Brown & Brown reported fourth-quarter total revenues of $1.6 billion, up 35.7% year-over-year, driven primarily by the Accession acquisition; organic revenue declined 2.8%. Income before income taxes rose 16.7% to $321 million, though pre-tax margin compressed to 20.0% from 23.2% a year ago. Adjusted EBITDAC climbed 35.6% to $529 million, with an unchanged 32.9% margin. Net income attributable to Brown & Brown increased 25.7% to $264 million. On a per-share basis, GAAP diluted EPS fell 19.2% to $0.59, while adjusted diluted EPS of $0.93 surpassed the Zacks Consensus Estimate of $0.91 and represented an 8.1% gain over prior year.

For the full year, Brown & Brown generated $5.9 billion in revenues, a 22.8% increase including a 2.8% rise in organic sales. Income before income taxes grew 5.2% to $1.37 billion, with pre-tax margin narrowing to 23.2% from 27.1% in 2024. Adjusted EBITDAC expanded 25.6% to $2.12 billion, lifting adjusted margin to 35.9% from 35.2%. Net income attributable to the company rose 6.1% to $1.054 billion. Adjusted diluted EPS advanced 10.9% to $4.26, offsetting an 8.7% decline in GAAP EPS to $3.16.

At December 31, 2025, Brown & Brown held $1.079 billion in cash and cash equivalents and $2.471 billion in fiduciary cash. Long-term debt increased to $6.894 billion from $3.599 billion a year earlier, reflecting financing for the Accession acquisition. Goodwill rose to $15.087 billion and amortizable intangible assets reached $4.906 billion, underscoring the impact of recent M&A. The company completed follow-on equity and senior notes issuances in June 2025, securing interest income that contributed approximately $42 million of benefit to adjusted EBITDAC for the year.