Brown & Brown, Inc. · NYSE:BRO
Brown & Brown — Q2 2026 Earnings Presentation
17 slides from Brown & Brown's earnings presentation, Jul 27, 2026
Slide 1: Second Quarter 2026 Results
Second Quarter 2026 Results July 27, 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, Organic Revenue with Contingents, EBITDAC, EBITDAC Margin, EBITDAC - Adjusted, EBITDAC Margin - Adjusted, Income Before Income
Slide 4: Information Regarding Non-GAAP Measures - Continued
Information Regarding Non-GAAP Measures - Continued Non-GAAP Earnings Measures - Continued • EBITDAC - Adjusted is defined as EBITDAC, excluding (i) (gain)/loss on disposal (as defined below), (ii) Acquisition/Integration Costs (as defined below) and (iii) mark-to- market of escrow liability (as def
Slide 5: Second Quarter Results Highlights
Second Quarter 2026 Results (Unaudited) $1.7B Total revenue growth of 30.4% Total Revenues (0.7%) 0.7% $1.07 35.7% $608M Organic Organic Diluted Net Income EBITDAC Margin - YTD cash flow from Revenue Revenue Per Share - Adjusted Adjusted down operations up 13% decrease with Contingents increased 3.9
Slide 6: Market & Business Overview – 2Q26
Market & Business Overview – 2Q26 Economic growth remained consistent with past several quarters. Hiring is modest to flat, with continued, thoughtful investments. Companies continue to monitor inflation, oil prices and geopolitical matters. Rate changes for admitted markets were similar to the firs
Slide 7: 2Q26 Segment Organic Revenue Growth
Specialty Retail Distribution 2Q26 Segment Organic Organic Revenue 1.5% (3.5%) Revenue Growth (UNAUDITED) Organic Revenue with 2.5% (1.6%) Contingents See important disclosures regarding non-GAAP measures on pages 2-3 and non-GAAP reconciliations on pages 12-15. BROWN & BROWN | 6
Slide 8: Consolidated Financial Highlights - Adjusted
Consolidated Financial Highlights - Adjusted ($ Millions, Except Per Share Data; Adjusted & Unaudited) Second Quarter 2026 2025 $ Change % Change Total Revenues $1,676 $1,285 $391 30.4% Organic Revenue $1,176 $1,184 ($8) (0.7%) Organic Revenue with Contingents $1,237 $1,229 $8 0.7% Income Before Inc
Slide 9: Retail Segment
Retail Segment ($ Millions; Unaudited) Second Quarter 2026 2025 $ Change % Change Total revenues $947 $697 $250 35.9% Organic Revenue $678 $668 $10 1.5% Organic Revenue with Contingents $692 $675 $17 2.5% EBITDAC - Adjusted $282 $192 $90 46.9% EBITDAC Margin - Adjusted 29.8% 27.5% 230bps B U S I N E
Slide 10: Specialty Distribution Segment
Specialty Distribution Segment ($ Millions; Unaudited) Second Quarter 2026 2025 $ Change % Change Total revenues $721 $563 $158 28.1% Organic Revenue $498 $516 ($18) (3.5%) Organic Revenue with Contingents $545 $554 ($9) (1.6%) EBITDAC - Adjusted $308 $263 $45 17.1% EBITDAC Margin - Adjusted 42.7% 4
Slide 11: Closing Comments
Closing Comments Overall, positive economic growth outlook. Expect business leaders to continue cautious bias due to inflationary impacts and geopolitical issues. Expecting rate changes for most admitted lines in the second half of 2026 to be relatively similar to the second quarter. E&S casualty ra
Slide 12: Reconciliation of Non-GAAP Measures
S E C O N D Q U A R T E R 2 0 2 6 R E S U LT S Reconciliation of Non-GAAP Measures BROWN & BROWN | 11
Slide 13: GAAP to Adjusted Reconciliation
GAAP to Adjusted Reconciliation ($ Millions, Except Per Share Data; Unaudited) Second Quarter 2026 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 $1,676 - -
Slide 14: GAAP to Adjusted Reconciliation
GAAP to Adjusted Reconciliation ($ Millions, Except Per Share Data; Unaudited) Second 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 $1,285 - -
Slide 15: Reconciliation of Income Before Income Taxes to EBITDAC and EBITDAC - Adjusted
Reconciliation of Income Before Income Taxes to EBITDAC and EBITDAC - Adjusted and Income Before Income Taxes Margin to EBITDAC Margin and EBITDAC Margin - Adjusted ($ Millions; Unaudited) Second Quarter Retail Specialty Distribution Other Total 1 2026 2025 2026 2025 2026 2025 2026 2025 Total revenu
Slide 16: Reconciliation of Commissions and Fees to Organic Revenue and Contingents
Reconciliation of Commissions and Fees to Organic Revenue and Organic Revenue with Contingents ($ Millions; Unaudited) Second Quarter (1) Specialty Retail Total Distribution 2026 2025 2026 2025 2026 2025 Commissions and fees $940 $694 $714 $555 $1,654 $1,249 Total change 246 159 405 Total growth % 3
Slide 17: Andrew Watts
For additional information: Andrew Watts Executive Vice President & Chief Financial Officer Presented By: (386) 239-5770 | awatts@bbins.com Brown & Brown Insurance Services, Inc.