Brown & Brown, Inc. · NYSE:BRO
Brown & Brown — Q4 2025 Earnings Presentation
23 slides from Brown & Brown's earnings presentation, Jan 27, 2026
Slide 1: Fourth Quarter & Full Year 2025 Results
Fourth Quarter & Full Year 2025 Results January 26, 2026
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: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results (Unaudited) $1.6B Total revenue growth of 35.7% (2.8%) 32.9% $0.59 $0.93 $29M Organic EBITDAC Margin - Diluted Net Income Diluted Net Income Annual revenue of Revenue Adjusted flat Per Share Per Share - Adjusted six acquisitions decrease decreased 19.2% increased 8.1% See
Slide 6: Full Year 2025 Results
Full Year 2025 Results (Unaudited) $5.9B Total revenue growth of 22.8% 2.8% 35.9% $3.16 $4.26 $1.8B Organic EBITDAC Margin - Diluted Net Income Diluted Net Income Annual revenue of Revenue Adjusted up 70bps Per Share Per Share - Adjusted 43 acquisitions growth decreased 8.7% increased 10.9% See impo
Slide 7: Market & Business Overview – 4Q25
Market & Business Overview – 4Q25 Economic expansion remained relatively consistent with past couple of quarters. Inflation is primary area of focus. Many companies continue to hire and invest at a modest level. Rate increases for most admitted markets moderated slightly. Property rates generally fl
Slide 8: Segment Organic Revenue Growth
Segment Organic Revenue Growth (Unaudited) Retail Specialty Distribution Q4 2025 1.1% (7.8%) Full Year 2025 2.8% 2.8% See important disclosures regarding non-GAAP measures on pages 2-3 and non-GAAP reconciliations on pages 14-21. 7 © 2026 Brown & Brown, Inc. All rights reserved.
Slide 9: Consolidated Financial Highlights - Adjusted
Consolidated Financial Highlights - Adjusted ($ Millions, Except Per Share Data; Adjusted & Unaudited) Fourth Quarter 2025 2024 $ Change % Change Total Revenues $1,607 $1,184 $423 35.7% Organic Revenue $1,079 $1,110 ($31) (2.8%) Income Before Income Taxes - Adjusted $410 $333 $77 23.1% Income Before
Slide 10: Retail Segment
Retail Segment ($ Millions; Unaudited) Fourth Quarter 2025 2024 $ Change % Change Total revenues $920 $637 $283 44.4% Organic Revenue $631 $624 $7 1.1% EBITDAC - Adjusted $245 $177 $68 38.4% EBITDAC Margin - Adjusted 26.6% 27.8% (120bps) Business & Market Commentary Total revenues grew primarily due
Slide 11: Specialty Distribution Segment
Specialty Distribution Segment ($ Millions; Unaudited) Fourth Quarter 2025 2024 $ Change % Change Total revenues $678 $534 $144 27.0% Organic Revenue $448 $486 ($38) (7.8%) EBITDAC - Adjusted $280 $224 $56 25.0% EBITDAC Margin - Adjusted 41.3% 41.9% (60bps) Business & Market Commentary Organic Reven
Slide 12: Consolidated Financial Highlights - Adjusted
Consolidated Financial Highlights - Adjusted ($ Millions, Except Per Share Data; Adjusted & Unaudited) Full Year 2025 2024 $ Change % Change Total Revenues $5,902 $4,805 $1,097 22.8% Organic Revenue $4,672 $4,546 $126 2.8% Income Before Income Taxes - Adjusted $1,769 $1,452 $317 21.8% Income Before
Slide 13: Closing Comments
Closing Comments Overall, positive economic backdrop in the markets in which we operate. Inflation and labor markets will continue to be focus areas. Expecting most admitted commercial line rates to moderate slightly as compared to 2025. Rates for employee benefits should continue to increase simila
Slide 14: Reconciliation of Non-GAAP Measures
F O U R T H Q U A R T E R & F U L L Y E A R 2 0 2 5 R E S U LT S Reconciliation of Non-GAAP Measures 13 © 2026 Brown & Brown, Inc. All rights reserved.
Slide 15: GAAP to Adjusted Reconciliation
GAAP to Adjusted Reconciliation ($ Millions, Except Per Share Data; Unaudited) Fourth Quarter 2025 Change in Mark-To- Estimated (Gain)/ Acquisition/I As Market of Acquisition Loss on ntegration Amortization Adjusted Reported Escrow Earn-Out Disposal Costs Liability Payables Total revenues $1,607 - -
Slide 16: GAAP to Adjusted Reconciliation
GAAP to Adjusted Reconciliation ($ Millions, Except Per Share Data; Unaudited) Fourth 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 $1,184 - -
Slide 17: GAAP to Adjusted Reconciliation
GAAP to Adjusted Reconciliation ($ Millions, Except Per Share Data; Unaudited) Full Year 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 $5,902 - - - -
Slide 18: GAAP to Adjusted Reconciliation
GAAP to Adjusted Reconciliation ($ Millions, Except Per Share Data; Unaudited) Full Year 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 $4,805 - - - -
Slide 19: Reconciliation of Income Before Income Taxes to EBITDAC
Reconciliation of Income Before Income Taxes to EBITDAC and EBITDAC - Adjusted and Income Before Income Taxes Margin to EBITDAC Margin and EBITDAC Margin - Adjusted ($ Millions; Unaudited) Fourth Quarter Retail Specialty Distribution Other Total 2025 2024 2025 2024 2025 2024 2025 2024 Total revenues
Slide 20: 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) Full Year Retail Specialty Distribution Other Total 2025 2024 2025 2024 2025 2024 2025 2024 Total revenues $3,4
Slide 21: Reconciliation of Commissions and Fees to Organic Revenue
Reconciliation of Commissions and Fees to Organic Revenue ($ Millions; Unaudited) Fourth Quarter Specialty Retail(1) Total Distribution 2025 2024 2025 2024 2025 2024 Commissions and fees $911 $633 $669 $528 $1,580 $1,161 Total change 278 141 419 Total growth % 43.9% 26.7% 36.1% Profit-sharing contin
Slide 22: Reconciliation of Commissions and Fees to Organic Revenue
Reconciliation of Commissions and Fees to Organic Revenue ($ Millions; Unaudited) Full Year Specialty Retail(1) Total Distribution 2025 2024 2025 2024 2025 2024 Commissions and fees $3,384 $2,720 $2,379 $1,985 $5,763 $4,705 Total change 664 394 1,058 Total growth % 24.4% 19.8% 22.5% Profit-sharing c
Slide 23: 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