Brown & Brown, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $1.05B | $993.0M | $871.0M | $672.0M | $587.1M | $480.5M | $398.5M | $344.3M |
| Depreciation & Amortization | — | — | — | — | — | — | — | — |
| Depreciation | $55.0M | $44.0M | $40.0M | $39.0M | $33.3M | $26.3M | $23.4M | $22.8M |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $93.0M | $101.0M | $89.0M | $66.0M | $61.0M | $59.7M | $47.0M | $33.5M |
| Net Cash from Operating Activities | $1.45B | $1.17B | $1.01B | $881.0M | $808.8M | $713.0M | $678.2M | $567.5M |
| Investing Activities | ||||||||
| Capital Expenditures | $68.0M | $82.0M | $69.0M | $52.0M | $45.0M | $70.7M | $73.1M | $41.5M |
| Business Acquisitions | $7.85B | $890.0M | $631.0M | $1.93B | $366.8M | $694.8M | $353.0M | $923.9M |
| Net Cash from Investing Activities | $-7.91B | $-898.0M | $-587.0M | $-1.91B | $-396.8M | $-759.1M | $-413.6M | $-951.8M |
| Financing Activities | ||||||||
| Dividends Paid | $193.0M | $154.0M | $135.0M | $120.0M | $107.2M | $100.6M | $91.3M | $84.7M |
| Stock Repurchases | $100.0M | $0 | $0 | $74.0M | $82.6M | $55.1M | $58.7M | $91.3M |
| Net Cash from Financing Activities | $7.71B | $-64.0M | $-187.0M | $1.73B | $-210.1M | $355.0M | $-79.2M | $337.8M |
| Net Change in Cash | $1.31B | $199.0M | $270.0M | $563.0M | $198.3M | $308.9M | $185.4M | $-46.5M |
| Free Cash Flow | $1.38B | $1.09B | $941.0M | $829.0M | $763.8M | $642.3M | $605.1M | $526.0M |