Brown & Brown, Inc. · NYSE:BRO
Brown & Brown — Q3 2025 Earnings Presentation
17 slides from Brown & Brown's earnings presentation, Oct 28, 2025
Slide 1: Third Quarter 2025 Results
Third Quarter 2025 Results October 27, 2025
Slide 2: Information Regarding Forward-Looking Statements
Information Regarding Forward-Looking Statements This presentation and the statements made during our earnings call may contain certain statements relating to future results which are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Slide 3: Information Regarding Non-GAAP Measures
Information Regarding Non-GAAP Measures This presentation contains references to "non-GAAP financial measures" as defined in SEC Regulation G, consisting of Organic Revenue, EBITDAC, EBITDAC Margin, EBITDAC - Adjusted, EBITDAC Margin - Adjusted, Income Before Income Taxes - Adjusted, Income Before I
Slide 4: Information Regarding Non-GAAP Measures - Continued
Information Regarding Non-GAAP Measures - Continued Non-GAAP Revenue Measures • Organic Revenue is our core commissions and fees less: (i) the core commissions and fees earned for the first 12 months by newly acquired operations; (ii) divested business (core commissions and fees generated from offic
Slide 5: Third Quarter 2025 Results Highlights
Third Quarter 2025 Results (Unaudited) $1.6B Total revenue growth of 35.4% 3.5% 36.6% $0.68 $1.05 $1.7B Organic EBITDAC Margin - Diluted Net Income Diluted Net Income Annual revenue of Revenue Adjusted up 170bps Per Share Per Share - Adjusted seven acquisitions growth decreased 16.0% increased 15.4%
Slide 6: Market & Business Overview – 3Q25
Market & Business Overview – 3Q25 Economic expansion remained substantially consistent with the second quarter of 2025. Concerns over tariffs are diminishing, while inflation is being monitored. Companies are modestly hiring and investing. Rate changes for admitted markets were similar to the second
Slide 7: Segment Organic Revenue Growth 3Q25
Segment Organic Revenue Growth 3Q25 (Unaudited) 2.7% 4.6% Retail Specialty Distribution See important disclosures regarding non-GAAP measures on pages 2-3 and non-GAAP reconciliations on pages 12-15. 6 © 2025 Brown & Brown, Inc. All rights reserved.
Slide 8: Consolidated Financial Highlights - Adjusted
Consolidated Financial Highlights - Adjusted ($ Millions, Except Per Share Data; Adjusted & Unaudited) Third Quarter 2025 2024 $ Change % Change Total Revenues $1,606 $1,186 $420 35.4% Organic Revenue $1,170 $1,130 $40 3.5% Income Before Income Taxes - Adjusted $473 $353 $120 34.0% Income Before Inc
Slide 9: Retail Segment
Retail Segment ($ Millions; Unaudited) Third Quarter 2025 2024 $ Change % Change Total revenues $883 $641 $242 37.8% Organic Revenue $649 $632 $17 2.7% EBITDAC - Adjusted $247 $170 $77 45.3% EBITDAC Margin - Adjusted 28.0% 26.5% 150bps Business & Market Commentary Total revenues grew due to Employee
Slide 10: Specialty Distribution Segment
Specialty Distribution Segment ($ Millions; Unaudited) Third Quarter 2025 2024 $ Change % Change Total revenues $681 $524 $157 30.0% Organic Revenue $521 $498 $23 4.6% EBITDAC - Adjusted $299 $236 $63 26.7% EBITDAC Margin - Adjusted 43.9% 45.0% (110bps) Business & Market Commentary EBITDAC - Adjuste
Slide 11: Closing Comments
Closing Comments Expecting businesses in the fourth quarter of 2025 to have a neutral bias towards hiring and investments. Inflation and labor markets will be areas to monitor. Expecting the rate of changes for most admitted lines to be similar to the third quarter of 2025. Assuming no major insured
Slide 12: Reconciliation of Non-GAAP Measures
T H I R D Q U A R T E R 2 0 2 5 R E S U LT S Reconciliation of Non-GAAP Measures 11 © 2025 Brown & Brown, Inc. All rights reserved.
Slide 13: GAAP to Adjusted Reconciliation (2025)
GAAP to Adjusted Reconciliation ($ Millions, Except Per Share Data; Unaudited) Third Quarter 2025 Change in Mark-To- Estimated (Gain)/ Acquisition/ As Market of Acquisition Loss on Integration Amortization Adjusted Reported Escrow Earn-Out Disposal Costs Liability Payables Total revenues $1,606 - -
Slide 14: GAAP to Adjusted Reconciliation (2024)
GAAP to Adjusted Reconciliation ($ Millions, Except Per Share Data; Unaudited) Third Quarter 2024 Change in Mark-To- Estimated (Gain)/ Acquisition/ As Market of Acquisition Loss on Integration Amortization Adjusted Reported Escrow Earn-Out Disposal Costs Liability Payables Total revenues $1,186 - -
Slide 15: Reconciliation of Income Before Income Taxes to EBITDAC
Reconciliation of Income Before Income Taxes to EBITDAC and EBITDAC - Adjusted and Income Before Income Taxes Margin to EBITDAC Margin and EBITDAC Margin - Adjusted ($ Millions; Unaudited) Third Quarter Retail Specialty Distribution Other Total 2025 2024 2025 2024 2025 2024 2025 2024 Total revenues
Slide 16: Reconciliation of Commissions and Fees to Organic Revenue
Reconciliation of Commissions and Fees to Organic Revenue ($ Millions; Unaudited) Third Quarter Specialty Retail(1) Total Distribution 2025 2024 2025 2024 2025 2024 Commissions and fees $877 $639 $673 $516 $1,550 $1,155 Total change 238 157 395 Total growth % 37.2% 30.4% 34.2% Profit-sharing conting
Slide 17: Andrew Watts
For additional information: Andrew Watts Executive Vice President & Chief Financial Officer (386) 239-5770 | awatts@bbins.com The Cheetah: Since our beginning, we have known that doing what is best for our customers requires constant persistence and vision. The cheetah, which represents vision, swif