Analyst Consensus ?
ConsensusHold31 ratings
Bullish1032.3%
Neutral2064.5%
Bearish13.2%
Brown & Brown, Inc. · BRO · FY2025 Q4 · Calendar Q1 2026
Brown & Brown: M&A-led growth, with integration and talent risks
The call supports a growth case led by acquisitions, contingent commissions, and Accession synergies, but the next phase depends on integration, talent retention, pricing, and margin execution.
Reported After market closeNYSEFinancial Services
$20.16B market cap
90quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.93
Consensus $0.91
EPS surprise
+2.8%
Reported versus consensus
Reported revenue
$1.61B
Consensus $1.65B
Revenue surprise
-2.6%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-6.9%
Event window
SPY move
+0.4%
Same window
Abnormal move
-7.3%
Stock minus SPY
Volume
2.5×
Versus trailing sessions
Subsequent drift
-5.5%
Up to 20 sessions
BROSPY benchmark
Ask FN2 about BRO FY2025 Q4
Transcript, numbers and history already loaded
Why did BRO fall 6.9% after beating EPS estimates in FY2025 Q4?What changed in BRO's guidance and outlook in FY2025 Q4?Give me the bull and bear case for BRO after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Accession became the central growth and execution theme: it added substantial revenue and expanded the platform, but initially reduced margins. Management also highlighted a competitor’s hiring of 275 employees, a potential $23 million revenue impact, and continued investment to support integration and future growth.
Guidance delta
Management maintained its outlook, with modest 2026 organic growth, broadly flat underlying margins after lower investment income, and $30–40 million of expected Accession EBITDA synergies.
Key takeaways
- Management described revenue and cash-flow growth above 20% year over year, supported by acquisitions and contingent commissions.
- Accession added $405 million of revenue but compressed fourth-quarter margins by about 200 basis points during integration.
- The 2026 framework combines modest organic growth with planned Accession synergies and continued investment in talent, technology, and data.
Management priorities
- Complete Accession integration through 2028
- Realize $30–40 million of Accession EBITDA synergies in 2026
- Continue acquisitions while investing in talent, technology, and data analytics
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$60.34Current
$55Low
$86.36Average
$115High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 29, 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 |
|---|---|---|---|---|
| Mizuho | Outperform | Outperform | Maintain | Sep 16, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Aug 19, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Aug 3, 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 $60.34. 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 | +49.2% | Jul 29, 2026 |
| Morgan Stanley | Bob Huang | $55 | $70 | -8.9% | Jul 6, 2026 |
| BMO Capital | Analyst unavailable | $88 | $80.37 | +45.8% | Dec 23, 2025 |
| Mizuho Securities | Analyst unavailable | $89 | $82.34 | +47.5% | Dec 15, 2025 |
| Truist Financial | Mark Hughes | $120 | $92.78 | +98.9% | Jul 30, 2025 |
| Goldman Sachs | Robert Cox | $115 | $103.35 | +90.6% | Oct 29, 2024 |
| Truist Financial | Mark Hughes | $116 | $105.86 | +92.2% | Oct 16, 2024 |
| Barclays | Alex Scott | $108 | $105.82 | +79.0% | Sep 4, 2024 |
| Wells Fargo | Elyse Greenspan | $112 | $99.56 | +85.6% | Aug 12, 2024 |
| Raymond James | Gregory Peters | $110 | $98.59 | +82.3% | Jul 25, 2024 |
| Jefferies | Yaron Kinar | $84 | $81.54 | +39.2% | Apr 29, 2024 |
| Raymond James | Gregory Peters | $95 | $86.35 | +57.4% | Mar 26, 2024 |
| CFRA | Catherine Seifert | $90 | $84.99 | +49.2% | Mar 14, 2024 |
| Citigroup | Analyst unavailable | $62 | $58.17 | +2.8% | Dec 15, 2022 |
| Morgan Stanley | Analyst unavailable | $65 | $58.15 | +7.7% | Nov 22, 2022 |
| Morgan Stanley | Analyst unavailable | $69 | $67.24 | +14.4% | Aug 19, 2022 |
| Jefferies | Analyst unavailable | $70 | $59.84 | +16.0% | Jul 12, 2022 |
| Morgan Stanley | Analyst unavailable | $64 | $55 | +6.1% | May 23, 2022 |
| RBC Capital | Analyst unavailable | $71 | $65.68 | +17.7% | 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
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| 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
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- CTASFY2027 Q1 · September 23, 2026+3.0% EPS-3.4% move
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- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% 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 · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-29T15:51:03.680197+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-29T15:51:03.677293+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 2026-09-29. For educational purposes only; not investment advice.