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Brown & Brown, Inc. announces second quarter 2025 results, including total revenues of $1.3 billion, an increase of 9.1%; Organic Revenue growth of 3.6%; diluted net income per share of $0.78; and Diluted Net Income Per Share - Adjusted of $1.03

Core Insights - Brown & Brown, Inc. reported second quarter 2025 revenues of $1.3 billion, a 9.1% increase from the previous year, driven by an 8.2% rise in commissions and fees and a 3.6% growth in Organic Revenue [2][3] - The company's income before income taxes was $311 million, down 10.1% year-over-year, with the income before income taxes margin decreasing to 24.2% from 29.4% [2][3] - Net income attributable to the company was $231 million, a decrease of $26 million or 10.1%, with diluted net income per share falling to $0.78, a 13.3% decline [2][3] Financial Performance - For the first half of 2025, revenues reached $2.7 billion, up 10.4% compared to the same period in 2024, with commissions and fees increasing by 10.2% and Organic Revenue rising by 5.1% [3] - EBITDAC - Adjusted for the second quarter was $471 million, a 12.1% increase from the prior year, with an EBITDAC margin - Adjusted of 36.7%, up from 35.7% [2][3] - The company’s net income for the first half of 2025 was $563 million, a 2.4% increase, with diluted net income per share rising to $1.93, a 0.5% increase [3] Revenue Breakdown - Commissions and fees for the second quarter of 2025 totaled $1.249 billion, compared to $1.154 billion in the same quarter of 2024 [4][9] - Organic Revenue for the second quarter was $1.162 billion, reflecting a growth of 3.6% year-over-year [4][9] - The company experienced a profit-sharing contingent commissions decrease, impacting overall revenue growth [4] Expense Analysis - Total expenses for the second quarter were $974 million, up from $832 million in the previous year, with employee compensation and benefits rising to $640 million [9] - The income before income taxes margin for the first half of 2025 was 27.4%, down from 29.2% in the same period of 2024 [3][9] - Amortization expenses increased to $103 million for the first half of 2025, compared to $86 million in the prior year [12] Cash Flow and Balance Sheet - The company reported net cash provided by operating activities of $538 million for the first half of 2025, compared to $373 million in 2024 [12] - Cash and cash equivalents at the end of the period were $10.919 billion, significantly up from $2.974 billion at the end of June 2024 [12][10] - Total assets increased to $25.636 billion as of June 30, 2025, compared to $17.612 billion at the end of 2024 [10][11] Management Commentary - J. Powell Brown, the president and CEO, expressed satisfaction with the earnings for the quarter and noted positive momentum heading into the second half of the year [4]