10-Q · April 27, 2026
Brown & Brown reported Q1 2026 commissions and fees-driven revenues of $1,901.0 million, up 35.4% versus Q1 2025 ($1,404.0 million). GAAP diluted EPS was $1.06, down from $1.15 in Q1 2025, while operating performance…
Earnings analysis · 10-Q
BRO earnings analysis
Filed July 27, 2026 · Our reading of the company's report
The latest report
Brown & Brown posted strong acquisition-led Q2 growth, with revenue up 30.4% to $1.676 billion and diluted GAAP EPS up to $0.84 from $0.78. Underlying momentum weakened: consolidated Organic Revenue fell 0.7%, driven by…
Read full summary
Brown & Brown posted strong acquisition-led Q2 growth, with revenue up 30.4% to $1.676 billion and diluted GAAP EPS up to $0.84 from $0.78. Underlying momentum weakened: consolidated Organic Revenue fell 0.7%, driven by a 3.5% organic decline in Specialty Distribution, and consolidated adjusted EBITDAC margin declined to 35.7% from 36.7%. Cash generation was sound, with six-month operating cash flow of $608 million, but debt rose to $7.759 billion and interest expense nearly doubled year over year.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.84
- Gross margin
- 100.0%
What stood out
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Revenue and diluted EPS increased YoY
Q2 revenue rose $391 million, or 30.4%, to $1.676 billion from $1.285 billion. Diluted GAAP EPS increased $0.06 to $0.84 from $0.78.
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Retail delivered positive organic growth
Retail revenue increased 35.9%, or $250 million, to $947 million. Retail organic revenue grew 1.5%, while Organic Revenue with Contingents grew 2.5%.
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Specialty Distribution revenue expanded
Specialty Distribution revenue increased 28.1%, or $158 million, to $721 million. Its adjusted EBITDAC was $308 million, up $45 million or 17.1%.
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Operating cash flow improved with low capex
Six-month operating cash flow increased $70 million to $608 million. Capital expenditures were $38 million, equal to approximately 1.1% of $3.577 billion of six-month revenue.
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Liquidity profile remains solid
Liquidity remained substantial: cash and cash equivalents were $918 million and available revolver capacity was $975 million at June 30. The current ratio improved to 1.13 from 1.04 at December 31.
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Acquisitions drove reported growth
The company completed 14 acquisitions in the first six months and generated $829 million of acquired core commissions and fees with no comparable prior-year revenue.
What to watch
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Organic revenue turned negative
Consolidated Organic Revenue declined 0.7% in Q2, versus 3.6% growth a year earlier. The $393 million acquisition contribution to core commissions and fees exceeded the $365 million reported core-commission-and-fee increase.
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Specialty organic growth and margin weakened
Specialty Distribution Organic Revenue declined 3.5%, and its adjusted EBITDAC margin fell 400 basis points to 42.7% from 46.7%, reflecting declining CAT-property rates and investments in European capabilities.
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Higher leverage and financing burden
Total debt increased $146 million from December 31 to $7.759 billion, while Q2 interest expense rose $49 million, or 96.1%, year over year. Estimated acquisition earn-out payables were another $310 million at June 30.
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No formal risk-factor update; deal exposures remain
Management reported no material changes to the risk factors disclosed in its 2025 Form 10-K. Nonetheless, the filing identifies $552 million of escrow liability and $190 million of uncapped recorded acquisition earn-out obligations as transaction-related uncertainty.
Management's outlook
The 10-Q provides no quantitative revenue or EPS outlook. Management states that existing cash, operating cash generation and revolving-credit availability should satisfy normal liquidity needs over the next 12 months and long term.
Earlier filings 4
10-K · February 12, 2026
Brown & Brown reports multi-year revenue growth driven by acquisitions and stronger Specialty Distribution performance: total commissions and fees rose to $5,763 million in 2025 from $4,705 million in 2024 and $4,199…
10-Q · July 28, 2025
Brown & Brown reported quarterly revenue of $1,285.0 million (up $107.0M or 9.1% vs. $1,178.0M in Q2 2024) while diluted EPS declined to $0.78 from $0.90 a year ago. Operating profitability compressed: income before…
10-Q · April 28, 2025
Brown & Brown reported Q1 revenues of $1,404.0M, up $146.0M (11.6%) versus Q1 2024, with diluted EPS of $1.15 versus $1.02 in the prior year. Operating income improved to $473M (33.7% of revenue) from $412M (32.8%), and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.