布朗保險經紀第二季收入增30%至16.76億美元，收購RSC Topco帶動增長

10-Q
 
 
 
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 

  
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 

 
 
 
 
 

 
 ☒

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 For the quarterly period ended June 30, 2026
or

 
 
 
 
 

 
 ☐

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 For the transition period from to 
Commission file number 001-13619
 
BROWN & BROWN, INC.
(Exact name of Registrant as specified in its charter)
 
 

 
 
 
 
 
 
 
 

 
 Florida

 

 

 

 59-0864469

 

 
 (State or other jurisdiction of
incorporation or organization)

  

  

 (I.R.S. Employer
Identification Number)

 

 
 300 North Beach Street,
Daytona Beach, FL

  

  

 32114

 

 
 (Address of principal executive offices)

  

  

 (Zip Code)

 

 Registrant’s telephone number, including area code: (386) 252-9601
 
Securities registered pursuant to Section 12(b) of the Act:
 

 
 
 
 
 
 

 
 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 

 
 Common Stock, $0.10 Par Value

 BRO

 New York Stock Exchange

 

  
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§-232.405 of this chapter) during the preceding twelve months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 

 
 
 
 
 
 
 
 

 
 Large accelerated filer

 ☒

  

 Accelerated filer

 ☐

 

 
 Non-accelerated filer

 ☐

  

 Smaller reporting company

 ☐

 

 
  

  

  

 Emerging growth company

 ☐

 

  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of the Registrant’s common stock, $0.10 par value, outstanding as of July 24, 2026 was 334,610,357.
 
 

  

 
  

 BROWN & BROWN, INC.
INDEX
 

 
 
 
 
 
 
 
 

 
  

  

  

 

 
  

  

  

  

  

 

 
 

  

 

  

 

 

 
 

  

 

  

 PAGE NO.

 

 
 PART I. FINANCIAL INFORMATION

  

  

 

 
  

  

  

  

  

 

 
 Item 1.

  

 Financial Statements (Unaudited):

  

  

 

 
 

  

 Condensed Consolidated Statements of Income for the three and six months ended June 30, 2026 and 2025

  

 5

 

 
  

  

 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025

  

 6

 

 
 

  

 Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025

  

 7

 

 
 

  

 Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2026 and 2025

  

 8

 

 
 

  

 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025

  

 9

 

 
 

  

 Notes to Condensed Consolidated Financial Statements

  

 10

 

 
 

  

 

  

  

 

 
 Item 2.

  

 Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

 26

 

 
 Item 3.

  

 Quantitative and Qualitative Disclosures About Market Risk

  

 43

 

 
 Item 4.

  

 Controls and Procedures

  

 43

 

 
  

  

  

  

  

 

 
 PART II. OTHER INFORMATION

  

  

 

 
  

  

  

  

  

 

 
 Item 1.

  

 Legal Proceedings

  

 44

 

 
 Item 1A.

  

 Risk Factors

  

 44

 

 
 Item 2.

  

 Unregistered Sales of Equity Securities and Use of Proceeds

  

 44

 

 
 Item 5.

  

 Other Information

  

 44

 

 
 Item 6.

  

 Exhibits

  

 45

 

 
  

  

  

 

 
 SIGNATURES

  

 46

 

  

 2

 
  

 Disclosure Regarding Forward-Looking Statements
Brown & Brown, Inc., together with its subsidiaries (collectively, “we,” “Brown & Brown” or the “Company”), makes “forward-looking statements” within the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995, as amended, throughout this report and in the documents we incorporate by reference into this report. You can identify these statements by forward-looking words such as “may,” “will,” “should,” “expect,” “anticipate,” “believe,” “intend,” “estimate,” “plan” and “continue” or similar words. We have based these statements on our current expectations about potential future events. Although we believe the expectations expressed in the forward-looking statements included in this Quarterly Report on Form 10-Q and the reports, statements, information and announcements incorporated by reference into this report are based upon reasonable assumptions within the bounds of our knowledge of our business, a number of factors could cause actual results to differ materially from those expressed in any forward-looking statements, whether oral or written, made by us or on our behalf. Many of these factors have previously been identified in filings or statements made by us or on our behalf. Important factors which could cause our actual results to differ, possibly materially from the forward-looking statements in this report include but are not limited to the following items, in addition to those matters described in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations”:
 
•Risks with respect to the acquisition of RSC Topco, Inc. (“RSC” or “Accession”) (the “Transaction”); 

•The possibility that the anticipated benefits, including any anticipated cost savings and strategies, of the Transaction are not realized when expected or at all; 

•Risks related to the financing of the Transaction, including that financing the Transaction resulted in an increase in the Company’s indebtedness; 

•Risks relating to the financial information related to Accession; 

•The risk that certain assumptions the Company has made relating to the Transaction prove to be materially inaccurate;

•Risks related to Accession’s business, including underwriting risk in connection with certain captive insurance companies; 

•The inability to hire, retain and develop qualified employees, as well as the loss of any of our executive officers or other key employees;

•A cybersecurity attack or any other interruption in information technology and/or data security that may impact our operations or the operations of third parties that support us;

•Acquisition-related risks that could negatively affect the success of our growth strategy, including the possibility that we may not be able to successfully identify suitable acquisition candidates, complete acquisitions, successfully integrate acquired businesses into our operations and expand into new markets; 

•Risks related to our international operations, which may result in additional risks or require more management time and expense than our domestic operations to achieve or maintain profitability;

•The requirement for additional resources and time to adequately respond to dynamics resulting from rapid technological change, including the increasing use of artificial intelligence and robotic processing automation; 

•The loss of or significant change to any of our insurance company or intermediary relationships, which could result in loss of capacity to write business, additional expense, loss of market share or material decrease in our commissions;

•The effect of natural disasters on our profit-sharing contingent commissions (“Contingents”), insurer capacity or claims expenses within our capitalized captive insurance facilities;

•Adverse economic conditions, political conditions, outbreaks of war, disasters, or regulatory changes in states or countries where we have a concentration of our business;

•The inability to maintain our culture or a significant change in management, management philosophy or our business strategy;

•Fluctuations in our commission revenue as a result of factors outside of our control;

•The effects of significant or sustained inflation or higher interest rates;

•Claims expense resulting from the limited underwriting risk associated with our participation in captive insurance facilities;

•Risks associated with our automobile and recreational vehicle finance and incentives dealer services (“F&I”) businesses;

•Changes in, or the termination of, certain programs administered by the U.S. federal government from which we derive revenues;

•The limitations of our system of disclosure and internal controls and procedures in preventing errors or fraud, or in informing management of all material information in a timely manner;

 3

 
  

 •Our reliance on vendors and other third parties to perform key functions of our business operations and provide services to our customers;

•The significant control certain shareholders have;

•Changes in data privacy and protection laws and regulations or any failure to comply with such laws and regulations;

•Improper disclosure of confidential information;

•Our ability to comply with non-U.S. laws, regulations and policies;

•The potential adverse effect of certain actual or potential claims, regulatory actions or proceedings on our businesses, results of operations, financial condition or liquidity;

•Uncertainty in our business practices and compensation arrangements with insurance carriers due to potential changes in regulations;

•Regulatory changes that could reduce our profitability or growth by increasing compliance costs, technology compliance, restricting the products or services we may sell, the markets we may enter, the methods by which we may sell our products and services, or the prices we may charge for our services and the form of compensation we may accept from our customers, carriers and third parties;

•Increasing scrutiny and changing laws or competing expectations from regulators, investors and customers with respect to our environmental, social and governance practices and disclosure;

•A decrease in demand for liability insurance as a result of tort reform legislation;

•Our failure to comply with any covenants contained in our debt agreements;

•The possibility that covenants in our debt agreements could prevent us from engaging in certain potentially beneficial activities;

•Fluctuations in foreign currency exchange rates;

•A downgrade to our corporate credit rating, the credit ratings of our outstanding debt or other market speculation;

•Future sales or other dilution of our equity could adversely affect the market price of our common stock;

•Changes in the U.S.-based credit markets that might adversely affect our business, results of operations and financial condition;

•Changes in current U.S. or global economic conditions, including an extended slowdown in the markets in which we operate;

•Disintermediation within the insurance industry, including increased competition from insurance companies, technology companies and the financial services industry, as well as the shift away from traditional insurance markets;

•Conditions that result in reduced insurer capacity;

•Quarterly and annual variations in our commissions that result from the timing of policy renewals and the net effect of new and lost business production;

•Intangible asset risk, including the possibility that our goodwill may become impaired in the future; 

•Changes in our accounting estimates and assumptions;

•Other risks and uncertainties as may be detailed from time to time in our public announcements and Securities and Exchange Commission (“SEC”) filings; and

•Other factors that the Company may not have currently identified or quantified.

 
Assumptions as to any of the foregoing, and all statements, are not based upon historical fact, but rather reflect our current expectations concerning future results and events. Forward-looking statements that we make or that are made by others on our behalf are based upon a knowledge of our business and the environment in which we operate, but because of the factors listed above, among others, actual results may differ from those in the forward-looking statements. Consequently, these cautionary statements qualify all of the forward-looking statements we make herein. We cannot assure you that the results or developments anticipated by us will be realized, or even if substantially realized, that those results or developments will result in the expected consequences for us or affect us, our business or our operations in the way we expect. We caution readers not to place undue reliance on these forward-looking statements. All forward-looking statements made herein are made only as of the date of this filing, and the Company does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter becomes aware.
 

 4

 
  

 PART I — FINANCIAL INFORMATION
ITEM 1 — Financial Statements (Unaudited)
BROWN & BROWN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three months ended June 30,

  

  

 Six months ended June 30,

  

 

 
 (in millions, except per share data)

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 REVENUES

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Commissions and fees

  

 $

 1,654

  

  

 $

 1,249

  

  

 $

 3,534

  

  

 $

 2,634

  

 

 
 Investment and other income

  

  

 22

  

  

  

 36

  

  

  

 43

  

  

  

 55

  

 

 
 Total revenues

  

  

 1,676

  

  

  

 1,285

  

  

  

 3,577

  

  

  

 2,689

  

 

 
 EXPENSES

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Employee compensation and benefits

  

  

 838

  

  

  

 640

  

  

  

 1,745

  

  

  

 1,323

  

 

 
 Other operating expenses

  

  

 271

  

  

  

 211

  

  

  

 560

  

  

  

 398

  

 

 
 Loss on disposal

  

  

 1

  

  

  

 —

  

  

  

 —

  

  

  

 1

  

 

 
 Amortization

  

  

 110

  

  

  

 50

  

  

  

 226

  

  

  

 103

  

 

 
 Depreciation

  

  

 18

  

  

  

 11

  

  

  

 35

  

  

  

 23

  

 

 
 Interest

  

  

 100

  

  

  

 51

  

  

  

 199

  

  

  

 96

  

 

 
 Change in estimated acquisition earn-out payables

  

  

 (40

 )

  

  

 11

  

  

  

 (34

 )

  

  

 7

  

 

 
 Mark-to-market of escrow liability

  

  

 (5

 )

  

  

 —

  

  

  

 (69

 )

  

  

 —

  

 

 
 Total expenses

  

  

 1,293

  

  

  

 974

  

  

  

 2,662

  

  

  

 1,951

  

 

 
 Income before income taxes

  

  

 383

  

  

  

 311

  

  

  

 915

  

  

  

 738

  

 

 
 Income taxes

  

  

 94

  

  

  

 77

  

  

  

 199

  

  

  

 169

  

 

 
 Net income before non-controlling interests

  

  

 289

  

  

  

 234

  

  

  

 716

  

  

  

 569

  

 

 
 Less: Net income attributable to non-controlling interests

  

  

 1

  

  

  

 3

  

  

  

 2

  

  

  

 6

  

 

 
 Net income attributable to the Company

  

 $

 288

  

  

 $

 231

  

  

 $

 714

  

  

 $

 563

  

 

 
 Net income per share:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Basic

  

 $

 0.86

  

  

 $

 0.79

  

  

 $

 2.14

  

  

 $

 1.94

  

 

 
 Diluted

  

 $

 0.84

  

  

 $

 0.78

  

  

 $

 1.90

  

  

 $

 1.93

  

 

  
See accompanying Notes to Condensed Consolidated Financial Statements.

 5

 
  

  
BROWN & BROWN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three months ended June 30,

  

  

 Six months ended June 30,

  

 

 
 (in millions)

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Net income attributable to the Company

  

 $

 288

  

  

 $

 231

  

  

 $

 714

  

  

 $

 563

  

 

 
 Foreign currency translation (loss)/gain

  

  

 (12

 )

  

  

 247

  

  

  

 (94

 )

  

  

 371

  

 

 
 Comprehensive income attributable to the Company

  

 $

 276

  

  

 $

 478

  

  

 $

 620

  

  

 $

 934

  

 

  
See accompanying Notes to Condensed Consolidated Financial Statements.
 

 6

 
  

 BROWN & BROWN, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
 (in millions, except per share data)

  

 June 30, 2026

  

  

 December 31, 2025

  

 

 
 ASSETS

  

  

  

  

  

  

 

 
 Current Assets:

  

  

  

  

  

  

 

 
 Cash and cash equivalents

  

 $

 918

  

  

 $

 1,079

  

 

 
 Fiduciary cash

  

  

 2,613

  

  

  

 2,471

  

 

 
 Commission, fees and other receivables

  

  

 1,547

  

  

  

 1,438

  

 

 
 Fiduciary receivables

  

  

 1,632

  

  

  

 1,515

  

 

 
 Reinsurance recoverable

  

  

 591

  

  

  

 647

  

 

 
 Prepaid reinsurance premiums

  

  

 850

  

  

  

 980

  

 

 
 Other current assets

  

  

 541

  

  

  

 484

  

 

 
 Total current assets

  

  

 8,692

  

  

  

 8,614

  

 

 
 Fixed assets, net

  

  

 368

  

  

  

 367

  

 

 
 Operating lease assets

  

  

 274

  

  

  

 269

  

 

 
 Goodwill

  

  

 15,146

  

  

  

 15,087

  

 

 
 Amortizable intangible assets, net

  

  

 4,570

  

  

  

 4,906

  

 

 
 Other assets

  

  

 837

  

  

  

 748

  

 

 
 Total assets

  

 $

 29,887

  

  

 $

 29,991

  

 

 
 LIABILITIES AND EQUITY

  

  

  

  

  

  

 

 
 Current Liabilities:

  

  

  

  

  

  

 

 
 Fiduciary liabilities

  

 $

 4,245

  

  

 $

 3,986

  

 

 
 Losses and loss adjustment reserve

  

  

 612

  

  

  

 671

  

 

 
 Unearned premiums

  

  

 953

  

  

  

 1,053

  

 

 
 Accounts payable

  

  

 807

  

  

  

 990

  

 

 
 Accrued expenses and other liabilities

  

  

 683

  

  

  

 875

  

 

 
 Current portion of long-term debt

  

  

 413

  

  

  

 719

  

 

 
 Total current liabilities

  

  

 7,713

  

  

  

 8,294

  

 

 
 Long-term debt less unamortized discount and debt issuance costs

  

  

 7,346

  

  

  

 6,894

  

 

 
 Operating lease liabilities

  

  

 248

  

  

  

 243

  

 

 
 Deferred income taxes, net

  

  

 925

  

  

  

 815

  

 

 
 Other liabilities

  

  

 1,047

  

  

  

 1,172

  

 

 
 Equity:

  

  

  

  

  

  

 

 
 Common stock, par value $0.10 per share; authorized 560 shares; issued 359 shares and outstanding 330 shares at 2026, issued 357
shares and outstanding 336 shares at 2025

  

  

 36

  

  

  

 36

  

 

 
 Additional paid-in capital

  

  

 6,189

  

  

  

 6,160

  

 

 
 Treasury stock, at cost 29 shares at 2026 and 21 shares at 2025

  

  

 (1,348

 )

  

  

 (848

 )

 

 
 Accumulated other comprehensive income

  

  

 116

  

  

  

 210

  

 

 
 Non-controlling interests

  

  

 25

  

  

  

 26

  

 

 
 Retained earnings

  

  

 7,590

  

  

  

 6,989

  

 

 
 Total equity

  

  

 12,608

  

  

  

 12,573

  

 

 
 Total liabilities and equity

  

 $

 29,887

  

  

 $

 29,991

  

 

  
See accompanying Notes to Condensed Consolidated Financial Statements.

 7

 
  

 BROWN & BROWN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(UNAUDITED)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Common Stock

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 (in millions, except per share data)

  

 Shares Outstanding

  

  

 Par Value

  

  

 Additional
Paid-In
Capital

  

  

 Treasury
Stock

  

  

 Accumulated Other Comprehensive Income (Loss)

  

  

 Retained
Earnings

  

  

 Non-Controlling Interest

  

  

 Total

  

 

 
 Balance at December 31, 2025

  

  

 336

  

  

 $

 36

  

  

 $

 6,160

  

  

 $

 (848

 )

  

 $

 210