Brown & Brown (BRO) FY2022 results: revenue $3.6 billion, up 17.1% on the year
Brown & Brown, Inc. (BRO) reported revenue of $3.6 billion for fiscal 2022, the year ended 31 December 2022, up 17.1% on the year before. Net income was $672 million, up 14.4%, and diluted earnings per share $2.37. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2023.
Revenue
$3.6 billion
+17.1% on the year
FY2015FY2022
Operating margin
24.5%
25.0% a year earlier
FY2015FY2022
Net income
$672 million
+14.4% on the year
FY2015FY2022
Diluted EPS
$2.37
+14.5% on the year
FY2015FY2022
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2022
FY2021
FY2020
On the year
Last 8 years
Operating cash flow
881
809
713
+9.0%
Capital expenditure
52.0
45.0
70.7
+15.4%
Free cash flow
829
764
642
+8.6%
Free cash flow margin
23.2%
25.0%
24.6%
Cash from investing
-1,913
-397
-759
Cash from financing
1,725
-210
355
Depreciation
39.0
33.3
26.3
+17.1%
Share-based compensation
66.1
61.0
59.7
+8.3%
Buybacks
74.1
82.6
55.1
-10.3%
Dividends paid
120
107
101
+11.9%
Dividend per share
$0.42
$0.38
$0.35
+10.5%
Diluted shares, weighted
279m
277m
276m
+0.4%
Shares outstanding at period end
283m
282m
283m
+0.2%
Balance sheet
$ million
FY2022
FY2021
FY2020
On the year
Last 8 years
Shareholders' equity
4,607
4,197
3,754
+9.8%
Non-controlling interest
0.4
0.1
n/a
+273.8%
Debt
3,942
2,023
2,096
+94.9%
Operating lease liabilities
196
180
173
+8.8%
Other liabilities
5,228
3,396
2,943
+54.0%
Total liabilities and equity
13,974
9,795
8,966
+42.7%
Fixed assets
240
212
201
+13.1%
Goodwill
6,674
4,737
4,396
+40.9%
Intangible assets
1,595
1,081
1,050
+47.5%
Investments
12.0
12.9
18.3
-6.9%
Cash and equivalents
650
693
656
-6.2%
Other assets
4,802
3,059
2,645
+57.0%
Total assets
13,974
9,795
8,966
+42.7%
10-K for the year ended 31 December 2022, filed 27 February 2023: the filing.