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Brown & Brown (BRO) investor relations material
Brown & Brown Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Total revenues for Q2 2025 reached $1.3 billion, up 9.1% year-over-year, with organic growth of 3.6%.
Adjusted EBITDAC margin improved by 100 basis points to 36.7%, and adjusted EPS rose 10.8% to $1.03.
Net income attributable to the company for Q2 was $231 million, down 10.1% year-over-year due to prior year gains and acquisition/integration costs.
15 acquisitions completed in Q2, with annual revenues of $22 million; 29 acquisitions year-to-date.
Integration of the Accession (RSC Topco) acquisition is progressing, with closing expected in Q3 2025.
Financial highlights
Q2 commissions and fees increased 8.2% year-over-year; organic revenue up 3.6%.
EBITDAC-Adjusted for Q2 was $471 million, up 12.1% year-over-year; margin improved to 36.7%.
Six-month revenues increased 10.4% to $2.7 billion, with organic revenue up 5.1%.
Dividends declared per share increased 15.4% to $0.15.
Cash and cash equivalents at June 30, 2025 were $8.9 billion, up from $675 million at year-end 2024.
Outlook and guidance
Admitted rates expected to moderate in the second half, with CAT property rates likely to decrease further, subject to hurricane season.
Organic growth expectations for Q3 and Q4 should factor in continued downward rate pressure.
Management expects continued earnings momentum and synergies from acquisitions, but notes risks related to integration and market conditions.
Remain active in M&A with a strong pipeline domestically and internationally.
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