | 33.3% | 33.94% | 30.39% | 30.93% | 32.55% | 35.22% | 28.44% | 35.58% | 32.25% |
| Interest Expense | 0 | 100M | 100M | 53M | 48M | 54M | 50M | 52M | 50M | 49.7M | 48M | 50M | 49M | 47.4M | 43.4M | 37.7M | 19.7M | 22.41M | 17.5M | 18M |
| Non-Operating Income | 0 | 8M | 0 | -27M | -23M | -92M | -9M | -57M | -23M | -197.6M | 25M | -11M | -18M | -19.6M | -29.7M | -6M | -5.4M | 7.74M | 21.3M | -8.4M |
| Pretax Income | 533M | 321M | 311M | 311M | 427M | 275M | 317M | 346M | 364M | 355.1M | 242M | 254M | 294M | 194.3M | 218M | 198.8M | 265M | 140.82M | 196.5M | 186.3M |
| Pretax Margin % | 28.04% | 19.23% | 19.36% | 24.9% | 30.83% | 25.25% | 26.73% | 29.98% | 29.43% | 36.52% | 22.7% | 24.52% | 26.53% | 21.75% | 23.53% | 23.69% | 29.3% | 19.08% | 25.52% | 25.66% |
| Income Tax | 107M | 53M | 82M | 77M | 93M | 64M | 78M | 87M | 71M | 86.5M | 66M | 64M | 58.7M | 49.1M | 56.9M | 53.6M | 44.7M | 39.1M | 50.1M | 47M |
| Effective Tax Rate % | 20.08% | 16.51% | 26.37% | 24.76% | 21.78% | 23.27% | 24.61% | 25.14% | 19.51% | 24.36% | 27.27% | 25.2% | 19.97% | 25.27% | 26.1% | 26.96% | 16.87% | 27.77% | 25.5% | 25.23% |
| Net Income | 426M | 264M | 227M | 231M | 331M | 210M | 234M | 257M | 293M | 268.7M | 176M | 190M | 236M | 145.2M | 161.1M | 142.5M | 215.9M | 101.72M | 146.35M | 139.29M |
| Net Margin % | 22.41% | 15.82% | 14.13% | 18.49% | 23.9% | 19.28% | 19.73% | 22.27% | 23.69% | 27.63% | 16.51% | 18.34% | 21.3% | 16.26% | 17.39% | 16.98% | 23.87% | 13.78% | 19% | 19.18% |
| Net Income Growth % | 28.7% | 25.71% | -2.99% | -10.12% | 12.97% | -21.85% | 32.95% | 35.26% | 24.15% | 85.06% | 9.25% | 33.33% | 9.31% | 42.75% | 10.08% | 2.3% | 8.09% | 4.52% | 9.24% | 43.92% |
| EPS (Diluted) | 1.26 | 0.59 | 0.68 | 0.78 | 1.15 | 0.73 | 0.82 | 0.90 | 1.02 | 0.94 | 0.62 | 0.67 | 0.83 | 0.51 | 0.57 | 0.51 | 0.78 | 0.36 | 0.52 | 0.49 |
| EPS Growth % | 9.57% | -19.18% | -17.07% | -13.33% | 12.75% | -22.34% | 32.26% | 34.33% | 22.89% | 84.31% | 8.77% | 31.37% | 6.41% | 41.67% | 9.62% | 4.08% | 11.43% | 5.88% | 10.64% | 44.12% |
| EPS (Basic) | 1.28 | 0.79 | 0.69 | 0.79 | 1.16 | 0.75 | 0.82 | 0.90 | 1.03 | 0.94 | 0.62 | 0.67 | 0.83 | 0.51 | 0.57 | 0.51 | 0.78 | 0.36 | 0.52 | 0.49 |
| Diluted Shares Outstanding | 339M | 339M | 332M | 293M | 285M | 284M | 283M | 283M | 283M | 281.9M | 281.3M | 280.4M | 279.4M | 279.02M | 278.7M | 278.2M | 278.57M | 278.13M | 277.55M | 276.88M |