Brown & Brown, Inc.
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+ FollowMarket Cap$23.14B
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Earnings Call Q3 2026
October 27, 2026 - AI Summary
Q3 topline & profitability (mixed)
- Revenues: $1.7B, up 7.4% YoY (organic +1.2%, +1.5% including organic contingents).
- Profit: Adjusted EBITDAC margin 34.6%, down 200 bps YoY; EPS $1.07, up ~2%.
- Key drag on margin: ~$29M lower interest income vs prior-year quarter (prior year cash held for Accession), plus state tax increase (effective tax 25.5% vs 24.7%).
Segment performance: Retail strong, Specialty weak (and why)
- Retail: organic growth +2.6% (+2.5% including contingents), above top-end expectations; driven by employee benefits & bond practices, plus better collaboration/new wins from specialization.
- Specialty Distribution: organic growth down 80 bps (and up 30 bps incl. contingents), meaningfully below expectations due to:
- Admitted market pressure: capital abundance and carrier willingness to write more business causing flow from E&S → admitted, including California/Texas.
- Downward pricing/terms on some programs (notably commercial earthquake, driven by more capacity).
- Lender-placed program timing: $10M revenue delayed from last quarter was offset by another onboarding delay; onboarding expected during 2027.
- CAT/flood “quiet storm” season reduced flood claims processing revenue vs expectations.
Outlook / forecasts (Q4 + 2027 direction)
- Q4 2026 Retail organic (ex contingents): +2% to +3%.
- Q4 2026 Specialty organic (ex contingents): -2% to -4%, including non-recurring/timing headwinds of ~$8M–$12M.
- 2027 direction (not precise guidance): company expects improving organic growth for both divisions; Retail expected roughly +2% to +4%, Specialty roughly +1% to +3% (ranges to be finalized with year-end).
- Profitability: no explicit 2027 EBITDAC margin guidance; for Q4, margins expected down YoY.
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Share Statistics
| Market cap | $23.14 Billion |
|---|---|
| Enterprise Value | $31.18 Billion |
| Annual dividend | $0.66 |
| Dividend yield | 0.95% |
| Earnings per Share | $3.4 |
| Beta | 0.59 |
| Outstanding Shares | 325,000,000 |
Return
| Return on Equity | 9.68% |
|---|---|
| Return on Assets | 4.08% |
| Return on Invested Capital | 8.75% |
Valuation & Multiples
| P/E Ratio | 19.06 |
|---|---|
| PEG | 332.82 |
| Price to Sales | 3.52 |
| Price to Book Ratio | 1.94 |
| Enterprise Value to Revenue | 4.47 |
| Enterprise Value to EBIT | 16.06 |
| Enterprise Value to Net Income | 25 |
| Total Debt to Enterprise | 0.29 |
| Debt to Equity | 0.71 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 26, 2026
EPS Estimate
$1.09
Consensus analyst estimateRevenue Estimate
$1.76 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 25, 2027
EPS Estimate
$0.92
Consensus analyst estimateRevenue Estimate
$1.60 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 29.91% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.03%▼ 81.27% |
|---|---|
| Total Invested | $817.44M▼ 95.50% |
| Investors Holding | 267▼ 555.00% |
About Brown & Brown, Inc.
CEO: J. Powell Brown
