Brown & Brown, Inc.
Financial ServicesNYSE:BRO · New York Stock Exchange
+$0.04 today
Vol 1.63M · Avg 3.29M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Earnings Waterfall
Revenue to Net Income
Key Ratios
Analysis
$6.4B of revenue converted into $1.1B of net income for the selected period. Gross margin is 58.9% and net margin is 17.7%, showing how much revenue survives after costs and taxes. EPS is $3.31, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.0B +26.6% | $4.7B +12.1% | $4.2B +17.9% | $3.6B +16.9% | $3.0B | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $734.0M -69.5% | $2.4B +10.0% | $2.2B +20.4% | $1.8B +11.0% | $1.6B | $725.6M | $804.0M | $882.4M |
| Gross Profit | $5.2B +127.1% | $2.3B +14.3% | $2.0B +15.2% | $1.7B +23.8% | $1.4B | $8.9B | $7.6B | $6.2B |
| Gross Margin | 87.7% +38.8pp | 48.9% +0.9pp | 47.9% -1.1pp | 49.0% +2.7pp | 46.3% | 9.8% | 28.9% | 38.3% |
| Research & Development | $0 | $0 | $0 | $0 | $0 | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $0 | $0 | $0 | $0 | $0 | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $3.5B +278.4% | $932.0M +8.9% | $856.0M +9.3% | $783.0M +40.9% | $555.9M | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $367.0M +65.3% | $222.0M +7.8% | $206.0M +10.8% | $186.0M +21.6% | $152.9M | $374.2M | $1.2B | $631.8M |
| EBITDA | $2.0B +17.9% | $1.7B +11.4% | $1.5B +28.0% | $1.2B +23.4% | $980.7M | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 34.2% -2.5pp | 36.7% -0.2pp | 36.9% +2.9pp | 34.0% +1.8pp | 32.2% | 5.6% | 46.3% | 42.0% |
| Operating Income | $1.7B +24.0% | $1.4B +18.3% | $1.2B +20.0% | $963.0M +12.7% | $854.7M | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 28.5% -0.6pp | 29.1% +1.5pp | 27.5% +0.5pp | 27.0% -1.0pp | 28.0% | 16.6% | 24.1% | 22.0% |
| Interest Income | $139.0M | $0 | $0 | $0 | $0 | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $297.0M +47.8% | $201.0M +2.0% | $197.0M +33.1% | $148.0M +127.7% | $65.0M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | -$324.0M -406.3% | -$64.0M -540.0% | -$10.0M +88.5% | -$87.0M +5.3% | -$91.9M | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $1.4B +5.2% | $1.3B +13.7% | $1.1B +30.8% | $876.0M +14.8% | $762.8M | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 23.0% -4.7pp | 27.7% +0.4pp | 27.3% +2.7pp | 24.6% -0.4pp | 25.0% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $304.0M +1.0% | $301.0M +9.2% | $275.6M +34.9% | $204.3M +16.3% | $175.7M | $1.3B | -$1.6B | $745.2M |
| Net Income | $1.1B +6.1% | $993.0M +14.1% | $870.5M +29.6% | $671.8M +14.4% | $587.1M | $4.9B | $4.8B | $4.7B |
| Net Margin | 17.7% -3.4pp | 21.1% +0.4pp | 20.7% +1.9pp | 18.9% -0.4pp | 19.3% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $3 -2.3% | $3 +13.4% | $3 +29.0% | $2 +14.4% | $2 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $3 -8.7% | $3 +13.4% | $3 +28.7% | $2 +14.5% | $2 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $310.0M +9.9% | $282.0M +0.4% | $280.8M +1.0% | $278.1M +0.8% | $276.0M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $313.0M +10.2% | $284.0M +1.1% | $280.8M +0.8% | $278.6M +0.4% | $277.4M | $1.2B | $924.4M | $678.0M |
Older periods hidden.
Sign in to unlockCompetitors
Peer companies in the same sector
Truist Financial Corporation
NYSE:TFC
$64.36B
Fifth Third Bancorp
NASDAQ:FITB
$48.42B
Huntington Bancshares Incorporated
NASDAQ:HBAN
$35.52B
Cboe Global Markets, Inc.
CBOE
$30.86B
Cincinnati Financial Corporation
NASDAQ:CINF
$26.14B
W. R. Berkley Corporation
NYSE:WRB
$25.42B
Willis Towers Watson Public Limited Company
NASDAQ:WTW
$24.80B
Markel Corporation
NYSE:MKL
$23.10B
Futu Holdings Limited
NASDAQ:FUTU
$13.61B
SEC Filings
Recent regulatory filings
No filings found.
How much revenue does BRO generate?
Brown & Brown, Inc. (BRO) reported $5.96B of revenue in fiscal 2025.
Is BRO profitable?
Brown & Brown, Inc. (BRO) reported $1.05B of net income, with a net margin of 17.7%.
Explore More
Continue the stock analysis
Jump to another research area for this company.