For the year ending 2025-12-31, BRO had $1,313,000K increase in cash & cash equivalents over the period. $1,382,000K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | - | - | 870,500 | 671,800 |
| Net income before non-controlling interests | 1,067,000 | 1,002,000 | - | - |
| Amortization | 312,000 | 178,000 | 166,000 | 146,600 |
| Depreciation | 55,000 | 44,000 | 40,000 | 39,200 |
| Non-cash stock-based compensation | 93,000 | 101,000 | 89,400 | 66,100 |
| Change in estimated acquisition earn-out payables | 25,000 | 2,000 | 21,800 | -38,900 |
| Mark-to-market of escrow liability | -54,000 | - | - | - |
| Deferred income taxes | -7,000 | 13,000 | 12,300 | 42,800 |
| Amortization of debt discount and disposal of deferred financing costs | - | - | 1,000 | 3,800 |
| Amortization of discounts and premiums, investment | - | - | -3,500 | -200 |
| Net (gain)/loss on sales/disposals of businesses, investments, fixed assets and customer accounts | - | - | 140,300 | - |
| Net loss/(gain) on sales/disposals of investments, businesses, fixed assets and customer accounts | -3,000 | 29,000 | - | 3,600 |
| Payments on acquisition earn-outs in excess of original estimated payables | 3,000 | 37,000 | 29,300 | 30,100 |
| Effect of changes in foreign exchange rate changes | - | - | 200 | -600 |
| Other | 6,000 | 5,000 | - | - |
| Commissions, fees and other receivables (increase) decrease | 95,000 | 94,000 | 106,400 | 60,900 |
| Reinsurance recoverable (increase) decrease | -1,356,000 | 1,402,000 | -705,900 | 767,900 |
| Prepaid reinsurance premiums (increase) decrease | 182,000 | 58,000 | 68,300 | 1,000 |
| Other assets (increase) decrease | 44,000 | 98,000 | 117,700 | 17,600 |
| Losses and loss adjustment reserve increase (decrease) | -1,348,000 | 1,411,000 | -709,600 | 777,800 |
| Unearned premiums increase (decrease) | 177,000 | 115,000 | 50,100 | 20,100 |
| Accounts payable increase (decrease) | 11,000 | -47,000 | 260,000 | 124,300 |
| Accrued expenses and other liabilities increase (decrease) | 18,000 | 35,000 | 43,200 | 37,000 |
| Other liabilities increase (decrease) | 60,000 | 33,000 | -82,800 | -127,700 |
| Net cash provided by operating activities | 1,450,000 | 1,174,000 | 1,009,500 | 881,400 |
| Additions to fixed assets | 68,000 | 82,000 | 68,900 | 52,600 |
| Payments for businesses acquired, net of cash acquired | 7,854,000 | 890,000 | 630,700 | 1,927,700 |
| Proceeds from sales of fixed assets and customer accounts | - | - | - | 60,400 |
| Proceeds from sales of businesses, fixed assets and customer accounts | 9,000 | 70,000 | 106,600 | - |
| Purchases of investments | - | 7,000 | 7,200 | 100 |
| Proceeds from sales of investments | - | 11,000 | 13,200 | 7,400 |
| Other investing activities | 1,000 | - | - | - |
| Net cash used in investing activities | -7,914,000 | -898,000 | -587,000 | -1,912,600 |
| Fiduciary receivables and liabilities, net | -53,000 | -191,000 | -188,500 | -96,200 |
| Deferred acquisition purchase payment | - | - | - | 5,100 |
| Payments on acquisition earn-outs | 143,000 | 117,000 | 89,500 | 76,200 |
| Proceeds from long-term debt | 4,192,000 | 599,000 | - | 2,000,000 |
| Payments on long-term debt | 225,000 | 719,000 | 250,600 | 61,300 |
| Deferred debt issuance costs | 36,000 | 5,000 | - | 23,400 |
| Borrowings on revolving credit facility | 450,000 | 500,000 | 420,000 | 350,000 |
| Payments on revolving credit facility | 600,000 | 350,000 | 320,000 | 350,000 |
| Proceeds from issuance of common stock, net of expenses | 4,315,000 | - | - | - |
| Issuances of common stock for employee stock benefit plans | 48,000 | 44,000 | 39,800 | 37,600 |
| Repurchase shares to fund tax withholdings for non-cash stock-based compensation | 42,000 | 55,000 | 39,800 | 48,800 |
| Purchase of treasury stock | 100,000 | - | 100 | 74,100 |
| Cash dividends paid | 193,000 | 154,000 | 135,000 | 119,500 |
| Other financing activities | -6,000 | 2,000 | - | - |
| Net cash provided by (used in) financing activities | 7,713,000 | -64,000 | -186,700 | 1,725,400 |
| Effect of foreign exchange rate changes on cash and cash equivalents inclusive of fiduciary cash | - | -13,000 | 33,900 | -131,200 |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash inclusive of fiduciary cash | 64,000 | - | - | - |
| Net increase in cash, cash equivalents and restricted cash inclusive of fiduciary cash | 1,313,000 | 199,000 | 269,700 | 563,000 |
| Cash and cash equivalents at beginning of period | 2,502,000 | 2,303,000 | 2,033,200 | 1,470,200 |
| Cash and cash equivalents at end of period | 3,815,000 | 2,502,000 | 2,302,900 | 2,033,200 |
BROWN & BROWN, INC. (BRO)
BROWN & BROWN, INC. (BRO)