Brown & Brown, Inc. announces fourth quarter 2025 results, including total revenues of $1.6 billion, an increase of 35.7%; Organic Revenue decrease of 2.8%; diluted net income per share of $0.59; and Diluted Net Income Per Share – Adjusted of $0.93

DAYTONA BEACH, Fla., Jan. 26, 2026 (GLOBE NEWSWIRE) — Brown & Brown, Inc. (NYSE:BRO) (the “Company”) announced its unaudited financial results for the fourth quarter and full year of 2025.

For the fourth quarter ended December 31, 2025, the Company achieved:

• Total revenues of $1.6 billion, increasing $423 million, or 35.7%, compared to the fourth quarter of the prior year, with Organic Revenue decreasing 2.8%.
• Income before income taxes of $321 million, increasing 16.7%, with Income Before Income Taxes Margin of 20.0%, compared to 23.2% in the fourth quarter of the prior year.
• EBITDAC – Adjusted of $529 million, increasing 35.6%, with EBITDAC Margin – Adjusted of 32.9%, compared to 32.9% in the fourth quarter of the prior year.
• Net income attributable to the Company of $264 million, increasing $54 million, or 25.7%, compared to the fourth quarter of the prior year.
• Diluted net income per share of $0.59, a decrease of 19.2%, with Diluted Net Income Per Share – Adjusted increasing to $0.93, or 8.1%, each compared to the fourth quarter of the prior year.

For the twelve months ended December 31, 2025, the Company achieved:

• Total revenues of $5.9 billion, increasing $1.1 billion, or 22.8%, compared to 2024, with Organic Revenue increasing 2.8%.
• Income before income taxes of $1.4 billion, increasing 5.2%, with Income Before Income Taxes Margin of 23.2%, compared to 27.1% in 2024.
• EBITDAC – Adjusted of $2.1 billion, increasing 25.6%, with an increase in EBITDAC Margin – Adjusted to 35.9% from 35.2% in 2024.
• Net income attributable to the Company of $1.1 billion, increasing $61 million, or 6.1%, compared to 2024.
• Diluted net income per share of $3.16, a decrease of 8.7%, with Diluted Net Income Per Share – Adjusted increasing to $4.26, or 10.9%, each compared to 2024.

J. Powell Brown, president and chief executive officer of the Company, noted, “2025 was another great year for the Brown & Brown team highlighted by the acquisition of Accession along with strong revenue growth, double-digit adjusted diluted net income per share growth and good adjusted margin expansion.”

See information regarding non-GAAP measures presented later in this press release.

(1) The calculation of diluted net income per share for the three and twelve months ended December 31, 2025 (a) excludes the mark-to-market of escrow liability and (b) includes the escrowed shares within the Company’s diluted weighted average number of shares, in each case in accordance with Accounting Standards Codification Topic 260 — Earnings Per Share (“ASC 260”), which requires this treatment in periods where the combined effect of these adjustments is accretive to earnings. For the three and twelve months ended December 31, 2025, the mark-to-market of escrow liability impact was favorable to earnings by $62 million and $54 million, respectively, which, when combined with the inclusion of the diluted weighted average of the 4.4 million escrowed shares, resulted in decreases to diluted net income per share of $0.18 and $0.17, respectively.

(2) No adjustment for the mark-to-market of escrow liability was made to Diluted Net Income Per Share – Adjusted for the three or twelve months ended December 31, 2025 as the calculation of diluted net income per share for these periods already excludes the mark-to-market of escrow liability in accordance with ASC 260.

See information regarding non-GAAP measures presented later in this press release.