# EDGAR Filing Document

**Accession Number:** 0000079282
**File Stem:** 0000950170-25-099237
**Filing Date:** 2025-7
**Character Count:** 31183
**Document Hash:** 8f178373d380e8edc8f6b9aa7c68e85a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-099237.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0000950170-25-099237

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20250728

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BROWN & BROWN, INC.
- **CENTRAL INDEX KEY:** 0000079282
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 590864469
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0119

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13619
- **FILM NUMBER:** 251156317

**BUSINESS ADDRESS:**
- **STREET 1:** 300 N. BEACH STREET
- **CITY:** DAYTONA BEACH
- **STATE:** FL
- **ZIP:** 32114
- **BUSINESS PHONE:** 386-252-9601

**MAIL ADDRESS:**
- **STREET 1:** 300 N. BEACH STREET
- **CITY:** DAYTONA BEACH
- **STATE:** FL
- **ZIP:** 32114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BROWN & BROWN, INC
- **DATE OF NAME CHANGE:** 20171108

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BROWN & BROWN INC
- **DATE OF NAME CHANGE:** 19990623

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** POE & BROWN INC
- **DATE OF NAME CHANGE:** 19930827

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM** 8-K

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** July 28, 2025

BROWN & BROWN, INC.

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| Florida | 001-13619 | 59-0864469 |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

300 North Beach Street**,** Daytona Beach**,** Florida 32114

**(Address of principal executive offices) (Zip Code)**

**Registrant's telephone number, including area code:** (386) 252-9601

**N/A**

**(Former name or former address, if changed since last report.)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

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. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On July 28, 2025, Brown & Brown, Inc. issued a press release announcing its results of operations for the second quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

The information furnished herewith pursuant to Item 2.02 of this Current Report, including Exhibit 99.1, shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this current report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

The following exhibit is furnished herewith:

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [<u>Press Release dated July 28, 2025.</u>](bro-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 28, 2025

---

| | |
|:---|:---|
|  | BROWN & BROWN, INC. |
|  | (Registrant) |
| By: | /s/ R. Andrew Watts |
|  | R. Andrew Watts, Executive Vice President, Chief Financial Officer and Treasurer |

---

------

## Exhibit 99.1

**Exhibit 99.1**

![img231960038_0.jpg](img231960038_0.jpg)

**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**

**DAYTONA BEACH, Fla., July 28, 2025 -** Brown & Brown, Inc. (NYSE:BRO) (the "Company") announced its unaudited financial results for the second quarter of 2025.

Revenues for the second quarter of 2025 under U.S. generally accepted accounting principles ("GAAP") were $1.3 billion, increasing $107 million, or 9.1%, compared to the second quarter of the prior year, with commissions and fees increasing by 8.2% and Organic Revenue increasing by 3.6%. Income before income taxes was $311 million, decreasing 10.1% from the second quarter of the prior year with Income Before Income Taxes Margin decreasing to 24.2% from 29.4%. EBITDAC - Adjusted was $471 million, increasing 12.1% from the second quarter of the prior year with EBITDAC Margin - Adjusted increasing to 36.7% from 35.7%. Net income attributable to the Company was $231 million, decreasing $26 million, or 10.1%, and diluted net income per share decreased to $0.78, or 13.3%, with Diluted Net Income Per Share - Adjusted increasing to $1.03, or 10.8%, each as compared to the second quarter of the prior year.

Revenues for the six months ended June 30, 2025 under GAAP were $2.7 billion, increasing $254 million, or 10.4%, as compared to the same period in 2024, with commissions and fees increasing by 10.2%, and Organic Revenue increasing by 5.1%. Income before income taxes was $738 million, increasing 3.7% with Income Before Income Taxes Margin decreasing to 27.4% from 29.2% as compared to the same period in 2024. EBITDAC - Adjusted was $1.0 billion, which was an increase of 13.6% and EBITDAC Margin - Adjusted increased to 37.4% from 36.3% as compared to the same period in 2024. Net income attributable to the Company was $563 million, increasing $13 million, or 2.4%, with diluted net income per share increasing to $1.93, or 0.5%, and Diluted Net Income Per Share - Adjusted increasing to $2.32, or 12.1%, each as compared to the same period in 2024.

J. Powell Brown, president and chief executive officer of the Company, noted, "We are pleased with the earnings for the quarter and have good momentum as we head into the second half of the year."

------

**Reconciliation of Commissions and Fees**

**to Organic Revenue**

**(in millions, unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Commissions and fees** | $**1249** | $**1154** | $**2634** | $**2390** |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit-sharing contingent commissions | (45) | (36) | (88) | (82) |
| **Core commissions and fees** | $**1204** | $**1118** | $**2546** | $**2308** |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions | (42) |  | (121) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions |  | (4) |  | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translation |  | 8 |  | 6 |
| **Organic Revenue** | $**1162** | $**1122** | $**2425** | $**2307** |
| **Organic Revenue growth** | $**40** |  | $**118** |  |
| **Organic Revenue growth %** | **3.6%** |  | **5.1%** |  |

---

See information regarding non-GAAP measures presented later in this press release.

**Reconciliation of Diluted Net Income Per Share to**

**Diluted Net Income Per Share - Adjusted**

**(unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,**<br>**Change** | **Change** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Change** | **Change** |
|  | **2025** | **2024** | **%** | **2025** | **2024** | $**%** | **%** |
| **Diluted net income per share** | $**0.78** | $**0.90)** | **(13.3**<br>**%)** | $**1.93** | $**1.92** |  | **0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in estimated acquisition earn-out payables | 0.03 |  |  | 0.02 | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain)/loss on disposal |  | (0.08) |  |  | (0.07) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition/Integration Costs | 0.09 |  |  | 0.09 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 0.13 | 0.11 |  | 0.28 | 0.23 |  |  |
| **Diluted Net Income Per Share - Adjusted** | $**1.03** | $**0.93** | **10.8%** | $**2.32** | $**2.07** |  | **12.1%** |

---

See information regarding non-GAAP measures presented later in this press release.

------

**Reconciliation of Income Before Income Taxes to EBITDAC and**

 **EBITDAC - Adjusted and Income Before Income Taxes Margin**<sup>(1)</sup> **to** 

**EBITDAC Margin and EBITDAC Margin - Adjusted**

**(in millions, unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Total revenues** | $**1285** | $**1178** | $**2689** | $**2435** |
| **Income before income taxes** | $**311** | $**346** | $**738** | $**712** |
| **Income Before Income Taxes Margin**<sup>(1)</sup> | **24.2%** | **29.4%** | **27.4%** | **29.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 50 | 44 | 103 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 11 | 11 | 23 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 51 | 49 | 96 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in estimated acquisition earn-out payables | 11 | 1 | 7 | (2) |
| **EBITDAC** | $**434** | $**451** | $**967** | $**914** |
| **EBITDAC Margin** | **33.8%** | **38.3%** | **36.0%** | **37.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain)/loss on disposal |  | (31) | 1 | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition/Integration Costs | 37 |  | 37 |  |
| **EBITDAC - Adjusted** | $**471** | $**420** | $**1005** | $**885** |
| **EBITDAC Margin - Adjusted** <sup>(2)</sup> | **36.7%** | **35.7%** | **37.4%** | **36.3%** |

---

(1) "Income Before Income Taxes Margin" is defined as income before income taxes divided by total revenues.

(2) 2025 amounts reflect the positive impact of approximately $13 million of interest income earned from the proceeds of the Company's follow-on common stock offering and senior notes issuance in June 2025, held in preparation for the closing of the Company's pending acquisition of RSC Topco, Inc. ("RSC" or "Accession").

See information regarding non-GAAP measures presented later in this press release.

------

**Brown & Brown, Inc.**

**Consolidated Statements of Income**

(in millions, except per share data; unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **REVENUES** |  |  |  |  |
| Commissions and fees | $1249 | $1154 | $2634 | $2390 |
| Investment and other income | 36 | 24 | 55 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 1285 | 1178 | 2689 | 2435 |
| **EXPENSES** |  |  |  |  |
| Employee compensation and benefits | 640 | 585 | 1323 | 1216 |
| Other operating expenses | 211 | 173 | 398 | 334 |
| (Gain)/loss on disposal |  | (31) | 1 | (29) |
| Amortization | 50 | 44 | 103 | 86 |
| Depreciation | 11 | 11 | 23 | 21 |
| Interest | 51 | 49 | 96 | 97 |
| Change in estimated acquisition earn-out payables | 11 | 1 | 7 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 974 | 832 | 1951 | 1723 |
| Income before income taxes | 311 | 346 | 738 | 712 |
| Income taxes | 77 | 87 | 169 | 159 |
| Net income before non-controlling interests | 234 | 259 | 569 | 553 |
| Less: Net income attributable to non-controlling interests | 3 | 2 | 6 | 3 |
| Net income attributable to the Company | $231 | $257 | $563 | $550 |
| Net income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.79 | $0.90 | $1.94 | $1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.78 | $0.90 | $1.93 | $1.92 |
| Weighted average number of shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 292 | 282 | 287 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 293 | 283 | 289 | 283 |

---

------

**Brown & Brown, Inc.**

**Consolidated Balance Sheets**

(in millions, except per share data, unaudited)

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $8893 | $675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiduciary cash | 2026 | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commission, fees, and other receivables | 1055 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiduciary receivables | 1212 | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance recoverable | 385 | 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid reinsurance premiums | 529 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 343 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 14443 | 6924 |
| Fixed assets, net | 334 | 319 |
| Operating lease assets | 198 | 200 |
| Goodwill | 8365 | 7970 |
| Amortizable intangible assets, net | 1866 | 1814 |
| Other assets | 430 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $25636 | $17612 |
| **LIABILITIES AND EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiduciary liabilities | $3238 | $2943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses and loss adjustment reserve | 400 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premiums | 632 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 382 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 530 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | 75 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 5257 | 6314 |
| Long-term debt less unamortized discount and debt issuance costs | 7470 | 3599 |
| Operating lease liabilities | 186 | 189 |
| Deferred income taxes, net | 721 | 711 |
| Other liabilities | 385 | 362 |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, par value $0.10 per share; authorized 560 shares; issued 350 shares and outstanding 330 shares at 2025, issued 306 shares and outstanding 286 shares at 2024, respectively | 35 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 5441 | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost 20 shares at 2025 and 2024 | (748) | (748) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income/(loss) | 262 | (109) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 23 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 6604 | 6128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 11617 | 6437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $25636 | $17612 |

---

------

**Brown & Brown, Inc.**

**Consolidated Statements of Cash Flows**

(in millions, unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net income before non-controlling interests | $569 | $553 |
| Adjustments to reconcile net income before non-controlling interests to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 103 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 23 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash stock-based compensation | 52 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in estimated acquisition earn-out payables | 7 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (2) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss/(gain) on sales/disposals of investments, businesses, fixed assets and customer accounts | 2 | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on acquisition earn-outs in excess of original estimated payables | (1) | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2 | 2 |
| Changes in operating assets and liabilities, net of effect from acquisitions and divestitures: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions, fees and other receivables (increase)/decrease | (139) | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance recoverable (increase)/decrease | 1142 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid reinsurance premiums (increase)/decrease | (9) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets (increase)/decrease | (11) | (80) |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses and loss adjustment reserve increase/(decrease) | (1143) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premiums increase/(decrease) | 55 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable increase/(decrease) | 5 | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities increase/(decrease) | (132) | (109) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities increase/(decrease) | 15 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 538 | 373 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to fixed assets | (32) | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for businesses acquired, net of cash acquired | (161) | (98) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of businesses, fixed assets and customer accounts | 10 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing activities | (4) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | (187) | (77) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiduciary receivables and liabilities, net | 119 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on acquisition earn-outs | (45) | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term debt | 4192 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on long-term debt | (188) | (175) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred debt issuance costs | (36) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on revolving credit facility | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on revolving credit facility | (400) | (250) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock, net of expenses | 4315 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase shares to fund tax withholdings for non-cash stock-based compensation | (41) | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends paid | (86) | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | 7981 | 375 |
| Effect of foreign exchange rate changes in cash and cash equivalents inclusive of fiduciary cash | 85 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase in cash and cash equivalents inclusive of fiduciary cash** | 8417 | 671 |
| Cash and cash equivalents inclusive of fiduciary cash at beginning of period | 2502 | 2303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash and cash equivalents inclusive of fiduciary cash at end of period** | $10919 | $2974 |

---

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**<u>Conference call, webcast and slide presentation</u>**

A conference call to discuss the results of the second quarter of 2025 will be held on Tuesday, July 29, 2025, at 8:00 AM (EDT). The Company may refer to a slide presentation during its conference call. You can access the webcast and the slides from the "Investor Relations" section of the Company's website at bbrown.com<u>.</u>

**<u>About Brown & Brown</u>**

Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, providing customer-centric risk management solutions since 1939. With a global presence spanning 500+ locations and a team of more than 17,000 professionals, we are dedicated to delivering scalable, innovative strategies for our customers at every step of their growth journey. Learn more at bbrown.com.

**<u>Forward-looking statements</u>**

------

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 and 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; 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; future pandemics, epidemics or outbreaks of infectious diseases, and the resulting governmental and societal responses; 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 press release, 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.

**<u>Non-GAAP supplemental financial information</u>**

This press release contains references to "non-GAAP financial measures" as defined in SEC Regulation G, consisting of Organic Revenue, EBITDAC, EBITDAC Margin, EBITDAC - Adjusted, EBITDAC Margin - Adjusted and Diluted Net Income Per Share - Adjusted. We present these measures because we believe such information is of interest to the investment community and because we believe they provide additional meaningful methods to evaluate the Company's operating performance from period to period on a basis that may not be otherwise apparent on a GAAP basis due to the impact of certain items that have a high degree of variability, that we believe are not indicative of ongoing performance and that are not easily comparable from period to period. This non-GAAP financial information should be considered in addition to, not in lieu of, GAAP information as of the relevant date. Consistent with Regulation G, a description of such information is provided below and a reconciliation of such items to GAAP information can be found within this press release as well as in our periodic filings with the SEC.

We view Organic Revenue and Organic Revenue growth as important indicators when assessing and evaluating our performance on a consolidated basis and for each of our three segments, because it allows us to determine a comparable, but non-GAAP, measurement of revenue growth that is associated with the revenue sources that were a part of our business in both the current and prior year and that are expected to continue in the future. In addition, we believe Diluted Net Income Per Share - Adjusted provides a meaningful representation of our operating performance and improves the comparability of our results between periods by excluding the impact of the change in estimated acquisition earn-out payables, the impact of amortization of intangible assets and certain other non-recurring or infrequently occurring items. We also view EBITDAC, EBITDAC - Adjusted, EBITDAC Margin and EBITDAC Margin - Adjusted as important indicators when assessing and evaluating our performance, as they present more comparable measurements of our operating margins in a meaningful and consistent manner. As disclosed in our most recent proxy statement, we use Organic Revenue growth, Diluted Net Income Per Share - Adjusted and EBITDAC Margin - Adjusted as key performance metrics for our short-term and long-term incentive compensation plans for executive officers and other key employees.

**Non-GAAP Revenue Measures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Organic Revenue** is our core commissions and fees less: (i) the core commissions and fees earned for the first 12 months by newly acquired operations; (ii) divested business (core commissions and fees generated from offices, books of business or niches sold or terminated during the comparable period); and (iii) Foreign Currency Translation (as defined below). The term "core commissions and fees" excludes profit-sharing contingent commissions and therefore represents the revenues earned directly from specific insurance policies sold and specific fee-based services

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rendered. Organic Revenue can be expressed as a dollar amount or a percentage rate when describing Organic Revenue growth.

**Non-GAAP Earnings Measures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**EBITDAC** is defined as income before interest, income taxes, depreciation, amortization and the change in estimated acquisition earn-out payables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**EBITDAC Margin** is defined as EBITDAC divided by total revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**EBITDAC - Adjusted** is defined as EBITDAC, excluding (i) (gain)/loss on disposal (as defined below) and (ii) Acquisition/Integration Costs (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**EBITDAC Margin - Adjusted** is defined as EBITDAC - Adjusted divided by total revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Diluted Net Income Per Share - Adjusted** is defined as diluted net income per share, excluding the after-tax impact of (i) the change in estimated acquisition earn-out payables, (ii) (gain)/loss on disposal, (as defined below), (iii) Acquisition/Integration Costs (as defined below) and (iv) amortization.

**Definitions Related to Certain Components of Non-GAAP Measures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**"Acquisition/Integration Costs"** means the acquisition and integration costs (e.g., costs associated with regulatory filings; costs for third-party professional services, including legal, accounting, consulting, financial advisory and due diligence; costs and fees associated with entry into the bridge financing commitment; costs of integrating or streamlining processes and information technology systems, including data migration and system integration; costs associated with optimizing vendor agreements and leased office space, including exit costs related to location combinations; and employment-related costs, including severance payments, costs associated with the transition of certain legacy compensation programs and retention-related compensation expenses) arising out of our pending acquisition of Accession, which are not considered to be normal, recurring or part of ongoing operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**"Foreign Currency Translation"** means the period-over-period impact of foreign currency translation, which is calculated by applying current-year foreign exchange rates to the various functional currencies in our business to our reporting currency of US dollars for the same period in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"**(Gain)/loss on disposal**" is a caption on our consolidated statements of income which reflects net proceeds received as compared to net book value related to sales of books of business and other divestiture transactions, such as the disposal of a business through sale or closure.

Our industry peers may provide similar supplemental non-GAAP information with respect to one or more of these measures, although they may not use the same or comparable terminology and may not make identical adjustments and, therefore comparability may be limited. This supplemental non-GAAP financial information should be considered in addition to, and not in lieu of, the Company's condensed consolidated financial statements.

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**For more information:**

R. Andrew Watts

Chief Financial Officer

(386) 239-5770

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