Brown & Brown has reported its unaudited financial results for the third quarter of 2025. The company recorded revenues of $1.6 billion for the quarter, a rise of $420 million, or 35.4%, compared to the same period last year. Commissions and fees increased by 34.2%, while organic revenue grew by 3.5%.
Income before income taxes for the quarter was $311 million, representing a decrease of 1.9% from the prior year. The income before income taxes margin declined to 19.4% from 26.7%. EBITDAC - Adjusted reached $587 million, up 41.8%, with the adjusted margin improving to 36.6% from 34.9%. Net income attributable to the company was $227 million, down $7 million or 3.0% year-on-year.
For the nine months ending September 30, 2025, Brown & Brown reported revenues of $4.3 billion, an increase of $673 million or 18.6% from the same period in 2024. Commissions and fees rose by 18.0%, and organic revenue was up by 4.6%. Income before income taxes for the period was $1.0 billion, up 2.1%, while the margin fell to 24.4% from 28.4%.
EBITDAC - Adjusted for the nine months was $1.6 billion, a 22.6% increase, with the adjusted margin rising to 37.1% from 35.9%. Net income attributable to the company for the period was $790 million, an increase of $7 million or 0.9% compared to the previous year.
The third quarter results follow a period of continued growth for Brown & Brown, which also reported a strong performance earlier in the year. In the second quarter, the company posted GAAP revenue of $1.3 billion, up 9.1% year-over-year, with commissions and fees rising by 8.2%. Organic revenue increased by 3.6%, and adjusted EBITDAC was up 12.1% with a margin of 36.7%.
President and chief executive officer J. Powell Brown (pictured) commented on the results, noting that the company welcomed over 5,000 new teammates during the third quarter.
“We continue to deliver our solutions for our customers locally, but draw upon enhanced global capabilities. We are pleased with our overall growth, profitability and cash flow conversion,” Brown said.
The significant increase in staff numbers this quarter is largely attributed to Brown & Brown’s acquisition of RSC Topco, Inc., the holding company for Accession Risk Management Group. completed in September. The $9.83 billion transaction is one of the largest in the company’s history.
As part of its ongoing global strategy, Brown & Brown has made several leadership changes in 2025. Earlier in the year, Steve Hearn was appointed to oversee all operations outside North America, covering both retail and specialty distribution segments.
Earlier this month, Hearn’s responsibilities grew further as he was named president of the Retail segment, in addition to his role as chief operating officer.
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