Operating

Brown & Brown·Cash Flow Statement·25 metrics

Breakdown

Metric	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Net income	$258M	$239M	$211M	$334M	$234M	$229M	$268M	$427M
Net cash from operating activities	$360M	$440M	$361M	$213M	$325M	$468M	$444M	$262M
Change in accrued liabilities	—	—	$52M	-$195M	—	—	$59M	-$184M
Accrued expenses and other liabilities	—	—	$52M	-$195M	—	—	$59M	-$184M
Increase Decrease In Premiums Commission And Fees Receivable	—	—	—	$180M	—	—	$36M	$142M
Change in unearned premiums	$115M	$23M	—	-$35M	$90M	—	$162M	-$116M
Adjustment For Amortization Excluding Accretion Amortization Of Debt Discounts And Premiums Investments	$43M	$45M	$47M	$53M	$50M	$93M	$116M	$116M
Unearned premiums	$115M	$23M	—	-$35M	$90M	—	$162M	-$116M
Increase Decrease In Prepaid Reinsurance Premiums	$54M	$56M	—	-$40M	$49M	-$17M	$190M	-$110M
Deferred income taxes	-$2M	-$8M	$24M	-$10M	—	$20M	-$25M	$80M
Mark To Market Of Escrow Liability	$0	$0	$0	$0	$0	$8M	-$62M	-$64M
Increase Decrease For Loss And Loss Adjustment Expense	—	$1.9B	—	-$1.1B	-$62M	-$45M	-$160M	-$60M
Increase (Decrease) in Reinsurance Recoverable	—	$1.9B	—	-$1.1B	-$62M	-$48M	-$166M	-$57M
Change in accounts payable	—	—	-$38M	$126M	—	-$100M	$106M	-$29M
Stock-based compensation	$23M	$25M	$24M	$29M	$23M	$24M	$17M	$26M
Change in other assets	$80M	$1M	$17M	-$35M	$46M	$12M	$21M	-$25M
Increase (Decrease) in Other Operating Assets	$80M	$1M	$17M	-$35M	$46M	$12M	$21M	-$25M
Depreciation and amortization	$11M	$11M	$11M	$11M	$11M	$14M	$18M	$17M
Depreciation	$11M	$11M	$11M	$11M	$11M	$14M	$18M	$17M
Payments On Acquisition Earn Outs In Excess Of Original Estimated Payables	$18M	$4M	$2M	$0	$1M	$0	$2M	$15M
Change in other liabilities	-$21M	—	—	$6M	$9M	$26M	$19M	$7M
Change in fair value of contingent consideration	$1M	-$8M	$11M	-$4M	$11M	$11M	$7M	$5M
Contingent consideration fair value adjustments	$1M	-$8M	$11M	-$4M	$11M	$11M	$7M	$5M
Other working capital changes	—	$1M	$2M	$2M	$0	$3M	$1M	$3M
Net Loss Gain On Sales Of Investments Fixed Assets And Customer Accounts	$31M	—	—	-$2M	—	—	-$1M	$1M