Jun 2026 (Q2 FY26) — Jul 28, 2026
Brown & Brown Q2 FY26 — Strong Organic Growth with Contingents and AI Partnerships
Read the full callBrown & Brown (BRO) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Brown & Brown earnings: last reported Tue, 28 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,676 | +30.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 288 | +24.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
11 of 18 judged targets kept · 15 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Impact on Retail organic growth from pharmacy consulting business model change | negative 50 to 100 basis points | Mar 2026 | Regarding our previously discussed pharmacy consulting business, the negative impact on organic growth was approximately 60 basis points for this quarter. | Achieved |
| Accession adjusted EBITDAC margin | around 35% | Mar 2026 | On the bridge, what we communicated was that the business runs around a 35% margin in total. | On Track |
7 of BROWN & BROWN, INC.'s 33 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 31 more targets are in the full ledger.
Claimed
- Total revenues grew 30.4% to $1.7 billion in Q2 FY26.
- Organic revenue, including contingents, increased 70 basis points.
- Adjusted earnings per share grew nearly 4% to $1.07.
- Retail segment delivered organic growth, including contingent, of 2.5%.
- Cash flow from operations increased $70 million or 13% compared to H1 FY25.
Qualified
- Organic revenue, excluding contingents, decreased 70 basis points.
- Adjusted EBITDAC margin decreased 100 basis points to 35.7% due to lower interest income.
- Specialty Distribution organic revenue was negative 1.6% with contingents and negative 3.5% without, impacted by $10 million of delayed new business revenue.
- CAT property rates continue to decrease 15% to 35%.
- Litigation impact from departed individuals resulted in an $18 million adjustment to retail organic revenue, with a full-year impact of $50 million to $60 million.
Price
$69.22 −0.26% · −$0.18
Performance −21.3% 1Y
1Y: $87.91 on 17 Oct 2025 → $69.22. High $89.2 (22 Oct 2025), low $54.38 (13 May 2026).
- Previous close
- $69.4
- 52-week range
- $54.38 – $89.2
- One year
- −20.91%
Overview
- Symbol
- BRO
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
11 of 18 judged targets kept · 15 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Impact on Retail organic growth from pharmacy consulting business model change | negative 50 to 100 basis points | Mar 2026 | Regarding our previously discussed pharmacy consulting business, the negative impact on organic growth was approximately 60 basis points for this quarter. | Achieved |
| Accession adjusted EBITDAC margin | around 35% | Mar 2026 | On the bridge, what we communicated was that the business runs around a 35% margin in total. | On Track |
Claimed
- Total revenues grew 30.4% to $1.7 billion in Q2 FY26.
- Organic revenue, including contingents, increased 70 basis points.
- Adjusted earnings per share grew nearly 4% to $1.07.
- Retail segment delivered organic growth, including contingent, of 2.5%.
- Cash flow from operations increased $70 million or 13% compared to H1 FY25.
Qualified
- Organic revenue, excluding contingents, decreased 70 basis points.
- Adjusted EBITDAC margin decreased 100 basis points to 35.7% due to lower interest income.
- Specialty Distribution organic revenue was negative 1.6% with contingents and negative 3.5% without, impacted by $10 million of delayed new business revenue.
- CAT property rates continue to decrease 15% to 35%.
- Litigation impact from departed individuals resulted in an $18 million adjustment to retail organic revenue, with a full-year impact of $50 million to $60 million.
The full ledger
Open BROWN & BROWN, INC.’s full ledger
A free account opens 5 company ledgers a month. All 33 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 28, 2026
Brown & Brown Q1 FY26 — Solid Growth and Margin Expansion Amidst Market Headwinds
Read the full callEvery analysed call
Brown & Brown earnings calls (BRO)
Financials
What the filings say
Net profit, year on year: +25% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,186 | 1,183 | 1,404 | 1,285 | 1,606 | 1,607 | 1,901 | 1,676 |
| Interest | 50 | 46 | 46 | 51 | 100 | 100 | 99 | 100 |
| Profit before tax | 317 | 276 | 427 | 311 | 311 | 322 | 533 | 383 |
| Tax rate | 24.6% | 23.6% | 21.8% | 24.8% | 26.4% | 16.1% | 19.9% | 24.5% |
| Net profit | 234 | 209 | 331 | 231 | 227 | 265 | 426 | 288 |
| EPS ($ per share) | 0.82 | — | 1.16 | 0.79 | 0.68 | — | 1.27 | 0.86 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 29 | 30 | 30 | 30 | 30 | 30 | 31 | 36 |
| Reserves | 2,834 | 3,141 | 3,521 | 4,001 | 4,553 | 5,289 | 6,128 | 6,989 |
| Total liabilities | 3,688 | 4,272 | 5,212 | 5,598 | 9,368 | 9,304 | 11,175 | 17,418 |
| Fixed assets | 100 | 149 | 201 | 212 | 240 | 270 | 319 | 367 |
| Investments | 13 | 12 | 18 | 13 | 12 | 11 | 10 | — |
| Total assets | 6,689 | 7,623 | 8,967 | 9,795 | 13,974 | 14,883 | 17,612 | 29,991 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 568 | 678 | 713 | 809 | 881 | 1,010 | 1,174 | 1,450 |
| Cash from investing | -952 | -414 | -759 | -397 | -1,913 | -587 | -898 | -7,914 |
| Cash from financing | 338 | -79 | 355 | -210 | 1,726 | -187 | -64 | 7,713 |
| Net cash flow | -46 | 185 | 309 | 198 | 563 | 270 | 199 | 1,313 |
| Capital expenditure | -42 | -73 | -71 | -45 | -52 | -69 | -82 | -68 |
| Free cash flow | 526 | 605 | 642 | 764 | 829 | 941 | 1,092 | 1,382 |
BRO revenue by segment
Retail shrank from 65% to 56% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Retail | 54% | 54% | 65% | 54% | 55% | 57% | 64% | 57% | +35.9% |
| Specialty Distribution | — | — | — | — | 42% | — | 36% | 43% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 86%
- GB 10% ↓ 1 pt
- Other Country 4% ↑ 3 pt
As BRO cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
47 filings between Dec 15, 2025 and Sep 21, 2026.
Open market
decisions to buy or sellPurchases
$164.1K
2 purchases by 2 insiders
Sales
None
No insider sold shares.
Compensation
not trading decisions- 27
- Award — granted as compensation
- 7
- Tax withheld — shares kept back by the company to cover tax
Also filed: 11 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| PROCTOR H PALMER JR | $114.2K | — | May 5, 2026 |
| JOHNSON JOIA M | $49.9K | — | Jun 9, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 21, 2026 | Hunt James S Director | Gift | 5,000 | $0 |
| Sep 21, 2026 | Hunt James S Director | Gift | 5,000 | $0 |
| Jun 9, 2026 | JOHNSON JOIA M Director | Purchase | 860 | $49.9K |
| May 6, 2026 | JOHNSON JOIA M Director | Award | 2,434 | $0 |
| May 6, 2026 | GELLERSTEDT LAWRENCE L III Director | Award | 2,434 | $0 |
| May 6, 2026 | Savio Kathleen A. Director | Award | 2,434 | $0 |
| May 6, 2026 | Hoepner Theodore J Director | Award | 2,434 | $0 |
| May 6, 2026 | JENNINGS TONI Director | Award | 2,434 | $0 |
| May 6, 2026 | PATEL JAYMIN B Director | Award | 2,434 | $0 |
| May 6, 2026 | PROCTOR H PALMER JR Director | Award | 2,434 | $0 |
| May 6, 2026 | KRUMP PAUL J Director | Award | 2,434 | $0 |
| May 6, 2026 | Main Timothy R.M. Director | Award | 2,434 | $0 |
| May 6, 2026 | Hunt James S Director | Award | 2,434 | $0 |
| May 6, 2026 | Masojada Bronislaw Edmund Director | Award | 2,434 | $0 |
| May 6, 2026 | Reilly Wendell Director | Award | 2,434 | $0 |
| May 5, 2026 | PROCTOR H PALMER JR Director | Purchase | 2,000 | $114.2K |
| Feb 26, 2026 | Hearn Stephen Patrick EVP, COO, Pres Retail Segment | Award | 7,137 | $0 |
| Feb 26, 2026 | BROWN J POWELL President and CEO | Award | 78,030 | $0 |
| Feb 26, 2026 | Gallagher Paul M. VP, Controller & CAO | Award | 1,070 | $0 |
| Feb 26, 2026 | PENNY JEROME SCOTT EVP Chief Acquisitions Officer | Award | 13,004 | $0 |
| Feb 26, 2026 | PENNY JEROME SCOTT EVP Chief Acquisitions Officer | Award | 2,676 | $0 |
| Feb 26, 2026 | Brown P Barrett Executive Vice President | Award | 13,004 | $0 |
| Feb 26, 2026 | Boyd Stephen M EVP/Pres Spec Dist Segment | Award | 10,404 | $0 |
| Feb 26, 2026 | Boyd Stephen M EVP/Pres Spec Dist Segment | Award | 5,710 | $0 |
| Feb 26, 2026 | Watts R. Andrew EVP, CFO and Treasurer | Award | 26,010 | $0 |
| Feb 26, 2026 | Watts R. Andrew EVP, CFO and Treasurer | Award | 6,067 | $0 |
| Feb 26, 2026 | Walker Chris L EVP/Chair Spec Dist Segment | Award | 13,004 | $0 |
| Feb 26, 2026 | Walker Chris L EVP/Chair Spec Dist Segment | Award | 2,141 | $0 |
| Feb 26, 2026 | Turpin Julie EVP/Chief People Officer | Award | 2,855 | $0 |
| Feb 26, 2026 | Turpin Julie EVP/Chief People Officer | Award | 11,704 | $0 |
| Feb 25, 2026 | BROWN J POWELL President and CEO | Award | 17,844 | $0 |
| Feb 23, 2026 | Walker Chris L EVP/Chair Spec Dist Segment | Tax withheld | 3,031 | $210.9K |
| Feb 23, 2026 | PENNY JEROME SCOTT EVP Chief Acquisitions Officer | Tax withheld | 7,058 | $491.2K |
| Feb 23, 2026 | BROWN J POWELL President and CEO | Tax withheld | 44,737 | $3.11M |
| Feb 23, 2026 | Turpin Julie EVP/Chief People Officer | Tax withheld | 4,418 | $307.4K |
| Feb 23, 2026 | Boyd Stephen M EVP/Pres Spec Dist Segment | Tax withheld | 7,712 | $536.7K |
| Feb 23, 2026 | Brown P Barrett Executive Vice President | Tax withheld | 8,440 | $587.3K |
| Feb 23, 2026 | Watts R. Andrew EVP, CFO and Treasurer | Tax withheld | 11,646 | $810.4K |
| Dec 31, 2025 | Brown P Barrett Executive Vice President | Gift | 127,034 | $0 |
| Dec 31, 2025 | BROWN HYATT J Chairman | Gift | 127,034 | $0 |
| Dec 31, 2025 | BROWN J POWELL President and CEO | Gift | 127,034 | $0 |
| Dec 19, 2025 | Watts R. Andrew EVP, CFO and Treasurer | Gift | 3,592 | $0 |
| Dec 19, 2025 | Watts R. Andrew EVP, CFO and Treasurer | Gift | 470 | $0 |
| Dec 17, 2025 | Boyd Stephen M EVP/Pres Spec Distribution | Gift | 1,500 | $0 |
| Dec 15, 2025 | Brown P Barrett Executive Vice President | Gift | 474 | $0 |
| Dec 15, 2025 | BROWN HYATT J Chairman | Gift | 1,422 | $0 |
| Dec 15, 2025 | BROWN J POWELL President and CEO | Gift | 474 | $0 |
| Aug 8, 2025 | KRUMP PAUL J Director | Purchase | 2,678 | $249.9K |
| Aug 6, 2025 | Masojada Bronislaw Edmund Director | Purchase | 1,000 | $91.4K |
| May 7, 2025 | Masojada Bronislaw Edmund Director | Award | 1,268 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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