Brown & Brown Q3 2026 Revenue Rises 7.4% but Organic Growth Misses as Company Eyes $175M EBITDAC Synergies by 2028

Brown & Brown reported third-quarter 2026 total revenues of $1.7 billion, up $119 million or 7.4% from the year-ago period, but organic revenue growth came in at just 1.2%, with organic revenue including contingents at 1.5%, a result that fell short of analyst expectations. Diluted net income per share was $0.67, while the adjusted figure reached $1.07. Income before income taxes rose 2.9% to $320 million, though the margin contracted to 18.6% from 19.4% in the prior-year quarter.

On the earnings call, management laid out forward-looking targets tied to its ongoing integration efforts, projecting $175 million in run-rate net EBITDAC synergies by the end of 2028 and forecasting 2027 organic revenue growth of 2% to 4% in its retail segment, signaling expectations for an acceleration from the current pace.

In the wake of the results, Truist lowered its price target on BRO shares to $85, citing reduced estimates following the weaker-than-expected organic growth. The earnings miss and margin compression prompted questions about whether the stock, which had been trading at a premium valuation, now represents a buying opportunity given the company's longer-term synergy and growth roadmap.