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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Mark Hughes | Truist Securities | 12 | 0% |
| Elyse Greenspan | Wells Fargo | 11 | 0% |
| Mike Zaremski | BMO Capital Markets | 10 | 60% |
| Alex Scott | Barclays | 8 | 13% |
| Josh Shanker | Bank of America | 8 | 25% |
| Rob Cox | Goldman Sachs | 7 | 0% |
| Meyer Shields | KBW | 7 | 14% |
| Greg Peters | Raymond James | 6 | 0% |
| Brian Meredith | UBS | 5 | 0% |
| Andy Andersen | Jefferies | 4 | 0% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Truist Securities | 1 | 12 | 0% |
| KBW | 2 | 11 | 9% |
| BMO Capital Markets | 2 | 11 | 55% |
| Wells Fargo | 1 |
| 11 |
| 0% |
| Bank of America | 1 | 8 | 25% |
| Barclays | 1 | 8 | 13% |
| Raymond James | 2 | 8 | 0% |
| Goldman Sachs | 1 | 7 | 0% |
Brown & Brown delivered total revenue of $1.9 billion, up 35.4%, with the gain driven almost entirely by the Accession (Risk Strategies/One80) acquisition, which contributed roughly $445 million for the quarter, while organic revenue was flat year-over-year as catastrophe property rate declines of 15%-35% and a prior-year flood claims comparison weighed on growth. Profitability held up well: adjusted EBITDAC margin expanded 40 basis points to 38.5% and adjusted EPS rose nearly 8% to $1.39, helped by a $54 million surge in contingent commissions. Management guided to modest sequential organic improvement through the year, with the casualty-weighted One80 business expected to lift specialty organic in the back half, and reaffirmed Accession integration synergies of $30 million to $40 million for 2026. A startup-broker dispute that has taken roughly $31 million of annualized revenue and a pharmacy-consulting revenue-model change remain near-term organic headwinds.
Revenue Growth | Competitive Dynamics | Pricing | Margin | Demand | M&A | Regulation Policy | Macroeconomic | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 3 | 3 | 2 | 3 | 1 | ||
| 2025Q1 | 6 | 3 | 6 | 2 | 1 | 3 | 1 | |
| 2025Q2 | 5 | 3 | 5 | 4 | 2 | 4 | 1 | |
| 2025Q3 | 5 | 3 | 1 | 2 | 2 | 2 | 2 | 3 |
| 2025Q4 | 10 | 11 | 3 | 3 | 1 | 1 | ||
| 2026Q1 | 6 | 3 | 4 | 3 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 5 | 6 | 5 | 5 | 10 | 6 |
| Competitive Dynamics | 3 | 3 | 3 | 3 | 11 | 3 |
| Pricing | 3 | 6 | 5 | 1 | 3 | 4 |
| Margin | 2 | 2 | 4 | 2 | 3 | 3 |
| Demand | 3 | 1 | 2 | 2 | 1 | |
| M&A | 1 | 4 | 2 | 1 | 1 | |
| Regulation Policy | 3 | 2 | 1 | |||
| Macroeconomic | 1 | 1 | 3 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BRO Brown & Brown | 6 | +37.3% | |
| AJG Arthur J. Gallagher & Co. | 6 | +27.6% | |
| AON Aon | 7 | +6.5% | |
| MRSH Marsh & McLennan Companies, Inc. | 6 | +7.6% | |
| WTW Willis Towers Watson | 5 | +8.5% |