Annual Financials for Brown & Brown, Inc. (BRO)

20 Years of financial data for all companies
Including key metrics, annual/quarterly financials, and historic PE ratio.



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All numbers in thousands except per share items and ratios.
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Reported Currency: USD TTM 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-12-31 2005-12-31 2004-12-31
Revenue 4,529,900 4,257,100 3,573,400 3,047,500 2,606,100 2,384,700 2,009,900 1,857,300 1,762,800 1,657,000 1,567,500 1,355,503 1,200,032 1,013,542 973,492 967,877 977,554 959,667 878,004 782,121 646,934
Revenue Growth - 19.13% 17.26% 16.94% 9.28% 18.65% 8.22% 5.36% 6.39% 5.71% 15.64% 12.96% 18.40% 4.11% 0.58% -0.99% 1.86% 9.30% 12.26% 20.90%
Cost of Revenue 692,400 206,000 1,816,900 1,636,900 1,436,400 1,308,200 1,068,900 994,700 925,100 841,400 791,700 683,000 608,506 652,754 623,671 628,069 623,135 575,472 531,383 374,943 399,148
Gross Profit 3,837,500 4,051,100 1,756,500 1,410,600 1,169,700 1,076,500 941,000 862,600 837,700 815,600 775,800 672,503 591,526 360,788 349,821 339,808 354,419 384,195 346,621 407,178 247,786
Gross Profit Margin 84.05% 95.16% 49.15% 46.29% 44.88% 45.14% 46.82% 46.44% 47.52% 49.22% 49.49% 49.61% 49.29% 35.60% 35.93% 35.11% 36.26% 40.03% 39.48% 52.06% 38.30%
Research and Development 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
General and Administrative Expenses 0 0 0 0 0 0 0 0 0 15,500 19,300 22,603 624,371 519,869 494,665 492,038 485,783 449,768 410,307 3,337 314,221
Total Operating Expenses 1,952,600 2,836,500 782,600 555,900 500,800 505,800 441,400 391,600 370,600 374,800 358,400 303,697 879,124 728,889 692,923 698,524 690,366 634,338 584,606 152,265 432,829
Operating Income or Loss 1,280,300 1,214,600 973,900 857,500 673,400 572,400 499,447 471,004 467,032 440,633 417,184 368,806 311,375 282,447 278,895 269,353 -690,366 -634,338 -584,606 258,599 -432,829
Operating Margin 27.97% 28.53% 27.25% 28.14% 25.84% 24.00% 24.85% 25.36% 26.49% 26.59% 26.61% 27.21% 25.95% 27.87% 28.65% 27.83% -70.62% -66.10% -66.58% 33.06% -66.90%
Interest Expense 197,400 190,000 141,200 65,000 59,000 63,700 40,600 38,300 39,500 39,200 28,400 16,440 16,097 14,132 14,471 14,599 14,690 13,802 13,357 14,469 0
EBITDA 1,567,200 1,420,600 1,159,700 1,010,400 808,200 701,100 610,500 601,500 577,200 551,700 528,800 461,361 399,854 351,800 344,650 332,450 347,105 378,528 341,205 301,905 245,161
Depreciation and Amortization 212,300 2,988,200 2,525,800 2,122,054 1,937,149 1,813,969 1,510,410 1,386,266 1,295,755 108,300 103,800 85,417 78,946 67,147 64,081 63,097 59,917 53,199 47,807 43,306 31,056
Income Before Tax 1,307,400 1,146,100 876,100 762,800 624,100 525,900 462,500 449,700 423,500 402,800 339,900 357,609 304,811 270,521 266,098 254,754 272,498 311,527 280,041 244,130 206,949
Income Tax Expense 310,900 275,600 204,300 175,700 143,600 127,400 118,200 50,100 166,000 159,200 132,900 140,497 120,766 106,526 104,346 101,460 106,374 120,568 107,691 93,579 78,106
Net Income 994,600 870,500 671,800 587,100 480,500 398,500 344,300 399,600 257,500 243,600 207,000 217,112 184,045 163,995 161,752 153,294 166,124 190,959 172,350 150,551 128,843
Net Income Margin 21.94% 20.45% 18.80% 19.26% 18.44% 16.71% 17.13% 21.52% 14.61% 14.70% 13.21% 16.02% 15.34% 16.18% 16.62% 15.84% 16.99% 19.90% 19.63% 19.25% 19.92%
EPS 3.50 3.07 2.38 2.08 1.70 1.42 1.27 1.43 0.92 0.86 0.72 0.75 0.64 0.57 0.57 0.54 0.59 0.68 0.62 0.55 0.47
EPS Diluted 3.48 3.05 2.37 2.07 1.69 1.40 1.25 1.41 0.91 0.85 0.71 0.74 0.63 0.56 0.56 0.54 0.59 0.68 0.61 0.54 0.47
Weighted Average Shares Out - 279,600 277,500 276,024 274,334 272,471 270,991 272,580 272,278 275,620 281,888 282,066 278,728 277,164 275,848 274,346 281,984 271,152 279,268 277,126 275,636
Weighted Average Shares Out Diluted - 280,800 278,600 277,414 275,867 274,616 275,542 277,586 275,608 280,224 285,782 285,248 284,020 280,528 278,636 275,014 283,116 272,714 282,040 279,552 277,776

Reported Currency: USD Q2 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-12-31 2005-12-31 2004-12-31
Current Assets
Cash and Cash Equivalents 2,974,000 2,302,900 650,000 887,100 817,400 542,200 439,000 573,400 515,700 443,400 470,000 202,952 219,821 286,305 272,984 197,113 78,557 38,234 88,490 100,580 188,106
Short Term Investments 9,000 11,000 12,000 12,900 18,300 12,300 12,900 25,000 15,000 13,700 11,200 10,624 8,183 7,627 7,678 8,213 7,511 2,892 2,909 2,748 12,491
Cash + Short Term Investments 2,983,000 2,313,900 662,000 900,000 835,700 554,500 451,900 598,400 530,700 457,100 481,200 213,576 228,004 293,932 280,662 205,326 86,068 41,126 91,399 103,328 200,597
Net Receivables 2,305,000 2,039,500 2,355,300 1,279,300 1,142,700 1,001,400 910,200 1,033,900 580,600 465,900 437,600 395,915 302,725 240,257 214,446 209,462 244,515 240,680 282,440 257,930 172,395
Inventory 0 0 1,776,400 975,400 832,100 786,800 676,500 571,700 598,900 564,000 606,200 279,285 188,972 150,398 143,670 167,048 158,921 271,612 242,187 229,872 147,483
Other Current Assets -5,288,000 -4,353,400 202,300 175,600 147,700 152,100 128,700 47,900 50,500 50,400 45,500 39,260 39,811 23,540 14,031 31,863 33,528 33,964 32,180 28,637 19,491
Total Current Assets 6,089,000 5,129,900 4,996,000 3,330,300 2,958,200 2,494,800 2,167,300 2,251,900 1,760,700 1,537,400 1,570,500 928,036 759,512 708,127 652,809 613,699 523,032 587,382 648,206 619,767 539,966
Non-Current Assets
Property, Plant and Equipment 482,000 469,100 454,800 409,000 388,100 332,900 100,400 77,100 75,800 81,800 84,700 74,733 74,337 61,360 59,713 61,467 63,520 62,327 44,170 39,398 33,438
Goodwill 7,431,000 7,340,800 6,674,200 4,736,800 4,395,900 3,746,100 3,432,800 2,716,100 2,675,400 2,586,700 2,460,600 2,006,173 1,711,514 1,323,469 1,194,827 1,074,397 1,023,372 846,433 684,521 549,040 360,843
Intangible Assets 1,565,000 1,620,800 1,595,200 1,081,500 1,049,700 916,800 898,800 641,000 707,500 744,700 784,600 618,888 566,538 496,182 481,900 468,862 495,627 443,224 396,069 377,907 293,009
Long Term Investments 22,000 21,000 22,400 31,000 25,000 27,400 17,400 13,900 23,000 18,100 19,900 -29,276 -24,408 -19,863 -20,076 -11,791 -14,171 355 15,826 8,421 9,328
Tax Assets 614,000 616,200 584,000 386,794 344,222 328,277 315,732 256,185 24,609 24,635 25,431 29,276 24,408 19,863 20,076 11,791 14,171 17,208 49,721 35,489 24,859
Other Non-Current Assets -259,000 -314,400 -353,100 -179,994 -194,622 -223,477 -243,732 -198,885 20,291 19,465 11,169 21,678 16,157 17,873 11,565 5,801 14,029 3,730 -30,561 -21,362 -11,926
Total Non-Current Assets 9,855,000 9,753,500 8,977,500 6,465,100 6,008,300 5,128,000 4,521,400 3,505,400 3,526,600 3,475,400 3,386,400 2,721,472 2,368,546 1,898,884 1,748,005 1,610,527 1,596,548 1,373,277 1,159,746 988,893 709,551
Other Assets 0 32,400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Assets 15,944,000 14,915,800 13,973,500 9,795,400 8,966,500 7,622,800 6,688,700 5,757,300 5,287,300 5,012,800 4,956,900 3,649,508 3,128,058 2,607,011 2,400,814 2,224,226 2,119,580 1,960,659 1,807,952 1,608,660 1,249,517
Current Liabilities
Accounts Payable 313,000 458,900 286,500 1,591,000 1,389,000 1,114,300 944,900 759,100 717,200 638,600 625,400 568,518 48,524 22,384 33,693 17,431 18,872 18,760 17,854 418,627 16,257
Short Term Debt 770,000 568,700 250,600 42,500 70,000 55,000 50,000 120,000 55,500 73,100 45,600 100,000 93 1,227 1,662 17,124 6,162 11,519 18,082 55,630 16,135
Tax Payables 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Revenue 603,000 462,400 412,300 514,600 480,100 479,800 443,500 412,600 392,500 392,700 404,300 80,959 32,867 30,048 28,509 37,715 43,577 41,211 33,273 34,027 32,273
Other Current Liabilities 3,705,000 3,466,900 3,647,200 519,300 415,300 396,200 344,600 705,500 280,000 224,300 194,300 157,400 486,297 427,961 406,293 406,683 454,032 484,633 521,458 74,534 300,445
Total Current Liabilities 5,391,000 4,956,900 4,596,600 2,667,400 2,354,400 2,045,300 1,783,000 1,997,200 1,445,200 1,328,700 1,269,600 906,877 567,781 481,620 470,157 478,953 522,643 556,123 590,667 582,818 365,110
Non-Current Liabilities
Long Term Debt 3,391,000 3,226,900 3,887,400 2,160,400 2,198,800 1,668,200 1,457,000 856,100 1,018,400 1,079,900 1,152,800 380,000 450,000 250,033 250,067 250,209 253,616 227,707 226,252 214,179 227,063
Deferred Revenue 673,000 462,400 492,200 459,672 431,571 407,201 374,938 342,938 308,661 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Tax 614,000 616,400 584,000 386,800 344,200 328,300 315,700 256,200 382,300 360,900 341,500 291,704 237,630 178,052 146,482 115,609 90,143 65,736 49,721 35,489 24,859
Other Non-Current Liabilities -162,000 42,000 -193,300 -75,772 -116,671 -176,501 -242,538 -277,838 -227,361 93,600 79,200 63,786 65,314 53,343 27,764 9,581 11,437 13,635 11,967 11,830 8,160
Total Non-Current Liabilities 4,516,000 4,347,700 4,770,300 2,931,100 2,857,900 2,227,200 1,905,100 1,177,400 1,482,000 1,534,400 1,573,500 735,490 752,944 481,428 424,313 375,399 355,196 307,078 287,940 261,498 260,082
Total Liabilities 9,907,000 9,337,000 9,366,900 5,598,500 5,212,300 4,272,500 3,688,100 3,174,600 2,927,200 2,863,100 2,843,100 1,642,367 1,320,725 963,048 894,470 854,352 877,839 863,201 878,607 844,316 625,192
Common Stock 30,000 30,400 30,300 30,100 30,000 29,700 29,300 14,900 14,800 14,600 14,600 14,542 14,388 14,335 14,279 14,208 14,154 14,067 14,002 13,938 6,916
Retained Earnings 5,764,000 5,288,500 4,553,000 4,000,700 3,520,600 3,140,800 2,833,600 2,456,600 2,134,600 1,947,400 1,768,200 1,620,639 1,457,073 1,322,562 1,205,061 1,087,805 977,407 851,490 695,656 552,647 425,662
Accumulated Other Comprehensive Income/Loss -47,000 -19,100 -148,400 -9,400 -0 0 0 -0 -0 -0 -0 0 0 7 7 5 13 13 9,144 4,446 4,467
Total Stockholders Equity 6,026,000 5,578,800 4,606,600 4,196,900 3,754,200 3,350,300 3,000,600 2,582,700 2,360,100 2,149,700 2,113,800 2,007,141 1,807,333 1,643,963 1,506,344 1,369,874 1,241,741 1,097,458 929,345 764,344 624,325
Total Investments 9,000 32,000 34,400 43,900 43,300 39,700 30,262 38,914 38,096 31,826 31,019 10,624 8,183 7,627 7,678 8,213 7,511 3,247 18,735 11,169 21,819
Total Debt 4,341,000 3,974,200 4,138,000 2,202,900 2,268,800 1,723,200 1,507,000 976,100 1,073,900 1,153,000 1,198,400 480,000 450,093 251,260 251,729 267,333 259,778 239,226 244,334 269,809 243,198
Net Debt 1,367,000 1,671,300 3,488,000 1,315,800 1,451,400 1,181,000 1,068,000 402,700 558,200 709,600 728,400 277,048 230,272 -35,045 -21,255 70,220 181,221 200,992 155,844 169,229 55,092

Reported Currency: USD TTM 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-12-31 2005-12-31 2004-12-31
Cash Flows from Operating Activities
Net Income 991,500 870,500 671,800 587,100 480,500 398,500 344,300 399,630 257,491 243,318 206,896 217,112 184,045 163,995 161,752 153,294 166,124 190,959 172,350 150,551 128,843
Depreciation & Amortization 212,300 206,000 185,800 152,900 134,800 128,700 109,300 108,144 107,666 108,311 103,836 85,417 78,946 67,147 64,081 63,097 59,917 53,199 47,807 43,306 31,056
Deferred Income Tax 7,100 12,500 42,800 33,600 15,900 12,300 14,900 -102,183 18,163 22,696 7,369 32,247 32,723 30,328 22,587 27,851 25,713 325 11,480 10,642 8,840
Stock Based Compensation 96,400 89,400 66,100 61,000 59,700 47,000 33,500 30,631 16,052 15,513 19,363 22,603 15,865 11,194 6,845 7,358 7,314 5,667 5,416 3,337 2,625
Change in Working Capital -135,400 -25,800 -15,900 97,700 38,200 101,000 75,200 11,033 -24,546 33,616 943 37,414 -75,832 -28,752 55,326 -30,389 83,756 -3,866 -11,058 9,730 4,604
Accounts Receivable -55,300 599,500 -828,800 -92,400 -120,400 -79,900 318,800 -443,043 -109,665 -26,103 1,050 -40,729 -11,312 -20,570 -2,555 0 0 0 0 -84,058 -57,800
Inventory 38,800 0 0 -9,400 -119,600 -13,800 -423,491 377,542 25,727 5,898 -67,033 96,784 -62,345 14,699 -11,324 0 0 0 0 18,768 29,314
Accounts Payable 136,800 292,200 124,300 184,900 266,600 166,600 163,000 64,178 96,258 34,748 45,113 66,804 31,854 -2,807 28,246 -1,819 -5,992 533 -3,561 157,409 62,404
Other Working Capital -169,700 -917,500 688,600 14,600 11,600 28,100 16,891 12,356 -36,866 19,073 21,813 -85,445 -34,029 -20,074 40,959 -28,570 89,748 -4,399 -7,497 -82,389 -29,314
Other Non-Cash Items 258,300 -143,100 -69,200 15,700 -7,500 -9,300 -9,700 -5,280 332 -11,606 46,612 -5,419 -15,432 -6,381 -14,539 374 -1,071 -30,944 -781 -2,478 -5,765
Net Cash Provided by Operating Activities 994,000 1,009,500 881,400 948,000 721,600 678,200 567,500 441,975 375,158 411,848 385,019 389,374 220,315 237,531 296,052 221,585 341,753 215,340 225,214 215,088 170,203
Cash Flows from Investing Activities
Investments in Property, Plant, and Equipment -82,800 -68,900 -52,600 -45,000 -70,700 -73,100 -41,500 -24,192 -17,765 -18,375 -24,923 -16,366 -24,028 -13,608 -10,454 -11,310 -14,115 -30,643 -14,979 -13,426 -10,152
Acquisitions Net -457,400 -524,100 -1,927,700 -366,800 -694,800 -353,000 -923,900 -41,471 -122,622 -136,000 -696,486 -367,712 -425,054 -166,055 -157,637 -44,682 -263,400 -212,303 -143,737 -262,181 -202,664
Purchases of Investments -4,200 -7,200 -100 -12,400 -14,200 -17,500 -9,300 -10,665 -25,872 -22,766 -17,813 -18,102 -11,167 -12,698 -9,285 -11,570 -13,774 -2,695 -211 -299 -3,142
Sales/Maturities of Investments 11,300 13,200 7,400 10,800 11,000 8,400 17,900 9,644 18,890 21,928 18,278 15,662 10,654 12,950 9,327 10,828 9,756 21,715 119 896 1,107
Other Investing Activities 166,800 112,600 60,300 16,700 9,600 21,600 5,000 4,094 4,957 10,576 13,631 5,886 14,095 3,686 1,558 1,305 4,600 6,713 1,399 2,362 6,330
Net Cash Used for Investing Activities -532,300 -587,000 -1,912,700 -396,700 -759,100 -413,600 -951,800 -62,590 -142,412 -144,637 -707,313 -380,632 -435,500 -175,725 -166,491 -55,429 -276,933 -217,213 -157,409 -272,648 -208,521
Cash Flows from Financing Activities
Debt Repayment -604,800 -150,600 -411,300 -73,100 -405,000 -50,000 -370,000 -96,750 -73,125 -45,625 -805,000 -31,956 -101,227 -102,072 -19,425 -29,479 -22,522 -55,462 -127,432 -66,117 -68,606
Common Stock Issued 92,200 39,800 37,600 34,000 980,100 24,999 19,500 17,422 15,983 15,890 14,808 12,445 13,305 8,667 11,119 10,144 10,914 11,320 11,274 9,717 8,107
Common Stock Repurchased -15,000 -100 -122,900 -132,400 -96,400 -69,604 -91,300 -128,639 -18,908 -163,750 -75,025 60,579 291,037 100,000 0 14,390 27,180 26,320 65,000 -23,492,434 0
Dividends Paid -144,800 -135,000 -119,500 -107,229 -100,592 -91,344 -84,700 -77,712 -70,262 -64,108 -59,334 -53,546 -49,534 -46,494 -44,496 -42,896 -40,207 -35,125 -29,341 -23,566 -20,003
Other Financing Activities 239,100 59,100 2,341,500 -70,600 -31,700 31,732 864,300 -50,901 -14,208 -36,246 1,513,941 -13,133 -4,880 -8,586 -888 241 138 4,564 604 23,542,434 250,000
Net Cash Used Provided by Financing Activities 244,800 -186,700 1,725,400 -349,300 346,400 -79,216 337,800 -336,580 -160,520 -293,839 589,390 -25,611 148,701 -48,485 -53,690 -47,600 -24,497 -48,383 -79,895 -29,966 169,498
Effect of Forex Changes on Cash 4,000 33,900 -131,200 -3,600 0 0 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Change in Cash 710,600 269,700 562,900 198,400 308,900 185,400 -46,500 42,805 72,226 -26,628 267,096 -16,869 -66,484 13,321 75,871 118,556 40,323 -50,256 -12,090 -87,526 131,180
Cash at End of Period 9,697,800 2,302,900 2,033,200 1,470,300 1,271,900 963,000 777,600 824,088 515,646 443,420 470,048 202,952 219,821 286,305 272,984 197,113 78,557 38,234 88,490 100,580 188,106
Cash at Start of Period 8,987,200 2,033,200 1,470,300 1,271,900 963,000 777,600 824,100 781,283 443,420 470,048 202,952 219,821 286,305 272,984 197,113 78,557 38,234 88,490 100,580 188,106 56,926
Free Cash Flow
Operating Cash Flow 994,000 1,009,500 881,400 948,000 721,600 678,200 567,500 441,975 375,158 411,848 385,019 389,374 220,315 237,531 296,052 221,585 341,753 215,340 225,214 215,088 170,203
Capital Expenditure -82,800 -68,900 -52,600 -45,000 -70,700 -73,100 -41,500 -24,192 -17,765 -18,375 -24,923 -16,366 -24,028 -13,608 -10,454 -11,310 -14,115 -30,643 -14,979 -13,426 -10,152
Free Cash Flow 911,200 940,600 828,800 903,000 650,900 605,100 526,000 417,783 357,393 393,473 360,096 373,008 196,287 223,923 285,598 210,275 327,638 184,697 210,235 201,662 160,051