Analyst Consensus ?
ConsensusHold31 ratings
Bullish1032.3%
Neutral2064.5%
Bearish13.2%
Brown & Brown, Inc. · BRO · FY2025 Q2 · Calendar Q3 2025
Brown & Brown: M&A supports growth as rates soften
The supplied analysis supports a constructive but qualified view: Brown & Brown is using M&A, cross-selling, cash generation and disciplined capital deployment to sustain growth, while softer insurance rates and integration and catastrophe risks constrain the outlook.
Reported After market closeNYSEFinancial Services
$20.05B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.03
Consensus $0.99
EPS surprise
+4.5%
Reported versus consensus
Reported revenue
$1.25B
Consensus $1.28B
Revenue surprise
-2.3%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-10.4%
Event window
SPY move
-0.3%
Same window
Abnormal move
-10.1%
Stock minus SPY
Volume
3.1×
Versus trailing sessions
Subsequent drift
+4.5%
Up to 20 sessions
BROSPY benchmark
Ask FN2 about BRO FY2025 Q2
Transcript, numbers and history already loaded
Why did BRO fall 10.4% after beating EPS estimates in FY2025 Q2?What changed in BRO's guidance and outlook in FY2025 Q2?Give me the bull and bear case for BRO after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the focus shifted from the planned Accession transaction to its closing and integration, while the M&A program expanded to 29 acquisitions year to date. Rate softening remained a headwind, but current analysis continued to cite positive growth, cash generation and maintained guidance sentiment.
Guidance delta
Maintained; the supplied current analysis reports guidance sentiment as maintained, with no new numerical guidance change provided.
Key takeaways
- Revenue growth and adjusted EPS growth remained positive despite softer insurance rates.
- Accession and continued M&A are central to the company’s growth plan.
- Strong cash flow and disciplined capital deployment support deleveraging and future expansion.
- Rate moderation and hurricane-season exposure remain important counterweights.
Management priorities
- Close and integrate the Accession acquisition.
- Combine Programs and Wholesale into a Specialty Distribution division.
- Continue domestic and international M&A while focusing on integration.
- Deploy capital to improve leverage and return on equity.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$59.91Current
$55Low
$86.36Average
$115High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 5, 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 |
|---|---|---|---|---|
| JP Morgan | Neutral | Neutral | Maintain | Oct 1, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Sep 16, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Aug 19, 2026 |
| Citigroup | Neutral | Buy | Downgrade | Jul 29, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 29, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Jul 10, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 9, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 8, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Jul 8, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 7, 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 current price $59.91. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | Mark Hughes | $90 | $75.44 | +50.2% | Jul 29, 2026 |
| Morgan Stanley | Bob Huang | $55 | $70 | -8.2% | Jul 6, 2026 |
| BMO Capital | Analyst unavailable | $88 | $80.37 | +46.9% | Dec 23, 2025 |
| Mizuho Securities | Analyst unavailable | $89 | $82.34 | +48.6% | Dec 15, 2025 |
| Truist Financial | Mark Hughes | $120 | $92.78 | +100.3% | Jul 30, 2025 |
| Goldman Sachs | Robert Cox | $115 | $103.35 | +92.0% | Oct 29, 2024 |
| Truist Financial | Mark Hughes | $116 | $105.86 | +93.6% | Oct 16, 2024 |
| Barclays | Alex Scott | $108 | $105.82 | +80.3% | Sep 4, 2024 |
| Wells Fargo | Elyse Greenspan | $112 | $99.56 | +86.9% | Aug 12, 2024 |
| Raymond James | Gregory Peters | $110 | $98.59 | +83.6% | Jul 25, 2024 |
| Jefferies | Yaron Kinar | $84 | $81.54 | +40.2% | Apr 29, 2024 |
| Raymond James | Gregory Peters | $95 | $86.35 | +58.6% | Mar 26, 2024 |
| CFRA | Catherine Seifert | $90 | $84.99 | +50.2% | Mar 14, 2024 |
| Citigroup | Analyst unavailable | $62 | $58.17 | +3.5% | Dec 15, 2022 |
| Morgan Stanley | Analyst unavailable | $65 | $58.15 | +8.5% | Nov 22, 2022 |
| Morgan Stanley | Analyst unavailable | $69 | $67.24 | +15.2% | Aug 19, 2022 |
| Jefferies | Analyst unavailable | $70 | $59.84 | +16.8% | Jul 12, 2022 |
| Morgan Stanley | Analyst unavailable | $64 | $55 | +6.8% | May 23, 2022 |
| RBC Capital | Analyst unavailable | $71 | $65.68 | +18.5% | Apr 27, 2022 |
Track every rating change on BRO the moment it posts. Free to start.
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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| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the BRO recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
- Polygon adjusted daily market bars · 2026-10-04T23:20:42.568235+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-04T23:20:42.565413+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 2026-10-04. For educational purposes only; not investment advice.