The earnings call highlighted strong revenue growth, successful financing for acquisitions, and increased M&A activity, which are positive indicators for the company's future. However, the call also noted challenges in the Retail segment, softening market conditions, and economic uncertainties, which could impact future growth. The sentiment is balanced by both significant achievements and notable challenges.

Company Guidance -

Q3 2025

In the second quarter of fiscal year 2025, Brown & Brown, Inc. reported a revenue of $1.3 billion, marking a 9.1% total growth and 3.6% organic growth compared to the same period in the previous year. The company also saw a 100 basis point improvement in its adjusted EBITDAC margin, which reached 36.7%, while adjusted earnings per share increased by over 10% to $1.03. In terms of M&A activity, Brown & Brown completed 15 acquisitions, contributing an estimated annual revenue of $22 million, and on a year-to-date basis, acquired 29 companies with annual revenues of approximately $60 million. The insurance pricing landscape saw a moderation in rates across most lines, though auto, casualty, and cat property remained outliers. Specifically, U.S. employee benefits faced medical cost increases of 6% to 8% and pharmacy costs rising over 10%. In the admitted P&C market, rates increased by 1% to 5%, a decrease from previous quarters, while the E&S property market experienced a significant rate decline of 15% to 30% during the quarter.

Revenue and Growth Achievements

For the second quarter, Brown & Brown delivered $1.3 billion of revenue, growing 9.1% in total and 3.6% organically compared to the same period last year. Adjusted EBITDAC margin improved by 100 basis points to 36.7%, and adjusted earnings per share grew over 10% to $1.03.

Successful Financing for Acquisition

The company completed a very successful follow-on equity issuance and a multi-tranche bond issuance that were both significantly oversubscribed, raising $4.4 billion of equity and $4.2 billion of debt.

Increased M&A Activity

On a year-to-date basis, the company acquired 29 companies with annual revenues of approximately $60 million, with 15 acquisitions completed in the second quarter alone.

Strong Cash Flow and Dividend Increase

Generated $537 million of cash flow from operations, an increase of $164 million over the first half of 2024, and dividends paid per share increased by 15.4%.

Brown & Brown (BRO) Earnings, Revenues Date & History

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BRO Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 27, 2025	2025 (Q3)	0.94 / -	0.91	―	―	―
Jul 28, 2025	2025 (Q2)	0.99 / 1.03	0.93	10.75% (+0.10)
Apr 28, 2025	2025 (Q1)	1.29 / 1.29	1.14	13.16% (+0.15)
Jan 27, 2025	2024 (Q4)	0.77 / 0.86	0.58	48.28% (+0.28)
Oct 28, 2024	2024 (Q3)	0.88 / 0.91	0.71	28.17% (+0.20)
Jul 22, 2024	2024 (Q2)	0.88 / 0.93	0.68	36.76% (+0.25)
Apr 22, 2024	2024 (Q1)	1.07 / 1.14	0.84	35.71% (+0.30)
Jan 22, 2024	2023 (Q4)	0.53 / 0.58	0.5	16.00% (+0.08)
Oct 23, 2023	2023 (Q3)	0.62 / 0.71	0.5	42.00% (+0.21)
Jul 24, 2023	2023 (Q2)	0.60 / 0.68	0.51	33.33% (+0.17)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

BRO Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 28, 2025	$102.42	$91.76	-10.41%
Apr 28, 2025	$114.54	$107.67	-6.00%
Jan 27, 2025	$107.37	$104.56	-2.62%
Oct 28, 2024	$102.76	$104.44	+1.63%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.