Brown & Brown posts solid Q4 results, flags talent poaching risk
Brown & Brown reported fourth-quarter 2025 revenue of $1.6 billion, up 35.7% year over year. For the full year, revenue increased 23%, driven by a combination of acquisitions, organic growth, and higher contingent commissions.
M&A remained a key growth driver. During the fourth quarter, the company completed six acquisitions representing an estimated $29 million in annual revenue. For the full year, Brown & Brown recorded a record level of acquisition activity, adding approximately $1.8 billion in annual revenue from 43 acquisitions, with Accession representing the largest transaction.
Accession contributed approximately $405 million in revenue during the quarter, below prior guidance of $430 million to $450 million due to refinements in quarterly revenue recognition. Management said the timing adjustment weighed on quarterly revenue, margins, and adjusted earnings per share but does not change full-year expectations for the business.
Looking ahead, Brown & Brown said its M&A pipeline remains active heading into 2026, with a continued focus on cultural fit and financial discipline. Integration of Accession is progressing as planned, with teams leveraging combined capabilities to drive new business and consolidating offices where appropriate. Management said it is confident in the organization’s leadership and execution as it works through its 2026 priorities.
During the year, the company expanded its capabilities, increased investment in innovation, data, and analytics, and added more than 6,000 teammates.
Management also disclosed that approximately 275 former employees recently joined a startup broker, taking an estimated $23 million in annualized revenue. Brown & Brown said it has obtained an injunction and is actively defending its contractual rights, describing the revenue impact as immaterial to the overall business, though it could create short-term noise in organic growth metrics.
“Approximately 275 of our former teammates have joined this start-up, taking with them customers currently representing known annual revenues of $23 million. As we’ve done in the past, we will defend our rights in court and already have obtained an injunction. We stand behind our values and we’ll continue to stay customer-focused with the goal of achieving the best possible outcomes for our customers and our trading partners.” – CEO J. Powell Brown.
“The start-up firm is one of many that are aggressively looking to hire people. The question is how they’re doing it. And so again, as I said earlier, we’re all for competition. And when we hire people from other firms, we ask them to abide by the contracts, whatever those contracts are that they have. And so there is a difference in opinion with that particular start-up here in the States. And there are others. There are others in the United States that think that way as well. But that’s the story.” – CEO J. Powell Brown.
