BROWN & BROWN, INC. (BRO) closed fiscal year 2025 with a gross margin of 47.9 % and a net margin of 17.9 %.
BROWN & BROWN, INC. (BRO) closed fiscal year 2025 with a gross margin of 47.9 % and a net margin of 17.9 %. The same year shows an EBITDA margin of 34.6 % and an EBIT margin of 28.4 %. The free cash flow margin was 23.4 %. Against the previous year the gross margin moved +0.1 pp and the net margin −2.8 pp. Across the period the gross margin ranges between 47.3 % in 2023 and 48.9 % in 2022. The series covers 18 fiscal years, from 2008 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: January
| 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 48.87 % | 47.26 % | 47.85 % | 47.92 % |
| EBITDA margin (%) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 33.87 % | 36.22 % | 35.92 % | 34.63 % |
| EBIT margin (%) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 28.66 % | 31.38 % | 31.30 % | 28.41 % |
| Net margin (%) | 16.99 % | 15.84 % | 16.62 % | 16.18 % | 15.34 % | 15.93 % | 13.13 % | 14.65 % | 14.58 % | 21.24 % | 17.09 % | 16.66 % | 18.39 % | 19.24 % | 18.81 % | 20.46 % | 20.67 % | 17.86 % |
| FCF margin (%) | 33.52 % | 21.73 % | 29.34 % | 22.09 % | 16.36 % | 27.36 % | 22.85 % | 21.89 % | 22.26 % | 22.21 % | 26.11 % | 25.29 % | 24.58 % | 25.03 % | 23.20 % | 22.10 % | 22.73 % | 23.42 % |
