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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-13619

BROWN & BROWN, INC.

(Exact name of Registrant as specified in its charter)


Florida				59-0864469
(State or other jurisdiction of incorporation or organization)				(I.R.S. Employer Identification Number)
300 North Beach Street, Daytona Beach, FL				32114
(Address of principal executive offices)				(Zip Code)

Registrant’s telephone number, including area code: (386) 252-9601

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.10 Par Value	BRO	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§-232.405 of this chapter) during the preceding twelve months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the Registrant’s common stock, $0.10 par value, outstanding as of October 24, 2025 was 341,420,790.

BROWN & BROWN, INC.

INDEX





		PAGE NO.
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited):
	Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024	5
	Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024	6
	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	7
	Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2025 and 2024	8
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	9
	Notes to Condensed Consolidated Financial Statements	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	44
Item 4.	Controls and Procedures	44

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	45
Item 1A.	Risk Factors	45
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 5.	Other Information	47
Item 6.	Exhibits	48
SIGNATURES		49

Disclosure Regarding Forward-Looking Statements

Brown & Brown, Inc., together with its subsidiaries (collectively, “we,” “Brown & Brown” or the “Company”), makes “forward-looking statements” within the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995, as amended, throughout this report and in the documents we incorporate by reference into this report. You can identify these statements by forward-looking words such as “may,” “will,” “should,” “expect,” “anticipate,” “believe,” “intend,” “estimate,” “plan” and “continue” or similar words. We have based these statements on our current expectations about potential future events. Although we believe the expectations expressed in the forward-looking statements included in this Quarterly Report on Form 10-Q and the reports, statements, information and announcements incorporated by reference into this report are based upon reasonable assumptions within the bounds of our knowledge of our business, a number of factors could cause actual results to differ materially from those expressed in any forward-looking statements, whether oral or written, made by us or on our behalf. Many of these factors have previously been identified in filings or statements made by us or on our behalf. Important factors which could cause our actual results to differ, possibly materially from the forward-looking statements in this report include but are not limited to the following items, in addition to those matters described in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations”:

•

Risks with respect to the acquisition of RSC Topco, Inc. (“RSC” or “Accession”), a Delaware corporation (the “Transaction”);

•

The possibility that the anticipated benefits, including any anticipated costs saving and strategies, of the Transaction are not realized when expected or at all;

•

Risks related to the financing of the Transaction, including that financing the Transaction resulted in an increase in the Company’s indebtedness;

•

Risks relating to the financial information related to Accession;

•

Risks related to Accession’s business, including underwriting risk in connection with certain captive insurance companies;

•

The risk that certain assumptions the Company has made relating to the Transaction prove to be materially inaccurate;

•

The inability to hire, retain and develop qualified employees, as well as the loss of any of our executive officers or other key employees;

•

A cybersecurity attack or any other interruption in information technology and/or data security that may impact our operations or the operations of third parties that support us;

•

Acquisition-related risks that could negatively affect the success of our growth strategy, including the possibility that we may not be able to successfully identify suitable acquisition candidates, complete acquisitions, successfully integrate acquired businesses into our operations and expand into new markets;

•

Risks related to our international operations, which may result in additional risks or require more management time and expense than our domestic operations to achieve or maintain profitability;

•

The requirement for additional resources and time to adequately respond to dynamics resulting from rapid technological change, including the increasing use of artificial intelligence and robotic processing automation;

•

The loss of or significant change to any of our insurance company or intermediary relationships, which could result in loss of capacity to write business, additional expense, loss of market share or material decrease in our commissions;

•

The effect of natural disasters on our profit-sharing contingent commissions, insurer capacity or claims expenses within our capitalized captive insurance facilities;

•

Adverse economic conditions, political conditions (including the current U.S. federal government shutdown), outbreaks of war, disasters, or regulatory changes in states or countries where we have a concentration of our business;

•

The inability to maintain our culture or a significant change in management, management philosophy or our business strategy;

•

Fluctuations in our commission revenue as a result of factors outside of our control;

•

The effects of significant or sustained inflation or higher interest rates;

•

Claims expense resulting from the limited underwriting risk associated with our participation in capitalized captive insurance facilities;

•

Risks associated with our automobile and recreational vehicle finance and incentives dealer services (“F&I”) businesses;

•

Changes in, or the termination of, certain programs administered by the U.S. federal government from which we derive revenues;

•

The limitations of our system of disclosure and internal controls and procedures in preventing errors or fraud, or in informing management of all material information in a timely manner;

•

Our reliance on vendors and other third parties to perform key functions of our business operations and provide services to our customers;

•

The significant control certain shareholders have;

•

Changes in data privacy and protection laws and regulations or any failure to comply with such laws and regulations;

•

Improper disclosure of confidential information;

•

Our ability to comply with non-U.S. laws, regulations and policies;

•

The potential adverse effect of certain actual or potential claims, regulatory actions or proceedings on our businesses, results of operations, financial condition or liquidity;

•

Uncertainty in our business practices and compensation arrangements with insurance carriers due to potential changes in regulations;

•

Regulatory changes that could reduce our profitability or growth by increasing compliance costs, technology compliance, restricting the products or services we may sell, the markets we may enter, the methods by which we may sell our products and services, or the prices we may charge for our services and the form of compensation we may accept from our customers, carriers and third parties;

•

Increasing scrutiny and changing laws and expectations from regulators, investors and customers with respect to our environmental, social and governance practices and disclosure;

•

A decrease in demand for liability insurance as a result of tort reform legislation;

•

Our failure to comply with any covenants contained in our debt agreements;

•

The possibility that covenants in our debt agreements could prevent us from engaging in certain potentially beneficial activities;

•

Fluctuations in foreign currency exchange rates;

•

A downgrade to our corporate credit rating, the credit ratings of our outstanding debt or other market speculation;

•

Changes in the U.S.-based credit markets that might adversely affect our business, results of operations and financial condition;

•

Changes in current U.S. or global economic conditions, including an extended slowdown in the markets in which we operate;

•

Disintermediation within the insurance industry, including increased competition from insurance companies, technology companies and the financial services industry, as well as the shift away from traditional insurance markets;

•

Conditions that result in reduced insurer capacity;

•

Quarterly and annual variations in our commissions that result from the timing of policy renewals and the net effect of new and lost business production;

•

Intangible asset risk, including the possibility that our goodwill may become impaired in the future;

•

Changes in our accounting estimates and assumptions;

•

Future pandemics, epidemics or outbreaks of infectious diseases, and the resulting governmental and societal responses;

•

Other risks and uncertainties as may be detailed from time to time in our public announcements and Securities and Exchange Commission (“SEC”) filings; and

•

Other factors that the Company may not have currently identified or quantified.

Assumptions as to any of the foregoing, and all statements, are not based upon historical fact, but rather reflect our current expectations concerning future results and events. Forward-looking statements that we make or that are made by others on our behalf are based upon a knowledge of our business and the environment in which we operate, but because of the factors listed above, among others, actual results may differ from those in the forward-looking statements. Consequently, these cautionary statements qualify all of the forward-looking statements we make herein. We cannot assure you that the results or developments anticipated by us will be realized, or even if substantially realized, that those results or developments will result in the expected consequences for us or affect us, our business or our operations in the way we expect. We caution readers not to place undue reliance on these forward-looking statements. All forward-looking statements made herein are made only as of the date of this filing, and the Company does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter becomes aware.

PART I — FINANCIAL INFORMATION

ITEM 1 — Financial Statements (Unaudited)

BROWN & BROWN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)


	Three months ended September 30,					Nine months ended September 30,
(in millions, except per share data)	2025		2024			2025		2024
REVENUES
Commissions and fees	$	1,550	$	1,155		$	4,183	$	3,545
Investment and other income		56		31			112		77
Total revenues		1,606		1,186			4,295		3,622
EXPENSES
Employee compensation and benefits		793		607			2,116		1,823
Other operating expenses		276		165			672		499
(Gain)/loss on disposal		—		(1	)		1		(30	)
Amortization		93		45			196		131
Depreciation		14		11			37		33
Interest		100		50			197		147
Change in estimated acquisition earn-out payables		11		(8	)		18		(9	)
Mark-to-market of escrow liability		8		—			8		—
Total expenses		1,295		869			3,245		2,594
Income before income taxes		311		317			1,050		1,028
Income taxes		82		78			251		237
Net income before non-controlling interests		229		239			799		791
Less: Net income attributable to non-controlling interests		2		5			9		8
Net income attributable to the Company	$	227	$	234		$	790	$	783
Net income per share:
Basic	$	0.68	$	0.82		$	2.59	$	2.75
Diluted	$	0.68	$	0.81		$	2.57	$	2.73

See accompanying Notes to Condensed Consolidated Financial Statements.

BROWN & BROWN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


	Three months ended September 30,					Nine months ended September 30,
(in millions)	2025			2024		2025		2024
Net income attributable to the Company	$	227		$	234	$	790	$	783
Foreign currency translation (loss)/gain		(62	)		172		309		144
Comprehensive income attributable to the Company	$	165		$	406	$	1,099	$	927

See accompanying Notes to Condensed Consolidated Financial Statements.

BROWN & BROWN, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


(in millions, except per share data)	September 30, 2025			December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	1,190		$	675
Fiduciary cash		2,271			1,827
Commission, fees and other receivables		1,457			895
Fiduciary receivables		1,348			1,116
Reinsurance recoverable		603			1,527
Prepaid reinsurance premiums		790			520
Other current assets		484			364
Total current assets		8,143			6,924
Fixed assets, net		366			319
Operating lease assets		269			200
Goodwill		14,891			7,970
Amortizable intangible assets, net		4,952			1,814
Other assets		733			385
Total assets	$	29,354		$	17,612
LIABILITIES AND EQUITY
Current Liabilities:
Fiduciary liabilities	$	3,619		$	2,943
Losses and loss adjustment reserve		620			1,543
Unearned premiums		887			577
Accounts payable		849			373
Accrued expenses and other liabilities		840			653
Current portion of long-term debt		75			225
Total current liabilities		6,890			6,314
Long-term debt less unamortized discount and debt issuance costs		7,653			3,599
Operating lease liabilities		243			189
Deferred income taxes, net		857			711
Other liabilities		1,304			362
Equity:
Common stock, par value $0.10 per share; authorized 560 shares; issued 357 shares and outstanding 337 shares at 2025, issued 306 shares and outstanding 286 shares at 2024, respectively		36			31
Additional paid-in capital		6,117			1,118
Treasury stock, at cost 20 shares at 2025 and 2024		(748	)		(748	)
Accumulated other comprehensive income/(loss)		200			(109	)
Non-controlling interests		21			17
Retained earnings		6,781			6,128
Total equity		12,407			6,437
Total liabilities and equity	$	29,354		$	17,612

See accompanying Notes to Condensed Consolidated Financial Statements.

BROWN & BROWN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(UNAUDITED)


	Common Stock
(in millions, except per share data)	Shares Outstanding			Par Value		Additional Paid-In Capital			Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Non-Controlling Interest			Total
Balance at December 31, 2024		286		$	31	$	1,118		$	(748	)	$	(109	)	$	6,128		$	17		$	6,437
Net income																331			3			334
Foreign currency translation													124									124
Shares issued - employee stock compensation plans:
Employee stock purchase plan							4															4
Stock incentive plans		1					25															25
Repurchase shares to fund tax withholdings for non-cash stock-based compensation							(40	)														(40	)
Cash dividends paid ($0.15 per share)																(43	)					(43	)
Balance at March 31, 2025		287		$	31	$	1,107		$	(748	)	$	15		$	6,416		$	20		$	6,841
Net income																231			3			234
Foreign currency translation													247									247
Shares issued - employee stock compensation plans:
Employee stock purchase plan							3															3
Stock incentive plans							20															20
Shares issued - public offering		43			4		4,311															4,315
Directors							1															1
Repurchase shares to fund tax withholdings for non-cash stock-based compensation							(1	)														(1	)
Cash dividends paid ($0.15 per share)																(43	)					(43	)
Balance at June 30, 2025		330		$	35	$	5,441		$	(748	)	$	262		$	6,604		$	23		$	11,617
Net income																227			2			229
Foreign currency translation													(62	)								(62	)
Shares issued - employee stock compensation plans:
Employee stock purchase plan							46															46
Stock incentive plans							19															19
Acquisitions		7			1		611															612
Non-controlling interest distribution																			(4	)		(4	)
Cash dividends paid ($0.15 per share)																(50	)					(50	)
Balance at September 30, 2025		337		$	36	$	6,117		$	(748	)	$	200		$	6,781		$	21		$	12,407

Balance at December 31, 2023		285		$	30	$	1,027		$	(748	)	$	(19	)	$	5,289		$	—		$	5,579
Net income																293			1			294
Foreign currency translation													(32	)								(32	)
Shares issued - employee stock compensation plans:
Employee stock purchase plan							4															4
Stock incentive plans		1					25															25
Net non-controlling interest acquired (disposed)							1												8			9
Repurchase shares to fund tax withholdings for non-cash stock-based compensation		(1	)				(54	)														(54	)
Cash dividends paid ($0.13 per share)																(38	)					(38	)
Balance at March 31, 2024		285		$	30	$	1,003		$	(748	)	$	(51	)	$	5,544		$	9		$	5,787
Net income																256			2			258
Foreign currency translation													4									4
Shares issued - employee stock compensation plans:
Employee stock purchase plan							3															3
Stock incentive plans							20															20
Directors							1															1
Cash dividends paid ($0.13 per share)																(36	)					(36	)
Balance at June 30, 2024		285		$	30	$	1,027		$	(748	)	$	(47	)	$	5,764		$	11		$	6,037
Net income																234			5			239
Foreign currency translation													172									172
Shares issued - employee stock compensation plans:
Employee stock purchase plan		1			1		46															47
Stock incentive plans							22															22
Cash dividends paid ($0.13 per share)																(37	)					(37	)
Balance at September 30, 2024		286		$	31	$	1,095		$	(748	)	$	125		$	5,961		$	16		$	6,480

See accompanying Notes to Condensed Consolidated Financial Statements.

BROWN & BROWN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Nine months ended September 30,
(in millions)	2025			2024
Cash flows from operating activities:
Net income before non-controlling interests	$	799		$	791
Adjustments to reconcile net income before non-controlling interests to net cash provided by operating activities:
Amortization		196			131
Depreciation		37			33
Non-cash stock-based compensation		76			77
Change in estimated acquisition earn-out payables		18			(9	)
Mark-to-market of escrow liability		8			—
Deferred income taxes		18			(11	)
Net loss/(gain) on sales/disposals of investments, businesses, fixed assets and customer accounts		2			(29	)
Payments on acquisition earn-outs in excess of original estimated payables		(1	)		(35	)
Other		5			3
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:
Commissions, fees and other receivables (increase) decrease		(59	)		(119	)
Reinsurance recoverable (increase) decrease		1,190			(1,911	)
Prepaid reinsurance premiums (increase) decrease		8			(77	)
Other assets (increase) decrease		(23	)		(81	)
Losses and loss adjustment reserve increase (decrease)		(1,188	)		1,913
Unearned premiums increase (decrease)		15			163
Accounts payable increase (decrease)		(95	)		(9	)
Accrued expenses and other liabilities increase (decrease)		(41	)		(17	)
Other liabilities increase (decrease)		41			—
Net cash provided by operating activities		1,006			813
Cash flows from investing activities:
Additions to fixed assets		(48	)		(62	)
Payments for businesses acquired, net of cash acquired		(7,659	)		(118	)
Proceeds from sales of businesses, fixed assets and customer accounts		10			60
Other investing activities		(4	)		1
Net cash used in investing activities		(7,701	)		(119	)
Cash flows from financing activities:
Fiduciary receivables and liabilities, net		(145	)		83
Payments on acquisition earn-outs		(77	)		(100	)
Proceeds from long-term debt		4,192			599
Payments on long-term debt		(206	)		(700	)
Deferred debt issuance costs		(37	)		(5	)
Borrowings on revolving credit facility		450			150
Payments on revolving credit facility		(500	)		(250	)
Proceeds from issuance of common stock, net of expenses		4,315			—
Issuances of common stock for employee stock benefit plans		43			44
Repurchase shares to fund tax withholdings for non-cash stock-based compensation		(42	)		(54	)
Cash dividends paid		(137	)		(111	)
Other financing activities		(5	)		3
Net cash provided by (used in) financing activities		7,851			(341	)
Effect of foreign exchange rate changes on cash and cash equivalents inclusive of fiduciary cash		66			45
Net increase in cash, cash equivalents and restricted cash inclusive of fiduciary cash		1,222			398
Cash, cash equivalents and restricted cash inclusive of fiduciary cash at beginning of period		2,502			2,303
Cash, cash equivalents and restricted cash inclusive of fiduciary cash at end of period	$	3,724		$	2,701

See accompanying Notes to Condensed Consolidated Financial Statements. Refer to Note 10 for the reconciliations of cash and cash equivalents inclusive of fiduciary cash.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 Nature of Operations

Brown & Brown, Inc., a Florida corporation, and its subsidiaries (collectively, “Brown & Brown” or the “Company”) is a diversified insurance agency, wholesale brokerage, insurance programs and service organization that markets and sells insurance products and services, primarily in the property, casualty and employee benefits areas. Brown & Brown’s business is divided into two reportable segments. The Retail segment provides a broad range of risk management products and services to commercial, public and quasi-public entities, and to professional and individual customers. These products and services include property and casualty insurance and reinsurance, employee benefits, private client services, captive solutions, consulting services and financial and wealth solutions, as well as non-insurance warranty services and products through the Retail segment’s automobile and recreational vehicle dealer services (“F&I”) businesses. The Specialty Distribution segment consists of our programs, wholesale brokerage and specialty businesses. The programs businesses, which act as managing general underwriters (“MGUs”), provide targeted products and services designated for specific industries, trade groups, governmental entities and market niches, which are delivered to the insured directly, to affinity groups, through wholesale brokers or through a global network of independent agents, including Brown & Brown retail agents. These products and services include specialty property and casualty insurance, financial lines, life and health benefits, reinsurance, travel/accident and health insurance, captive administrative services, warranty services and specialty packages of coverages. The wholesale brokerage businesses underwrite and place excess and surplus commercial and personal lines insurance, typically for specialized or hard-to-place types of risks, primarily through a global network of independent agents and brokers, including Brown & Brown retail agents. The specialty business offers solutions across affinity and administrative services, captives, reinsurance, travel/accident, warranty, and life & health.

The Company primarily operates as an agent or broker not assuming underwriting risks. However, we also operate and/or participate in various ancillary insurance operations, including (1) reinsurance companies and stand-alone captives that assume underwriting risk; (2) series captive insurance companies (“SCICs”); (3) protected cell companies; (4) segregated account companies; (5) a quota share captive and (6) an excess of loss layer captive (collectively, the “Captives”). These respective entities are utilized for the purpose of managing SCICs, facilitating additional underwriting capacity, generating incremental revenues and/or participating in underwriting results. The Company also operates a write-your-own flood insurance carrier, Wright National Flood Insurance Company (“WNFIC”). WNFIC’s underwriting business consists of policies written pursuant to the National Flood Insurance Program (“NFIP”), the program administered by the Federal Emergency Management Agency (“FEMA”) to which premiums and underwriting exposure are ceded, and excess flood policies which are fully reinsured in the private market.

In conjunction with the acquisition of RSC Topco, Inc., (“RSC” or “Accession”) the holding company for Accession Risk Management Group, Inc., in the third quarter of 2025, the Company aligned its business from three to two segments. As a result of the segment reorganization, the Company consolidated its Programs and Wholesale Brokerage segments into a new Specialty Distribution segment. The Company now reports its financial results in the following two reportable segments: Retail and Specialty Distribution. The historical results, discussion and presentation of our business segments as set forth in the accompanying Condensed Consolidated Financial Statements and these Notes reflect the impact of these changes for all periods presented in order to present segment information on a comparable basis. There is no impact on our previously reported consolidated statements of income, balance sheets, statements of cash flows, statements of comprehensive income or statements of shareholders’ equity resulting from these changes. See Note 12 of these Notes to Condensed Consolidated Financial Statements for further information.

NOTE 2 Basis of Financial Reporting

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of recurring accruals) necessary for a fair presentation have been included. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosures of contingent assets and liabilities, at the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)" which requires disclosure of specific information about certain costs and expenses in the notes to the financial statements. This ASU is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15,

2027. Early adoption is permitted. The Company is currently evaluating these new disclosure requirements.

On December 14, 2023, the FASB issued ASU 2023-09, "Improvements to Income Tax Disclosures." This ASU improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating these new disclosure requirements.

Recently Adopted Accounting Standards

In November 2023, the FASB issued ASU 2023-07, "Improvements to Reportable Segment Disclosures." This ASU requires additional reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. In addition, the ASU enhances interim disclosure requirements effectively making the current annual requirements a requirement for interim reporting. The Company adopted ASU 2023-07 for fiscal year ending December 31, 2024, and it has been applied retrospectively to the interim disclosures beginning January 1, 2025.

Income Taxes

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.

The OBBBA includes several provisions that impact the timing and magnitude of certain tax deductions, including restoring 100% bonus depreciation for qualifying property, increasing the business interest limitation and the immediate expensing of domestic research and development costs. The Company has applied the provisions of OBBBA to its financial results and position for the three months ended September 30, 2025, and will continue to assess potential impacts to its financial position, results of operations and cash flows as additional guidance from the OBBBA is issued.

NOTE 3 Revenues

The following tables present the revenues disaggregated by revenue source:


	Three months ended September 30, 2025
(in millions)	Retail		Specialty Distribution		Other (8)		Total
Base commissions (1)	$	623	$	450	$	—	$	1,073
Fees (2)		204		142		—		346
Other supplemental commissions (3)		32		4		—		36
Profit-sharing contingent commissions (4)		18		55		—		73
Earned premium (5)		—		22		—		22
Investment income (6)		5		8		42		55
Other income, net (7)		1		—		—		1
Total revenues	$	883	$	681	$	42	$	1,606


	Three months ended September 30, 2024
(in millions)	Retail		Specialty Distribution		Other (8)		Total
Base commissions (1)	$	444	$	378	$	—	$	822
Fees (2)		158		93		—		251
Other supplemental commissions (3)		29		3		—		32
Profit-sharing contingent commissions (4)		8		19		—		27
Earned premium (5)		—		23		—		23
Investment income (6)		2		8		21		31
Other income, net (7)		—		—		—		—
Total revenues	$	641	$	524	$	21	$	1,186


	Nine months ended September 30, 2025
(in millions)	Retail		Specialty Distribution		Other (8)			Total
Base commissions (1)	$	1,722	$	1,188	$	—		$	2,910
Fees (2)		554		326		(2	)		878
Other supplemental commissions (3)		160		17		—			177
Profit-sharing contingent commissions (4)		40		121		—			161
Earned premium (5)		—		57		—			57
Investment income (6)		9		20		79			108
Other income, net (7)		2		2		—			4
Total revenues	$	2,487	$	1,731	$	77		$	4,295


	Nine months ended September 30, 2024
(in millions)	Retail		Specialty Distribution		Other (8)			Total
Base commissions (1)	$	1,440	$	1,065	$	—		$	2,505
Fees (2)		469		248		(1	)		716
Other supplemental commissions (3)		148		14		—			162
Profit-sharing contingent commissions (4)		30		80		—			110
Earned premium (5)		—		52		—			52
Investment income (6)		3		21		47			71
Other income, net (7)		3		2		1			6
Total revenues	$	2,093	$	1,482	$	47		$	3,622

(1)

Base commissions generally represent a percentage of the premium paid by an insured and are affected by fluctuations in both premium rate levels charged by insurance companies and the insureds’ underlying “insurable exposure units,” which are units that insurance companies use to measure or express insurance exposed to risk (such as property values, or sales and payroll levels) to determine what premium to charge the insured. Insurance companies establish these premium rates based upon many factors, including loss experience, risk profile and reinsurance rates paid by such insurance companies, none of which we control.

(2)

Fee revenues relate to fees for services other than securing coverage for our customers, including fees negotiated in lieu of commissions, and F&I products and services.

(3)

Other supplemental commissions include additional commissions over base commissions received from insurance carriers based on predetermined growth or production measures. This includes incentive commissions and guaranteed supplemental commissions.

(4)

Profit-sharing contingent commissions are based primarily on underwriting results, but may also reflect considerations for volume, growth and/or retention.

(5)

Earned premium relates to the premiums earned in the Captives.

(6)

Investment income consists primarily of interest on cash and investments.

(7)

Other income consists primarily of other miscellaneous income.

(8)

Fees within Other reflect the elimination of intercompany revenues.

The following table presents the revenues disaggregated by geographic area where our services are being performed:


	Three months ended September 30,				Nine months ended September 30,
(in millions)	2025		2024		2025		2024
U.S.	$	1,410	$	1,031	$	3,657	$	3,136
U.K.		148		133		452		408
Other		48		22		186		78
Total revenues	$	1,606	$	1,186	$	4,295	$	3,622

Contract Assets and Liabilities

The balances of contract assets and contract liabilities arising from contracts with customers as of September 30, 2025 and December 31, 2024 were as follows:


(in millions)	September 30, 2025		December 31, 2024
Contract assets	$	881	$	575
Contract liabilities	$	167	$	119

Unbilled receivables (contract assets) arise when the Company recognizes revenue for amounts which have not yet been billed in the Company's systems and are reflected in commissions, fees and other receivables in the Company's Condensed Consolidated Balance Sheets. Businesses acquired in the current year accounted for $219 million of the increase in contract assets over the balance as of December 31, 2024, with the remaining increase due to normal seasonality and growth in the business.

Deferred revenue (contract liabilities) relates to payments received in advance of performance under the contract before the transfer of a good or service to the customer. Deferred revenue is reflected within accrued expenses and other liabilities for those to be recognized in less than twelve months and in other liabilities for those to be recognized more than twelve months from the date presented in the Company's Condensed Consolidated Balance Sheets. Businesses acquired in the current year accounted for $50 million of the increase in contract liabilities over the balance as of December 31, 2024.

As of September 30, 2025, deferred revenue totaled $167 million and consisted of $124 million and $42 million classified as short term and long term, respectively. As of December 31, 2024, deferred revenue totaled $119 million and consisted of $80 million and $39 million classified as short term and long term, respectively.

During the nine months ended September 30, 2025 and 2024, the net amount of revenue recognized related to performance obligations satisfied in a previous period was $24 million and $17 million, consisting of additional variable consideration received on our incentive and profit-sharing contingent commissions.

Other Assets and Deferred Cost

Incremental cost to obtain - The Company defers certain costs to obtain customer contracts primarily as they relate to commission-based compensation plans in the Retail segment, in which the Company pays an incremental amount of compensation on new business. These incremental costs are deferred and amortized over a 15-year period. The cost to obtain balance within the other assets caption in the Company's Condensed Consolidated Balance Sheets was $137 million and $119 million as of September 30, 2025 and December 31, 2024, respectively. For the nine months ended September 30, 2025, the Company deferred $26 million of incremental cost to obtain customer contracts. The Company recorded expense of $8 million associated with the incremental cost to obtain customer contracts for the nine months ended September 30, 2025.

Cost to fulfill - The Company defers certain costs to fulfill contracts and recognizes these costs as the associated performance obligations are fulfilled. The cost to fulfill balance within the other current assets caption in the Company's Condensed Consolidated Balance Sheets was $193 million as of September 30, 2025, which is inclusive of deferrals from businesses acquired in the current year of $57 million. The cost to fulfill balance was $145 million as of December 31, 2024. For the nine months ended September 30, 2025, the Company had net expense of $13 million related to the release of previously deferred contract fulfillment costs associated with performance obligations that were satisfied in the period, net of current year deferrals for costs incurred that related to performance obligations yet to be fulfilled.

NOTE 4 Net Income Per Share

Basic net income per share is computed based on the weighted average number of common shares (including participating securities) issued and outstanding during the period. Diluted net income per share is computed based on the weighted average number of common shares issued and outstanding plus equivalent shares, assuming the issuance of all potentially issuable common shares. The dilutive effect of potentially issuable common shares is computed by application of the treasury stock method. As of September 30, 2025, approximately 4.5 million shares were excluded from the diluted net income per share calculation as they would be anti-dilutive. The following is a reconciliation between basic and diluted weighted average shares outstanding:


	Three months ended September 30,		Nine months ended September 30,
(in millions, except per share data)	2025	2024	2025	2024
Net income attributable to the Company

BROWN & BROWN, INC. 10-Q