Brown & Brown, Inc.

Worth knowing

• Shareholders being diluted. Shares outstanding up 18% from December 2022 to July 2026.

  Brown & Brown had 18% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Brown & Brown had 18% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

• Stock pay outran buybacks. Stock-based pay expense $283M vs $100M spent repurchasing shares over the 3 fiscal years to 2025.

  Over three fiscal years Brown & Brown recorded $283M of stock-based pay expense and spent $100M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Brown & Brown recorded $283M of stock-based pay expense and spent $100M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $2.6B in 2020 to $5.9B in 2025.

  Brown & Brown's fiscal-year revenue rose in each of the five years to 2025, from $2.6B to $5.9B.

• Fast revenue growth. Revenue grew 34% in the 12 months to June 2026 vs the 12 months before, faster than 82% of peers.

  Revenue grew 34% in the 12 months to June 2026 vs the 12 months before, faster than 82% of its peers.