# Brown & Brown, Inc. (BRO)

> Source: Nexqual · https://nexqual.com/BRO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Brown & Brown, Inc. (BRO), nexqual.com/BRO" · informational, not investment advice.

**Price:** USD 74.49 (+5.61% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 70.53 · day 71.21–74.51 · 52w 53.81–90.46 · market cap $24.9B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.79B, net income $1.21B (17.7% margin), free cash flow $1.45B (SEC filings).
- Valuation: P/E 20.7x (avg 25.3x at the last 3 fiscal year-ends).
- 3 of 80 tracked superinvestors hold BRO (13F, Q2 2026): 0 new, 1 added, 1 reduced, 1 unchanged.
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $164K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.57 on a 1–5 scale) (21 analysts), mean target USD 74.67 (range 55–90).
- Total return with dividends: 1Y -15.3% vs S&P 500 +14.9%; 5Y +16.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-26, EPS estimate USD 1.08, revenue estimate $1.76B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.05B | $3.57B | $4.26B | $4.80B | $5.90B | $6.79B |
| Net income | $587M | $672M | $871M | $993M | $1.05B | $1.21B |
| EPS (diluted) | $2.07 | $2.37 | $3.05 | $3.46 | $3.16 | — |
| Free cash flow | $764M | $829M | $941M | $1.09B | $1.38B | $1.45B |
| Net margin | 19.2% | 18.8% | 20.5% | 20.7% | 17.9% | 17.7% |
| Revenue growth | +16.8% | +17.1% | +19.1% | +12.9% | +22.8% | — |
| Cash + short-term investments | $706M | $662M | $711M | $685M | — | — |
| Total debt | $2.02B | $3.94B | $3.80B | $3.82B | $7.61B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 20.7x · P/S 3.7x · P/FCF 17.2x · P/B 2.0x · FCF yield 5.80% · Earnings yield 4.83% · Dividend yield (paid, TTM) 0.88%
P/E at fiscal year-ends: Dec 2025 23.7x, Dec 2024 29.2x, Dec 2023 22.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold BRO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Francois Rochon | Giverny Capital | 1.62% | $48.3M | Reduced -0.3% |
| First Eagle Investment | First Eagle Investment Management | 1.26% | $752M | Added +32.9% |
| Thomas Gayner | Markel Group | 0.01% | $898K | Unchanged |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $164K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-09 | Johnson Joia M | Director | 860 | $50K | 58.05 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-05 | Proctor H Palmer Jr | Director | 2,000 | $114K | 57.1 | Too little history (no open-market trades in 2024 or 2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.57 on a 1–5 scale), 21 analysts; mean target USD 74.67 (low 55, high 90).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Wells Fargo | Target lowered | Equal-Weight | $69 → $68 |
| 2026-10-12 | TD Cowen | Initiated | Buy | $82 |
| 2026-10-12 | Citizens | Target lowered | Market Outperform | $78 → $75 |
| 2026-10-07 | Mizuho | Target lowered | Outperform | $83 → $78 |
| 2026-10-07 | Barclays | Target lowered | Equal-Weight | $76 → $71 |
| 2026-10-06 | Morgan Stanley | Target lowered | Underweight | $60 → $55 |
| 2026-10-01 | JP Morgan | Target raised | Neutral | $80 → $83 |
| 2026-09-16 | Mizuho | Target lowered | Outperform | $86 → $83 |
| 2026-08-19 | Morgan Stanley | Target raised | Underweight | $56 → $60 |
| 2026-08-03 | JP Morgan | Target raised | Neutral | $78 → $80 |
| 2026-07-29 | Mizuho | Target raised | Outperform | $81 → $86 |
| 2026-07-29 | BMO Capital | Target raised | Market Perform | $73 → $74 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -15.3% | +16.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -15.3% | +3.0% |
| Volatility (annualized) | 32.0% | 26.0% |
| Max drawdown | -38.3% (Oct 2025→May 2026) | -53.8% (Mar 2025→May 2026) |

## Peers (Insurance Brokers)
WTW (Willis Towers Watson Public Lim) USD 332.18 +4.58% · ERIE (Erie Indemnity Company) USD 256.8 +5.19% · RYAN (Ryan Specialty Holdings, Inc.) USD 44.49 +5.28% · AON (Aon plc) USD 306.8 +4.23% · AJG (Arthur J. Gallagher & Co.) USD 270.98 +4.88% · MRSH (Marsh) USD 199.27 +4.57%

## More
Full page: https://nexqual.com/BRO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Retail | $947.0M | 56.5% | +35.9% |
| Specialty Distribution | $721.0M | 43.0% | +28.1% |
| Total revenue | $1.68B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Core Commission Revenue | $657.0M | 39.2% | +36.0% |
| Fee Revenue | $226.0M | 13.5% | +30.6% |
| Other Supplemental Commissions Revenue | $31.0M | 1.8% | +0.0% |
| Profit Sharing Contingent Commission Revenue | $26.0M | 1.6% | +271.4% |
| Total revenue | $1.68B | 100% | — |
The lines above cover 56.1% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.45B | 86.5% | +35.0% |
| Other International Countries | $227.0M | 13.5% | +7.1% |
| — United Kingdom (part of Other International Countries) | $168.0M | 10.0% | +2.4% |
| — Other Country (part of Other International Countries) | $59.0M | 3.5% | +22.9% |
| Total revenue | $1.68B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.08 | $1.07 | +0.9% | $1.76B | 20 |
| Next quarter (ends 2026-12-31) | $0.94 | $0.92 | +2.1% | $1.65B | 20 |
| Current fiscal year (ends 2026-12-31) | $4.48 | $4.48 | -0.0% | $6.99B | 21 |
| Next fiscal year (ends 2027-12-31) | $4.83 | $4.84 | -0.1% | $7.29B | 21 |