# Brown & Brown, Inc. (BRO) Q2 2025 Financial Results Summary
Brown & Brown, Inc. (NYSE: BRO) announced its financial results for the second quarter of 2025 on July 28, 2025. The company reported various financial metrics showcasing both growth and challenges compared to the same quarter a year ago.
## Key Financial Highlights
– **Total Revenues**:
– $1.3 billion, an increase of **9.1%** from Q2 2024.
– Commissions and fees increased by **8.2%**.
– Organic Revenue growth was **3.6%**.
– **Income Before Income Taxes**:
– $311 million, a decrease of **10.1%** from Q2 2024.
– Income Before Income Taxes Margin decreased to **24.2%** from **29.4%** in the previous year.
– **EBITDAC and EBITDAC – Adjusted**:
– EBITDAC – Adjusted was $471 million, an increase of **12.1%** from Q2 2024.
– EBITDAC Margin – Adjusted increased to **36.7%** from **35.7%**.
– **Net Income**:
– Net income attributable to the Company was $231 million, down by **10.1%**.
– Diluted net income per share was $0.78, down **13.3%** compared to Q2 2024.
– Diluted Net Income Per Share – Adjusted increased to $1.03, up **10.8%**.
## Year-to-Date Results
For the six months ended June 30, 2025:
– **Total Revenues**:
– $2.7 billion, a rise of **10.4%** compared to the same period in 2024.
– Commissions and fees rose **10.2%**, while Organic Revenue improved by **5.1%**.
– **Income Before Income Taxes**:
– $738 million, an increase of **3.7%**.
– Income Before Income Taxes Margin decreased to **27.4%** from **29.2%**.
– **Net Income**:
– Net income attributable to the Company was $563 million, an increase of **2.4%**.
– Diluted net income per share increased to $1.93, a modest increase of **0.5%**.
– Diluted Net Income Per Share – Adjusted rose to $2.32, up **12.1%**.
## Dividend and Share Repurchase
– Brown & Brown, Inc. declared a **cash dividend** of $86 million during the first half of 2025, representing an increase from **$75 million** in 2024.
– The company also repurchased shares to fund tax withholdings for non-cash stock-based compensation, totaling **$41 million** in Q2 2025.
## Additional Insights
– Cash and cash equivalents as of June 30, 2025, were **$10.9 billion**, a significant increase from **$2.97 billion** as of December 31, 2024.
– The company’s total current assets amounted to **$14.4 billion**, up from **$6.9 billion** at the end of the previous year.
– Total liabilities were **$14 billion**, with long-term debt less unamortized discount at **$7.47 billion** compared to **$3.6 billion** at the end of 2024.
– J. Powell Brown, president, and CEO commented, “We are pleased with the earnings for the quarter and have good momentum as we head into the second half of the year.”
The financial summary indicates a mix of growth in revenues and adjusted metrics alongside declines in net income and income tax margins. The continued commitment to shareholder returns through dividends and repurchases underlines the company’s strategy amid fluctuating financial performance.
| Three Months Ended June | Six Months Ended June | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| REVENUES | ||||
| Commissions and fees | $1,249 | $1,154 | $2,634 | $2,390 |
| Investment and other income | 36 | 24 | 55 | 45 |
| Total revenues | 1,285 | 1,178 | 2,689 | 2,435 |
| EXPENSES | ||||
| Employee compensation and benefits | 640 | 585 | 1,323 | 1,216 |
| Other operating expenses | 211 | 173 | 398 | 334 |
| (Gain)/loss on disposal | — | (31) | 1 | (29) |
| Amortization | 50 | 44 | 103 | 86 |
| Depreciation | 11 | 11 | 23 | 21 |
| Interest | 51 | 49 | 96 | 97 |
| Change in estimated acquisition earn-out payables | 11 | 1 | 7 | (2) |
| Total expenses | 974 | 832 | 1,951 | 1,723 |
| Income before income taxes | 311 | 346 | 738 | 712 |
| Income taxes | 77 | 87 | 169 | 159 |
| Net income before non-controlling interests | 234 | 259 | 569 | 553 |
| Less: Net income attributable to non-controlling interests | 3 | 2 | 6 | 3 |
| Net income attributable to the Company | $231 | $257 | $563 | $550 |
| Net income per share: | ||||
| Basic | $0.79 | $0.90 | $1.94 | $1.93 |
| Diluted | $0.78 | $0.90 | $1.93 | $1.92 |
| Weighted average number of shares outstanding: | ||||
| Basic | 292 | 282 | 287 | 281 |
| Diluted | 293 | 283 | 289 | 283 |
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $8,893 | $675 |
| Fiduciary cash | 2,026 | 1,827 |
| Commission, fees, and other receivables | 1,055 | 895 |
| Fiduciary receivables | 1,212 | 1,116 |
| Reinsurance recoverable | 385 | 1,527 |
| Prepaid reinsurance premiums | 529 | 520 |
| Other current assets | 343 | 364 |
| Total current assets | 14,443 | 6,924 |
| Fixed assets, net | 334 | 319 |
| Operating lease assets | 198 | 200 |
| Goodwill | 8,365 | 7,970 |
| Amortizable intangible assets, net | 1,866 | 1,814 |
| Other assets | 430 | 385 |
| Total assets | $25,636 | $17,612 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Fiduciary liabilities | $3,238 | $2,943 |
| Losses and loss adjustment reserve | 400 | 1,543 |
| Unearned premiums | 632 | 577 |
| Accounts payable | 382 | 373 |
| Accrued expenses and other liabilities | 530 | 653 |
| Current portion of long-term debt | 75 | 225 |
| Total current liabilities | 5,257 | 6,314 |
| Long-term debt less unamortized discount and debt issuance costs | 7,470 | 3,599 |
| Operating lease liabilities | 186 | 189 |
| Deferred income taxes, net | 721 | 711 |
| Other liabilities | 385 | 362 |
| Equity: | ||
| Common stock, par value $0.10 per share; authorized 560 shares; issued 350 shares and outstanding 330 shares at 2025, issued 306 shares and outstanding 286 shares at 2024, respectively | 35 | 31 |
| Additional paid-in capital | 5,441 | 1,118 |
| Treasury stock, at cost 20 shares at 2025 and 2024 | (748) | (748) |
| Accumulated other comprehensive income/(loss) | 262 | (109) |
| Non-controlling interests | 23 | 17 |
| Retained earnings | 6,604 | 6,128 |
| Total equity | 11,617 | 6,437 |
| Total liabilities and equity | $25,636 | $17,612 |
