| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income before non-controlling interests | 427 | 268 | 230 | 235 |
| Amortization | 116 | 116 | 93 | 50 |
| Depreciation | 17 | 18 | 14 | 12 |
| Non-cash stock-based compensation | 26 | 17 | 24 | 23 |
| Change in estimated acquisition earn-out payables | 5 | 7 | 11 | 11 |
| Mark-to-market of escrow liability | -64 | -62 | 8 | NaN |
| Deferred income taxes | 80 | -25 | 20 | 8 |
| Net (gain)/loss on sales/disposals of investments, businesses, fixed assets and customer accounts | 1 | -1 | 0 | 0 |
| Payments on acquisition earn-outs in excess of original estimated payables | 15 | 2 | 0 | 1 |
| Other | 3 | 1 | 3 | 0 |
| Commissions, fees and other receivables (increase) decrease | 142 | 36 | -80 | -41 |
| Reinsurance recoverable (increase) decrease | -57 | -166 | -48 | -62 |
| Prepaid reinsurance premiums (increase) decrease | -110 | 190 | -17 | 49 |
| Other assets (increase) decrease | -25 | 21 | 12 | 46 |
| Losses and loss adjustment reserve increase (decrease) | -60 | -160 | -45 | -62 |
| Unearned premiums increase (decrease) | -116 | 162 | -40 | 90 |
| Accounts payable increase (decrease) | -29 | 106 | -100 | -121 |
| Accrued expenses and other liabilities increase (decrease) | -184 | 59 | 91 | 63 |
| Other liabilities increase (decrease) | 7 | 19 | 26 | 9 |
| Net cash provided by operating activities | 262 | 444 | 468 | 325 |
| Additions to fixed assets | 21 | 20 | 16 | 15 |
| Payments for businesses acquired, net of cash acquired | 17 | 195 | 7,498 | 94 |
| Proceeds from sales of businesses, fixed assets and customer accounts | 0 | -1 | 0 | 1 |
| Other investing activities | 0 | -3 | 0 | 0 |
| Net cash used in investing activities | -38 | -213 | -7,514 | -108 |
| Fiduciary receivables and liabilities, net | 76 | -198 | 264 | -209 |
| Payments on acquisition earn-outs | 150 | 66 | 32 | 19 |
| Proceeds from long-term debt | NaN | 0 | 0 | 4,192 |
| Payments on long-term debt | 19 | 19 | 18 | 19 |
| Deferred debt issuance costs | NaN | -1 | 1 | 36 |
| Borrowings on revolving credit facility | 225 | 0 | 300 | 0 |
| Payments on revolving credit facility | NaN | 100 | 100 | 400 |
| Proceeds from issuance of common stock, net of expenses | NaN | 0 | 0 | 4,315 |
| Issuances of common stock for employee stock benefit plans | NaN | 5 | 43 | NaN |
| Repurchase shares to fund tax withholdings for non-cash stock-based compensation | 26 | 0 | 1 | 1 |
| Purchase of treasury stock | 250 | 100 | NaN | NaN |
| Cash dividends paid | 57 | 56 | 51 | 43 |
| Other financing activities | -1 | -1 | -6 | 1 |
| Net cash used in financing activities | -354 | -138 | -130 | 8,199 |
| Effect of foreign exchange rate changes on cash and cash equivalents inclusive of fiduciary cash | NaN | NaN | -19 | 63 |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash inclusive of fiduciary cash | -27 | 64 | NaN | NaN |
| Net decrease in cash, cash equivalents and restricted cash inclusive of fiduciary cash | -157 | 91 | -7,195 | 8,479 |
| Cash, cash equivalents and restricted cash inclusive of fiduciary cash at beginning of period | 3,815 | 3,724 | 10,919 | 2,440 |
| Cash, cash equivalents and restricted cash inclusive of fiduciary cash at end of period | 3,658 | 3,815 | 3,724 | 10,919 |
BROWN & BROWN, INC. (BRO)
BROWN & BROWN, INC. (BRO)