Brown & Brown Q3 Revenue Up 35% on Acquisitions

Brown & Brown reported Q3 revenue of about $1.61 billion, up roughly 35% year-over-year, with commissions and fees rising about 34.2% and international revenue higher. Much of the increase was driven by acquisitions — 37 completed in the nine months — while organic revenue growth slowed to 3.5% in Q3 versus 9.5% a year earlier and was slightly below the prior quarter, signaling deceleration. Adjusted EPS was $1.05, beating estimates, while GAAP diluted EPS fell to $0.68 and net income dipped as acquisition and integration costs weighed on results. The company added more than 5,000 employees and reported improved adjusted EBITDAC and cash-flow conversion even as margins faced pressure. Shares have underperformed year-to-date (down roughly 13.8%) and traded lower premarket amid growth concerns; analysts' median price target is $106 with mixed buy and hold ratings.