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	230	235	334	211	238	260
Net Income Before Non-Controlling Interests
Depreciation & Amortization	107	62	64	58	57	53
Amortization of Deferred Financing Costs and Debt Discount
Amortization and Disposal of Deferred Financing Costs
Amortization
Depreciation
Share-Based Compensation Expense	24	23	29	24	25	23
Non-Cash Stock-Based Compensation
Other Adjustments	42	20	-10	35	-18	-50
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
Mark-to-Market of Escrow Liability
Changes in Trade Receivables	80	41	-180	25	21	2
Premiums, Commissions and Fees Receivable
Change in Commissions, Fees and Other Receivables
Changes in Accounts Payable	-100	-121	126	-38	45	32
Premiums Payable
Change in Accounts Payable
Changes in Accrued Expenses	91	63	-195	52	92	77
Accrued Expenses and Other Liabilities
Change in Accrued Expenses and Other Liabilities
Changes in Unearned Revenue	-40	90	-35	-48	23	115
Unearned Premiums
Changes in Other Operating Activities	34	-86	80	42	-43	-153
Restricted Cash and Investments
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	468	325	213	361	440	360
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-16	-15	-17	-20	-23	-26
Additions to Fixed Assets
Purchases of Investments	—	—	—	-7	-3.5	—
Purchases of Investments
Proceeds from Sale of Investments	—	—	—	11	5.5	—
Proceeds from Sales of Investments
Payments for Business Acquisitions	-7,498	-94	-67	-772	-20	-22
Payments for Businesses Acquired, Net of Cash Acquired
Other Investing Activities	—	-1	5	9	1	59
Proceeds from Sales of Businesses, Fixed Assets and Customer Accounts
Other Investing Activities
Cash from Investing Activities	-7,514	-108	-79	-779	-42	11
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	300	75	150	350	175	75
Borrowings on Revolving Credit Facility
Repayments of Short-Term Debt	-100	-400	—	-100	-50	-200
Payments on Revolving Credit Facility
Net Issuance / (Repayments) of Short-Term Debt	200	-325	150	250	125	-125
Issuance of Long-Term Debt	—	4,192	—	—	—	599
Proceeds from Long-Term Debt
Repayments of Long-Term Debt	-18	-19	-169	-19	-525	-162
Payments on Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	-18	4,173	-169	-19	-525	437
Issuance of Common Shares	43	4,315	—	22	44	—
Issuances of Common Stock for Employee Stock Benefit Plans
Proceeds from Issuance of Common Stock, Net of Expenses
Repurchases of Common Shares	-1	-1	-40	-1	-0.5	-27
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	42	4,314	-40	21	43.5	-27
Common Share Dividends Paid	-51	-43	-43	-43	-36	-37
Cash Dividends Paid
Other Financing Activities	-303	155	-116	90	-199	242
Fiduciary Receivables and Liabilities, Net
Deferred Acquisition Purchase Payment
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	-130	8,199	-218	277	-716	442
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	452	310	196	341	417	334
NOPAT	275.4	253.6	353.6	236.3	246.5	255.3
Levered Free Cash Flow	485	4,072	335	487	-15	667
Unlevered Free Cash Flow	351.4	246.6	376.6	282.3	397.5	353.3
Net Change in Cash	-7,176	8,416	-84	-141	-318	813