Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Summarized financial information concerning the Company’s reportable segments is shown in the following tables.


	Three months ended September 30, 2025
(in millions)	Retail			Specialty Distribution		Total
Total segment revenues	$	883		$	681	$	1,564
Reconciliation of revenues
Other (1)							42
Total consolidated revenues						$	1,606
Less: (2)
Employee compensation and benefits		493			252
Other operating expenses		153			132
(Gain)/loss on disposal		—			—
Depreciation and amortization		74			32
Interest expense		(11	)		9
Change in estimated acquisition earn-out payables		10			1
Segment Income before income taxes	$	164		$	255	$	419
Reconciliation of income before income taxes
Other (1)							(108	)
Consolidated Income before income taxes						$	311


	Three months ended September 30, 2024
(in millions)	Retail			Specialty Distribution			Total
Total segment revenues	$	641		$	524		$	1,165
Reconciliation of revenues
Other (1)								21
Total consolidated revenues							$	1,186
Less: (2)
Employee compensation and benefits		364			193
Other operating expenses		107			95
(Gain)/loss on disposal		(1	)		—
Depreciation and amortization		35			21
Interest expense		18			10
Change in estimated acquisition earn-out payables		(2	)		(5	)
Segment Income before income taxes	$	120		$	210		$	330
Reconciliation of income before income taxes
Other (1)								(13	)
Consolidated Income before income taxes							$	317

(1) "Other" includes any income and expenses not allocated to reportable segments and corporate-related items.

(2) Significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.


	Nine months ended September 30, 2025
(in millions)	Retail		Specialty Distribution		Total
Total segment revenues	$	2,487	$	1,731	$	4,218
Reconciliation of revenues
Other (1)						77
Total consolidated revenues					$	4,295
Less: (2)
Employee compensation and benefits		1,326		653
Other operating expenses		395		321
(Gain)/loss on disposal		1		—
Depreciation and amortization		158		71
Interest expense		19		27
Change in estimated acquisition earn-out payables		13		5
Segment Income before income taxes	$	575	$	654	$	1,229
Reconciliation of income before income taxes
Other (1)						(179	)
Consolidated Income before income taxes					$	1,050


	Nine months ended September 30, 2024
(in millions)	Retail			Specialty Distribution			Total
Total segment revenues	$	2,093		$	1,482		$	3,575
Reconciliation of revenues
Other (1)								47
Total consolidated revenues							$	3,622
Less: (2)
Employee compensation and benefits		1,118			570
Other operating expenses		334			272
(Gain)/loss on disposal		(2	)		(28	)
Depreciation and amortization		101			59
Interest expense		56			32
Change in estimated acquisition earn-out payables		(2	)		(7	)
Segment Income before income taxes	$	488		$	584		$	1,072
Reconciliation of income before income taxes
Other (1)								(44	)
Consolidated Income before income taxes							$	1,028

(1) "Other" includes any income and expenses not allocated to reportable segments and corporate-related items.

(2) Significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

BROWN & BROWN, INC. 10-Q