Brown & Brown, Inc.

The filings show a company whose reported scale has grown sharply while the quality signals are mixed. Revenue reached $5.9 billion in 2025 against $4.8 billion in 2024, and operating cash flow of $1.45 billion was 1.38 times net income of $1.05 billion, a ratio the data reports directly. Equity rose to $12.57 billion from $6.44 billion, and total assets rose to $29.99 billion from $17.61 billion, which is consistent with the Accession transaction described in the risk factors. The forensic scores call for careful reading. The Altman Z-Score for the Z-double-prime variant is 1.96, which falls in the grey zone. The label states that Altman Z is not designed for banks or financial firms, so this reading should be treated with caution rather than as a solvency signal. The Piotroski F-Score is 3 of 8 computable signals, meaning three of the eight checklist items that could be computed were met, which is a weak reading on that scale. The Fog Index of 18.92 places the MD&A in the very hard to read band, above the 18 threshold. This matters because the Organic Revenue and Contingents discussion sits in that dense text. Readers may want to look at the non-GAAP reconciliations for Organic Revenue and EBITDAC - Adjusted alongside the GAAP income statement, and to see how the debt covenants described in the risk factors may constrain the company as borrowings grow. Contingents are estimated and accrued before they are paid, and the filing says the amounts may differ from the estimates, so year-end accruals may later change. The filings describe a business that has historically grown through new business, customer retention, and acquisitions. Readers may want to track whether organic growth holds up once acquisition synergies are fully absorbed.

Catalyst.Brown & Brown describes itself as a diversified insurance agency and wholesale brokerage. Revenue rose to $5.9 billion in 2025 from $4.8 billion in 2024, a 22.8% increase. The filings tie the growth to the Accession acquisition, which the company closed in the third quarter of 2025 and which led it to consolidate from three segments to two. In the 10-Q for the quarter ended June 30, 2026, total commissions and fees grew 32.4% for the three months. Income before income taxes rose $72 million, or 23.2%, which management attributes to higher Contingents, expense leverage, Accession synergies, recent acquisitions, and a change in estimated earn-out payables.

Hidden risk.Organic Revenue decreased 0.7% in the quarter, and Organic Revenue with Contingents grew only 0.7%, so the headline growth depends heavily on acquisitions. Long-term debt rose to $6.89 billion at year-end 2025 from $3.6 billion a year earlier, and the risk factors state that financing the Transaction increased indebtedness and that covenant failures could occur. Contingents, which averaged about 4.4% of commissions and fees over three years, depend on underwriting results and can be affected by natural disasters. The Altman Z-Score sits in the grey zone, and the label notes that this measure is not designed for financial firms, so it should be read with caution.