Brown & Brown, Inc. is a Daytona Beach, Florida-headquartered insurance brokerage and risk management services company that operates through a decentralized network of retail brokerage, wholesale brokerage, and national programs segments across the United States and select international markets, with the Company having completed a follow-on common stock offering and senior notes issuance in June 2025 to fund the pending acquisition of RSC Topco, Inc. For the second quarter ended June 30, 2026, the Company generated total revenues of $1.676 billion, up 30.4 percent year-over-year from $1.285 billion, driven almost entirely by $393 million of acquisition revenue, while Organic Revenue decreased 0.7 percent to $1.176 billion and Organic Revenue with Contingents increased 0.7 percent to $1.237 billion. The H1 2026 picture is similar, with total revenues of $3.577 billion up 33.0 percent, Organic Revenue down 0.3 percent to $2.523 billion, and Organic Revenue with Contingents up 1.6 percent to $2.658 billion. Income before income taxes of $383 million was up 23.2 percent with a margin of 22.9 percent (down 130 basis points from 24.2 percent), EBITDAC - Adjusted of $598 million was up 27.0 percent with a margin of 35.7 percent (down 100 basis points from 36.7 percent), and diluted net income per share of $0.84 was up 7.7 percent while Diluted Net Income Per Share - Adjusted of $1.07 was up 3.9 percent.
The investment thesis rests on three variables. The acquisition-driven growth trajectory is the load-bearing growth variable, with Q2 2026 acquisition revenue of $393 million (and $829 million H1) accounting for virtually all of the total revenue growth while Organic Revenue declined 0.7 percent, and the strategic intent is to integrate the acquired businesses and convert the revenue base into organic growth. The Organic Revenue with Contingents inflection is the load-bearing organic variable, with the 0.7 percent Q2 growth and 1.6 percent H1 growth in Organic Revenue with Contingents signaling that the core brokerage business is stabilizing when contingent commissions (which are seasonal and variable) are included, and the strategic intent is to convert the contingent momentum into consistent core commission growth. The EBITDAC margin trajectory is the load-bearing profitability variable, with the 100 basis point year-over-year compression in Adjusted EBITDAC margin to 35.7 percent reflecting the acquisition integration costs and the revenue mix shift, and the strategic intent is to expand margins through operating leverage on the larger revenue base.