For the first quarter ended March 31, 2026, the Company achieved:
Total revenues of $1.9 billion, increasing $497 million, or 35.4%, compared to the first quarter of the prior year, with flat Organic Revenue and Organic Revenue with Contingents increasing 2.2%.
Income before income taxes of $533 million, increasing 24.8%, with Income Before Income Taxes Margin of 28.0%, compared to 30.4% in the first quarter of the prior year.
EBITDAC - Adjusted of $731 million, increasing 36.6%, with EBITDAC Margin - Adjusted of 38.5%, compared to 38.1% in the first quarter of the prior year.
Net income attributable to the Company of $426 million, increasing $95 million, or 28.7%, compared to the first quarter of the prior year.
Diluted net income per share of $1.06, a decrease of 7.8%, with Diluted Net Income Per Share - Adjusted increasing to $1.39, or 7.8%, each compared to the first quarter of the prior year.
J. Powell Brown, president and chief executive officer of the Company, noted, "Our teammates continue to deliver for our customers in a challenging growth environment."
In addition, the Company today announced that the Board of Directors has declared a regular quarterly cash dividend of $0.165 per share. The dividend is payable on May 20, 2026, to shareholders of record on May 11, 2026.
Reconciliation of Commissions and Feesto Organic Revenue and Organic Revenue with Contingents(in millions, unaudited)
Three Months Ended March 31,
2026
2025
Commissions and fees
$
1,880
$
1,385
Contingents
(97
)
(43
)
Core commissions and fees
$
1,783
$
1,342
Acquisitions
(435
)
Dispositions
(3
)
Foreign Currency Translation
19
Litigation-Related Impact
(10
)
Organic Revenue
$
1,348
$
1,348
Organic Revenue growth
—
Organic Revenue growth %
0.0
%
Organic Contingents
$
74
$
43
Organic Revenue with Contingents
1,422
1,391
Organic Revenue with Contingents growth
$
31
Organic Revenue with Contingents growth %
2.2
%
See information regarding non-GAAP measures presented later in this press release.
Reconciliation of Diluted Net Income Per Share toDiluted Net Income Per Share - Adjusted(unaudited)
Three Months Ended March 31,
Change
2026
2025
$
%
Diluted net income per share(1)
$
1.06
$
1.15
$
(0.09
)
(7.8
%)
Change in estimated acquisition earn-out payables
0.01
(0.01
)
0.02
(Gain)/loss on disposal
—
—
—
Acquisition/Integration Costs
0.06
—
0.06
Amortization
0.26
0.15
0.11
Mark-to-market of escrow liability(2)
—
—
—
Diluted Net Income Per Share - Adjusted
$
1.39
$
1.29
$
0.10
7.8
%
(1) The calculation of diluted net income per share for the three months ended March 31, 2026 (a) excludes the mark-to-market of escrow liability and (b) includes the escrowed shares within the Company's diluted weighted average number of shares, in each case in accordance with Accounting Standards Codification Topic 260, Earnings Per Share ("ASC 260"), which requires this treatment in periods where the combined effect of these adjustments is accretive to earnings.
(2) No adjustment for the mark-to-market of escrow liability was made to Diluted Net Income Per Share, Adjusted for the three months ended March 31, 2026 as the calculation of diluted net income per share for these periods already excludes the mark-to-market of escrow liability in accordance with ASC 260.
See information regarding non-GAAP measures presented later in this press release.
Reconciliation of Income Before Income Taxes to EBITDAC and EBITDAC - Adjusted and Income Before Income Taxes Margin(1) to EBITDAC Margin and EBITDAC Margin - Adjusted(in millions, unaudited)
Three Months Ended March 31,
2026
2025
Total revenues
$
1,901
$
1,404
Income before income taxes
$
533
$
427
Income Before Income Taxes Margin(1)
28.0
%
30.4
%
Amortization
116
53
Depreciation
17
11
Interest
99
46
Change in estimated acquisition earn-out payables
5
(4
)
EBITDAC
$
770
$
533
EBITDAC Margin
40.5
%
38.0
%
(Gain)/loss on disposal
(1
)
2
Acquisition/Integration Costs
26
—
Mark-to-market of escrow liability
(64
)
—
EBITDAC - Adjusted
$
731
$
535
EBITDAC Margin - Adjusted
38.5
%
38.1
%
(1) "Income Before Income Taxes Margin" is defined as income before income taxes divided by total revenues.
See information regarding non-GAAP measures presented later in this press release.
Brown & Brown, Inc.Consolidated Statements of Income(in millions, except per share data; unaudited)
Three Months Ended March 31,
2026
2025
REVENUES
Commissions and fees
$
1,880
$
