Brown & Brown, Inc.

NYSE-BRO

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Operating Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Net Income	569	449	553	445	426	306.5
Net Income Before Non-Controlling Interests
Depreciation & Amortization	126	115	107	101	105	102.4
Amortization of Deferred Financing Costs and Debt Discount
Amortization and Disposal of Deferred Financing Costs
Amortization
Depreciation
Share-Based Compensation Expense	52	49	52	44	45	32
Non-Cash Stock-Based Compensation
Other Adjustments	8	17	-63	-110	-21	-23.1
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	-139	46	-140	-3	-103	17.3
Premiums, Commissions and Fees Receivable
Change in Commissions, Fees and Other Receivables
Changes in Accounts Payable	5	7	-54	159	101	22.7
Premiums Payable
Change in Accounts Payable
Changes in Accrued Expenses	-132	144	-109	143	-100	83.9
Change in Accrued Expenses and Other Liabilities
Changes in Unearned Revenue	55	-25	140	-25	75	3.8
Unearned Premiums
Changes in Other Operating Activities	-6	-1	-113	-132	-140	-10.7
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	538	801	373	622	388	534.8
Net Cash Provided by Operating Activities

Investing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Capital Expenditure	-32	-43	-39	-44	-25	-33.7
Additions to Fixed Assets
Purchases of Investments	—	-7	—	-1	-6	—
Purchases of Investments
Proceeds from Sale of Investments	—	11	—	7	6	3.4
Proceeds from Sales of Investments
Payments for Business Acquisitions	-161	-792	-98	-516	-115	-1,470.8
Payments for Businesses Acquired, Net of Cash Acquired
Other Investing Activities	6	10	60	101	6	55.6
Proceeds from Sales of Businesses, Fixed Assets and Customer Accounts
Other Investing Activities
Cash from Investing Activities	-187	-821	-77	-453	-134	-1,445.5
Net Cash Used in Investing Activities

Financing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Issuance of Short-Term Debt	150	350	150	250	170	—
Borrowings on Revolving Credit Facility
Repayments of Short-Term Debt	-400	-100	-250	-250	-70	-250
Payments on Revolving Credit Facility
Net Issuance / (Repayments) of Short-Term Debt	-250	250	-100	—	100	-250
Issuance of Long-Term Debt	4,192	—	599	—	—	—
Proceeds from Long-Term Debt
Repayments of Long-Term Debt	-188	-544	-175	-22	-229	-33.5
Payments on Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	4,004	-544	424	-22	-229	-33.5
Issuance of Common Shares	4,315	44	—	40	—	37.1
Issuances of Common Stock for Employee Stock Benefit Plans
Proceeds from Issuance of Common Stock, Net of Expenses
Repurchases of Common Shares	-41	-1	-54	-1	-39	-0.5
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	4,274	43	-54	39	-39	36.6
Common Share Dividends Paid	-86	-79	-75	-70	-65	-62.1
Cash Dividends Paid
Other Financing Activities	39	-109	180	-80	179	-30.9
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	7,981	-439	375	-133	-54	-339.9
Net Cash Provided by Financing Activities

Free Cash Flow	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Free Cash Flow	506	758	334	578	363	501.1
NOPAT	606.8	481.7	569.3	400.4	480.4	337.3
Levered Free Cash Flow	4,333	346	806	625	313	556.9
Unlevered Free Cash Flow	622.8	678.7	501.3	602.4	496.4	505.7
Net Change in Cash	8,332	-459	671	36	200	-1,250.6