BRO
Brown & Brown, Inc.Evidence as of 2026-09-02Overview · Brown & Brown, Inc.
Brown & Brown, Inc. markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strateg…
Management team
- Ms. Julie L. Turpin · Executive VP & Chief People OfficerFind on LinkedIn
- Mr. P. Barrett Brown · Executive VP & President of Retail SegmentFind on LinkedIn
- Mr. Chris L. Walker · Executive VP & President of Programs SegmentFind on LinkedIn
- Mr. J. Scott Penny C.I.C. · Executive VP & Chief Acquisitions OfficerFind on LinkedIn
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Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it — not a rating or a recommendation.
+0.0 on a −2 to +2 scale.
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled — the rest of the page is the evidence behind it.
Evidence balance: Mixed. Revenues rose to $1,901,000,000 for the three months ended 31 March 2026 (Q1 2026 — fiscal quarter ended 2026-04-24), up from $1,404,000,000 for the three months ended 31 March 2025 (fiscal quarter ended 2025-04-28). Revenues for the three months ended 30 June 2026 (Q2 2026 — fiscal quarter ended 2026-07-24) were $1,676,000,000, up from $1,285,000,000 for the three months ended 30 June 2025 (fiscal quarter ended 2025-07-25).
Net income was $426,000,000 in Q1 2026 and $288,000,000 in Q2 2026, with diluted EPS of $1.06 in Q1 2026 and $0.84 in Q2 2026 (versus $0.78 in Q2 2025). Shares outstanding rose materially from 285,801,863 on 21 February 2024 to 340,420,023 on 10 February 2026, then fell to 334,610,357 on 24 July 2026; long‑term debt increased from $3,824,000,000 as of 2024-12-31 to $7,756,000,000 as of 2026-06-30 while cash was $918,000,000 as of 2026-06-30. Market metrics show elevated volatility (30‑day annualized vol +33.7%, 90‑day +35.3%), mixed momentum (3‑month +27.3%, 6‑month +0.1%, 12_1 −20.7%), large historical drawdowns (max_drawdown_3y −55.8%, current drawdown_from_3y_high −41.5%), and valuation measures of P/E 21.44, implied net debt about $6,841,000,000, and price/OCF roughly 44x.
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else — no outside knowledge, no browsing — so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC — revenue, margins, income, debt and share count, quarter by quarter — and reports which way the trend is running.
Revenues for the three months ended 31 March 2026 (fiscal Q1 2026) were $1,901,000,000, up from $1,404,000,000 for the three months ended 31 March 2025 (fiscal Q1 2025).
XBRL companyfacts · 0001193125-26-182389Revenues for the three months ended 30 June 2026 (fiscal Q2 2026) were $1,676,000,000, up from $1,285,000,000 for the three months ended 30 June 2025 (fiscal Q2 2025).
XBRL companyfacts · 0001193125-26-318251Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full — its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet — its risk analysis fills in once that lands.
In the Management's Discussion and Analysis in the Quarterly Report on Form 10-Q filed 2026-07-27, the company reported total commissions and fees growth of 32.4% for the three months ended June 30, 2026.
10-Q filed 2026-07-27In the same 10-Q filed 2026-07-27, the company reported consolidated Organic Revenue decreased by 0.7% for the three months ended June 30, 2026, while Organic Revenue with Contingents increased 0.7% for that period.
10-Q filed 2026-07-27Reads the signal panel above — momentum, volatility, drawdown, relative strength and beta — and ranks each against the whole research universe rather than judging it in isolation.
Momentum over the most recent 3 months is +27.3%, while 6-month momentum is +0.1% and the 12_1 momentum metric is -20.7%.
Moneyta signal set · 2026-09-01weakened in debateShort-term momentum (3m) is relatively stronger than longer-term momentum: rank_momentum_6m is the 37th percentile of 547 and rank_momentum_12_1 is the 15th percentile of 547.
Moneyta signal set · 2026-09-01weakened in debateReads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
13F-reported institutional holdings total $17.89B as of the 13F reporting period ended 2026-03-31, and reported aggregate 13F value declined 16.5% quarter-over-quarter.
13F holdings · 807 filers · as of 2026-03-31Top 13F holders reported as of 2026-03-31 include BlackRock, Inc. ($1.43B, value_qoq_pct -17.6), VANGUARD CAPITAL MANAGEMENT LLC ($1.23B, listed as new), Capital World Investors ($1.08B, value_qoq_pct -24.6), FMR LLC ($1.05B, value_qoq_pct +24.6), and PRINCIPAL FINANCIAL GROUP INC ($1.02B, value_qoq_pct -16.9).
13F holdings · 807 filers · as of 2026-03-31Reads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
Rakuten Investment Management disclosed a new stake of 47,512 shares in Brown & Brown in the second quarter, per the filing-based item.
News · thelincolnianonline.com · 2026-08-31Multiple institutional investors (examples in separate reports include Glenview Trust Co, Legal & General Group Plc, Pure Financial Advisors LLC, and Connor Clark & Lunn Investment Management Ltd.) were reported to have established or increased positions in Brown & Brown during the second quarter, as shown in several Form 13F-style writeups.
News · thelincolnianonline.com · 2026-08-30Reads parsed Forms 3/4/5 — who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
PROCTOR H PALMER JR (Director) reported an open‑market purchase of 2,000 shares for "$114k" on 2026-05-05.
Form 4 · PROCTOR H PALMER JR (Director) · $0 code A · 2026-05-06JOHNSON JOIA M (Director) reported an open‑market purchase of 860 shares for "$50k" on 2026-06-09.
Form 4 · JOHNSON JOIA M (Director) · $50k bought · 2026-06-09Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
Trailing twelve‑month price/earnings (P/E) is 21.44 as of the price date 2026-09-01.
Valuation inputs · SEC XBRL + stored EOD closeMarket capitalization is $24.108676222 billion and enterprise value is $30.949676222 billion, implying net debt of $6.841 billion (long‑term debt $7.759 billion minus cash $918 million) as of 2026-06-30.
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score — the argument is shown, not hidden, so you can judge the reasoning yourself.
Several company-specific operating metrics in the supplied evidence jointly support a favorable read: sequential quarters show materially higher revenues year-over-year (fundamentals-0, fundamentals-1), positive net income in both reported quarters (fundamentals-2), and management-highlighted drivers including 32.4% commissions & fees growth and a $72M (23.2%) increase in income before taxes tied to contingent revenue, expense leverage and acquisition synergies (filings-0, filings-2). Cash on the balance sheet increased from $675M to ~$1.00B in Q1 2026 then modestly declined to $918M in Q2 (fundamentals-7), while several insiders and some institutional investors reported purchases or increased stakes during Q2 (insider-0, insider-1, news-0, news-1), which are pieces of corroborating activity. These operating improvements and deal-related synergies provide moderate evidence strength that recent revenue and pre-tax income trends are company-specific rather than purely market-driven; that said, elevated leverage and valuation multiples remain factual items to weigh alongside these improvements.
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.34
36 surviving claims rest on 17 distinct sources; the heaviest analyst carries 22% of them, and 97% of what the desk raised survived the debate.
The read draws on a moderate breadth of sources but still concentrates meaningful weight in a single analyst (one person accounts for about one‑fifth of surviving claims), which makes the overall view somewhat sensitive to that contributor's interpretation. The high survival rate from the desk debate suggests the claims passed internal scrutiny, but that same high retention can reflect aligned assumptions across analysts rather than independent corroboration; several claims are also supported by the same filings rather than wholly independent data points.
Peer context · computed, not argued
12-1 momentum ranks 2nd of 3 in Insurance Brokers (as of 2026-09-01).
90-day volatility ranks 2nd of 3 in Insurance Brokers (as of 2026-09-01).
dividend yield ranks 3rd of 3 in Insurance Brokers (as of 2026-09-01).
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment — when the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here — no outside knowledge, no browsing — and each card shows who read it and what it contributed to the score.
21 filings· 2 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data — not retyped or estimated.
Read by Mercer+0.3 to the score
5 documents· 2 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes+0.3 to the score
1 signal set
Moneyta signal set
Computed from our own end-of-day price history and ranked against the whole research universe. No AI involved.
Read by Nash−0.8 to the score
2 holdings records· 1 cited
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis−0.3 to the score
8 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
13 filings· 2 cited
Insider filings
Parsed Forms 3/4/5 from EDGAR: named insiders, share counts, prices, and 10b5-1 plan state — stated and inferred flags kept apart.
Read by Talbot+0.5 to the score
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only — it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal — the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
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The full terminal on BRO Gold
Who holds it, who's buying, what the Street thinks: live behind the lock, updated as filings land.
Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations.