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Brown & Brown (BRO) investor relations material
Brown & Brown Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Total revenues for Q3 2025 reached $1.6 billion, up 35.4% year-over-year, driven by acquisitions and organic growth, with over 5,000 new employees joining to support global capabilities.
Net income attributable to the company for Q3 2025 was $227 million, down 3.0% from Q3 2024, primarily due to acquisition/integration costs and increased earn-out payables.
Diluted net income per share for Q3 was $0.68, down 16.0% year-over-year, while adjusted diluted net income per share rose 15.4% to $1.05.
The acquisition of Accession Risk Management Group was completed in Q3 2025, significantly expanding the Specialty Distribution segment and resulting in a major segment realignment.
Board raised the dividend by 10% for the 32nd consecutive year and expanded share repurchase authorization to $1.5 billion.
Financial highlights
Q3 commissions and fees increased 34.2% year-over-year; organic revenue up 3.5%.
EBITDAC-Adjusted for Q3 was $587 million, up 41.8% year-over-year, with an adjusted margin of 36.6%.
Adjusted EPS grew 15.4% to $1.05, while GAAP EPS fell 16% to $0.68.
Income before income taxes for Q3 was $311 million, down 1.9% year-over-year; margin decreased to 19.4% from 26.7%.
For the nine months ended September 30, 2025, revenues were $4.3 billion, up 18.6% year-over-year; organic revenue up 4.6%.
Outlook and guidance
Management expects continued revenue growth from recent acquisitions and organic expansion, but integration costs and increased debt service will impact near-term margins.
Q4 organic growth for Retail expected to be similar to Q3, with headwinds from employee benefits incentive adjustments.
Specialty distribution segment organic growth expected to decline mid-single digits in Q4 due to non-recurring revenue and rate pressure.
Strong M&A pipeline with further acquisitions anticipated into 2026.
The company believes it has sufficient liquidity and access to capital to meet operational and strategic needs over the next twelve months.
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