Brown & Brown reported a year-over-year revenue increase for the second quarter of 2025, with total GAAP revenue rising to $1.3 billion, an increase of $107 million, or 9.1%, compared to the same period in 2024.
The growth was led by an 8.2% rise in commissions and fees and a 3.6% increase in organic revenue.
Despite the revenue gains, income before income taxes fell 10.1% to $311 million, down from $346 million in the prior-year quarter. The income before income taxes margin declined to 24.2%, compared to 29.4% in Q2 2024. However, total revenues still climbed significantly over both the three-month and six-month period. Net income attributable to the company was $231 million, a 10.1% decrease from the prior year, while diluted earnings per share fell 13.3% to $0.78.
On an adjusted basis, Brown & Brown reported stronger operating performance. Adjusted EBITDAC for the quarter was $471 million, up 12.1% from the same period last year. The adjusted EBITDAC margin improved to 36.7%, compared to 35.7% in Q2 2024. Adjusted diluted earnings per share rose 10.8% to $1.03.
For the first six months of 2025, the company reported GAAP revenues of $2.7 billion, an increase of $254 million or 10.4% from the first half of 2024. Commissions and fees were up 10.2%, and organic revenue grew by 5.1%.
Income before income taxes for the first half of the year rose 3.7% to $738 million, though the margin decreased to 27.4% from 29.2%. Net income attributable to the company increased 2.4% to $563 million. Diluted earnings per share rose slightly to $1.93, up 0.5% from the prior year, while adjusted diluted earnings per share increased 12.1% to $2.32.
Commenting on the quarterly performance, J. Powell Brown, president and chief executive officer, said the company was “pleased with the earnings for the quarter” and added that Brown & Brown has “good momentum as we head into the second half of the year.”
