Brown & Brown, Inc. (BRO) Q1 2026 Financial Results Summary

DAYTONA BEACH, Fla., April 27, 2026 - Brown & Brown, Inc. (NYSE:BRO) announced its unaudited financial results for the first quarter of 2026.

Financial Highlights for Q1 2026

• Total Revenues: $1.9 billion, an increase of $497 million or 35.4% compared to Q1 2025.
• Organic Revenue: Flat with no growth at 0.0% year-over-year.
• Organic Revenue with Contingents: Increased 2.2% year-over-year.
• Income Before Income Taxes: $533 million, an increase of 24.8% from the previous year, with a margin of 28.0% compared to 30.4% in Q1 2025.
• EBITDAC - Adjusted: $731 million, an increase of 36.6% year-over-year with a margin of 38.5%, up from 38.1% in Q1 2025.
• Net Income Attributable to the Company: $426 million, up by $95 million or 28.7% compared to Q1 2025.
• Diluted Net Income Per Share: $1.06, a decrease of 7.8% from $1.15 in Q1 2025.
• Diluted Net Income Per Share - Adjusted: Increased 7.8% to $1.39 compared to $1.29 in Q1 2025.

Dividend and Stock Buyback

• The Board of Directors declared a quarterly cash dividend of $0.165 per share, payable on May 20, 2026, to shareholders of record on May 11, 2026.

Detailed Financial Performance

• Commissions and Fees:
  • Total was $1.88 billion, an increase from $1.385 billion in Q1 2025.
• Expenses:
  • Employee compensation and benefits increased to $907 million from $683 million.
  • Other operating expenses increased to $289 million from $186 million.
  • Total expenses for the quarter were $1.368 billion, compared to $977 million in Q1 2025.
• Net Income:
  • Net income before non-controlling interests was $427 million, up from $334 million in the previous year.

Cash Flow Highlights

• Net Cash Provided by Operating Activities: $262 million, compared to $213 million in Q1 2025.
• Cash Dividends Paid: Increased to $57 million from $43 million.

Balance Sheet & Assets

• Total Assets: $29.7 billion, compared to $29.991 billion at the end of 2025.
• Current Assets: $8.455 billion, slightly down from $8.614 billion in 2025.
• Total Liabilities: $17.087 billion, decreasing from $17.418 billion at year-end 2025.
• Total Equity: $12.613 billion, increasing from $12.573 billion previously.

Summary of Non-GAAP Financial Measures

• EBITDAC: Indicates operational earnings before interest, taxes, depreciation, and amortization. It showed an adjusted value of $731 million, improving 36.6% year-over-year.
• EBITDAC Margin: Increased to 38.5% from 38.1%.
• Organic Revenue: Excluding the impact of acquisitions, remained flat at 0.0% growth.

Brown & Brown, Inc. continues to navigate a challenging growth environment while striving for operational efficiency and shareholder returns. The steady update on financials indicates a robust first quarter despite fluctuations in stock performance metrics.

Conclusion

Brown & Brown's Q1 2026 financial results reflect substantial revenue growth and a solid dividend policy. The company remains focused on delivering value amid a competitive landscape, with key performance metrics indicating overall healthy growth and positive cash flow trends.

Brown & Brown, Inc. Consolidated Statements of Income (in millions, except per share data; unaudited)

Note: All amounts are in thousands.

	Three Months Ended March	2026	2025
REVENUES
Commissions and fees		$1,880	$1,385
Investment and other income		21	19
Total revenues		1,901	1,404
EXPENSES
Employee compensation and benefits		907	683
Other operating expenses		289	186
(Gain)/loss on disposal		(1)	2
Amortization		116	53
Depreciation		17	11
Interest		99	46
Change in estimated acquisition earn-out payables		5	(4)
Mark-to-market of escrow liability		(64)	—
Total expenses		1,368	977
Income before income taxes		533	427
Income taxes		106	93
Net income before non-controlling interests		427	334
Less: Net income attributable to non-controlling interests
Net income attributable to the Company		$426	$331
Net income per share:
Basic		$1.27	$1.16
Diluted		$1.06	$1.15
Weighted average number of shares outstanding:
Basic		331	283
Diluted		337	285

Brown & Brown, Inc. Consolidated Balance Sheets (in millions, except per share data, unaudited)

Note: All amounts are in thousands.

	March 31, 2026	December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$1,003	$1,079
Fiduciary cash	2,387	2,471
Commission, fees, and other receivables	1,576	1,438
Fiduciary receivables	1,574	1,515
Reinsurance recoverable	590	647
Prepaid reinsurance premiums	869	980
Other current assets	456	484
Total current assets	8,455	8,614
Fixed assets, net	370	367
Operating lease assets	263	269
Goodwill	15,076	15,087
Amortizable intangible assets, net	4,782	4,906
Other assets	754	748
Total assets	$29,700	$29,991
LIABILITIES AND EQUITY
Current liabilities:
Fiduciary liabilities	$3,961	$3,986
Losses and loss adjustment reserve	611	671
Unearned premiums	938	1,053
Accounts payable	873	990
Accrued expenses and other liabilities	695	875
Current portion of long-term debt	1,238	719
Total current liabilities	8,316	8,294
Long-term debt less unamortized discount and debt issuance costs	6,584	6,894
Operating lease liabilities	238	243
Deferred income taxes, net	899	815
Other liabilities	1,050	1,172
Equity:
Common stock, par value $0.10 per share; authorized 560 shares; issued 359 shares and outstanding 335 shares at 2026, issued 357 shares and outstanding 336 shares at 2025, respectively	36	36
Additional paid-in capital	6,165	6,160
Treasury stock, at cost 24 shares at 2026 and 21 shares at 2025, respectively	(1,098)	(848)
Accumulated other comprehensive income	128	210
Non-controlling interests	24	26
Retained earnings	7,358	6,989
Total equity	12,613	12,573
Total liabilities and equity	$29,700	$29,991

Disclaimer

The content on MarketsFN.com is provided for educational and informational purposes only. It does not constitute financial advice, investment recommendations, or trading guidance. All investments carry risk and past performance does not guarantee future results. You are solely responsible for your investment decisions and should conduct independent research and consult a qualified financial advisor before acting. MarketsFN.com and its authors are not liable for any losses or damages arising from the use of this information.