Brown & Brown revenue rises 7.4% to $1.7 billion as organic growth is 1.2%

Brown & Brown, Inc. (BRO) said in a regulatory filing on Monday that third-quarter total revenues rose 7.4% to $1.7 billion from a year earlier. The insurance brokerage firm reported the results for the quarter ended Sept. 30, 2026.

The company furnished the results in a press release under Item 2.02 of Form 8-K, the item used for quarterly earnings. The release says the figures are unaudited. It also lists as a risk that the final third-quarter results could differ from the preliminary numbers it reported.

Here's how the company did:

• Total revenues: $1,725 million vs. $1,606 million a year earlier
• Diluted net income per share: $0.67 vs. $0.68 a year earlier
• Diluted net income per share, adjusted: $1.07 vs. $1.05 a year earlier
• Net income attributable to the company: $240 million vs. $227 million a year earlier

Revenue rose $119 million, or 7.4%, from a year earlier. Commissions and fees were $1,700 million, compared with $1,550 million.

Organic revenue, which strips out acquired operations, divestitures, currency and a litigation-related item, was $1,464 million, up 1.2% from $1,447 million. The company removed $156 million of third-quarter core commissions and fees from acquired operations in that calculation.

Organic Revenue with Contingents rose 1.5% to $1,543 million from $1,520 million. Organic Contingents were $79 million, up from $73 million.

Income before income taxes rose to $320 million from $311 million. The margin fell to 18.6% from 19.4%.

EBITDAC, or earnings before interest, income taxes, depreciation, amortization and changes in estimated acquisition earn-out payables, was $575 million, compared with $529 million a year earlier.

The adjusted measure, EBITDAC - Adjusted, was $597 million, up from $587 million. Its margin was 34.6%, compared with 36.6%. The adjusted figure excludes $36 million of acquisition and integration costs and a $14 million non-cash mark-to-market item on escrowed shares.

The prior-year quarter included about $29 million of interest income on proceeds from a June 2025 common stock offering and senior notes issuance. Those proceeds were held for the closing of the RSC Topco, Inc. acquisition, which the release calls Accession.

For the first nine months, total revenues were $5.3 billion, up $1.0 billion, or 23.4%. Organic revenue grew 0.3% over the same period.

Net income attributable to the company for the nine months was $954 million, up $164 million, or 20.8%. Diluted net income per share was $2.57, flat from a year earlier. Adjusted diluted net income per share rose to $3.52 from $3.33, or 5.7%.

Employee compensation and benefits were $857 million in the quarter, compared with $793 million. Other operating expenses were $307 million, up from $276 million.

Amortization expense rose to $110 million from $93 million. Interest expense was $100 million in both periods.

In the first nine months, net cash provided by operating activities was $1,140 million, up from $1,006 million. The company bought $750 million of treasury stock in the period, compared with none a year earlier. Cash dividends paid totaled $169 million, up from $137 million.

Shares outstanding were 327 million at Sept. 30, compared with 336 million at Dec. 31, 2025. Long-term debt, less unamortized discount and issuance costs, was $7,346 million, up from $6,894 million at year-end.

The release does not include updated full-year guidance.

President and chief executive officer J. Powell Brown said, “The third quarter reflected the incredible efforts of our teammates to win more customers in spite of a challenging rate environment.” He added, “Our capabilities were broadly enhanced by the addition of approximately 5,000 new teammates from Accession, just over a year ago.”

The release refers to two segments but does not include segment results.

The company describes itself as having more than 700 locations and about 23,000 professionals.

The company will hold a conference call on Oct. 27 at 8:00 a.m. EDT. It may refer to a slide presentation during the call.

The filing was signed by R. Andrew Watts, executive vice president and chief financial officer.