Brown & Brown (BRO) Q3 FY2026 earnings: revenue $1.7 billion, up 7.4% on the year

Brown & Brown, Inc. (BRO) reported revenue of $1.7 billion for Q3 FY2026, the quarter ended 30 September 2026, up 7.4% on the same quarter a year earlier. Net income was $240 million, up 5.7% on the year, and diluted earnings per share $0.67. The figures are the company's own, from the 10-Q it filed with the SEC on 26 October 2026.

Revenue

$1.7 billion

+7.4% on the year · +2.9% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

n/a

Q4 FY2024Q3 FY2026

Net income

$240 million

+5.7% on the year · -16.7% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.67

-1.5% on the year · -20.2% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Revenue rose 7.4% on acquisitions: Total revenues were $1,725 million, up $119 million or 7.4% from $1,606 million. Core commissions and fees from acquisitions in the first twelve months were $156 million, excluded from Organic Revenue.
Diluted EPS down, adjusted EPS up: Diluted net income per share was $0.67, down 1.5% from $0.68. Diluted Net Income Per Share - Adjusted was $1.07, up 1.9% from $1.05, excluding amortization, acquisition costs and earn-out and escrow items.
Organic Revenue grew 1.2%: Organic Revenue was $1,464 million, up $17 million or 1.2% from $1,447 million. Organic Revenue with Contingents was $1,543 million, up $23 million or 1.5% from $1,520 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	1,725	1,676	1,606	+2.9%	+7.4%
Interest expense	100	100	100	0.0%	0.0%
Pre-tax income	320	383	311	-16.4%	+2.9%
Income tax	79.0	94.0	82.0	-16.0%	-3.7%
Effective tax rate	24.7%	24.5%	26.4%
Net income	240	288	227	-16.7%	+5.7%
Net margin	13.9%	17.2%	14.1%
Diluted EPS	$0.67	$0.84	$0.68	-20.2%	-1.5%

$ million except per share.

Free 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	532	346	468	+53.8%	+13.7%
Capital expenditure	39.0	17.0	16.0	+129.4%	+143.8%
Free cash flow	493	329	452	+49.8%	+9.1%
Free cash flow margin	28.6%	19.6%	28.1%
Cash from investing	-54.0	-33.0	-7,514
Cash from financing	-463	-172	-130
Depreciation	18.0	18.0	14.0	0.0%	+28.6%
Share-based compensation	23.0	23.0	24.0	0.0%	-4.2%
Buybacks	250	250	0.0	0.0%
Dividends paid	57.0	55.0	51.0	+3.6%	+11.8%
Dividend per share	$0.17	$0.17	$0.15	0.0%	+10.0%
Diluted shares, weighted	330m	334m	332m	-1.2%	-0.6%
Shares outstanding at period end	327m	330m	337m	-0.9%	-3.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	12,601	12,608	12,407	-0.1%	+1.6%
Debt	7,759	7,759	7,728	0.0%	+0.4%
Operating lease liabilities	279	248	243	+12.5%	+14.8%
Other liabilities	8,809	9,272	8,976	-5.0%	-1.9%
Total liabilities and equity	29,448	29,887	29,354	-1.5%	+0.3%
Fixed assets	389	368	366	+5.7%	+6.3%
Goodwill	15,188	15,146	14,891	+0.3%	+2.0%
Intangible assets	4,468	4,570	4,952	-2.2%	-9.8%
Cash and equivalents	1,099	918	1,190	+19.7%	-7.6%
Other assets	8,304	8,885	7,955	-6.5%	+4.4%
Total assets	29,448	29,887	29,354	-1.5%	+0.3%

Questions

What was Brown & Brown's revenue in Q3 FY2026?

Brown & Brown (BRO) reported revenue of $1.7 billion for Q3 FY2026, the quarter ended 30 September 2026, up 7.4% on the same quarter a year earlier.

How much did Brown & Brown earn in Q3 FY2026?

Net income for Q3 FY2026 was $240 million, up 5.7% on the year, and diluted earnings per share $0.67.

When did Brown & Brown report Q3 FY2026 results?

Brown & Brown filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 26 October 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 * †	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 * †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	738	905	840	928	901	1,116	1,047	1,068	1,026	1,258	1,178	1,186	1,183	1,404	1,285	1,606	1,607	1,901	1,676	1,725
Operating income	141	265	199	218	194	294	254	242	355	364	346	317	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating margin	19%	29%	24%	24%	22%	26%	24%	23%	35%	29%	29%	27%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Interest expense	16.2	18.3	36.0	41.5	45.4	47.0	48.0	47.5	47.9	48.0	49.0	50.0	46.0	46.0	51.0	100	100	99.0	100	100
Pre-tax income	141	265	199	218	194	294	254	242	355	364	346	317	276	427	311	311	322	533	383	320
Tax rate	28%	17%	27%	26%	25%	20%	25%	27%	24%	20%	25%	25%	24%	22%	25%	26%	16%	20%	25%	25%
Net income	102	220	145	161	145	236	190	176	269	293	257	234	209	331	231	227	265	426	288	240
Net margin	14%	24%	17%	17%	16%	21%	18%	16%	26%	23%	22%	20%	18%	24%	18%	14%	16%	22%	17%	14%
Diluted EPS	$0.36	$0.77	$0.51	$0.57	$0.51	$0.83	$0.67	$0.62	$0.94	$1.02	$0.90	$0.81	$0.73	$1.15	$0.78	$0.68	$0.59	$1.06	$0.84	$0.67
Operating cash flow	315	104	243	254	282	60.0	329	316	305	13.0	360	440	361	213	325	468	444	262	346	532
Capital expenditure	10.4	10.0	8.3	14.1	20.2	12.0	13.3	13.8	30.0	13.0	26.0	23.0	20.0	17.0	15.0	16.0	20.0	21.0	17.0	39.0
Free cash flow	304	93.6	234	240	261	48.0	315	302	275	0.0	334	417	341	196	310	452	424	241	329	493
Buybacks	0.0	24.1	50.0	0.0	0.0	0.1	0.0	0.0	0.0	n/a	n/a	n/a	n/a	0.0	0.0	0.0	100	250	250	250
Dividends paid	28.9	28.9	29.0	29.0	32.6	33.0	32.6	32.7	37.1	38.0	37.0	36.0	43.0	43.0	43.0	51.0	56.0	57.0	55.0	57.0
Shares outstanding	282m	283m	282m	283m	283m	284m	284m	284m	285m	285m	285m	286m	286m	287m	330m	337m	336m	335m	330m	327m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 26 October 2026: the filing.