Brown & Brown (BRO) FY2023 results: revenue $4.3 billion, up 19.1% on the year
Brown & Brown, Inc. (BRO) reported revenue of $4.3 billion for fiscal 2023, the year ended 31 December 2023, up 19.1% on the year before. Net income was $870 million, up 29.6%, and diluted earnings per share $3.05. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.
Revenue
$4.3 billion
+19.1% on the year
FY2016FY2023
Operating margin
26.9%
24.5% a year earlier
FY2016FY2023
Net income
$870 million
+29.6% on the year
FY2016FY2023
Diluted EPS
$3.05
+28.7% on the year
FY2016FY2023
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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,010
881
809
+14.5%
Capital expenditure
68.9
52.0
45.0
+32.5%
Free cash flow
941
829
764
+13.4%
Free cash flow margin
22.1%
23.2%
25.0%
Cash from investing
-587
-1,913
-397
Cash from financing
-187
1,725
-210
Depreciation
40.0
39.0
33.3
+2.6%
Share-based compensation
89.0
66.1
61.0
+34.6%
Buybacks
0.0
74.1
82.6
Dividends paid
135
120
107
+12.5%
Dividend per share
$0.48
$0.42
$0.38
+14.3%
Diluted shares, weighted
281m
279m
277m
+0.8%
Shares outstanding at period end
285m
283m
282m
+0.5%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
5,579
4,607
4,197
+21.1%
Non-controlling interest
0.2
0.4
0.1
-50.0%
Debt
3,796
3,942
2,023
-3.7%
Operating lease liabilities
179
196
180
-8.6%
Other liabilities
5,330
5,228
3,396
+1.9%
Total liabilities and equity
14,883
13,974
9,795
+6.5%
Fixed assets
270
240
212
+12.7%
Goodwill
7,341
6,674
4,737
+10.0%
Intangible assets
1,621
1,595
1,081
+1.6%
Investments
11.0
12.0
12.9
-8.3%
Cash and equivalents
700
650
693
+7.7%
Other assets
4,940
4,802
3,059
+2.9%
Total assets
14,883
13,974
9,795
+6.5%
10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.