Analyst Consensus ?
ConsensusHold31 ratings
Bullish1032.3%
Neutral2064.5%
Bearish13.2%
Brown & Brown, Inc. · BRO · FY2026 Q3 · Calendar Q4 2026
BRO Q3: Retail Growth Offsets Specialty Distribution Headwinds
The supplied Q3 analysis supports a mixed outlook for BRO: resilient retail demand, employee-benefits activity, AI initiatives, and Accession integration are constructive, but specialty-market pressure and execution risks limit confidence.
Reported After market closeNYSEFinancial Services
$23.78B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.07
Consensus $1.09
EPS surprise
-1.8%
Reported versus consensus
Reported revenue
$1.73B
Consensus $1.76B
Revenue surprise
-1.9%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-5.0%
Event window
SPY move
+0.6%
Same window
Abnormal move
-5.5%
Stock minus SPY
Volume
2.3×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
BROSPY benchmark
Ask FN2 about BRO FY2026 Q3
Transcript, numbers and history already loaded
Why did BRO fall 5.0% after missing EPS estimates in FY2026 Q3?What changed in BRO's guidance and outlook in FY2026 Q3?Give me the bull and bear case for BRO after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis shifts the emphasis from broad confidence in organic improvement to a more divided picture: retail exceeded expectations, while Specialty Distribution faced capacity and pricing headwinds. AI deployment and the Accession synergy plan also became more prominent.
Guidance delta
Management maintained its outlook; the supplied analysis points to modest retail growth and a slight Q4 decline in Specialty Distribution.
Key takeaways
- Retail and employee-benefits demand were important supports in the quarter.
- Specialty Distribution missed expectations amid capacity and pricing pressure.
- Management is positioning COMPASS and broader AI adoption as productivity and customer-service tools.
- Accession integration remains central to the company’s synergy and growth plan.
Management priorities
- Deploy COMPASS AI tools broadly, with rollout to thousands of teammates planned for 2027.
- Continue hiring producers and investing in European wholesale and technology infrastructure.
- Pursue selective acquisitions while maintaining disciplined capital allocation.
- Advance Accession integration and its associated synergy program.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$67.55Current
$55Low
$85.47Average
$115High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 27, 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 current price $67.55. 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 | +8.1% | Oct 7, 2026 |
| Truist Financial | Mark Hughes | $90 | $75.44 | +33.2% | Jul 29, 2026 |
| Morgan Stanley | Bob Huang | $55 | $70 | -18.6% | Jul 6, 2026 |
| BMO Capital | Analyst unavailable | $88 | $80.37 | +30.3% | Dec 23, 2025 |
| Mizuho Securities | Analyst unavailable | $89 | $82.34 | +31.8% | Dec 15, 2025 |
| Truist Financial | Mark Hughes | $120 | $92.78 | +77.6% | Jul 30, 2025 |
| Goldman Sachs | Robert Cox | $115 | $103.35 | +70.2% | Oct 29, 2024 |
| Truist Financial | Mark Hughes | $116 | $105.86 | +71.7% | Oct 16, 2024 |
| Barclays | Alex Scott | $108 | $105.82 | +59.9% | Sep 4, 2024 |
| Wells Fargo | Elyse Greenspan | $112 | $99.56 | +65.8% | Aug 12, 2024 |
| Raymond James | Gregory Peters | $110 | $98.59 | +62.8% | Jul 25, 2024 |
| Jefferies | Yaron Kinar | $84 | $81.54 | +24.4% | Apr 29, 2024 |
| Raymond James | Gregory Peters | $95 | $86.35 | +40.6% | Mar 26, 2024 |
| CFRA | Catherine Seifert | $90 | $84.99 | +33.2% | Mar 14, 2024 |
| Citigroup | Analyst unavailable | $62 | $58.17 | -8.2% | Dec 15, 2022 |
| Morgan Stanley | Analyst unavailable | $65 | $58.15 | -3.8% | Nov 22, 2022 |
| Morgan Stanley | Analyst unavailable | $69 | $67.24 | +2.1% | Aug 19, 2022 |
| Jefferies | Analyst unavailable | $70 | $59.84 | +3.6% | Jul 12, 2022 |
| Morgan Stanley | Analyst unavailable | $64 | $55 | -5.3% | May 23, 2022 |
| RBC Capital | Analyst unavailable | $71 | $65.68 | +5.1% | 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 |
|---|---|---|---|---|
| HIG The Hartford Insurance Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | +10.4% | -1.8% | HIG keeps growth momentum as workers’ comp frequency rises |
| TRU TransUnion | FY2026 Q3 · Calendar Q4 2026 | — | -5.3% | TransUnion points to insurance and international growth after strong Q3 |
| CINF Cincinnati Financial Corporation | FY2026 Q3 · Calendar Q4 2026 | +39.5% | +2.3% | Cincinnati Financial: steady underwriting, higher catastrophe losses |
| ARCC Ares Capital Corporation | FY2026 Q3 · Calendar Q4 2026 | — | -0.3% | ARCC: MFIC Deal Expands Scale as Origination Slows |
| IVZ Invesco Ltd. | FY2026 Q3 · Calendar Q4 2026 | — | +0.1% | Invesco posts strong inflows as margin expands to 40.7% |
| SHG Shinhan Financial Group Co., Ltd. | FY2026 Q3 · Calendar Q4 2026 | — | -1.2% | Shinhan’s Q3 profit fell as noninterest income weakened |
Latest beats and misses
Who reports nextBeat on EPS
- HIGFY2026 Q3 · October 26, 2026+10.4% EPS-1.8% move
- CLSFY2026 Q3 · October 26, 2026+12.6% EPS+12.1% move
- CINFFY2026 Q3 · October 26, 2026+39.5% EPS+2.3% move
- VZFY2026 Q3 · October 26, 2026+3.1% EPS-3.5% move
- CXFY2026 Q3 · October 26, 2026+12.0% EPS-0.1% move
- CDNSFY2026 Q3 · October 26, 2026+2.9% EPS+1.8% move
Missed on EPS
- PSA-PLFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-PNFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-POFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-PKFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-PGFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSAFY2026 Q3 · October 26, 2026-32.1% EPS+1.8% 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 · 2026-10-27T16:12:18.760092+00:00
- FN2 earnings calendar · 2026-10-27T01:23:15.065758+00:00
- Polygon adjusted daily market bars · 2026-10-27T21:50:43.195553+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-27T21:50:43.192917+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 2026-10-27. For educational purposes only; not investment advice.