Brown & Brown reported total revenues of $1.6 billion for the quarter ended December 31, 2025, representing a 35.7% increase year-over-year driven primarily by the Accession acquisition. Excluding the impact of that deal, organic revenue declined 2.8%, with core commissions and fees of $1.486 billion compared to $1.104 billion in Q4 2024. Commission and fee income rose to $1.580 billion from $1.161 billion, while profit-sharing contingent commissions increased to $94 million from $57 million.

Income before income taxes climbed 16.7% to $321 million, yielding a pre-tax margin of 20.0%, down from 23.2% in the prior year period. On a GAAP basis, diluted net income per share was $0.59, a 19.2% decrease due to merger-related amortization and escrow adjustments. Adjusted diluted EPS rose 8.1% to $0.93, as non-GAAP EBITDAC increased 35.6% to $529 million and adjusted EBITDAC margin held steady at 32.9%.

For the twelve months ended December 31, 2025, Brown & Brown achieved total revenues of $5.9 billion, up 22.8% year-over-year, with organic revenues improving 2.8%. Adjusted EBITDAC reached $2.121 billion, up 25.6%, translating to a record adjusted EBITDAC margin of 35.9%. Adjusted diluted EPS grew 10.9% to $4.26, while GAAP diluted EPS was $3.16, reflecting integration and amortization costs.

Chief Executive Officer J. Powell Brown highlighted the acquisition of Accession as a key driver of revenue growth and scale, noting completion of significant financing initiatives in June 2025. He emphasized double-digit adjusted EPS growth, margin expansion and the company’s disciplined approach to integrating acquired businesses, reinforcing its long-term strategy of value creation through both organic initiatives and targeted M&A.