Brown & Brown, Inc. announces fourth quarter 2025 results, including total revenues of $1.6 billion, an increase of 35.7%; Organic Revenue decrease of 2.8%; diluted net income per share of $0.59; and Diluted Net Income Per Share - Adjusted of $0.93
DAYTONA BEACH, Fla., Jan. 26, 2026 (GLOBE NEWSWIRE) -- Brown & Brown, Inc. (NYSE:BRO) (the "Company") announced its unaudited financial results for the fourth quarter and full year of 2025.
For the fourth quarter ended December 31, 2025, the Company achieved:
Total revenues of $1.6 billion, increasing $423 million, or 35.7%, compared to the fourth quarter of the prior year, with Organic Revenue decreasing 2.8%.
Income before income taxes of $321 million, increasing 16.7%, with Income Before Income Taxes Margin of 20.0%, compared to 23.2% in the fourth quarter of the prior year.
EBITDAC - Adjusted of $529 million, increasing 35.6%, with EBITDAC Margin - Adjusted of 32.9%, compared to 32.9% in the fourth quarter of the prior year.
Net income attributable to the Company of $264 million, increasing $54 million, or 25.7%, compared to the fourth quarter of the prior year.
Diluted net income per share of $0.59, a decrease of 19.2%, with Diluted Net Income Per Share - Adjusted increasing to $0.93, or 8.1%, each compared to the fourth quarter of the prior year.
For the twelve months ended December 31, 2025, the Company achieved:
Total revenues of $5.9 billion, increasing $1.1 billion, or 22.8%, compared to 2024, with Organic Revenue increasing 2.8%.
Income before income taxes of $1.4 billion, increasing 5.2%, with Income Before Income Taxes Margin of 23.2%, compared to 27.1% in 2024.
EBITDAC - Adjusted of $2.1 billion, increasing 25.6%, with an increase in EBITDAC Margin - Adjusted to 35.9% from 35.2% in 2024.
Net income attributable to the Company of $1.1 billion, increasing $61 million, or 6.1%, compared to 2024.
Diluted net income per share of $3.16, a decrease of 8.7%, with Diluted Net Income Per Share - Adjusted increasing to $4.26, or 10.9%, each compared to 2024.
J. Powell Brown, president and chief executive officer of the Company, noted, "2025 was another great year for the Brown & Brown team highlighted by the acquisition of Accession along with strong revenue growth, double-digit adjusted diluted net income per share growth and good adjusted margin expansion."
Reconciliation of Commissions and Feesto Organic Revenue(in millions, unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
Commissions and fees
$
1,580
$
1,161
$
5,763
$
4,705
Profit-sharing contingent commissions
(94
)
(57
)
(255
)
(166
)
Core commissions and fees
$
1,486
$
1,104
$
5,508
$
4,539
Acquisitions
(407
)
(836
)
Dispositions
(1
)
(11
)
Foreign Currency Translation
7
18
Organic Revenue
$
1,079
$
1,110
$
4,672
$
4,546
Organic Revenue growth
$
(31
)
$
126
Organic Revenue growth %
(2.8
%)
2.8
%
See information regarding non-GAAP measures presented later in this press release.
Reconciliation of Diluted Net Income Per Share toDiluted Net Income Per Share - Adjusted(unaudited)
Three Months Ended December 31,
Change
Twelve Months Ended December 31,
Change
2025
2024
$
%
2025
2024
$
%
Diluted net income per share(1)
$
0.59
$
0.73
$
(0.14
)
(19.2
%)
$
3.16
$
3.46
$
(0.30
)
(8.7
%)
Change in estimated acquisition earn-out payables
0.01
0.02
(0.01
)
0.05
—
0.05
(Gain)/loss on disposal
—
(0.02
)
0.02
—
(0.09
)
0.09
Acquisition/Integration Costs
0.06
—
0.06
0.29
—
0.29
Amortization
0.27
0.13
0.14
0.76
0.47
0.29
Mark-to-market of escrow liability(2)
—
—
—
—
—
—
Diluted Net Income Per Share - Adjusted
$
0.93
$
0.86
$
0.07
8.1
%
$
4.26
$
3.84
$
0.42
10.9
%
(1) The calculation of diluted net income per share for the three and twelve months ended December 31, 2025 (a) excludes the mark-to-market of escrow liability and (b) includes the escrowed shares within the Company's diluted weighted average number of shares, in each case in accordance with Accounting Standards Codification Topic 260, Earnings Per Share ("ASC 260"), which requires this treatment in periods where the combined effect of these adjustments is accretive to earnings. For the three and twelve months ended December 31, 2025, the mark-to-market of escrow liability impact was favorable to earnings by $62 million and $54 million, respectively, which, when combined with the inclusion of the diluted weighted average of the 4.4 million escrowed shares, resulted in decreases to diluted net income per share of $0.18 and $0.17, respectively.
(2) No adjustment for the mark-to-market of escrow liability was made to Diluted Net Income Per Share, Adjusted for the three or twelve months ended December 31, 2025 as the calculation of diluted net income per share for these periods already excludes the mark-to-market of escrow liability in accordance with ASC 260.
See information regarding non-GAAP measures presented later in this press release.
Reconciliation of Income Before Income Taxes to EBITDAC andEBITDAC - Adjusted and Income Before Income Taxes Margin(1) toEBITDAC Margin and EBITDAC Margin - Adjusted(in millions, unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
Total revenues
$
1,607
$
1,184
$
5,902
$
4,805
Income before income taxes
$
321
$
275
$
1,371
$
1,303
Income Before Income Taxes Margin(1)
20.0
%
23.2
%
23.2
%
27.1
%
Amortization
116
48
312
178
Depreciation
19
11
55
44
Interest
100
46
297
193
Change in estimated acquisition earn-out payables
7
11
25
2
EBITDAC
$
563
$
