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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Mark Hughes | Truist Securities | 14 (7%) |
| Elyse Greenspan | Wells Fargo | 13 (0%) |
| Mike Zaremski | BMO Capital Markets | 12 (67%) |
| Alex Scott | Barclays | 10 (10%) |
| Rob Cox | Goldman Sachs | 9 (0%) |
| Josh Shanker | Bank of America | 8 (38%) |
| Greg Peters | Raymond James | 8 (13%) |
| Brian Meredith | UBS | 7 (14%) |
| Meyer Shields | KBW | 7 (14%) |
| Andrew Andersen | Jefferies | 6 (17%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Truist Securities | 1 | 14 (7%) |
| Wells Fargo | 1 | 13 (0%) |
| BMO Capital Markets | 2 | 13 (62%) |
| Raymond James |
| 2 |
| 10 (10%) |
| Barclays | 1 | 10 (10%) |
| Wolfe Research | 2 | 9 (11%) |
| Goldman Sachs | 1 | 9 (0%) |
| Bank of America | 1 | 8 (38%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.09B | +12.0% | $0.73 | -22.3% | 21.8% | 19.3% |
| FY2025 Q1 | $1.39B | +12.0% | $1.15 | +12.7% | 32.6% | 23.9% |
| FY2025 Q2 | $1.25B | +8.2% | $0.78 | -13.3% | 27.0% | 18.5% |
| FY2025 Q3 | $1.61B | +35.4% | $0.68 | -17.1% | 26.3% | 14.1% |
| FY2025 Q4 | $1.67B | +53.3% | $0.59 | -19.2% | 25.7% | 15.8% |
| FY2026 Q1 | $1.90B | +37.3% | $1.06 | -7.8% | 28.0% | 22.4% |
| FY2026 Q2 | $1.68B | +34.2% | $0.84 | +7.7% | 33.8% | 17.2% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
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 |
What BRO and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“One question on the Howden revenues. Is that $31 million of annual revenues still all employee benefits?”
An analyst references Howden as the rival broker (the 'startup') that recruited departing Brown & Brown teammates and roughly $31M of annual revenue, now in litigation.
“Regarding Accession, we recognized total revenues of approximately $445 million for the quarter.”
Brown & Brown reports its acquired Accession (Risk Strategies / One80) platform contributing ~$445M revenue in the quarter, its largest recent acquisition.
| 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% |