AI Takeaway
BRO (Brown & Brown) delivered strong FY2025 revenue growth of 22.8% to $5.90B, driven largely by acquisition activity that nearly doubled long-term debt to $7.61B, while net income rose modestly 6.1% to $1.05B and diluted EPS declined 8.7% to $3.16 amid higher share count and integration costs.
Revenue
$5.9B
++22.83% YoY
EPS (Basic)
$3.37
-3.16% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Total revenues grew from $4.81B in the prior year to $5.90B in FY2025, a $1.10B increase, reflecting strong organic growth supplemented by significant acquisition activity. This top-line expansion is one of the most notable results of the fiscal year.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Total assets nearly doubled, rising 70.3% from $17.61B to $29.99B, while investing cash outflows surged to -$7.91B (vs. -$898M prior year), strongly indicating a transformative acquisition was completed in FY2025. Long-term debt nearly doubled to $7.61B to fund these transactions.
Source: Source: 10-K Balance Sheet & Cash Flow Statement (XBRL Financial Data)
Operating cash flow increased from $1.17B to $1.45B, broadly in line with revenue growth, demonstrating that the core insurance brokerage business continues to convert revenues into cash effectively despite higher interest and integration expenses.
Source: Source: 10-K Cash Flow Statement (XBRL Financial Data)
2 more insights available
Upgrade to unlockBRO completed what appears to be a transformative acquisition in FY2025, with total assets growing 70.3% and investing outflows reaching -$7.91B. Integrating large acquired businesses carries significant operational, cultural, and financial risks, including potential goodwill impairment if synergies are not realized.
Source: Source: 10-K Balance Sheet & Cash Flow Statement (XBRL Financial Data)
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $0.93 versus the $0.91 analyst consensus — a +2.3% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $5.9B | $4.8B | +22.83% |
Net Income | $1.05B | $993M | +6.14% |
EPS (Basic) | $3.37 | $3.48 | -3.16% |
EPS (Diluted) | $3.16 | $3.46 | -8.67% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $29.99B | $17.61B | +70.29% |
Current Assets | $8.61B | $6.92B | +24.41% |
Current Liabilities | $8.29B | $6.31B | +31.36% |
Cash & Equivalents | $1.08B | $675M | +59.85% |
Long-Term Debt | $7.61B | $3.82B | +99.08% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $1.45B | $1.17B | +23.51% |
Investing Cash Flow | $-7.91B | $-898M | -781.29% |
Financing Cash Flow | $7.71B | $-64M | +12151.56% |
Dividends Paid | $193M | $154M | +25.32% |
Share Buybacks | $100M | $0 | — |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Net Margin | 17.9% | — | — |
ROA | 3.5% | — | — |
Current Ratio | $1.039 | — | — |
Other companies in Insurance Brokers
BRO's revenue grew 22.8% year-over-year to $5.90B in FY2025, up from $4.81B in the prior year. This growth was driven by a combination of organic expansion in its insurance brokerage business and significant acquisition activity, as evidenced by investing cash outflows of -$7.91B.
BRO's net income rose 6.1% to $1.05B, but diluted EPS fell 8.7% from $3.46 to $3.16 because the diluted share count increased materially, likely due to equity issuance used to partially finance acquisitions. This share dilution means each existing share represents a smaller portion of the company's earnings.
While the specific acquisition targets are not named in the available financial data, the numbers tell a clear story: total assets surged 70.3% to $29.99B, long-term debt nearly doubled to $7.61B, and investing cash outflows reached -$7.91B (vs. -$898M in the prior year), all pointing to a very large acquisition completed in FY2025.
BRO's financial health is mixed: operating cash flow is strong at $1.45B and the net margin is healthy at ~17.9%, but long-term debt has nearly doubled to $7.61B and the current ratio is a thin 1.04x. The company's ability to service its elevated debt load while integrating acquisitions will be a key factor to watch.
Yes — BRO paid $193M in dividends in FY2025, a 25.3% increase from $154M in the prior year, and also repurchased $100M in shares (compared to zero buybacks in the prior year). These capital returns signal management confidence in the company's cash generation capacity despite the large acquisition-driven debt increase.