BROWN & BROWN, INC.

For the period ended Dec 31, 2025. Filed Feb 12, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 12, 2026

BRO$71.89+1.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Financial Statements and Supplementary Data

Index to Consolidated Financial Statements

	Page No.
Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023	49
Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023	50
Consolidated Balance Sheets as of December 31, 2025 and 2024	51
Consolidated Statements of Equity for the years ended December 31, 2025, 2024 and 2023	52
Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023	53
Notes to Consolidated Financial Statements for the years ended December 31, 2025, 2024 and 2023	54
Note 1: Summary of Significant Accounting Policies	54
Note 2: Revenues	60
Note 3: Business Combinations	61
Note 4: Goodwill	65
Note 5: Amortizable Intangible Assets	65
Note 6: Fixed Assets	66
Note 7: Accrued Expenses and Other Liabilities	66
Note 8: Long-Term Debt	67
Note 9: Income Taxes	68
Note 10: Employee Savings Plan	70
Note 11: Stock-Based Compensation	70
Note 12: Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities	73
Note 13: Commitments and Contingencies	74
Note 14: Leases	74
Note 15: Segment Information	76
Note 16: Insurance Company Subsidiary Operations	78
Note 17: Equity	79
Reports of Independent Registered Public Accounting Firm	80

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.