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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Income Statement	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Total Revenues	1,550	1,249	1,385	1,160	1,155	1,154
Total Revenues %Chg	34.2%	8.2%	12%	15.3%	10.1%	11.4%
Commissions and Fees
Other
Cost of Sales	793	640	683	583	607	585
Employee Compensation and Benefits
Gross Profit	757	609	702	577	548	569
Gross Profit Margin	48.8%	48.8%	50.7%	49.7%	47.4%	49.3%
Depreciation & Amortization Expenses	107	61	64	58	56	55
Amortization
Depreciation
Other Operating Expenses	276	211	186	211	165	173
Other Operating Expenses
Operating Profit	374	337	452	308	327	341
Operating Margin	24.1%	27%	32.6%	26.6%	28.3%	29.5%
Interest and Investment Income	56	36	19	22	31	24
Investment Income
Investment and Other Income
Interest Expense	-100	-51	-46	-46	-50	-49
Interest
Non-Operating Income	-19	-11	2	-9	9	30
Other Income, Net
Loss on Disposal
Change in Estimated Acquisition Earn-Out Payables
Mark-to-Market of Escrow Liability
Total Non-Operating Income	-63	-26	-25	-33	-10	5
Income Before Provision for Income Taxes	311	311	427	275	317	346
Income Before Income Taxes
Provision for Income Taxes	82	77	93	64	78	87
Income Taxes
Consolidated Net Income	229	234	334	211	239	259
Net Income Before Non-Controlling Interests
Net Income Attributable to Minority Interests and Other	2	3	3	1	5	2
Less: Net Income Attributable to Non-Controlling Interests
Net Income Attributable to Common Shareholders	227	231	331	210	234	257
Net Income Attributable to the Company
Basic EPS	0.7	0.8	1.2	0.7	0.8	0.9
Diluted EPS	0.7	0.8	1.2	0.7	0.8	0.9
Basic Weighted Average Shares Outstanding	331	292	283	283	282	282
Total Shares Outstanding	337	330	287	286	286	285
Diluted Weighted Average Shares Outstanding	332	293	285	284	284	283
EBITDA	481	399	516	366	384	394
Effective Tax Rate	26.4%	24.8%	21.8%	23.3%	24.6%	25.1%