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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 March 31, 2026


☐	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 April 24, 2026 was 338,947,841.

BROWN & BROWN, INC.

INDEX





		PAGE NO.
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited):
	Condensed Consolidated Statements of Income for the three months ended March 31, 2026 and 2025	5
	Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025	6
	Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	7
	Condensed Consolidated Statements of Equity for the three months ended March 31, 2026 and 2025	8
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025	9
	Notes to Condensed Consolidated Financial Statements	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	38
Item 4.	Controls and Procedures	38

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 5.	Other Information	39
Item 6.	Exhibits	40

SIGNATURES		41

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”) (the “Transaction”);

•

The possibility that the anticipated benefits, including any anticipated costs savings 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;

•

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

•

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

•

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 (“Contingents”), insurer capacity or claims expenses within our capitalized captive insurance facilities;

•

Adverse economic conditions, political conditions, 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 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 or competing 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;

•

Future sales or other dilution of our equity could adversely affect the market price of our common stock;

•

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;

•

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 March 31,
(in millions, except per share data)	2026			2025
REVENUES
Commissions and fees	$	1,880		$	1,385
Investment and other income		21			19
Total revenues		1,901			1,404
EXPENSES
Employee compensation and benefits		907			683
Other operating expenses		289			186
(Gain)/loss on disposal		(1	)		2
Amortization		116			53
Depreciation		17			11
Interest		99			46
Change in estimated acquisition earn-out payables		5			(4	)
Mark-to-market of escrow liability		(64	)		—
Total expenses		1,368			977
Income before income taxes		533			427
Income taxes		106			93
Net income before non-controlling interests		427			334
Less: Net income attributable to non-controlling interests		1			3
Net income attributable to the Company	$	426		$	331
Net income per share:
Basic	$	1.27		$	1.16
Diluted	$	1.06		$	1.15

See accompanying Notes to Condensed Consolidated Financial Statements.

BROWN & BROWN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


	Three months ended March 31,
(in millions)	2026			2025
Net income attributable to the Company	$	426		$	331
Foreign currency translation (loss)/gain		(82	)		124
Comprehensive income attributable to the Company	$	344		$	455

See accompanying Notes to Condensed Consolidated Financial Statements.

BROWN & BROWN, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


(in millions, except per share data)	March 31, 2026			December 31, 2025
ASSETS
Current Assets:
Cash and cash equivalents	$	1,003		$	1,079
Fiduciary cash		2,387			2,471
Commission, fees and other receivables		1,576			1,438
Fiduciary receivables		1,574			1,515
Reinsurance recoverable		590			647
Prepaid reinsurance premiums		869			980
Other current assets		456			484
Total current assets		8,455			8,614
Fixed assets, net		370			367
Operating lease assets		263			269
Goodwill		15,076			15,087
Amortizable intangible assets, net		4,782			4,906
Other assets		754			748
Total assets	$	29,700		$	29,991
LIABILITIES AND EQUITY
Current Liabilities:
Fiduciary liabilities	$	3,961		$	3,986
Losses and loss adjustment reserve		611			671
Unearned premiums		938			1,053
Accounts payable		873			990
Accrued expenses and other liabilities		695			875
Current portion of long-term debt		1,238			719
Total current liabilities		8,316			8,294
Long-term debt less unamortized discount and debt issuance costs		6,584			6,894
Operating lease liabilities		238			243
Deferred income taxes, net		899			815
Other liabilities		1,050			1,172
Equity:
Common stock, par value $0.10 per share; authorized 560 shares; issued 359 shares and outstanding 335 shares at 2026, issued 357 shares and outstanding 336 shares at 2025, respectively		36			36
Additional paid-in capital		6,165			6,160
Treasury stock, at cost 24 shares at 2026 and 21 shares at 2025, respectively		(1,098	)		(848	)
Accumulated other comprehensive income		128			210
Non-controlling interests		24			26
Retained earnings		7,358			6,989
Total equity		12,613			12,573
Total liabilities and equity	$	29,700		$	29,991

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, 2025		336		$	36	$	6,160		$	(848	)	$	210		$	6,989		$	26		$	12,573
Net income																426			1			427
Foreign currency translation													(82	)								(82	)
Shares issued - employee stock compensation plans:
Employee stock purchase plan							6															6
Stock incentive plans		3					20															20
Acquisitions							5															5
Net non-controlling interest acquired (disposed)																			(3	)		(3	)
Repurchase shares to fund tax withholdings for non-cash stock-based compensation							(26	)														(26	)
Purchase of treasury stock		(4	)							(250	)											(250	)
Cash dividends paid ($0.165 per share)																(57	)					(57	)
Balance at March 31, 2026		335		$	36	$	6,165		$	(1,098	)	$	128		$	7,358		$	24		$	12,613

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

See accompanying Notes to Condensed Consolidated Financial Statements.

BROWN & BROWN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Three months ended March 31,
(in millions)	2026			2025
Cash flows from operating activities:
Net income before non-controlling interests	$	427		$	334
Adjustments to reconcile net income before non-controlling interests to net cash provided by operating activities:
Amortization		116			53
Depreciation		17			11
Non-cash stock-based compensation		26			29
Change in estimated acquisition earn-out payables		5			(4	)
Mark-to-market of escrow liability		(64	)		—
Deferred income taxes		80			(10	)
Net (gain)/loss on sales/disposals of investments, businesses, fixed assets and customer accounts		(1	)		2
Payments on acquisition earn-outs in excess of original estimated payables		(15	)		—
Other		3			2
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:
Commissions, fees and other receivables (increase) decrease		(142	)		(180	)
Reinsurance recoverable (increase) decrease		57			1,080
Prepaid reinsurance premiums (increase) decrease		110			40
Other assets (increase) decrease		25			35
Losses and loss adjustment reserve increase (decrease)		(60	)		(1,081	)
Unearned premiums increase (decrease)		(116	)		(35	)
Accounts payable increase (decrease)		(29	)		126
Accrued expenses and other liabilities increase (decrease)		(184	)		(195	)
Other liabilities increase (decrease)		7			6
Net cash provided by operating activities		262			213
Cash flows from investing activities:
Additions to fixed assets		(21	)		(17	)
Payments for businesses acquired, net of cash acquired		(17	)		(67	)
Proceeds from sales of businesses, fixed assets and customer accounts		—			9
Other investing activities		—			(4	)
Net cash used in investing activities		(38	)		(79	)
Cash flows from financing activities:
Fiduciary receivables and liabilities, net		(76	)		(90	)
Payments on acquisition earn-outs		(150	)		(26	)
Payments on long-term debt		(19	)		(169	)
Borrowings on revolving credit facility		225			150
Repurchase shares to fund tax withholdings for non-cash stock-based compensation		(26	)		(40	)
Purchase of treasury stock		(250	)		—
Cash dividends paid		(57	)		(43	)
Other financing activities		(1	)		—
Net cash used in financing activities		(354	)		(218	)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash inclusive of fiduciary cash		(27	)		22
Net decrease in cash, cash equivalents and restricted cash inclusive of fiduciary cash		(157	)		(62	)
Cash, cash equivalents and restricted cash inclusive of fiduciary cash at beginning of period		3,815			2,502
Cash, cash equivalents and restricted cash inclusive of fiduciary cash at end of period	$	3,658		$	2,440

See accompanying Notes to Condensed Consolidated Financial Statements. Refer to Note 10 for the reconciliations of cash, cash equivalents and restricted cash 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 business underwrites and places 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 ancillary insurance operations facilitate additional underwriting capacity, generate incremental revenues and/or enable the Company to participate in certain 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, the holding company for Accession Risk Management Group, Inc., in the third quarter of 2025, the Company realigned 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 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, 2025.

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.

Fair Value of Financial Instruments

The Company has categorized its assets and liabilities that are recognized at fair value on a recurring basis into a three-level fair value hierarchy. Fair value accounting establishes a framework for measuring fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The framework includes a fair value hierarchy that prioritizes the inputs to the valuation technique used to measure fair value.

The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measure in its entirety. The three levels of the hierarchy in order of priority of inputs to the valuation technique are defined as follows:

•

Level 1 - observable inputs such as quoted prices for identical assets in active markets;

•

Level 2 - inputs other than quoted prices for identical assets in active markets, that are observable either directly or indirectly; and

•

Level 3 - unobservable inputs in which there is little or no market data which requires the use of valuation techniques and the development of assumptions.

The carrying amounts of the Company’s financial assets and liabilities, including cash and cash equivalents; fiduciary cash; fiduciary receivables, commissions, fees and other receivables; fiduciary liabilities; accounts payable and accrued expenses and other liabilities, at March 31, 2026, and December 31, 2025, approximate fair value, because of the short-term maturity of these instruments. Acquisition earnout payables and newly acquired intangible assets are measured at fair value using level 3 inputs.

Recently Issued Accounting Pronouncements

In December 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements." This ASU clarifies the guidance in ASC 270 - Interim Reporting, adding a comprehensive list of required interim disclosures and a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This ASU is effective for interim periods within annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating these new disclosure requirements.

In September 2025, the FASB issued ASU 2025-06, "Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software." This ASU was issued to modernize the accounting for software
costs that are accounted for under Subtopic 350-40, including removing references to "project stages" and adding the "probable-to-complete recognition threshold." This ASU is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating these new accounting requirements.

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.

NOTE 3 Revenues

The following tables present the revenues disaggregated by revenue source:


	Three months ended March 31, 2026
(in millions)	Retail		Specialty Distribution		Other (8)			Total
Base commissions (1)	$	845	$	424	$	(1	)	$	1,268
Fees (2)		220		160		—			380
Other supplemental commissions (3)		109		4		—			113
Profit-sharing contingent commissions (4)		30		67		—			97
Earned premium (5)		—		22		—			22
Investment income (6)		5		5		8			18
Other income, net (7)		1		—		2			3
Total revenues	$	1,210	$	682	$	9		$	1,901


	Three months ended March 31, 2025
(in millions)	Retail		Specialty Distribution		Other (8)			Total
Base commissions (1)	$	617	$	341	$	—		$	958
Fees (2)		177		89		(1	)		265
Other supplemental commissions (3)		97		3		—			100
Profit-sharing contingent commissions (4)		14		29		—			43
Earned premium (5)		—		19		—			19
Investment income (6)		2		5		11			18
Other income, net (7)		—		1		—			1
Total revenues	$	907	$	487	$	10		$	1,404

(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 March 31,
(in millions)	2026		2025
U.S.	$	1,637	$	1,174
U.K.		155		140
Other		109		90
Total revenues	$	1,901	$	1,404

Contract Assets and Liabilities

The balances of contract assets and contract liabilities arising from contracts with customers as of March 31, 2026 and December 31, 2025 were as follows:


(in millions)	March 31, 2026		December 31, 2025
Contract assets	$	1,014	$	908
Contract liabilities	$	173	$	168

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. The increase in contract assets over the balance as of December 31, 2025, is due to the timing of policy renewals and contingent accruals in the first quarter.

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.

As of March 31, 2026, deferred revenue totaled $173 million and consisted of $132 million and $41 million classified as short term and long term, respectively. As of December 31, 2025, deferred revenue totaled $168 million and consisted of $127 million and $41 million classified as short term and long term, respectively.

During the three months ended March 31, 2026 and 2025, the net amount of revenue recognized related to performance obligations satisfied in a previous period was $13 million and $14 million, consisting of additional variable consideration received on our incentive and Contingents.

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 $149 million and $143 million as of March 31, 2026 and December 31, 2025, respectively. For the three months ended March 31, 2026, the Company deferred $9 million of incremental cost to obtain customer contracts. The Company recorded expense of $3 million associated with the incremental cost to obtain customer contracts for the three months ended March 31, 2026.

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 $175 million and $208 million as of March 31, 2026 and December 31, 2025, respectively. For the three months ended March 31, 2026, the Company had net expense of $32 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. The following is a reconciliation between basic and diluted weighted average shares outstanding:


	Three months ended March 31,
(in millions, except per share data)	2026			2025
Numerator:
Net income attributable to the Company	$	426		$	331
Less: Net income attributable to unvested awarded performance stock		(5	)		(4	)
Net income attributable to common shares – basic	$	421		$	327
Less: Gain on mark-to-market of escrow liability (1)		(64	)		—
Net income attributable to common shares – diluted	$	357		$	327
Denominator:
Weighted average number of common shares outstanding		335			286
Less: Unvested awarded performance stock		(4	)		(3	)
Weighted average number of common shares outstanding – basic		331			283
Dilutive effect of stock compensation plans		2			2
Dilutive effect of contingently issuable shares (1)		4			—
Weighted average number of shares outstanding – diluted		337			285
Net income per share:
Basic	$	1.27		$	1.16
Diluted	$	1.06		$	1.15

(1)

The calculation of diluted net income per share for the three months ended March 31, 2026, excludes the gain on the mark-to-market of escrow liability in the numerator and includes the shares held in escrow in the denominator, in accordance with ASC 260 - Earnings Per Share, which requires this treatment in periods where the combined effect of these adjustments is accretive to earnings.

NOTE 5 Business Combinations

During the three months ended March 31, 2026, the Company acquired the assets and assumed certain liabilities of five insurance intermediaries, all of the stock of one insurance intermediary, and purchased two books of business (customer accounts) for a total of eight acquisitions. Additionally, adjustments were recorded to the purchase price allocation of certain prior acquisitions completed within the last twelve months as permitted by Accounting Standards Codification (“ASC”) Topic 805 — Business Combinations (“ASC 805”).

Based on the acquisition date and the complexity of the underlying valuation work, certain amounts included in the Company’s Condensed Consolidated Financial Statements may be provisional and thus subject to further adjustments within the permitted measurement period, as defined in ASC 805. The recorded purchase price for all acquisitions includes an estimation of the fair value of liabilities associated with any potential earn-out provisions. Subsequent changes in the fair value of earn-out obligations are recorded in the Condensed Consolidated Statements of Income when incurred. The fair value of earn-out obligations is based on the present value of the expected future payments to be made to the sellers of the acquired businesses in accordance with the provisions outlined in the respective purchase agreements.

Total consideration for acquisition activity during the three months ended March 31, 2026, was $25 million and included gross cash paid of $18 million, initial fair value of earn-out liabilities of $6 million and other payables of $1 million. The Company recorded $43 million of goodwill, $12 million of other identifiable intangible assets and other net liabilities of $30 million in connection with the acquisitions and measurement period adjustments. The weighted average useful life for the acquired purchased customer accounts is 15 years. Certain acquisition-related disclosures have not been presented as the effect of the acquisitions were not material to the Company's financial results.

On August 1, 2025, the Company completed the acquisition of Accession pursuant to the Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provided for escrowed consideration in the form of cash and shares of the Company’s common stock. Both the cash and shares are held in an escrow account. Escrowed shares, which were issued at the closing of the acquisition, total approximately 4.4 million shares. Once all claims related to certain indemnification matters described in the Merger Agreement are resolved, any amounts remaining in the escrow account will be released to the equityholders. The amount of the cash balance will change over time based upon payment of any indemnification obligations of the equityholders associated with the discontinued businesses, as well as dividends paid on the shares and interest income earned on the cash. The Company believes this escrow, plus other available funds, is sufficient to cover any potential costs associated with those specified matters subject to indemnification under the Merger Agreement.

The value of the shares and cash in the escrow account is presented within long-term liabilities (other liabilities), and the restricted cash is presented within other assets in the Company's Condensed Consolidated Balance Sheets. The value of the shares placed in escrow changes as the share price of the Company increases or decreases as compared to the value at the start of the applicable reporting period. In accordance with ASC 480 - Distinguishing Liabilities from Equity and ASC 815 - Derivatives and Hedging, periodic share value changes will be recorded as a mark-to-market of the escrow liability in the Company's Consolidated Statements of Income. This mark-to-market adjustment is non-cash.

As of March 31, 2026, the total balance of the escrow liability was $552 million, with $288 million in escrowed shares and $268 million in cash, net of reimbursements receivable of $4 million. The fair value of the shares held in escrow are re-evaluated and measured at fair value on a recurring basis as defined in ASC 820 - Fair Value Measurement. The change in fair value of the shares for the three months ended March 31, 2026, resulted in a $64 million decrease to expense.

Acquisition Earn-Out Payables

As of March 31, 2026 and 2025, the fair values of the estimated acquisition earn-out payables were re-evaluated and measured at fair value on a recurring basis using unobservable inputs (Level 3) as defined in ASC 820 - Fair Value Measurement. The resulting additions, payments, and net changes, as well as the interest expense accretion on the estimated acquisition earn-out payables were as follows:


	Three months ended March 31,
(in millions)	2026			2025
Balance as of the beginning of the period	$	541		$	167
Additions from new acquisitions		6			5
Assumed estimated acquisition earn-out payables		8			—
Payments		(165	)		(26	)
Subtotal		390			146
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value		(1	)		(6	)
Interest expense accretion		6			2
Net change in earnings from estimated acquisition earn-out payables		5			(4	)
Foreign currency translation adjustments		(2	)		1
Balance as of March 31,	$	393		$	143

Of the $393 million of estimated acquisition earn-out payables as of March 31, 2026, $193 million was recorded as accounts payable and $200 million was recorded as other non-current liabilities. Included within the additions to estimated acquisition earn-out payables are any adjustments to opening balance sheet items within the allowable measurement period, which may therefore differ from previously reported amounts.

Certain acquisition agreements include provisions with no maximum potential earn-out amount. The amount recorded for these acquisitions as of March 31, 2026 was $248 million. As of March 31, 2026, the maximum future contingency payments related to all acquisition agreements that include a cap on the potential earnout amount totaled $441 million.

NOTE 6 Goodwill

The changes in the carrying value of goodwill by reportable segment for the three months ended March 31, 2026 are as follows:


(in millions)	Retail			Specialty Distribution			Total
Balance as of December 31, 2025	$	9,173		$	5,914		$	15,087
Acquisitions		23			4			27
Adjustments during measurement period (1)		13			3			16
Foreign currency translation adjustments		(43	)		(11	)		(54	)
Balance as of March 31, 2026	$	9,166		$	5,910		$	15,076

(1)

Provisional estimates of fair value of acquired assets and liabilities are established at the time of each acquisition and are subsequently reviewed and finalized within the first year of operations subsequent to the acquisition date to determine the necessity for adjustments to goodwill.

NOTE 7 Amortizable Intangible Assets

Amortizable intangible assets consisted of the following:


	March 31, 2026									December 31, 2025
(in millions)	Gross carrying value			Accumulated amortization			Net carrying value			Gross carrying value		Accumulated amortization			Net carrying value
Purchased customer accounts and other	$	6,966		$	(2,166	)	$	4,800		$	6,852	$	(2,037	)	$	4,815
Foreign currency translation adjustments		(23	)		5			(18	)		103		(12	)		91
Total	$	6,943		$	(2,161	)	$	4,782		$	6,955	$	(2,049	)	$	4,906

Estimated amortization expense for intangible assets for each of the next five years is as follows:


(in millions)
2026 (Remainder)	$	342
2027		439
2028		433
2029		413
2030		402
Thereafter		2,753
Total	$	4,782

NOTE 8 Long-Term Debt

Long-term debt consisted of the following:


(in millions)	March 31, 2026			December 31, 2025
Current portion of long-term debt:
Current portion of 5-year term loan facility expires 2026 periodic interest and principal payments, SOFR plus up to 1.750%, expires October 27, 2026	$	163		$	169
4.600% senior notes, semi-annual interest payments, balloon due 2026		400			400
Current portion of 5-year revolving loan facility, periodic interest payments, SOFR plus up to 1.525%, plus commitment fees up to 0.225%, expires October 27, 2026		325			100
Current portion of 5-year term loan facility expires 2027		350			50
Total current portion of long-term debt		1,238			719
Long-term debt:
4.700% senior notes, semi-annual interest payments, balloon due 2028		500			500
4.500% senior notes, semi-annual interest payments, balloon due 2029		350			350
4.900% senior notes, semi-annual interest payments, balloon due 2030		800			800
2.375% senior notes, semi-annual interest payments, balloon due 2031		700			700
4.200% senior notes, semi-annual interest payments, balloon due 2032		600			600
5.250% senior notes, semi-annual interest payments, balloon due 2032		500			500
5.650% senior notes, semi-annual interest payments, balloon due 2034		600			600
5.550% senior notes, semi-annual interest payments, balloon due 2035		1,000			1,000
4.950% senior notes, semi-annual interest payments, balloon due 2052		600			600
6.250% senior notes, semi-annual interest payments, balloon due 2055		1,000			1,000
Total notes		6,650			6,650
Credit agreements:
5-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.750%, expires March 31, 2027		—			313
Total credit agreements		—			313
Unamortized portion of debt discounts related to note agreements (contra)		(18	)		(18	)
Debt issuance costs (contra)		(48	)		(51	)
Total long-term debt, less unamortized discount and debt issuance costs		6,584			6,894
Current portion of long-term debt		1,238			719
Total debt	$	7,822		$	7,613

Note agreements: On June 11, 2025, the Company entered into an Underwriting Agreement (the “Notes Underwriting Agreement”) with BofA Securities, Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters named therein (collectively, the “Notes Underwriters”), with respect to the offer and sale by the Company of $400 million principal amount of its 4.600% Senior Notes due 2026 (the “2026 Notes”), $500 million principal amount of its 4.700% Senior Notes due 2028 (the “2028 Notes”), $800 million principal amount of its 4.900% Senior Notes due 2030 (the “2030 Notes”), $500 million principal amount of its 5.250% Senior Notes due 2032 (the “2032 Notes”), $1,000 million principal amount of its 5.550% Senior Notes due 2035 (the “2035 Notes”) and $1,000 million principal amount of its 6.250% Senior Notes due 2055 (the “2055 Notes” and, together with the 2026 Notes, the 2028 Notes, the 2030 Notes, the 2032 Notes, and the 2035 Notes, the “Notes”). The Company used the net proceeds of the offering of the Notes, together with the proceeds from the offering of shares of common stock and cash on hand, to fund the cash consideration payable under the Merger Agreement, and to pay fees and expenses associated with the foregoing. As of March 31, 2026 and December 31, 2025, the aggregate outstanding balance of these Notes was $4,200 million exclusive of the associated discount balance.

The Company maintains notes from other issuances aggregating to a total outstanding debt balance of $2,850 million exclusive of the associated discount balance as of March 31, 2026 and December 31, 2025.

Credit agreements: The Company has credit agreements that include term loans and a Revolving Credit Facility of $800 million, all having similar terms and covenants. The outstanding balance on the term loans was $513 million and $532 million as of March 31, 2026 and December 31, 2025, respectively. There was an outstanding balance of $325 million on the Revolving Credit Facility as of March 31, 2026, and $100 million outstanding as of December 31, 2025.

The Company is required to maintain certain financial ratios and comply with certain other covenants related to the outstanding credit agreements. The Company was in compliance with all such covenants as of March 31, 2026 and December 31, 2025.

At March 31, 2026, the one month term SOFR Rate for the term loan due October 2026 and the term loan due March 2027 was 3.768%. The one month term SOFR Rate on the Revolving Credit Facility due October 2026 was 3.767% as of March 31, 2026. These SOFR rates are inclusive of a 0.100% credit-spread adjustment per the terms of the relevant agreements.

Fair value information about financial instruments not measured at fair value

The following table presents liabilities that are not measured at fair value on a recurring basis:


	March 31, 2026				December 31, 2025
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities:
Current portion of long-term debt	$	400	$	401	$	400	$	402
Long-term debt	$	6,632	$	6,433	$	6,632	$	6,600

The carrying value of the Company's borrowings under various credit agreements approximates its fair value due to the variable interest rate based upon adjusted SOFR. The fair values above, which exclude accrued interest, are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or ability to dispose of the financial instruments. The fair values of our respective senior notes are considered Level 2 financial instruments, as their values are measured by using observable inputs, other than quoted prices in active markets.

NOTE 9 Leases

Substantially all of the Company's operating lease right-of-use assets and operating lease liabilities represent real estate leases for office space used to conduct the Company's business that expire on various dates through 2041. Leases generally contain renewal options and escalation clauses based upon increases in the lessors’ operating expenses and other charges. The Company anticipates that most of these leases will be renewed or replaced upon expiration, although not necessarily for the same amount of space.

The balances and classification of operating lease right-of-use assets and operating lease liabilities within the Condensed Consolidated Balance Sheets is as follows:


(in millions)		March 31, 2026		December 31, 2025
Assets:
Operating lease right-of-use assets	Operating lease assets	$	263	$	269
Total assets			263		269
Liabilities:
Current operating lease liabilities	Accrued expenses and other liabilities		59		62
Non-current operating lease liabilities	Operating lease liabilities		238		243
Total liabilities		$	297	$	305

The components of lease cost for operating leases were as follows:


	Three months ended March 31,
(in millions)	2026		2025
Operating leases:
Lease cost	$	21	$	14
Variable lease cost		1		1
Total lease cost net	$	22	$	15

The weighted average remaining lease term and the weighted average discount rate for operating leases as of March 31, 2026 were:


Weighted average remaining lease term in years	5.8
Weighted average discount rate	4.1	%

Maturities of operating lease liabilities by fiscal year at March 31, 2026 for the Company's operating leases are as follows:


(in millions)	Operating leases
2026 (Remainder)	$	53
2027		69
2028		56
2029		45
2030		37
Thereafter		72
Total undiscounted lease payments		332
Less: imputed interest		35
Present value of lease payments	$	297

Supplemental cash flow information for operating leases is as follows:


	Three months ended March 31,
(in millions)	2026		2025
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$	21	$	16
Right-of-use assets obtained in exchange for new operating liabilities	$	7	$	6

NOTE 10 Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities

During the three months ended March 31, 2026, the Company had an impact of $27 million from foreign exchange rate changes on cash, cash equivalents and restricted cash inclusive of fiduciary cash reported on its Condensed Consolidated Statements of Cash Flows due to the change in currency exchange rates.

Cash paid during the period for interest and income taxes are summarized as follows:


	Three months ended March 31,
(in millions)	2026		2025
Cash paid during the period for:
Interest	$	53	$	58
Income taxes, net of refunds	$	14	$	14

Significant non-cash investing and financing activities are summarized as follows:


	Three months ended March 31,
(in millions)	2026		2025
Other payables issued for acquisitions and purchased customer accounts	$	1	$	4
Estimated acquisition earn-out payables issued for acquisitions	$	6	$	5
Assumed acquisition earn-out payables	$	8	$	—

The Company's restricted cash balances relate to amounts held in escrow in accordance with the Merger Agreement. Once all claims related to certain indemnification matters described in the Merger Agreement are resolved, the remaining cash in the escrow account will be released to the equityholders. Restricted cash is presented within other assets in the Company's Condensed Consolidated Balance Sheets.


	Balance as of March 31,
(in millions)	2026		2025
Table to reconcile cash, cash equivalents and restricted cash inclusive of fiduciary cash
Cash and cash equivalents	$	1,003	$	669
Fiduciary cash		2,387		1,771
Restricted cash		268		—
Total cash, cash equivalents and restricted cash inclusive of fiduciary cash at the end of the period	$	3,658	$	2,440

NOTE 11 Legal and Regulatory Proceedings

The Company is involved in numerous pending or threatened proceedings by or against Brown & Brown, Inc. or one or more of its subsidiaries that arise in the ordinary course of business. The damages that may be claimed against the Company in these various proceedings are in some cases substantial, including in certain instances claims for punitive or extraordinary damages. Some of these claims and lawsuits have been resolved; others are in the process of being resolved and others are still in the investigation or discovery phase. The Company will continue to respond appropriately to these claims and lawsuits and vigorously protect its interests.

The Company continues to assess certain litigation and claims to determine the amounts, if any, that management believes will be paid as a result of such claims and litigation and; therefore, additional losses may be accrued and paid in the future, which could adversely impact the Company’s operating results, cash flows and overall liquidity. The Company maintains third-party insurance policies to provide coverage for certain legal claims, in an effort to mitigate its overall exposure to unanticipated claims or adverse decisions. However, as (i) one or more of the Company’s insurance carriers could take the position that portions of these claims are not covered by the Company’s insurance, (ii) to the extent that payments are made to resolve claims and lawsuits, applicable insurance policy limits are eroded and (iii) the claims and lawsuits relating to these matters are continuing to develop, it is possible that future results of operations or cash flows for any particular quarterly or annual period could be materially affected by unfavorable resolutions of these matters. Based upon the AM Best Company ratings of these third-party insurers and other factors, management does not believe there is a substantial risk of an insurer’s material non-performance related to any current insured claims.

On the basis of current information, the availability of insurance and legal advice, in management’s opinion, the Company is not currently involved in any legal proceedings which, individually or in the aggregate, would have a material adverse effect on its financial condition, operations and/or cash flows.

NOTE 12 Segment Information

In conjunction with the acquisition of Accession 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. As a result, beginning in the third quarter of 2025, the Company reports its financial results in the following two reportable segments: (i) the Retail segment, which provides a broad range of insurance products and services to commercial, public and quasi-public entities, and to professional and individual customers, and non-insurance risk-mitigating products through our F&I businesses; and (ii) the Specialty Distribution segment, which consists of our programs, wholesale brokerage and specialty businesses. Our programs businesses which act as 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. Our 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. Our specialty business offers solutions across affinity and administrative services, captives, reinsurance, travel/accident, warranty, and life & health.

The balances presented for the three months ended March 31, 2025 have been recast to align with the two-segment structure.

Brown & Brown conducts most of its operations within the U.S. International retail operations include businesses based in Bermuda, Canada, Cayman Islands, India, the Netherlands, Republic of Ireland and the United Kingdom; specialty distribution operations are in Belgium, Canada, France, Germany, Hong Kong, Italy, Malaysia, the Netherlands, Singapore, United Arab Emirates and the United Kingdom. These international operations earned $264 million and $230 million of total revenues for the three months ended March 31, 2026 and 2025, respectively.

The Company's chief operating decision maker ("CODM"), the president and chief executive officer, regularly receives segment information on total revenue, organic revenue growth, the growth in Contingents, income before income taxes and earnings before interest, income taxes, depreciation, amortization and change in estimated acquisition earn-out payables ("EBITDAC"). The metrics are used to review operating trends, to perform analytical comparisons between periods and to monitor budget to actual variances. The Company's CODM does not use segment assets to make resource allocation decisions; therefore, they have not been presented.

Summarized financial information concerning the Company’s reportable segments is shown in the following tables.


	Three months ended March 31, 2026
(in millions)	Retail		Specialty Distribution		Total
Total segment revenues	$	1,210	$	682	$	1,892
Reconciliation of revenues
Other (1)						9
Total consolidated revenues					$	1,901
Less: (2)
Employee compensation and benefits		614

BROWN & BROWN, INC. 10-Q