Brown & Brown, Inc. · NYSE:BRO
Brown & Brown — Q2 2025 Earnings Presentation
18 slides from Brown & Brown's earnings presentation, Jul 29, 2025
Slide 1: Second Quarter 2025 Results
Second Quarter 2025 Results July 28, 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: Second Quarter 2025 Results
Second Quarter 2025 Results (Unaudited) $1.3B Total revenue growth of 9.1% 3.6% 36.7% $0.78 $1.03 $22M Organic EBITDAC Margin - Diluted Net Income Diluted Net Income Annual revenue of Revenue Adjusted up 100bps Per Share Per Share - Adjusted 15 acquisitions growth decreased 13.3% increased 10.8% See
Slide 6: Market & Business Overview – 2Q25
Market & Business Overview – 2Q25 Economy remained relatively consistent with prior quarters, with continued moderation. Tariffs and inflation are main topics business leaders are monitoring. Companies are still hiring and investing. Overall, rate changes for admitted markets moderated as compared t
Slide 7: Segment Organic Revenue Growth 2Q25
Segment Organic Revenue Growth 2Q25 (Unaudited) 3.0% 4.6% 3.9% Retail Programs Wholesale Brokerage See important disclosures regarding non-GAAP measures on pages 2-3 and non-GAAP reconciliations on pages 13-16. 6 © 2025 Brown & Brown, Inc. All rights reserved.
Slide 8: Consolidated Financial Highlights - Adjusted
Consolidated Financial Highlights - Adjusted ($ Millions, Except Per Share Data; Adjusted & Unaudited) Second Quarter 2025 2024 $ Change % Change Total Revenues $1,285 $1,178 $107 9.1% Organic Revenue $1,162 $1,122 $40 3.6% Income Before Income Taxes - Adjusted $409 $360 $49 13.6% Income Before Inco
Slide 9: Retail Segment
Retail Segment ($ Millions; Unaudited) Second Quarter 2025 2024 $ Change % Change Total revenues $697 $646 $51 7.9% Organic Revenue $658 $639 $19 3.0% EBITDAC - Adjusted $192 $181 $11 6.1% EBITDAC Margin - Adjusted 27.5% 28.0% (50bps) Business & Market Commentary Total revenues grew due to EBITDAC -
Slide 10: Programs Segment
Programs Segment ($ Millions; Unaudited) Second Quarter 2025 2024 $ Change % Change Total revenues $381 $359 $22 6.1% Organic Revenue $343 $328 $15 4.6% EBITDAC - Adjusted $201 $178 $23 12.9% EBITDAC Margin - Adjusted 52.8% 49.6% 320bps Business & Market Commentary Organic Revenue growth was driven
Slide 11: Wholesale Brokerage Segment
Wholesale Brokerage Segment ($ Millions; Unaudited) Second Quarter 2025 2024 $ Change % Change Total revenues $182 $159 $23 14.5% Organic Revenue $161 $155 $6 3.9% EBITDAC - Adjusted $62 $53 $9 17.0% EBITDAC Margin - Adjusted 34.1% 33.3% 80bps Business & Market Commentary Total revenues increased du
Slide 12: Closing Comments
Closing Comments Level of investment by businesses will primarily be impacted by the outcome of trade negotiations and what these might mean for economic expansion, inflation and interest rate changes. Expecting admitted rate changes for most lines in the second half to be consistent with the rate c
Slide 13: Reconciliation of Non-GAAP Measures
S E C O N D Q U A R T E R 2 0 2 5 R E S U LT S Reconciliation of Non-GAAP Measures 12 © 2025 Brown & Brown, Inc. All rights reserved.
Slide 14: GAAP to Adjusted Reconciliation
GAAP to Adjusted Reconciliation ($ Millions, Except Per Share Data; Unaudited) Second Quarter 2025 Change in Estimated (Gain)/ Acquisition/ As Acquisition Loss on Integration Amortization Adjusted Reported Earn-Out Disposal Costs Payables Total revenues $1,285 - - - - $1,285 Income before income tax
Slide 15: GAAP to Adjusted Reconciliation
GAAP to Adjusted Reconciliation ($ Millions, Except Per Share Data; Unaudited) Second Quarter 2024 Change in Estimated (Gain)/ Acquisition/ As Acquisition Loss on Integration Amortization Adjusted Reported Earn-Out Disposal Costs Payables Total revenues $1,178 - - - - $1,178 Income before income tax
Slide 16: Reconciliation of Income Before Income Taxes to EBITDAC and EBITDAC - Adjusted
Reconciliation of Income Before Income Taxes to EBITDAC and EBITDAC - Adjusted and Income Before Income Taxes Margin to EBITDAC Margin and EBITDAC Margin - Adjusted ($ Millions; Unaudited) Second Quarter Wholesale Retail Programs Other Total Brokerage 2025 2024 2025 2024 2025 2024 2025 2024 2025 202
Slide 17: Reconciliation of Commissions and Fees to Organic Revenue
Reconciliation of Commissions and Fees to Organic Revenue ($ Millions; Unaudited) Second Quarter Wholesale Retail(1) Programs Total Brokerage 2025 2024 2025 2024 2025 2024 2025 2024 Commissions and fees $694 $643 $374 $353 $181 $158 $1,249 $1,154 Total change 51 21 23 95 Total growth % 7.9% 5.9% 14.
Slide 18: For additional information: 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