Brown & Brown Inc. reported $1.4 billion in revenue for the first quarter of 2025, an increase of 11.6% compared to the same period last year.
Income before income taxes was $427 million, up 17.3% from a year ago. The related margin rose to 30.4% from 28.9%. Adjusted EBITDAC stood at $535 million, a 14.8% increase from the prior year, with the adjusted margin rising to 38.1% from 37%.
Net income attributable to the company reached $331 million, up 13% from the first quarter of 2024. Diluted earnings per share were $1.15, up from $1.02 a year earlier.
“We continue to execute our plan and are pleased with our performance for the quarter,” said president and CEO J. Powell Brown.
Total revenue for the quarter included $19 million in investment and other income. Total expenses were $977 million, up from $894 million last year. These included $683 million in employee compensation and $186 million in other operating costs. Net income before non-controlling interests was $334 million, with $331 million attributable to the company. Diluted earnings per share stood at $1.15.
Commissions and fees totaled $1.385 billion, up from $1.237 billion a year earlier. After accounting for profit-sharing commissions, acquisitions, and currency impacts, core commissions and fees came in at $1.34 billion. Organic revenue for the quarter was $1.26 billion, representing $77 million in year-on-year growth.
The company generated $213 million in cash from operating activities during the quarter. Net cash used in investing activities was $79 million, primarily due to acquisition-related payments. Financing activities resulted in a $218 million outflow, including debt repayments and dividend distributions. Total cash and equivalents, including fiduciary cash, declined by $62 million over the quarter.
As of March 31, 2025, Brown & Brown reported $16.76 billion in total assets, down from $17.61 billion at year-end 2024. Cash and cash equivalents stood at $669 million, and fiduciary cash totaled $1.77 billion. Total liabilities were $9.92 billion, while equity stood at $6.84 billion.
The board of directors has also declared a regular quarterly cash dividend of $0.15 per share, payable on May 21, 2025, to shareholders of record as of May 12.
