Brown & Brown, Inc. announces fourth quarter 2025 results, including total revenues of $1.6 billion, an increase of 35.7%; Organic Revenue decrease of 2.8%; diluted net income per share of $0.59; and Diluted Net Income Per Share - Adjusted of $0.93

Core Insights - Brown & Brown, Inc. reported strong financial results for the fourth quarter and full year of 2025, highlighted by significant revenue growth and the acquisition of Accession [1][3] Financial Performance - For Q4 2025, total revenues reached $1.6 billion, an increase of $423 million or 35.7% compared to Q4 2024, while organic revenue decreased by 2.8% [3] - For the full year 2025, total revenues were $5.9 billion, up $1.1 billion or 22.8% from 2024, with organic revenue increasing by 2.8% [3] - Net income attributable to the Company for Q4 2025 was $264 million, a rise of $54 million or 25.7% year-over-year [3] - Diluted net income per share for Q4 2025 was $0.59, down 19.2%, while adjusted diluted net income per share increased to $0.93, up 8.1% [3][4] Margins and Income - Income before income taxes for Q4 2025 was $321 million, a 16.7% increase, with an income before income taxes margin of 20.0%, down from 23.2% in Q4 2024 [3][6] - EBITDAC - Adjusted for Q4 2025 was $529 million, a 35.6% increase, with an EBITDAC margin - Adjusted of 32.9% [3][6] Acquisitions and Growth - The acquisition of Accession contributed to the overall growth and was a key highlight for the year [1] - The Company experienced strong revenue growth and double-digit adjusted diluted net income per share growth, alongside good adjusted margin expansion [1] Balance Sheet and Cash Flow - As of December 31, 2025, total assets were $29.99 billion, significantly up from $17.61 billion in 2024 [11] - Cash and cash equivalents increased to $1.08 billion from $675 million in 2024 [11] - Net cash provided by operating activities for the year was $1.45 billion, compared to $1.17 billion in 2024 [12]