Brown & Brown, Inc. markets and sells insurance products and services in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, loss control survey and analysis, consultancy, and claims processing services. It serves commercial, public and quasi-public entities, professional, and individual customers. The National Programs segment offers professional liability and related package insurance products for dentistry, legal, eyecare, insurance, financial, physicians, real estate title professionals, as well as supplementary insurance products related to weddings, events, medical facilities, and cyber liabilities. This segment also offers outsourced product development, marketing, underwriting, actuarial, compliance, and claims and other administrative services to insurance carrier partners; and commercial and public entity-related programs, and flood insurance products. It serves through independent agents. The Wholesale Brokerage segment markets and sells excess and surplus commercial and personal lines insurance through independent agents and brokers. The Services segment offers third-party claims administration and medical utilization management services in the workers' compensation and all-lines liability arenas, Medicare Set-aside, Social Security disability, Medicare benefits advocacy, and claims adjusting services. The company was founded in 1939 and is headquartered in Daytona Beach, Florida.

Brown & Brown, Inc.

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Interest

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Consolidated Net Income

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Net Income Attributable to Minority Interests and Other

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Income Statement	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Total Revenues	5,344	4,949	4,854	4,705	4,552	4,446
Total Revenues %Chg	17.4%	11.3%	12.2%	12.1%	11.4%	12.2%
Commissions and Fees
Cost of Sales	2,699	2,513	2,458	2,406	2,377	2,302
Employee Compensation and Benefits
Gross Profit	2,645	2,436	2,396	2,299	2,175	2,144
Gross Profit Margin	49.5%	49.2%	49.4%	48.9%	47.8%	48.2%
Depreciation & Amortization Expenses	290	239	233	222	218	213
Amortization
Depreciation
Other Operating Expenses	884	773	735	710	659	662
Other Operating Expenses
Operating Profit	1,471	1,424	1,428	1,367	1,298	1,269
Operating Margin	27.5%	28.8%	29.4%	29.1%	28.5%	28.5%
Interest and Investment Income	—	—	—	93	—	—
Investment Income
Interest Expense	-243	-193	-191	-193	-194	-192
Interest
Non-Operating Income	-30	-10	31	36	182	146
Other Income, Net
Loss on Disposal
Change in Estimated Acquisition Earn-Out Payables
Total Non-Operating Income	-273	-203	-160	-64	-12	-46
Income Before Provision for Income Taxes	1,324	1,330	1,365	1,303	1,382	1,307
Income Before Income Taxes
Provision for Income Taxes	316	312	322	301	322	310
Income Taxes
Consolidated Net Income	1,008	1,018	1,043	1,002	1,060	997
Net Income Before Non-Controlling Interests
Net Income Attributable to Minority Interests and Other	9	12	11	9	7	2
Less: Net Income Attributable to Non-Controlling Interests
Net Income Attributable to Common Shareholders	999	1,006	1,032	993	1,053	995
Net Income Attributable to the Company
Basic EPS	3.4	3.5	3.6	3.5	3.7	3.5
Diluted EPS	3.3	3.5	3.6	3.5	3.7	3.5
Basic Weighted Average Shares Outstanding	297.3	285	282.5	282	281.3	280.8
Total Shares Outstanding	337	330	287	286	286	285
Diluted Weighted Average Shares Outstanding	298.5	286.5	284	284	283	282.3
EBITDA	1,762	1,665	1,660	1,589	1,515	1,479
Effective Tax Rate	23.9%	23.5%	23.6%	23.1%	23.3%	23.7%