Brown & Brown reported fourth-quarter adjusted diluted earnings per share of $0.93, surpassing consensus estimates of $0.91 and rising 8.1% year-over-year. GAAP diluted earnings per share totaled $0.59, reflecting a 19.2% decline from prior year due primarily to higher amortization and escrow mark-to-market adjustments. Net income attributable to the company climbed 25.7% to $264 million, driven by robust fee and commission income and improved investment returns.

Total revenues for the quarter reached $1.6 billion, up 35.7% versus the prior-year period, led by the Accession acquisition contribution of $407 million. Core commissions and fees increased to $1.486 billion, a 34.6% gain, while investment and other income rose 17.4% to $27 million. Organic revenues declined 2.8% as legacy operations faced modest rate pressure, but strong inorganic growth more than offset the contraction.

Adjusted EBITDAC for the quarter expanded 1,000 basis points year-over-year to $529 million, with an adjusted margin of 32.9% matching the prior-year period despite integration costs. Income before income taxes margin narrowed to 20.0% due to elevated amortization expense, but adjusted margins benefited from disciplined expense management, including a 40.2% jump in employee compensation investments to support new business lines.

For full-year 2025, revenues climbed 22.8% to $5.9 billion with organic growth of 2.8%. Adjusted diluted EPS rose 10.9% to $4.26, and adjusted EBITDAC margin expanded to 35.9%. Net debt increased following $3.9 billion of acquisition financing, though the company maintained a conservative leverage ratio of approximately 3.0x adjusted EBITDA. Management highlighted successful financing of the Accession deal and reaffirmed commitment to debt reduction and strategic bolt-on purchases in 2026.