Brown & Brown Inc

Brown & Brown delivered a mixed but largely resilient Q4 2025, with adjusted diluted EPS of $0.93 edging past the $0.91 consensus estimate by 2.20%, even as reported revenue of $1.61 billion fell 5.80% short of the $1.71 billion Wall Street had expected. The top-line miss, however, belies a dramatic year-over-year expansion, with revenues climbing 47.60% as the transformative acquisition of RSC Topco, Inc., known as Accession, reshaped the company's scale nearly overnight, contributing $407.00 million in acquired core commissions and fees during the quarter alone. That deal's fingerprints were visible throughout the income statement, as GAAP diluted EPS fell to $0.59 from $0.73 a year ago, weighed down by amortization that surged to $116.00 million from $48.00 million and $27.00 million in acquisition and integration costs. Adjusted EBITDAC margins held steady at 32.9% for the quarter, suggesting the underlying business absorbed the integration activity without meaningful erosion, while investors digested a stock that has faced notable selling pressure following the report.