Analyst Consensus ?
ConsensusHold31 ratings
Bullish1032.3%
Neutral2064.5%
Bearish13.2%
Brown & Brown, Inc. · BRO · FY2024 Q4 · Calendar Q1 2025
Brown & Brown: M&A and Organic Growth Support 2025 Outlook
The supplied analyses support a cautiously constructive view of Brown & Brown's operating trajectory: strong organic growth, margin expansion, cash generation, and acquisitions reinforce the growth case. The main test is whether that momentum persists as catastrophe-related revenue normalizes and insurance-rate tailwinds moderate.
Reported Before market openNYSEFinancial Services
$22.75B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.76
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $1.12B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+1.7%
Event window
SPY move
-1.4%
Same window
Abnormal move
+3.2%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
+6.4%
Up to 20 sessions
BROSPY benchmark
Ask FN2 about BRO FY2024 Q4
Transcript, numbers and history already loaded
What drove BRO's +1.7% move after FY2024 Q4 earnings?What changed in BRO's guidance and outlook in FY2024 Q4?Give me the bull and bear case for BRO after FY2024 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior analysis, Brown & Brown reported a stronger Q4 acquisition contribution, with ten deals adding about $137 million of annual revenue and Quintes becoming the flagship international transaction. Flood-claims revenue also exceeded the earlier expectation, while management maintained rather than raised its outlook and emphasized normalization and rate-related risks.
Guidance delta
Maintained. Management framed the 2025 outlook around stable economic conditions and modest margin expectations.
Key takeaways
- Management described strong 2024 revenue and EPS growth, double-digit organic gains across segments, and Q4 adjusted EBITDAC margin expansion.
- Ten Q4 acquisitions added about $137 million of annual revenue; Quintes was highlighted as the largest deal of the year and expanded the Dutch and European footprint.
- Cash generation and balance-sheet capacity support continued acquisitions and investment in Retail, Programs, Wholesale, and employee benefits.
- The outlook remains constructive but depends on growth durability as CAT-property rates moderate and flood-related revenue normalizes.
Management priorities
- Pursue additional acquisitions while retaining flexibility for larger opportunities.
- Use Quintes to expand the Dutch and broader European market.
- Invest across Retail, Programs, and Wholesale capabilities and employee benefits.
- Maintain balance-sheet strength and monitor regulatory developments, including in California.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$67.98Previous close
$55Low
$85.47Average
$115High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 16, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 12, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Oct 12, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Oct 7, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 7, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Oct 6, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Oct 1, 2026 |
| Citigroup | Neutral | Buy | Downgrade | Jul 29, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 29, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 8, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Jul 8, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jul 1, 2026 |
| Truist Securities | Buy | Buy | Maintain | Apr 29, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Apr 29, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Apr 14, 2026 |
| Keefe, Bruyette& Woods | Market Perform | Underperform | Upgrade | Jan 29, 2026 |
| Jefferies | Hold | Hold | Maintain | Jan 28, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Aug 4, 2025 |
| Wolfe Research | Perform | Peer Perform | Maintain | Aug 17, 2021 |
| Credit Suisse | Neutral | Neutral | Maintain | Oct 30, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Oct 9, 2019 |
| Deutsche Bank | Hold | Hold | Maintain | Mar 29, 2018 |
| William Blair | Market Perform | Underweight | Upgrade | Mar 21, 2016 |
| Keefe Bruyette & Woods | Market Perform | Market Perform | Maintain | Jan 13, 2016 |
| PiperJaffray | Overweight | Overweight | Maintain | Jun 4, 2015 |
| Macquarie | Neutral | Neutral | Maintain | Jul 23, 2014 |
| Compass Point | Neutral | Buy | Downgrade | Apr 23, 2014 |
| Portales Partners | Outperform | Sector Perform | Upgrade | Feb 5, 2014 |
| Stephens & Co. | Equal Weight | Overweight | Downgrade | Oct 16, 2013 |
| Sterne Agee | Buy | Neutral | Upgrade | Nov 5, 2012 |
| Stifel Nicolaus | Buy | Hold | Upgrade | Oct 25, 2012 |
| Stifel | Buy | Hold | Upgrade | Oct 25, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $67.98. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Oppenheimer | Analyst unavailable | $73 | $60.97 | +7.4% | Oct 7, 2026 |
| Truist Financial | Mark Hughes | $90 | $75.44 | +32.4% | Jul 29, 2026 |
| Morgan Stanley | Bob Huang | $55 | $70 | -19.1% | Jul 6, 2026 |
| BMO Capital | Analyst unavailable | $88 | $80.37 | +29.4% | Dec 23, 2025 |
| Mizuho Securities | Analyst unavailable | $89 | $82.34 | +30.9% | Dec 15, 2025 |
| Truist Financial | Mark Hughes | $120 | $92.78 | +76.5% | Jul 30, 2025 |
| Goldman Sachs | Robert Cox | $115 | $103.35 | +69.2% | Oct 29, 2024 |
| Truist Financial | Mark Hughes | $116 | $105.86 | +70.6% | Oct 16, 2024 |
| Barclays | Alex Scott | $108 | $105.82 | +58.9% | Sep 4, 2024 |
| Wells Fargo | Elyse Greenspan | $112 | $99.56 | +64.8% | Aug 12, 2024 |
| Raymond James | Gregory Peters | $110 | $98.59 | +61.8% | Jul 25, 2024 |
| Jefferies | Yaron Kinar | $84 | $81.54 | +23.6% | Apr 29, 2024 |
| Raymond James | Gregory Peters | $95 | $86.35 | +39.7% | Mar 26, 2024 |
| CFRA | Catherine Seifert | $90 | $84.99 | +32.4% | Mar 14, 2024 |
| Citigroup | Analyst unavailable | $62 | $58.17 | -8.8% | Dec 15, 2022 |
| Morgan Stanley | Analyst unavailable | $65 | $58.15 | -4.4% | Nov 22, 2022 |
| Morgan Stanley | Analyst unavailable | $69 | $67.24 | +1.5% | Aug 19, 2022 |
| Jefferies | Analyst unavailable | $70 | $59.84 | +3.0% | Jul 12, 2022 |
| Morgan Stanley | Analyst unavailable | $64 | $55 | -5.9% | May 23, 2022 |
| RBC Capital | Analyst unavailable | $71 | $65.68 | +4.4% | Apr 27, 2022 |
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Start freeCompany context
Snapshot as of publicationBrown & Brown, Inc. operates as an insurance brokerage firm, providing a diverse range of products and services throughout the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. The company's operations are strategically divided into four primary segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail division delivers a comprehensive suite of property and casualty, employee benefits, personal, and specialized insurance offerings, complemented by services such as loss control assessments, consulting, and claims processing. This segment caters to a broad spectrum of clients, including commercial entities, public and quasi-public organizations, professionals, and individuals.…
Historical context
All BRO earningsFinancial Services peers this season
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| USB-PA U.S. Bancorp PERP PFD SER A | FY2026 Q3 · Calendar Q4 2026 | +1.5% | — | U.S. Bancorp Q3: Fee Growth and BTIG Lift Guidance |
Latest beats and misses
Who reports nextBeat on EPS
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-01-13T00:03:16.499918+00:00
- Polygon adjusted daily market bars · 2026-10-16T10:20:44.049752+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-16T10:20:44.047026+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-16. For educational purposes only; not investment advice.