# EDGAR Filing Document

**Accession Number:** 0000079282
**File Stem:** 0001193125-26-182375
**Filing Date:** 2026-4
**Character Count:** 31703
**Document Hash:** ba6349095b1a83eae68803a109aeebae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-182375.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0001193125-26-182375

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20260427

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**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:** 26901943

**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):** April 27, 2026

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 April 27, 2026, Brown & Brown, Inc. issued a press release announcing its results of operations for the first quarter ended March 31, 2026. 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 April 27, 2026.</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: April 27, 2026

---

| | |
|:---|:---|
|  | 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.gif](img231960038_0.gif)

**Brown & Brown, Inc. announces first quarter 2026 results, including total revenues of $1.9 billion, an increase of 35.4%; flat Organic Revenue;** 

**growth of Organic Revenue with Contingents of 2.2%; diluted net income per share of $1.06;**

**Diluted Net Income Per Share - Adjusted of $1.39; and a quarterly dividend of $0.165 per share**

**DAYTONA BEACH, Fla., April 27, 2026 -** Brown & Brown, Inc. (NYSE:BRO) (the "Company") announced its unaudited financial results for the first quarter of 2026.

For the first quarter ended March 31, 2026, the Company achieved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total revenues of $1.9 billion, increasing $497 million, or 35.4%, compared to the first quarter of the prior year, with flat Organic Revenue and Organic Revenue with Contingents increasing 2.2%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Income before income taxes of $533 million, increasing 24.8%, with Income Before Income Taxes Margin of 28.0%, compared to 30.4% in the first quarter of the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•EBITDAC - Adjusted of $731 million, increasing 36.6%, with EBITDAC Margin - Adjusted of 38.5%, compared to 38.1% in the first quarter of the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income attributable to the Company of $426 million, increasing $95 million, or 28.7%, compared to the first quarter of the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Diluted net income per share of $1.06, a decrease of 7.8%, with Diluted Net Income Per Share - Adjusted increasing to $1.39, or 7.8%, each compared to the first quarter of the prior year.

J. Powell Brown, president and chief executive officer of the Company, noted, "Our teammates continue to deliver for our customers in a challenging growth environment."

In addition, the Company today announced that the Board of Directors has declared a regular quarterly cash dividend of $0.165 per share. The dividend is payable on May 20, 2026, to shareholders of record on May 11, 2026.

------

**Reconciliation of Commissions and Fees**

**to Organic Revenue and Organic Revenue with Contingents**

**(in millions, unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Commissions and fees** | $**1880** | $**1385** |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingents | (97) | (43) |
| **Core commissions and fees** | $**1783** | $**1342** |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions | (435) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translation |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation-Related Impact |  | (10) |
| **Organic Revenue** | $**1348** | $**1348** |
| **Organic Revenue growth** |  |  |
| **Organic Revenue growth %** | **0.0%** |  |
| &nbsp;&nbsp;Organic Contingents | $74 | $43 |
| **Organic Revenue with Contingents** | **1422** | **1391** |
| **Organic Revenue with Contingents growth** | $**31** |  |
| **Organic Revenue with Contingents growth %** | **2.2%** |  |

---

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 March 31,** | **Three Months Ended March 31,**<br>**Change** | **Change** |
|  | **2026** | **2025** | **%** |
| **Diluted net income per share**<sup>(1)</sup> | $**1.06** | $**1.15)** | **(7.8**<br>**%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in estimated acquisition earn-out payables | 0.01 | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain)/loss on disposal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition/Integration Costs | 0.06 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 0.26 | 0.15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mark-to-market of escrow liability<sup>(2)</sup> |  |  |  |
| **Diluted Net Income Per Share - Adjusted** | $**1.39** | $**1.29** | **7.8%** |

---

(1)The calculation of diluted net income per share for the three months ended March 31, 2026 (a) excludes the mark-to-market of escrow liability and (b) includes the escrowed shares within the Company's diluted weighted average number of shares, in each case in accordance with Accounting Standards Codification Topic 260 — Earnings Per Share ("ASC 260"), which requires this treatment in periods where the combined effect of these adjustments is accretive to earnings.

(2)No adjustment for the mark-to-market of escrow liability was made to Diluted Net Income Per Share – Adjusted for the three months ended March 31, 2026 as the calculation of diluted net income per share for these periods already excludes the mark-to-market of escrow liability in accordance with ASC 260.

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 March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Total revenues** | $**1901** | $**1404** |
| **Income before income taxes** | $**533** | $**427** |
| **Income Before Income Taxes Margin**<sup>(1)</sup> | **28.0%** | **30.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 116 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 17 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 99 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in estimated acquisition earn-out payables | 5 | (4) |
| **EBITDAC** | $**770** | $**533** |
| **EBITDAC Margin** | **40.5%** | **38.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain)/loss on disposal | (1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition/Integration Costs | 26 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mark-to-market of escrow liability | (64) |  |
| **EBITDAC - Adjusted** | $**731** | $**535** |
| **EBITDAC Margin - Adjusted** | **38.5%** | **38.1%** |

---

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

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 March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **REVENUES** |  |  |
| Commissions and fees | $1880 | $1385 |
| Investment and other income | 21 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 1901 | 1404 |
| **EXPENSES** |  |  |
| Employee compensation and benefits | 907 | 683 |
| Other operating expenses | 289 | 186 |
| (Gain)/loss on disposal | (1) | 2 |
| Amortization | 116 | 53 |
| Depreciation | 17 | 11 |
| Interest | 99 | 46 |
| Change in estimated acquisition earn-out payables | 5 | (4) |
| Mark-to-market of escrow liability | (64) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1368 | 977 |
| Income before income taxes | 533 | 427 |
| Income taxes | 106 | 93 |
| Net income before non-controlling interests | 427 | 334 |
| Less: Net income attributable to non-controlling interests | 1 | 3 |
| Net income attributable to the Company | $426 | $331 |
| Net income per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.27 | $1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.06 | $1.15 |
| Weighted average number of shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 331 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 337 | 285 |

---

------

**Brown & Brown, Inc.**

**Consolidated Balance Sheets**

(in millions, except per share data, unaudited)

---

| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1003 | $1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiduciary cash | 2387 | 2471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commission, fees, and other receivables | 1576 | 1438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiduciary receivables | 1574 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance recoverable | 590 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid reinsurance premiums | 869 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 456 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 8455 | 8614 |
| Fixed assets, net | 370 | 367 |
| Operating lease assets | 263 | 269 |
| Goodwill | 15076 | 15087 |
| Amortizable intangible assets, net | 4782 | 4906 |
| Other assets | 754 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $29700 | $29991 |
| **LIABILITIES AND EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiduciary liabilities | $3961 | $3986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses and loss adjustment reserve | 611 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premiums | 938 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 873 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 695 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | 1238 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 8316 | 8294 |
| Long-term debt less unamortized discount and debt issuance costs | 6584 | 6894 |
| Operating lease liabilities | 238 | 243 |
| Deferred income taxes, net | 899 | 815 |
| Other liabilities | 1050 | 1172 |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, par value $0.10 per share; authorized 560 shares; issued 359 shares and outstanding 335 shares at 2026, issued 357 shares and outstanding 336 shares at 2025, respectively | 36 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 6165 | 6160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost 24 shares at 2026 and 21 shares at 2025, respectively | (1098) | (848) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 128 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 24 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 7358 | 6989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 12613 | 12573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $29700 | $29991 |

---

------

**Brown & Brown, Inc.**

**Consolidated Statements of Cash Flows**

(in millions, unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| Net income before non-controlling interests | $427 | $334 |
| Adjustments to reconcile net income before non-controlling interests to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 116 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 17 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash stock-based compensation | 26 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in estimated acquisition earn-out payables | 5 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mark-to-market of escrow liability | (64) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 80 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (gain)/loss on sales/disposals of investments, businesses, fixed assets and customer accounts | (1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on acquisition earn-outs in excess of original estimated payables | (15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3 | 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 | (142) | (180) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance recoverable (increase)/decrease | 57 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid reinsurance premiums (increase)/decrease | 110 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets (increase)/decrease | 25 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses and loss adjustment reserve increase/(decrease) | (60) | (1081) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premiums increase/(decrease) | (116) | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable increase/(decrease) | (29) | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities increase/(decrease) | (184) | (195) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities increase/(decrease) | 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 262 | 213 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to fixed assets | (21) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for businesses acquired, net of cash acquired | (17) | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of businesses, fixed assets and customer accounts |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing activities |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | (38) | (79) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiduciary receivables and liabilities, net | (76) | (90) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on acquisition earn-outs | (150) | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on long-term debt | (19) | (169) |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on revolving credit facility | 225 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase shares to fund tax withholdings for non-cash stock-based compensation | (26) | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of treasury stock | (250) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends paid | (57) | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | (354) | (218) |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash inclusive of fiduciary cash | (27) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net decrease in cash, cash equivalents and restricted cash inclusive of fiduciary cash** | (157) | (62) |
| Cash, cash equivalents and restricted cash inclusive of fiduciary cash at beginning of period | 3815 | 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash, cash equivalents and restricted cash inclusive of fiduciary cash at end of period** | $3658 | $2440 |

---

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

A conference call to discuss the results of the first quarter of 2026 will be held on Tuesday, April 28, 2026, 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>About Brown & Brown</u>**

Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm delivering comprehensive and customized insurance solutions and specialization since 1939. With a global presence spanning 700+ locations and a team of approximately 23,000 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>**

------

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 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, Organic Revenue with Contingents, 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 tabular reconciliations of such items to our most directly comparable 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 (including Organic Revenue with Contingents and its growth) as important indicators when assessing and evaluating our performance on a consolidated basis and for each of our two segments, because they allow 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 twelve 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); (iii) Foreign Currency Translation (as defined below) and (iv) the Litigation-Related Impact. The term "core commissions and fees" excludes profit-sharing contingent commissions ("Contingents"); and therefore, represents the revenues earned directly from specific insurance policies sold and specific fee-based services rendered. Growth of Organic Revenue can be expressed as a dollar amount or a percentage rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Organic Revenue with Contingents** is Organic Revenue plus Organic Contingents (as defined below). Growth of Organic Revenue with Contingents can be expressed as a dollar amount or a percentage rate.

------

**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), (ii) Acquisition/Integration Costs (as defined below) and (iii) mark-to-market of escrow liability (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), (iv) mark-to-market of escrow liability (as defined below) in periods wherein the effect of mark-to-market of escrow liability is not dilutive to the Company's earnings and, therefore, not already excluded from the calculation of diluted net income per share in accordance with ASC 260, and (v) 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, retention-related compensation expenses, and incentive payments) arising out of our acquisition of Accession and acquisitions previously completed by 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 the net book value related to sales of books of business and other divestiture transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**"Mark-to-market of escrow liability"** is a caption on our consolidated statements of income which reflects the non-cash change in the fair value associated with certain shares of the Company's common stock held in escrow. The change is driven by fluctuations in our stock price between the beginning of the quarter and the end of the quarter. These escrowed shares represent a portion of the merger consideration payable in connection with our acquisition of Accession. The escrowed shares secure certain indemnification obligations of the Accession equity holders related to businesses that are in run-off or discontinued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**"Litigation-Related Impact"** means the core commissions and fees attributable to (i) the loss of specifically identified customer accounts and (ii) new business generated in the prior year by certain former employees, in each case in connection with the conduct of a competitor that is the subject of pending litigation in multiple jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**"Organic Contingents"** are Contingents, less (i) Contingents earned for the first twelve months by newly acquired stand-alone operations and (ii) Contingents earned from divested stand-alone operations (Contingents generated from stand-alone operations sold or terminated during the comparable period).

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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