Highlights

  • Third quarter 2026 total revenues were $1,725 million, and net income attributable to the company was $240 million.
  • Organic Revenue increased by 1.2%, and Organic Revenue with Contingents increased by 1.5%, for the three months ended September 30, 2026.
  • The company repurchased 3,630,098 shares for $250 million in the third quarter, leaving about $650 million authorized for repurchases.
  • Management expects fourth quarter Specialty Distribution organic revenue to decline 2% to 4%, excluding contingents, and Retail to grow 2% to 3%.

Brown & Brown, Inc. (NYSE: BRO) shares were trading at USD 67.31 on October 27, 2026, down 5.30%, with a relative volume at time of 3.15. The insurance intermediary filed its 10-Q for the quarter ended September 30, 2026 on October 26, approved a quarterly dividend of $0.18 per share on October 21, and discussed third quarter results and its outlook on October 27.

Brown & Brown is a Florida corporation with its headquarters in Daytona Beach, Florida. It is a diversified insurance agency, insurance programs and service organization that sells insurance products and services, primarily in the property, casualty and employee benefits areas. The company reports two segments, Retail and Specialty Distribution. Its fiscal year ends December 31.

Third Quarter Results

For the three months ended September 30, 2026, total revenues were $1,725 million, compared with $1,606 million in the third quarter of 2025. Net income attributable to the company was $240 million, compared with $227 million. Basic net income per share was $0.73, compared with $0.68. Diluted net income per share was $0.67, compared with $0.68.

The company reported a total commissions and fees growth rate of 9.7%. Consolidated Organic Revenue, a non-GAAP measure, increased by 1.2%, and Organic Revenue with Contingents increased by 1.5%. Interest expense was $100 million and amortization was $110 million. Income before income taxes increased by $9 million, or 2.9%, from the third quarter of 2025. The 10-Q states that this was partly offset by the change in estimated acquisition earn-out payables.

For the nine months, total revenues were $5,302 million, compared with $4,295 million, and net income attributable to the company was $954 million, compared with $790 million.

Segments and Commentary

On the call, management said Retail organic revenue growth was 2.6%, while Specialty Distribution organic revenue decreased 0.8%, or increased 0.3% including contingents. Management cited downward pressure from admitted carriers and delayed onboarding in a lender-placed program. It also cited a litigation-related adjustment to organic revenue of $16 million in the quarter, tied to individuals who left to join a startup, and said the expected full year 2026 impact of $50 million to $60 million is unchanged.

Cash, Debt and Capital Returns

At September 30, 2026, cash and cash equivalents were $1,099 million, compared with $1,079 million at December 31, 2025. Total debt was $7,759 million, compared with $7,613 million. The current portion of long-term debt was $413 million, compared with $719 million.

During the third quarter, the company repurchased 3,630,098 shares for $250 million. The remaining authorization was approximately $650 million. The board approved a quarterly dividend of $0.18 per share, to be paid on November 11, 2026. The company paid $0.165 per share, totaling $56 million, in the third quarter.

Outlook

Management said it expects fourth quarter Retail organic growth of 2% to 3% and Specialty Distribution organic growth of negative 2% to negative 4%, both excluding contingents, with timing-related items of $8 million to $12 million. It expects a decrease of $14 million to $16 million in Specialty Distribution contingent commissions in the fourth quarter. For 2027, it expects Retail organic growth of 2% to 4% and Specialty Distribution organic growth of 1% to 3%, excluding contingents.

Management also said it expects approximately $50 million of EBITDAC synergies in 2026, up from a prior range of $30 million to $40 million, and run-rate net synergies of $175 million by the end of 2028. These are management expectations and may change.