BRO Stock - Brown & Brown, Inc.
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Financial Statements
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Revenue | $4.71B | $4.20B | $3.56B | $3.05B | $2.61B |
| Gross Profit | $2.30B | $2.01B | $1.75B | $1.41B | $1.17B |
| Gross Margin | 48.9% | 47.9% | 49.0% | 46.3% | 44.9% |
| Operating Income | $1.37B | $1.16B | $963.00M | $854.70M | $668.90M |
| Net Income | $993.00M | $870.50M | $671.80M | $587.10M | $480.50M |
| Net Margin | 21.1% | 20.7% | 18.9% | 19.3% | 18.4% |
| EPS | $3.48 | $3.07 | $2.38 | $2.08 | $1.70 |
Brown & Brown, Inc. markets and sells insurance products and services in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, loss control survey and analysis, consultancy, and claims processing services. It serves commercial, public and quasi-public entities, professional, and individual customers. The National Programs segment offers professional liability and related package insurance products for dentistry, legal, eyecare, insurance, financial, physicians, real estate title professionals, as well as supplementary insurance products related to weddings, events, medical facilities, and cyber liabilities. This segment also offers outsourced product development, marketing, underwriting, actuarial, compliance, and claims and other administrative services to insurance carrier partners; and commercial and public entity-related programs, and flood insurance products. It serves through independent agents. The Wholesale Brokerage segment markets and sells excess and surplus commercial and personal lines insurance through independent agents and brokers. The Services segment offers third-party claims administration and medical utilization management services in the workers' compensation and all-lines liability arenas, Medicare Set-aside, Social Security disability, Medicare benefits advocacy, and claims adjusting services. The company was founded in 1939 and is headquartered in Daytona Beach, Florida.
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Price Targets
Recent Analyst Actions
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| December 18th 2025 | JP Morgan | Initiation | Neutral | $91 |
| December 16th 2025 | Mizuho | Initiation | Neutral | $89 |
| November 20th 2025 | Wolfe Research | Initiation | Peer Perform | - |
| November 3rd 2025 | BofA Securities | Downgrade | Neutral | $97 |
| August 13th 2025 | Citigroup | Initiation | Buy | $112 |
| August 13th 2025 | Wells Fargo | Downgrade | Equal Weight | $101 |
| July 31st 2025 | Argus | Downgrade | Hold | - |
| July 30th 2025 | BofA Securities | Upgrade | Buy | $130 |
| May 13th 2025 | Goldman | Downgrade | Neutral | $119 |
| April 16th 2025 | Edward Jones | Initiation | Buy | - |
| March 25th 2025 | Morgan Stanley | Downgrade | Equal Weight | $128 |
| December 5th 2024 | Morgan Stanley | Initiation | Overweight | $134 |
| September 24th 2024 | Argus | Initiation | Buy | $120 |
| September 5th 2024 | Barclays | Initiation | Equal Weight | $108 |
| August 12th 2024 | Wells Fargo | Upgrade | Overweight | $112← $94 |
Earnings History & Surprises
BROEPS Surprise History
Quarterly EPS Details
| Period | Report Date | Estimated EPS | Actual EPS | Surprise | Result |
|---|---|---|---|---|---|
Q2 2026 | Apr 27, 2026 | — | — | — | — |
Q1 2026 | Jan 26, 2026 | $0.91 | — | — | — |
Q4 2025 | Oct 27, 2025 | $0.94 | $1.05 | +11.2% | ✓ BEAT |
Q3 2025 | Jul 28, 2025 | $0.99 | $1.03 | +4.5% | ✓ BEAT |
Q2 2025 | Apr 28, 2025 | $1.29 | $1.29 | 0.0% | = MET |
Q1 2025 | Jan 27, 2025 | $0.77 | $0.86 | +12.1% | ✓ BEAT |
Q4 2024 | Oct 28, 2024 | $0.88 | $0.91 | +3.4% | ✓ BEAT |
Q3 2024 | Jul 22, 2024 | $0.88 | $0.93 | +5.7% | ✓ BEAT |
Q2 2024 | Apr 22, 2024 | $1.05 | $1.14 | +8.6% | ✓ BEAT |
Q1 2024 | Jan 22, 2024 | $0.53 | $0.58 | +9.4% | ✓ BEAT |
Q4 2023 | Oct 23, 2023 | $0.62 | $0.71 | +14.5% | ✓ BEAT |
Q3 2023 | Jul 24, 2023 | $0.59 | $0.68 | +15.3% | ✓ BEAT |
Q2 2023 | Apr 24, 2023 | $0.82 | $0.84 | +2.4% | ✓ BEAT |
Q1 2023 | Jan 23, 2023 | $0.46 | $0.50 | +8.7% | ✓ BEAT |
Q4 2022 | Oct 24, 2022 | $0.61 | $0.50 | -18.0% | ✗ MISS |
Q3 2022 | Jul 25, 2022 | $0.49 | $0.51 | +4.1% | ✓ BEAT |
Q2 2022 | Apr 25, 2022 | $0.75 | $0.78 | +4.0% | ✓ BEAT |
Q1 2022 | Jan 24, 2022 | $0.39 | $0.42 | +7.7% | ✓ BEAT |
Q4 2021 | Oct 25, 2021 | $0.53 | $0.58 | +9.4% | ✓ BEAT |
Q3 2021 | Jul 26, 2021 | $0.40 | $0.49 | +22.5% | ✓ BEAT |
Latest News
JP Morgan Initiates Coverage On Brown & Brown with Neutral Rating, Announces Price Target of $91
➖ NeutralMizuho Initiates Coverage On Brown & Brown with Neutral Rating, Announces Price Target of $89
➖ NeutralBrown & Brown Subsidiary Acquires Assets Of Campbell Agency; Terms Undisclosed
📈 PositiveBarclays Maintains Equal-Weight on Brown & Brown, Lowers Price Target to $84
➖ NeutralMorgan Stanley Maintains Equal-Weight on Brown & Brown, Lowers Price Target to $85
➖ NeutralKeefe, Bruyette & Woods Maintains Underperform on Brown & Brown, Lowers Price Target to $79
📉 NegativeB of A Securities Downgrades Brown & Brown to Neutral, Lowers Price Target to $97
📉 NegativeCitigroup Maintains Buy on Brown & Brown, Lowers Price Target to $104
➖ NeutralTruist Securities Maintains Buy on Brown & Brown, Lowers Price Target to $114
➖ NeutralWells Fargo Maintains Equal-Weight on Brown & Brown, Lowers Price Target to $92
➖ NeutralBrown & Brown Q3 Adj. EPS $1.05 Beats $0.93 Estimate, Sales $1.606B Beat $1.528B Estimate
📈 PositiveWright National Flood Insurance Services Agrees To Acquire Assets Of Poulton Associates For Undisclosed Sum; Transaction Expected To Close In November
➖ NeutralBrown & Brown Authorizes The Purchase Of Up To An Additional $1.25B Of The Company's Outstanding Common Stock
📈 PositiveBrown & Brown Increase Quarterly Cash Dividend From $0.15 To $0.165
📈 PositiveUBS Maintains Neutral on Brown & Brown, Lowers Price Target to $106
➖ NeutralBarclays Maintains Equal-Weight on Brown & Brown, Lowers Price Target to $102
➖ NeutralWells Fargo Maintains Equal-Weight on Brown & Brown, Lowers Price Target to $98
➖ NeutralMorgan Stanley Maintains Equal-Weight on Brown & Brown, Lowers Price Target to $100
➖ NeutralMorgan Stanley Maintains Equal-Weight on Brown & Brown, Lowers Price Target to $105
➖ NeutralFrequently Asked Questions about BRO
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