Brown and Brown Insurance Reports EPS Growth Driven by Acquisitions

Brown and Brown's acquisition-led expansion strategy has produced measurable earnings-per-share gains, raising the question of whether inorganic growth can sustain margins as deal costs accumulate.

Brown and Brown, Inc. (NYSE: BRO), a Daytona Beach, Florida-based insurance brokerage, has continued to grow earnings per share through a sustained program of acquisitions, according to analysis published September 2026 by Seeking Alpha, which cited the company's publicly reported financials.

The company's most recently reported annual earnings, disclosed in its 2025 Form 10-K filed with the Securities and Exchange Commission, showed total revenues of approximately $4.8 billion, a figure that reflects both organic growth and the accumulation of acquired businesses over multiple fiscal years. Brown and Brown has completed more than 60 acquisitions over the past five years, according to the company's own investor relations disclosures.

Brown and Brown's business model centers on acquiring smaller, independent insurance agencies and integrating them into its retail, national programs, and wholesale brokerage segments. The company reports segment performance separately in its SEC filings, allowing investors to distinguish between growth generated internally and growth added through purchased revenue streams.

Earnings per share, as reported in the company's most recent quarterly filing with the SEC, have risen on a year-over-year basis. The precise EPS figures for the trailing twelve months ending June 30, 2026, are available in Brown and Brown's Form 10-Q for the quarter ended June 30, 2026, filed with the SEC. That filing details diluted EPS, share count, and net income attributable to common shareholders.

The acquisitions strategy carries financial considerations that analysts have noted in public filings and commentary. Each acquisition adds goodwill to the balance sheet. Brown and Brown's 2025 10-K reported total goodwill of approximately $7.1 billion, representing a substantial share of total assets. Goodwill is not amortized under current US generally accepted accounting principles but is subject to annual impairment testing, a process described in the company's accounting policy notes within its SEC filings.

Debt levels associated with acquisition financing are disclosed in the company's long-term debt schedule within its 10-K and 10-Q filings. Brown and Brown has historically used a revolving credit facility and term loans to fund purchases, with the terms and covenants of those instruments described in exhibit filings attached to its SEC disclosures.

Organic growth, defined by Brown and Brown in its earnings presentations as revenue growth excluding the effect of acquired businesses, commissions, and fees, has also been positive in recent periods. The company defines and reconciles this non-GAAP metric in supplemental materials released alongside each quarterly earnings announcement. Those materials are available on the company's investor relations website and through SEC Form 8-K filings.

The insurance brokerage sector has seen consolidation accelerate over the past decade. Competitors including Marsh McLennan (NYSE: MMC) and Arthur J. Gallagher (NYSE: AJG) have pursued comparable acquisition-led strategies, making comparative analysis of EPS trajectories across the peer group possible using publicly filed financial statements.

What remains unknown from public disclosures alone is the internal rate of return Brown and Brown achieves on individual acquisitions, as the company does not report deal-level performance metrics. Fuller disclosure of acquisition economics would require either voluntary supplemental reporting or regulatory changes to SEC disclosure standards for business combinations.

Brown and Brown's next scheduled earnings release, covering the third quarter ending September 30, 2026, is expected in late October 2026. That report will provide updated revenue, EPS, and segment data that investors and analysts can use to assess whether the acquisition program continued to contribute positively to per-share results through the third quarter.