Brown & Brown
Places retail insurance and distributes specialty coverage through programs and wholesale brokerage.
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Profile
Places insurance and provides risk-management services through Retail, while Specialty Distribution manages carrier-backed programs and brokers complex or hard-to-place risks. Revenue comes mainly from policy commissions, with service fees and contingent commissions, through a decentralized network concentrated in the United States.
Sells and places property-casualty, employee-benefits and private-client coverage, alongside risk-management services, through a Retail segment serving businesses, public entities, professionals and individuals. Most revenue comes from commissions tied to policies placed, supplemented by service fees and contingent commissions.
Specialty Distribution combines Arrowhead Programs, Bridge Specialty Group and Arrowhead Specialty. These businesses manage carrier-backed programs, place wholesale and excess-and-surplus risks, and provide affinity programs, captive administration, reinsurance, travel, warranty and life-and-health services. Operations remain primarily in the United States, with retail and specialty platforms across selected international markets.
A decentralized sales-and-service model keeps customer decisions near local teams while central functions support acquisitions, technology and compliance. Results depend on carrier capacity and premium levels, while insurance-intermediary regulation varies by U.S. state and overseas jurisdiction.
Company facts
Categories
Key statistics
Year to date −5.6% · Average volume (30d) 2.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 29, 2026 | Truist Financial | Target | $120 | $90 | ||
| Jul 29, 2026 | Citigroup | Downgrade | Outperform | Neutral | ||
| Jul 6, 2026 | Morgan Stanley | Downgrade | Equal-Weight | Underweight | $65 | $55 |
| May 6, 2026 | Citigroup | Upgrade | Neutral | Buy | ||
| Feb 27, 2026 | Mizuho | Upgrade | Neutral | Outperform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 27, 2026Q2 FY26 | $1.08 | $1.07 | −0.9% | $1.71B | $1.68B | −2.2% | +5.67% |
| Apr 27, 2026Q1 FY26 | $1.36 | $1.39 | +2.2% | $1.89B | $1.90B | +0.6% | −4.51% |
| Jan 26, 2026Q4 FY25 | $0.91 | $0.93 | +2.8% | $1.65B | $1.61B | −2.6% | −6.91% |
| Oct 27, 2025Q3 FY25 | $0.94 | $1.05 | +11.2% | $1.55B | $1.61B | +3.9% | −6.13% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.39B | $1.25B | $1.61B | $1.67B | $1.90B | $1.68B | |
| Gross profit | $702.0M | $609.0M | $813.0M | $1.40B | $994.0M | $838.0M | |
| Operating income | $452.0M | $337.0M | $422.0M | $429.0M | $533.0M | $567.0M | |
| Net income | $331.0M | $231.0M | $227.0M | $264.0M | $426.0M | $288.0M | |
| Diluted EPS | $1.15 | $0.78 | $0.68 | $0.59 | $1.26 | $0.85 | |
| Gross margin | 50.7% | 48.8% | 50.6% | 83.8% | 52.3% | 50.0% | |
| Operating margin | 32.6% | 27.0% | 26.3% | 25.7% | 28.0% | 33.8% |
Fiscal years (4-quarter sums)FY21 $3.05B · FY22 $3.56B · FY23 $4.18B · FY24 $4.67B · FY25 $5.91B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $918.0M · Total debt $8.01B · Total assets $29.89B · Shareholders' equity $12.58B
Dividends
Raised for 38 straight years — most recently to $0.165 from $0.15 in Nov 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 12, 2026 | Aug 12 | Aug 19 | $0.165 | |
| May 11, 2026 | May 11 | May 20 | $0.165 | |
| Feb 4, 2026 | Feb 4 | Feb 11 | $0.165 | |
| Nov 5, 2025 | Nov 5 | Nov 12 | $0.165 | raised from $0.15 |
| Aug 13, 2025 | Aug 13 | Aug 20 | $0.15 | |
| May 12, 2025 | May 12 | May 21 | $0.15 | |
| Feb 5, 2025 | Feb 5 | Feb 12 | $0.15 | |
| Nov 6, 2024 | Nov 6 | Nov 13 | $0.15 | raised from $0.13 |
Ownership
Shares outstanding 334.61M · Float 287.65M · 86.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 22.11M | 6.61% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 18.94M | 5.66% | 13F | Aug 13, 2026 |
| FMR LLC | 18.41M | 5.50% | 13F | Aug 13, 2026 |
| Principal Financial Group Inc | 15.72M | 4.70% | 13F | Aug 4, 2026 |
| Vanguard Portfolio Management LLC | 14.63M | 4.37% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 9, 2026 | Joia M. Johnson | director | +860 | $58.05 |
| May 5, 2026 | H. Palmer Jr Proctor | director | +2,000 | $57.10 |
Peers
- Arthur J. Gallagher
Retail, wholesale, and MGU overlap across insurance distribution
- Ryan Specialty
Wholesale, binding, and underwriting specialty peer
- Marsh McLennan
Global broker overlap in risk, benefits, reinsurance, and captives
- Aon
Global broker overlap in risk, affinity, captives, and benefits
- Baldwin
Retail insurance brokerage peer with benefits and private-client overlap
- Willis Towers Watson
Global risk broking and benefits-consulting overlap
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Brown & Brown | $73.31 | 0.00% | $24.53B | 21.7 | 15.9 | 3.6 | +34.2% |
| Arthur J. Gallagher | $250.73 | −6.27% | $68.74B | 44.3 | 19.0 | 4.4 | +22.8% |
| Ryan Specialty | $43.63 | −0.52% | $5.68B | 56.4 | 19.2 | 1.8 | +7.2% |
| Marsh McLennan | $185.69 | −3.61% | $91.93B | 23.6 | 17.6 | 3.3 | +6.2% |
| Aon | $355.40 | −0.01% | $75.39B | 19.6 | 17.6 | 4.3 | +2.2% |
| Baldwin | $30.68 | −0.07% | $2.49B | — | 13.5 | 1.4 | +31.7% |
| Willis Towers Watson | $342.03 | −0.49% | $31.92B | 21.1 | 16.4 | 3.2 | +9.1% |
| Median | 23.6 | 17.6 | 3.2 | +8.1% |