Brown & Brown said commissions and fees for the quarter ended September 30, 2025 increased $395 million from the same period in the prior year to $1,550 million, a 34.2% increase. The company said the Organic Revenue growth rate was 3.5% and acquisitions generated $307 million.

1. 01

   Brown & Brown said commissions and fees for the quarter ended September 30, 2025 increased $395 million from the same period in the prior year to $1,550 million, a 34.2% increase. The company said the Organic Revenue growth rate was 3.5% and acquisitions generated $307 million.

2. 02

   The company said income before income taxes for Q3 2025 decreased $6 million, or 1.9%, from Q3 2024. Brown & Brown cited Acquisition/Integration Costs associated with the Accession acquisition and an increase in the change in estimated acquisition earnout payables as factors.

3. 03

   Brown & Brown said it completed 37 acquisitions during the 9 months of 2025 and paid $7,659 million net of cash and cash equivalents held in a fiduciary capacity acquired, with the Accession Risk Management Group acquisition priced at $7,461 million. The company said it used the net proceeds of $4,315 million from its common stock offering in June and senior notes issuance to fund acquisition payments.

4. 04

   Brown & Brown said operating cash flows for the 9 months of 2025 totaled $1,006 million, an increase of $193 million from $813 million in the same period of 2024. Total debt as of September 30, 2025 was $7,728 million (net of unamortized discount and issuance costs), an increase of $3,904 million from December 31, 2024.

Key figures

Quarter ended September 30, 2025

Revenue

$1.6B

Net income

$227M

EPS

$0.68

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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