Brown & Brown, Inc.

NYSE-BRO

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	1,010	1,018	1,043	1,002	1,060	998
Net Income Before Non-Controlling Interests
Depreciation & Amortization	291	241	232	222	217	210
Amortization of Deferred Financing Costs and Debt Discount
Amortization and Disposal of Deferred Financing Costs
Amortization
Depreciation
Share-Based Compensation Expense	100	101	101	101	99	96
Non-Cash Stock-Based Compensation
Other Adjustments	79	24	-14	-46	-55	-177
Amortization (Accretion) of Discounts and Premiums, Investment
Income Tax Benefit from Exercise of Shares from the Stock Benefit Plans
Change in Estimated Acquisition Earn-Out Payables
Deferred Income Taxes
Effect of Changes in Foreign Exchange Rate
Net Income on Sales/Disposals of Investments, Businesses, Fixed Assets and Customer Accounts
Payments on Acquisition Earn-Outs in Excess of Original Estimated Payables
Other
Changes in Trade Receivables	-34	-93	-132	-94	-142	-143
Premiums, Commissions and Fees Receivable
Change in Commissions, Fees and Other Receivables
Changes in Accounts Payable	-133	12	165	-47	88	105
Premiums Payable
Change in Accounts Payable
Changes in Accrued Expenses	11	12	26	35	67	34
Change in Accrued Expenses and Other Liabilities
Changes in Unearned Revenue	-33	30	55	115	95	115
Unearned Premiums
Changes in Other Operating Activities	70	-7	-74	-114	-150	-245
Reinsurance Recoverable
Change in Premium Deposits and Credits Due Customers
Prepaid Reinsurance Premiums
Change in Other Assets
Change in Losses and Loss Adjustment Reserve
Change in Other Liabilities
Cash from Operating Activities	1,367	1,339	1,374	1,174	1,119	995
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-68	-75	-86	-82	-93	-83
Additions to Fixed Assets
Purchases of Investments	—	—	—	-7	—	—
Purchases of Investments
Proceeds from Sale of Investments	—	—	—	11	—	—
Proceeds from Sales of Investments
Payments for Business Acquisitions	-8,431	-953	-881	-890	-586	-614
Payments for Businesses Acquired, Net of Cash Acquired
Other Investing Activities	—	14	74	70	159	159
Proceeds from Sales of Businesses, Fixed Assets and Customer Accounts
Other Investing Activities
Cash from Investing Activities	-8,480	-1,008	-889	-898	-513	-530
Net Cash Used in Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	875	750	750	500	650	600
Borrowings on Revolving Credit Facility
Repayments of Short-Term Debt	-600	-550	-350	-350	-450	-500
Payments on Revolving Credit Facility
Net Issuance / (Repayments) of Short-Term Debt	275	200	400	150	200	100
Issuance of Long-Term Debt	—	—	—	599	—	—
Proceeds from Long-Term Debt
Repayments of Long-Term Debt	-225	-732	-875	-719	-713	-197
Payments on Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	-225	-732	-875	-120	-713	-197
Issuance of Common Shares	—	—	—	44	—	—
Issuances of Common Stock for Employee Stock Benefit Plans
Repurchases of Common Shares	-43	-42.5	-68.5	-55	-82	-82.5
Repurchase of Common Stock
Settlement of Accelerated Share Repurchase Program
Repurchase Shares to Fund Tax Withholdings for Non-Cash Stock-Based Compensation
Net Issuance / (Repurchases) of Common Shares	-43	-42.5	-68.5	-11	-82	-82.5
Common Share Dividends Paid	-180	-165	-159	-154	-148	-145
Cash Dividends Paid
Other Financing Activities	-137	-34	22	71	24.5	104.5
Fiduciary Receivables and Liabilities, Net
Payments on Acquisition Earn-Outs
Deferred Debt Issuance Costs
Income Tax Benefit from Exercise of Shares from the Stock Benefit Plans
Other Financing Activities
Cash from Financing Activities	8,128	7,542	-215	-64	-253	242
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	1,299	1,264	1,288	1,092	1,026	912
NOPAT	1,119.9	1,089.9	1,091.1	1,051.2	995.6	968
Levered Free Cash Flow	1,187	687	875	1,152	764	1,034
Unlevered Free Cash Flow	1,257.9	1,302.9	1,409.1	1,180.2	1,219.6	1,104
Net Change in Cash	1,015	7,873	270	212	353	707