)
Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Brown & Brown
Brown & Brown (BRO) investor relations material
Brown & Brown Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Jan, 2026
Executive summary
Achieved strong top and bottom line growth, with Q4 revenue up 35.7% to $1.6B and full year revenue up 23% to $5.9B.
Adjusted diluted EPS rose 8.1% in Q4 to $0.93 and 10.9% for the year to $4.26, while reported diluted EPS declined.
Completed the largest acquisition in company history (Accession), adding over 5,000 teammates and driving revenue and margin expansion.
Faced a significant team lift by a competitor, resulting in the departure of 275 employees and $23 million in associated revenue.
Organic revenue declined 2.8% in Q4 but increased 2.8% for the full year.
Financial highlights
Q4 adjusted EBITDAC margin was flat at 32.9%; full year margin improved 70bps to 35.9%.
Q4 adjusted net income attributable to the company increased 28.6% year-over-year.
Full year adjusted net income attributable to the company grew 22.3% to $1.35B.
Generated $1.5 billion in cash from operations for the year; cash and cash equivalents at year-end were $1.08 billion.
Record M&A activity with 43 acquisitions, adding $1.8 billion in annual revenue.
Outlook and guidance
Expect modest improvement in Retail organic growth over 2.8% in 2026, excluding the impact of the team lift.
Specialty Distribution organic growth anticipated to be flat in Q1 due to prior year flood claims and cat property rate decreases, with improvement expected later in the year.
Projecting lower investment income and flat underlying margins in 2026; long-term adjusted EBITDAC margin target range increased to 32%-37%.
Effective tax rate expected to be 24%-25% in 2026.
M&A pipeline remains strong, with continued acquisition activity anticipated in 2026.
What drove Q4 organic revenue decline vs FY growth?
Assess Accession acquisition's impact on margins
How will rising interest costs affect future earnings?
M&A: What acquisition criteria are key?
Specialty Distribution organic revenue recovery plan?
Stock price volatility impact on adjusted EPS?
What is the future revenue impact from team lifts?
What are the drivers for the increased long-term margin target?
What is the E&S property rate outlook beyond Q1?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Brown & Brown earnings date
Q1 202620 Apr, 2026
Brown & Brown
Next Brown & Brown earnings date
Q1 202620 Apr, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Brown & Brown Inc is an insurance brokerage firm that provides risk management, insurance, and reinsurance services. The company offers property, casualty, employee benefits, and personal insurance products through a network of independent offices. It serves businesses, public entities, and individuals across the United States. Brown & Brown Inc is headquartered in Daytona Beach, Florida, and its shares are listed on the NYSE.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage