Brown & Brown, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenues for the third quarter ended September 30, 2026, were $1.7 billion, an increase of 7.4% ($119 million) compared to the prior year quarter.
• Organic Revenue grew 1.2% year-over-year, while Organic Revenue with Contingents grew 1.5%.
• Income before income taxes was $320 million, up 2.9% from the prior year, with an Income Before Income Taxes Margin of 18.6% (down from 19.4% in the prior year).
• EBITDAC - Adjusted was $597 million, up 1.7%, with an EBITDAC Margin - Adjusted of 34.6% (down from 36.6% in the prior year).
• Net income attributable to the Company was $240 million, an increase of 5.7% ($13 million) compared to the prior year.
• Diluted net income per share was $0.67, a decrease of 1.5% from the prior year; Diluted Net Income Per Share - Adjusted was $1.07, an increase of 1.9%.
• For the nine months ended September 30, 2026, total revenues were $5.3 billion, up 23.4% ($1.0 billion) from the prior year.
• Nine-month Organic Revenue grew 0.3%, while Organic Revenue with Contingents grew 1.5%.
• Nine-month Income before income taxes was $1.2 billion, up 17.6%, with a margin of 23.3% (down from 24.4% in the prior year).
• Nine-month EBITDAC - Adjusted was $1.9 billion, up 20.9%, with a margin of 36.3% (down from 37.1% in the prior year).
• Nine-month Net income attributable to the Company was $954 million, up 20.8% ($164 million).
• Nine-month Diluted net income per share was $2.57, flat compared to the prior year; Diluted Net Income Per Share - Adjusted was $3.52, up 5.7%.
• Net cash provided by operating activities for the nine months ended September 30, 2026, was $1.14 billion, compared to $1.006 billion in the prior year.
• Cash and cash equivalents were $1.099 billion as of September 30, 2026, compared to $1.079 billion as of December 31, 2025.
• Long-term debt less unamortized discount and debt issuance costs was $7.346 billion as of September 30, 2026, compared to $6.894 billion as of December 31, 2025.

Business Segments and Product Lines:

• The Company noted the addition of approximately 5,000 new teammates from the Accession acquisition, which occurred just over a year ago.
• The press release does not provide specific performance breakdowns by business segment or product line.

Management Commentary and Tone:

• J. Powell Brown, president and chief executive officer, stated that the third quarter reflected the "incredible efforts of our teammates to win more customers in spite of a challenging rate environment."
• Management highlighted that capabilities were "broadly enhanced" by the Accession acquisition.

Other Key Points:

• The Company acquired Accession (RSC Topco, Inc.) approximately a year prior to the reporting period, adding roughly 5,000 employees.
• The Company repurchased treasury stock costing $750 million during the nine months ended September 30, 2026.
• Cash dividends paid totaled $169 million for the nine months ended September 30, 2026, compared to $137 million in the prior year.
• Payments on acquisition earn-outs were $199 million for the nine months ended September 30, 2026.
• The Company paid $41 million for businesses acquired, net of cash acquired, during the nine months ended September 30, 2026.
• A conference call to discuss results was scheduled for October 27, 2026, at 8:00 AM (EDT).
• The Company operates with a global presence spanning 700+ locations and a team of approximately 23,000 professionals.
• Non-GAAP measures used include Organic Revenue, Organic Revenue with Contingents, EBITDAC, EBITDAC - Adjusted, and Diluted Net Income Per Share - Adjusted.