The earnings call presented a balanced view with strong financial performance and growth metrics offset by challenges in organic growth and softening insurance rates. The company is optimistic about future growth, especially with the acquisition of Accession, but faces headwinds from the current insurance market conditions.

Company Guidance -

Q3 2025

During the second quarter earnings call for Brown & Brown, Inc., the company provided guidance highlighting several key metrics and developments. The company reported revenues of $1.3 billion, marking a 9.1% increase overall and a 3.6% organic growth compared to the previous year. The adjusted EBITDAC margin rose by 100 basis points to 36.7%, while adjusted earnings per share increased by over 10% to $1.03. In terms of mergers and acquisitions, Brown & Brown completed 15 acquisitions, adding an estimated $22 million in annual revenues. Additionally, they announced the anticipated close of their acquisition of RSC Topco (Accession) on August 1, having secured substantial regulatory approvals and successfully issuing oversubscribed equity and multi-tranche bond offerings. The call also mentioned a strong cash flow from operations, which increased by $164 million over the first half of 2024, and a decrease in the effective tax rate to 24.7%. Looking forward, the company expects continued moderation in insurance rates, particularly in the admitted P&C market, and remains optimistic about the economic backdrop, despite some macroeconomic uncertainties.

Revenue Growth and Margin Expansion

Brown & Brown delivered $1.3 billion in revenue, representing a 9.1% growth compared to the same period last year. The EBITDAC margin improved by 100 basis points to 36.7%.

Successful Equity and Debt Issuance

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

M&A Activity

Brown & Brown completed 15 acquisitions with estimated annual revenues of $22 million during the quarter and 29 acquisitions year-to-date with annual revenues of approximately $60 million.

Adjusted Earnings Per Share Increase

Adjusted earnings per share grew over 10% to $1.03 compared to the same quarter last year.

Dividend Growth

Dividends paid per share increased by 15.4% compared to the second quarter of 2024.

Cash Flow from Operations

Generated $537 million in cash flow from operations, an increase of $164 million over the first half of 2024.

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	$102.58	$91.91	-10.40%
Apr 28, 2025	$114.72	$107.84	-6.00%
Jan 27, 2025	$107.54	$104.73	-2.61%
Oct 28, 2024	$102.92	$104.60	+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.