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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.Q3 2025 earnings summary28 Oct, 2025
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.
Why did GAAP income before tax margin decline?
Assess future debt service impact on earnings
How do global capabilities drive organic growth?
Capital allocation: buybacks vs. M&A priority?
Specialty Distribution organic growth drivers?
Employee benefits: cost trends and client response?
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Next Brown & Brown earnings date
Q4 202527 Jan, 2026
Next Brown & Brown earnings date
Q4 202527 Jan, 2026
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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.
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