Brown & Brown third-quarter 2026 revenue rises 7.4% from a year earlier, organic growth 1.2%

Brown & Brown, Inc. reported preliminary, unaudited third-quarter 2026 total revenues of $1.73 billion, up 7.4% from $1.61 billion a year earlier, but organic revenue growth was 1.2% and diluted net income per share slipped to $0.67 from $0.68. Net income attributable to the company rose 5.7% to $240 million, and adjusted diluted net income per share increased 1.9% to $1.07 from $1.05.

Commissions carry revenue as investment income halves

Total revenues rose to $1.73 billion from $1.61 billion, and commissions and fees, the line that carries the brokerage, climbed to $1.7 billion from $1.55 billion. The offset sat lower down the income statement: investment and other income more than halved, and the release ties part of the prior-year cushion to approximately $29 million of interest earned on the proceeds of the company's June 2025 follow-on common stock offering and senior notes issuance while that money was held for the Accession acquisition. Amortization rose to $110 million. Income before income taxes increased 2.9% to $320 million, but the pre-tax margin narrowed to 18.6% from 19.4%.

Third-quarter organic growth of 1.2% sits behind a 23.4% nine-month revenue gain

Organic Revenue, which the release defines as core commissions and fees stripped of acquisitions, divestitures, foreign currency translation and a litigation-related item, was $1.46 billion, up 1.2% from a year earlier. The 2025 base is cut the same way: core commissions and fees of $1.48 billion less $30 million for dispositions, foreign currency translation and a litigation-related item, leaving the $1.45 billion organic base against which the $17 million increase is measured. The litigation-related piece is the largest of those three adjustments, and by shrinking the base rather than the numerator it works in favor of the reported 1.2% rate. Adding organic contingent commissions lifts growth to 1.5%. The organic bridge removes $156 million of acquisition revenue in the third quarter and $985 million in the first nine months, which is how nine-month total revenues of $5.3 billion could rise 23.4%, or $1.0 billion, while nine-month organic growth was 0.3%. The bridge labels that removal only as acquisitions, and the release does not tie it to the Accession deal by name, though payments for businesses acquired were $7.66 billion in the first nine months of 2025 against a small fraction of that in 2026.

Adjusted earnings absorb a smaller integration bill and an escrow swing

EBITDAC - Adjusted was $597 million, up 1.7% from a year earlier, and the adjusted margin fell to 34.6% from 36.6%. The bridge runs against the headline: unadjusted EBITDAC rose 8.7% to $575 million from $529 million while the add-backs the adjusted measure removes were smaller. The reconciliation table states its amounts in millions: acquisition and integration costs taken out of the adjusted figure fell to 36 from 50, and the mark-to-market of the escrow liability flipped from an 8 expense added back in 2025 to a 14 gain subtracted this year, so combined add-backs fell to 22 from 58. Those reductions are why adjusted EBITDAC grew 1.7% from a year earlier while unadjusted EBITDAC grew 8.7%.

Diluted net income per share of $0.67 fell 1.5% from $0.68, and the adjusted measure rose 1.9% to $1.07 from $1.05. The 2026 per-share bridge adds $0.06 for the change in estimated acquisition earn-out payables, $0.09 of acquisition and integration costs and $0.25 of amortization to the reported $0.67; (gain)/loss on disposal was nil, and the escrow mark-to-market row was nil too, because the release's footnote says the 2026 diluted calculation already excludes it under ASC 260. The same footnote says the diluted per-share calculation includes escrowed shares in the diluted weighted average share count. In the 2025 quarter the four rows ran $0.02, $0.13, $0.20 and $0.02, which is how $0.68 became $1.05.

Debt edges up while buybacks absorb cash

Total debt, the current portion plus long-term debt, was $7.76 billion at September 30, 2026, against $7.61 billion at December 31, 2025, an increase of $146 million. The long-term line rose to $7.35 billion from $6.89 billion, a $452 million increase, while the current portion fell to $413 million from $719 million, so the two lines moved by more than the change in the total. The cash flow statement shows a net $175 million drawn on the revolving credit facility, no proceeds from long-term debt in the first nine months of 2026 against $4.19 billion in the same period of 2025, and $1.14 billion of net cash provided by operating activities for the first nine months. The company also spent $750 million to repurchase treasury stock in the first nine months, against nothing in the same period a year earlier. The release discloses no leverage ratio, and it does not link the repurchase to the borrowings.

The call is the next date, and the release carries no outlook

The exhibit is an Item 2.02 results release and stops at the reported numbers: no fourth-quarter or full-year guidance, no segment revenue or margin tables, and no leverage measure. Management's only qualitative comment in the document is chief executive J. Powell Brown's reference to "a challenging rate environment": "The third quarter reflected the incredible efforts of our teammates to win more customers in spite of a challenging rate environment. Our capabilities were broadly enhanced by the addition of approximately 5,000 new teammates from Accession, just over a year ago." The release schedules a conference call for Tuesday, October 27, 2026, at 8:00 AM (EDT); with no guidance in the document, that call is where the rate environment, contingent-commission timing and the Accession integration get tested. For a quarter where 7.4% revenue growth resolved into 1.2% organic growth and an adjusted EBITDAC margin of 34.6% against 36.6%, the reconciliation tables carry more information than the summary bullets.