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▼ FY 2025 Summary Analysis
Annual report ending Dec 31, 2025Overview and Growth
BROWN & BROWN, INC. generated $5.90B of revenue in fiscal 2025, with net income of $1.05B and an operating cash inflow of $1.45B. Revenue of $5.90B sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 22.8% from $4.80B in fiscal 2024, increasing the company’s operating scale. On a per-share basis, diluted EPS was $3.16, which connects the reported earnings outcome with the company’s diluted share count. Against diluted EPS of $3.46 in fiscal 2024, the current result was 8.7% lower. The revenue-to-assets relationship was 0.2x, showing the sales generated relative to the resources carried on the balance sheet.Profitability
After all reported below-operating-line items, the company recorded net income of $1.05B for the fiscal year. The final earnings result represented 17.9% of revenue, connecting the absolute net income figure with the company’s top-line scale. The earnings statement records $1.37B of pretax income, the profit base against which the reported tax provision can be assessed. Measured against revenue, pretax income equaled 23.2%, adding a pre-tax profitability layer between revenue and net income. The reported income-tax provision was $304.00M, the amount recognized between pretax income and the final net-income result. Relative to pretax income, the tax provision measured 22.2%, quantifying the portion of pre-tax earnings paid in income tax. Net income equaled 8.4% of period-end equity, showing the earnings generated on shareholders’ book capital. Net income represented 3.5% of period-end assets, placing the company’s bottom-line result against the total resource base employed.Liquidity and Capital Structure
At period end, the $29.99B asset base was financed through $17.42B of liabilities and $12.57B of equity. The near-term balance sheet paired $8.61B of current assets with $8.29B of current liabilities at the reporting date. At 1.04x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Cash and equivalents totaled $1.08B, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 13.0% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $7.61B of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 0.61x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 25.4%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 58.1%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 3.6%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 70.3% from $17.61B in fiscal 2024, leaving current total assets higher year over year. Book equity was 95.3% higher than fiscal 2024 equity of $6.44B, showing how shareholder capital changed year over year.Cash Flow and Earnings Quality
Cash flow from operations was $1.45B, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 1.38x, comparing cash generated by operations with the bottom-line earnings result. Capital expenditures used $68.00M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 4.7% of operating cash flow, leaving the remainder available as free cash flow. Free cash flow came to $1.38B, leaving a positive amount after capital expenditures. Free cash flow represented 23.4% of revenue, linking post-investment cash generation with the company’s operating scale. The free-cash-flow-to-assets relationship was 4.6%, comparing post-investment cash with the balance-sheet asset base.
Based on the annual report for the fiscal year ending Dec 31, 2025.
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