BRO Brown & Brown, Inc. Common Stock
$70.63
Price · Aug 19, 2026
Fundamentals as of Jul 27, 2026
52W Range
$54–$98
38% of range
Analyst Rating
HOLD
26 analysts
Price Target
$76
+8% upside
P/E (TTM)
22.3
ROE
8.7%
Net Profit Margin
17.9%
About Brown & Brown, Inc. Common Stock Company overview from Wikipedia
Brown & Brown, Inc. is an American insurance brokerage firm headquartered in Daytona Beach, Florida. It is one of the largest independent insurance intermediaries in the United States, providing risk management solutions, insurance products, and services to businesses, governmental institutions, professional organizations, trade associations, and individuals.
Read more
Brown & Brown, Inc. is an American insurance brokerage firm headquartered in Daytona Beach, Florida. It is one of the largest independent insurance intermediaries in the United States, providing risk management solutions, insurance products, and services to businesses, governmental institutions, professional organizations, trade associations, and individuals.
As of 2026, Brown & Brown ranked 5th among the largest insurance brokerages globally by revenue as ranked by Business Insurance.
The company emphasizes a culture of integrity, innovation, superior capabilities, and discipline.
History
Brown & Brown was founded in 1939 as a small insurance agency in Daytona Beach, Florida, by J. Adrian Brown, partnering with his cousin Charles "Cov" Owen. Originally named Brown & Owen, the firm quickly expanded its customer base in central Florida. J. Adrian's son, J. Hyatt Brown, joined the agency in 1959, bought the company and became CEO in 1961, and played a key role in its growth and modernization.
In 1980, Brown & Brown restructured to adopt a decentralized model, aiming to boost revenue and profit margins by giving more authority to local teams. This approach encouraged an entrepreneurial culture across the company.
In 1983, the firm changed its name to Brown & Brown, Inc. to reflect its focus on national expansion.
In 1993, the company merged with Poe & Associates. Also in 1993, the company went public, listing on the New York Stock Exchange under the ticker symbol BRO. The use of public stock for acquisitions enabled a deliberate expansion strategy focused on acquiring middle-market insurance brokers nationwide.
J. Hyatt Brown retired as CEO in 2009, but remains with the company as chairman. He was succeeded as CEO by his son J. Powell Brown. Subsequently, the company has pursued aggressive acquisition strategies and organic growth. It surpassed $1 billion in revenue in 2012. It joined the S&P 500 index in 2021.
In 2021, new headquarters were completed at Daytona Beach, Florida, featuring an 11-story building on 13 acres facing the Halifax River.
In 2021, Brown & Brown was added to the S&P 500 index following an announcement by S&P Dow Jones Indices, effective September 20, 2021.
In 2022, Brown & Brown was added to the S&P 500 Dividend Aristocrats Index, which includes S&P 500 companies that have increased their dividend payments for at least 25 consecutive years.
In 2023, Brown & Brown received the Platinum Bell Seal for Workplace Mental Health from Mental Health America for its workplace mental health initiatives.
Services
Brown & Brown operates through two major business segments:
Retail: Offers property and casualty insurance and employee benefits products to commercial, public, and individual customers.
Arrowhead Intermediaries: A purpose-built platform with three distinct divisions, each serving the evolving needs of insurance carriers, brokers, and customers worldwide:
Programs
Wholesale
Specialty divisions
The company serves customers in all 50 U.S. states and in select international markets.
Financial performance
For fiscal year 2025, Brown & Brown reported total revenues of US$5.9 billion, an increase of 22.8% compared with 2024.
During 2025, the company completed 43 acquisitions representing approximately US$1.8 billion of annualized revenues.
The company reported cash flows from operating activities of approximately US$1.8 billion and total cash flow of approximately US$1.5 billion for the year.
Acquisitions
Brown & Brown has grown significantly through strategic acquisitions. Notable acquisitions include:
Hays Companies (2018) – A major employee benefits and risk management firm based in Minneapolis.
CoverHound and CyberPolicy (2021) – Digital platforms offering small business and personal lines insurance.
Orchid Underwriters and CrossCover Insurance Services (2023) – Expanded the company's E&S (excess and surplus) capabilities.
Global Risk Partners (GRP) (2022) – A major U.K.-based insurance intermediary, marking a significant expansion into the European market.
O’Leary Insurances (2021) – A comprehensive insurance broking service based in Ireland. The acquisition marked Brown & Brown’s strategic entry into the EU market.
McNamara Company (2024) – Offers a range of insurance solutions for businesses, families, and individuals.
Accession Risk Management Group, including Risk Strategies (2025) – A private American insurance brokerage and risk management advisor. This acquisition expanded Brown & Brown’s presence in property and casualty, employee benefits, and middle-market broker services. The acquisition added more than 5,000 employees.
Recognition
Great Place to Work certified.
Ranked No. 5 of the World’s 10 Largest Insurance Brokers.
Publications
Global Impact Report – Published annually, covering the company’s ESG (Environmental, Social, and Governance) priorities, including teammates, communities, the environment, and governance.
Annual reports
News releases and press announcements – Including acquisitions, dividend announcements, earnings results, and strategic initiatives.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
BRO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$70.63
Market Cap
$23.66B
P/E (TTM)
22.3
EPS (TTM)
$3.16
Revenue (TTM)
$5.90B
Div Yield
0.81%
ROE
8.7%
Debt/Equity
0.6
52W Range
$54 – $98
BRO Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$5.90B
2022-12-31
→
2025-12-31
EPS
$3.16
2022-12-31
→
2025-12-31
Free Cash Flow
$1.38B
2022-12-31
→
2025-12-31
Margins
17.9%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
BRO
Peer Median
P/E (TTM)
22.3
40.4
P/S (TTM)
4.0
3.7
P/B
1.9
5.3
Price / FCF
17.1
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
BRO
Peer Median
Net Profit Margin
17.9%
6.4%
ROA
4.4%
3.2%
ROE
8.7%
10.1%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
BRO
Peer Median
Debt / Equity
0.6
—
Current Ratio
1.0
1.1
Quick Ratio
0.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
BRO
Peer Median
Revenue YoY
22.8%
—
Revenue CAGR 3Y
18.2%
—
Revenue CAGR 5Y
17.7%
—
EPS YoY
-8.7%
—
Net Income YoY
6.1%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
BRO
Peer Median
Payout Ratio
18.3%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
0.81%
Payout Ratio
18.3%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Aug. 12, 2026 | $0.1650 |
| May 11, 2026 | $0.1650 |
| Feb. 4, 2026 | $0.1650 |
| Nov. 5, 2025 | $0.1650 |
| Aug. 13, 2025 | $0.1500 |
| May 12, 2025 | $0.1500 |
| Feb. 5, 2025 | $0.1500 |
| Nov. 6, 2024 | $0.1500 |
| Aug. 7, 2024 | $0.1300 |
| May 3, 2024 | $0.1300 |
| Feb. 1, 2024 | $0.1300 |
| Oct. 31, 2023 | $0.1300 |
| Aug. 8, 2023 | $0.1150 |
| May 5, 2023 | $0.1150 |
| Feb. 2, 2023 | $0.1150 |
| Nov. 1, 2022 | $0.1150 |
| Aug. 9, 2022 | $0.1030 |
| May 6, 2022 | $0.1030 |
| Feb. 3, 2022 | $0.1030 |
| Nov. 2, 2021 | $0.1030 |
BRO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
26 analysts
- Strong Buy 1 3.8%
- Buy 6 23.1%
- Hold 18 69.2%
- Sell 1 3.8%
- Strong Sell 0 0.0%
12-Month Price Target
16 analysts · 2026-08-16
Median
$77.00
Now
$70.63
Low
$56.00
High
$90.00
Median target
$77.00
+9.0%
Mean target
$76.44
+8.2%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.07 | $1.09 | -0.02% |
| March 31, 2026 | $1.39 | $1.38 | 0.01% |
| Dec. 31, 2025 | $0.93 | $0.91 | 0.02% |
| Sept. 30, 2025 | $1.05 | $0.95 | 0.10% |
| June 30, 2025 | $1.03 | $1.00 | 0.03% |
| March 31, 2025 | $1.29 | $1.32 | -0.03% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| BRO | $26.78B | 25.2 | 22.8% | 17.9% | 8.7% | — |
| MRSH | $89.98B | 22.0 | 10.3% | 15.4% | 28.1% | — |
| AJG | $66.51B | 45.1 | 20.7% | 10.7% | 6.9% | — |
| RYAN | — | — | 21.3% | 2.1% | 9.9% | — |
| HGTY | — | — | 17.3% | 10.2% | 80.3% | — |
| BWIN | — | -48.1 | 8.3% | -2.2% | -5.7% | — |
| GSHD | — | 70.8 | 16.2% | 7.6% | -107.8% | — |
| LIFE | — | — | 52.0% | 18.4% | -108.4% | — |
| TWFG | — | 54.3 | 22.0% | — | — | — |
| ABX | $833M | 23.8 | 110.2% | 15.5% | 8.8% | 87.7% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.90B | $4.80B | $4.26B | $3.57B | $3.05B | $2.61B | $2.39B | $2.01B | $1.88B | $1.77B | $1.66B | $1.58B | |
| Operating Expenses | · | · | $3.11B | $2.70B | $2.29B | $1.99B | $1.87B | $1.55B | $1.43B | $1.34B | $1.26B | $1.24B | |
| Interest Expense | · | · | $190M | $141M | $65M | $59M | $64M | $41M | $38M | $39M | $39M | $28M | |
| Pretax Income | $1.37B | $1.30B | $1.15B | $876M | $763M | $624M | $526M | $462M | $450M | $423M | $403M | $340M | |
| Income Tax | $304M | $301M | $275M | $204M | $176M | $144M | $127M | $118M | $50M | $166M | $159M | $133M | |
| Net Income | $1.05B | $993M | $871M | $672M | $587M | $480M | $399M | $344M | $400M | $257M | $243M | $207M | |
| EPS (Basic) | $3.37 | $3.48 | $3.07 | $2.38 | $2.08 | $1.70 | $1.42 | $1.24 | $1.43 | $0.92 | $1.72 | $1.43 | |
| EPS (Diluted) | $3.16 | $3.46 | $3.05 | $2.37 | $2.07 | $1.69 | $1.40 | $1.22 | $1.40 | $0.91 | $1.70 | $1.41 | |
| Shares (Basic) | 310,000,000 | 282,000,000 | 280,000,000 | 278,000,000 | 276,000,000 | 274,300,000 | 272,471 | 270,971,000 | 272,580,000 | 272,278,000 | 137,810,000 | 140,944,000 | |
| Shares (Diluted) | 313,000,000 | 284,000,000 | 281,000,000 | 279,000,000 | 277,400,000 | 275,800,000 | 274,616 | 275,521,000 | 277,586,000 | 275,608,000 | 140,112,000 | 142,891,000 |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.08B | $675M | $700M | $650M | $693M | $656M | $542M | $439M | $573M | $516M | $443M | $470M | |
| Short-term Investments | · | $10M | $11M | $12M | $13M | $18M | $12M | $13M | $25M | $15M | $14M | $11M | |
| Other Current Assets | $484M | $364M | $314M | $202M | $176M | $148M | $152M | $129M | $48M | $51M | $50M | $46M | |
| Current Assets | $8.61B | $6.92B | $5.13B | $5.00B | $3.33B | $2.96B | $2.49B | $2.17B | $2.24B | $1.74B | $1.54B | $1.57B | |
| PP&E (Net) | $367M | $319M | $270M | $240M | $212M | $201M | $149M | $100M | $77M | $76M | $82M | $85M | |
| PP&E (Gross) | $673M | $591M | $524M | $477M | $408M | $392M | $320M | $269M | $234M | $214M | $205M | $195M | |
| Accum. Depreciation | $306M | $272M | $254M | $237M | $196M | $191M | $171M | $168M | $157M | $139M | $123M | $111M | |
| Goodwill | $15.09B | $7.97B | $7.34B | $6.67B | $4.74B | $4.40B | $3.75B | $3.43B | $2.72B | $2.68B | $2.59B | $2.46B | |
| Intangibles | $4.91B | $1.81B | $1.62B | $1.60B | $1.08B | $1.05B | $917M | $899M | $641M | $707M | $745M | $785M | |
| Other Non-current Assets | $748M | $385M | $301M | $231M | $207M | $150M | $105M | $72M | $57M | $45M | $36M | $37M | |
| Total Assets | $29.99B | $17.61B | $14.88B | $13.97B | $9.80B | $8.97B | $7.62B | $6.69B | $5.75B | $5.26B | $4.98B | $4.96B | |
| Accounts Payable | $990M | $373M | $459M | $286M | $243M | $190M | $100M | $87M | $64M | $70M | $64M | $57M | |
| Accrued Liabilities | $875M | $653M | $608M | $542M | $456M | $372M | $338M | $279M | $229M | $202M | $192M | $181M | |
| Short-term Debt | · | · | · | · | · | · | · | $15M | · | $500.0K | $0 | $25M | |
| Current Liabilities | $8.29B | $6.31B | $4.96B | $4.60B | $2.67B | $2.35B | $2.05B | $1.78B | $1.99B | $1.45B | $1.33B | $1.27B | |
| Capital Leases | $243M | $189M | $179M | $196M | $180M | $173M | $168M | $0 | · | · | · | · | |
| Deferred Tax | $815M | $711M | $616M | $584M | $387M | $344M | $328M | $316M | $256M | $358M | $361M | $341M | |
| Other Non-current Liabilities | $1.17B | $362M | $326M | $299M | $384M | $315M | $231M | $132M | $65M | $81M | $94M | $79M | |
| Total Liabilities | · | · | · | · | · | · | · | $3.69B | · | · | · | · | |
| Long-term Debt | $7.61B | $3.82B | $3.80B | $3.94B | $2.02B | $2.10B | $1.56B | $1.51B | $976M | $1.07B | $1.14B | $1.20B | |
| Total Debt | $7.61B | $3.82B | $3.80B | $3.94B | $2.02B | $2.10B | $1.56B | $1.51B | $976M | $1.07B | · | $1.22B | |
| Common Stock | $36M | $31M | $30M | $30M | $30M | $30M | $30M | $29M | $29M | $15M | $15M | $15M | |
| Retained Earnings | $6.99B | $6.13B | $5.29B | $4.55B | $4.00B | $3.52B | $3.14B | $2.83B | $2.46B | $2.13B | $1.95B | $1.77B | |
| Treasury Stock | $848M | $748M | $748M | $748M | $674M | $591M | $536M | $478M | $386M | $258M | $239M | $75M | |
| AOCI | $210M | $-109M | $-19M | $-148M | $-9M | · | · | · | · | · | · | $0 | |
| Stockholders' Equity | $12.57B | $6.44B | $5.58B | $4.61B | $4.20B | $3.75B | $3.35B | $3.00B | $2.58B | $2.36B | $2.15B | $2.11B | |
| Liabilities + Equity | $29.99B | $17.61B | $14.88B | $13.97B | $9.80B | $8.97B | $7.62B | $6.69B | $5.75B | $5.26B | $5.00B | $4.96B | |
| Shares Outstanding | 336,000,000 | 286,000,000 | 285,000,000 | 283,000,000 | 282,000,000 | 283,004,000,000 | 281,655,000,000 | 279,583,000 | 286,895,000 | 285,461,000 | 282,077 | 145,871 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $93M | $101M | $89M | $66M | $61M | $60M | $47M | $34M | $31M | $16M | $16M | $19M | |
| Deferred Tax | $-7M | $13M | $12M | $43M | $34M | $16M | $12M | $15M | $-102M | $18M | $23M | $7M | |
| Operating Cash Flow | $1.45B | $1.17B | $1.01B | $881M | $809M | $713M | $678M | $568M | $442M | $411M | $382M | $385M | |
| CapEx | $68M | $82M | $69M | $52M | $45M | $71M | $73M | $42M | $24M | $18M | $18M | $25M | |
| Investing Cash Flow | $-7.91B | $-898M | $-587M | $-1.91B | $-397M | $-759M | $-414M | $-952M | $-63M | · | · | · | |
| Debt Issued | $4.19B | $599M | $0 | $2.00B | · | $700M | $350M | $300M | $0 | $0 | $0 | $1.05B | |
| Net Debt Issued | $3.97B | $-120M | $-251M | $1.94B | $-73M | $645M | $300M | $180M | $-97M | $-73M | · | $718M | |
| Stock Issued | $4.32B | $0 | $0 | · | · | · | · | · | · | · | · | · | |
| Stock Repurchased | $100M | $0 | $0 | $74M | $83M | $55M | $59M | $91M | $129M | $19M | $164M | $75M | |
| Net Stock Activity | $4.21B | · | $-100.0K | $-74M | $-83M | $-55M | $-59M | $-91M | $-129M | $-19M | · | $-75M | |
| Dividends Paid | $193M | $154M | $135M | $120M | $107M | $101M | $91M | $85M | $78M | $70M | $64M | $59M | |
| Financing Cash Flow | $7.71B | $-64M | $-187M | $1.73B | $-210M | $355M | $-79M | $338M | $-337M | · | · | · | |
| Net Change in Cash | $1.31B | $199M | $270M | $563M | $198M | $309M | $185M | $-46M | $43M | $108M | $-57M | $267M | |
| Taxes Paid | $371M | $302M | $218M | $122M | $147M | $132M | $110M | $110M | · | · | · | · | |
| Free Cash Flow | $1.38B | $1.09B | $941M | $829M | $897M | $651M | $605M | $526M | $418M | $357M | · | $360M | |
| Levered FCF | · | · | $796M | $721M | $847M | $606M | $557M | $496M | $384M | $333M | · | $343M |
Profitability 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 17.9% | 20.7% | 20.4% | 18.8% | 19.2% | 18.4% | 16.7% | 17.1% | 21.2% | 14.6% | · | 13.1% | |
| Pretax Margin | 23.2% | 27.1% | 26.9% | 24.5% | 25.0% | 23.9% | 22.0% | 23.0% | 23.9% | 24.0% | · | 21.6% | |
| ROA | 4.4% | 6.1% | 6.0% | 4.9% | 6.0% | 5.4% | 5.2% | 5.5% | 6.1% | 4.8% | · | 4.2% | |
| ROE | 8.7% | 15.4% | 16.2% | 15.1% | 14.1% | 12.9% | 12.0% | 11.6% | 16.2% | 11.4% | · | 10.0% |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | 1.1 | 1.0 | 1.1 | 1.2 | 1.3 | 1.2 | 1.2 | 1.1 | 1.2 | · | 1.2 | |
| Quick Ratio | 0.1 | 0.1 | 0.1 | 0.1 | 0.3 | 0.4 | 0.3 | 0.3 | 0.3 | 0.4 | · | 0.4 | |
| Debt / Equity | 0.6 | 0.6 | 0.7 | 0.9 | 0.5 | 0.6 | 0.5 | 0.5 | 0.4 | 0.5 | · | 0.6 | |
| LT Debt / Equity | 0.5 | 0.6 | 0.6 | 0.8 | 0.5 | 0.5 | 0.4 | 0.5 | 0.3 | 0.4 | · | 0.5 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | · | 0.3 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 22.8% | 12.9% | 19.1% | 17.1% | 16.8% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 18.2% | 16.3% | 17.7% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 17.7% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -8.7% | 13.4% | 28.7% | 14.5% | 22.5% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 10.1% | 18.7% | 21.8% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 13.3% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 6.1% | 14.0% | 29.6% | 14.5% | 22.2% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 16.2% | 19.1% | 21.9% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 17.0% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 13.9% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $5.90B | $4.80B | $4.26B | $3.57B | $3.05B | $2.61B | $2.39B | $2.01B | $1.88B | $1.77B | $1.66B | $1.58B | |
| Net Income TTM | $1.05B | $993M | $871M | $672M | $587M | $480M | $399M | $344M | $400M | $257M | $243M | $207M | |
| Market Cap | $26.78B | $29.18B | $20.24B | $16.13B | $19.85B | $13.42B | $11.12B | $7.71B | $3.55B | $3.14B | · | $2.36B | |
| Enterprise Value | $33.31B | $32.32B | $23.32B | $19.41B | $20.98B | $14.68B | $12.12B | $8.76B | $3.93B | $3.69B | · | $3.10B | |
| P/E | 25.2 | 29.5 | 23.3 | 24.0 | 34.0 | 28.1 | 28.2 | 22.6 | 18.4 | 24.6 | 9.4 | 11.7 | |
| P/S | 4.5 | 6.1 | 4.8 | 4.5 | 6.5 | 5.1 | 4.6 | 3.8 | 1.9 | 1.8 | · | 1.5 | |
| P/B | 2.1 | 4.5 | 3.6 | 3.5 | 4.7 | 3.6 | 3.3 | 2.6 | 1.4 | 1.3 | · | 1.1 | |
| P / Cash Flow | 18.5 | 24.9 | 20.0 | 18.3 | 21.1 | 18.6 | 16.4 | 13.6 | 8.0 | 8.4 | · | 6.1 | |
| P / FCF | 19.4 | 26.7 | 21.5 | 19.5 | 22.1 | 20.6 | 18.4 | 14.6 | 8.5 | 8.8 | · | 6.6 | |
| EV / FCF | 24.1 | 29.6 | 24.8 | 23.4 | 23.4 | 22.5 | 20.0 | 16.7 | 9.4 | 10.3 | · | 8.6 | |
| EV / Revenue | 5.6 | 6.7 | 5.5 | 5.4 | 6.9 | 5.6 | 5.1 | 4.3 | 2.1 | 2.1 | · | 2.0 | |
| Dividend Yield | 0.72% | 0.53% | 0.67% | 0.74% | 0.54% | 0.75% | 0.82% | 1.1% | 2.2% | 2.2% | · | 2.5% | |
| Earnings Yield | 4.0% | 3.4% | 4.3% | 4.2% | 2.9% | 3.6% | 3.5% | 4.4% | 5.4% | 4.1% | 10.6% | 8.6% | |
| Payout Ratio | 18.3% | 15.5% | 15.5% | 17.8% | 18.3% | 20.9% | 22.9% | 24.6% | 19.4% | 27.3% | · | 28.7% | |
| Annual Payout | $193M | $154M | $135M | $120M | $107M | $101M | $91M | $85M | $78M | $70M | $64M | $59M |
Income Statement 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.68B | $1.90B | $1.61B | $1.61B | $1.28B | $1.40B | $1.18B | $1.19B | $1.18B | $1.26B | $1.03B | $1.07B | $1.05B | $1.12B | $901M | $928M | |
| Operating Expenses | · | · | · | · | · | · | · | $869M | $832M | $894M | · | $826M | $793M | $822M | · | $710M | |
| Interest Expense | · | · | · | · | · | · | · | · | $49M | $48M | · | $48M | $48M | $47M | · | $42M | |
| Pretax Income | $383M | $533M | $322M | $311M | $311M | $427M | $276M | $317M | $346M | $364M | $356M | $242M | $254M | $294M | $194M | $218M | |
| Income Tax | $94M | $106M | $52M | $82M | $77M | $93M | $65M | $78M | $87M | $71M | $87M | $66M | $64M | $58M | $49M | $57M | |
| Net Income | $288M | $426M | $265M | $227M | $231M | $331M | $209M | $234M | $257M | $293M | $269M | $176M | $190M | $236M | $145M | $161M | |
| EPS (Basic) | $0.86 | $1.27 | $0.74 | $0.68 | $0.79 | $1.16 | $0.73 | $0.82 | $0.90 | $1.03 | $0.95 | $0.62 | $0.67 | $0.83 | $0.52 | $0.57 | |
| EPS (Diluted) | $0.84 | $1.06 | $0.55 | $0.68 | $0.78 | $1.15 | $0.73 | $0.81 | $0.90 | $1.02 | $0.93 | $0.62 | $0.67 | $0.83 | $0.52 | $0.57 | |
| Shares (Basic) | 329,000,000 | 331,000,000 | -596,000,000 | 331,000,000 | 292,000,000 | 283,000,000 | -563,000,000 | 282,000,000 | 282,000,000 | 281,000,000 | -557,000,000 | 280,000,000 | 279,000,000 | 278,000,000 | -554,100,000 | 277,800,000 | |
| Shares (Diluted) | 334,000,000 | 337,000,000 | -597,000,000 | 332,000,000 | 293,000,000 | 285,000,000 | -566,000,000 | 284,000,000 | 283,000,000 | 283,000,000 | -559,000,000 | 281,000,000 | 280,000,000 | 279,000,000 | -556,500,000 | 278,700,000 |
Balance Sheet 26
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $918M | $1.00B | $1.08B | $1.19B | $8.89B | $669M | $675M | $957M | $1.11B | $581M | $700M | $756M | $628M | $564M | $650M | $580M | |
| Short-term Investments | · | · | · | · | · | · | · | $11M | $9M | $10M | · | $13M | $10M | $9M | · | $11M | |
| Other Current Assets | $541M | $456M | $484M | $484M | $343M | $331M | $364M | $314M | $318M | $287M | · | $243M | $227M | $191M | · | $209M | |
| Current Assets | $8.69B | $8.46B | $8.61B | $8.14B | $14.44B | $5.92B | $6.92B | $7.48B | $6.09B | $5.00B | · | $4.85B | $4.89B | $4.36B | · | $4.85B | |
| PP&E (Net) | $368M | $370M | $367M | $366M | $334M | $327M | $319M | $309M | $290M | $272M | · | $250M | $245M | $242M | · | $239M | |
| PP&E (Gross) | · | · | $673M | · | · | · | $591M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $306M | · | · | · | $272M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $15.15B | $15.08B | $15.09B | $14.89B | $8.37B | $8.11B | $7.97B | $7.58B | $7.43B | $7.39B | $7.34B | $6.85B | $6.87B | $6.73B | $6.67B | $6.52B | |
| Intangibles | $4.57B | $4.78B | $4.91B | $4.95B | $1.87B | $1.82B | $1.81B | $1.58B | $1.56B | $1.59B | · | $1.53B | $1.56B | $1.58B | · | $1.59B | |
| Other Non-current Assets | $837M | $754M | $748M | $733M | $430M | $387M | $385M | $365M | $355M | $333M | · | $288M | $272M | $255M | · | $220M | |
| Total Assets | $29.89B | $29.70B | $29.99B | $29.35B | $25.64B | $16.76B | $17.61B | $17.52B | $15.94B | $14.81B | · | $13.98B | $14.07B | $13.40B | · | $13.66B | |
| Accounts Payable | $807M | $873M | $990M | $849M | $382M | $481M | $373M | $329M | $313M | $322M | · | $380M | $329M | $343M | · | $276M | |
| Accrued Liabilities | $683M | $695M | $875M | $840M | $530M | $463M | $653M | $597M | $500M | $421M | · | $508M | $449M | $376M | · | $436M | |
| Current Liabilities | $7.71B | $8.32B | $8.29B | $6.89B | $5.26B | $4.93B | $6.31B | $6.53B | $5.39B | $4.88B | · | $4.59B | $4.16B | $3.81B | · | $4.24B | |
| Capital Leases | $248M | $238M | $243M | $243M | $186M | $186M | $189M | $181M | $180M | $178M | · | $179M | $186M | $191M | · | $191M | |
| Deferred Tax | $925M | $899M | $815M | $857M | $721M | $701M | $711M | $638M | $614M | $614M | · | $568M | $572M | $564M | · | $572M | |
| Other Non-current Liabilities | $1.05B | $1.05B | $1.17B | $1.30B | $385M | $371M | $362M | $334M | $331M | $338M | · | $302M | $321M | $308M | · | $305M | |
| Long-term Debt | $7.76B | $7.82B | $7.61B | $7.73B | $7.54B | $3.81B | $3.82B | $3.59B | $4.12B | $3.88B | · | $3.71B | $3.82B | $3.93B | · | $4.11B | |
| Total Debt | $7.76B | $7.82B | · | $7.73B | $7.54B | $3.81B | · | $3.59B | $4.12B | $3.88B | · | $3.71B | $3.82B | $3.93B | · | $4.11B | |
| Common Stock | $36M | $36M | $36M | $36M | $35M | $31M | $31M | $31M | $30M | $30M | · | $30M | $30M | $30M | · | $30M | |
| Retained Earnings | $7.59B | $7.36B | $6.99B | $6.78B | $6.60B | $6.42B | $6.13B | $5.96B | $5.76B | $5.54B | · | $5.06B | $4.91B | $4.76B | · | $4.44B | |
| Treasury Stock | $1.35B | $1.10B | $848M | $748M | $748M | $748M | $748M | $748M | $748M | $748M | · | $748M | $748M | $748M | · | $748M | |
| AOCI | $116M | $128M | $210M | $200M | $262M | $15M | $-109M | $125M | $-47M | $-51M | · | $-128M | $-50M | $-101M | · | $-316M | |
| Stockholders' Equity | $12.61B | $12.61B | $12.57B | $12.41B | $11.62B | $6.84B | $6.44B | $6.48B | $6.04B | $5.79B | $5.58B | $5.20B | $5.07B | $4.84B | $4.61B | $4.31B | |
| Liabilities + Equity | $29.89B | $29.70B | $29.99B | $29.35B | $25.64B | $16.76B | $17.61B | $17.52B | $15.94B | $14.81B | · | $13.98B | $14.07B | $13.40B | · | $13.66B | |
| Shares Outstanding | 330,000,000 | 335,000,000 | 336,000,000 | 337,000,000 | 330,000,000 | 287,000,000 | 286,000,000 | 286,000,000 | 285,000,000 | 285,000,000 | 285,000,000 | 284,300,000 | 283,600,000 | 283,600,000 | 283,000,000 | 283,300,000 |
Cash Flow 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $23M | $26M | $17M | $24M | $23M | $29M | $24M | $25M | $23M | $29M | $22M | $22M | $21M | $24M | $16M | $16M | |
| Deferred Tax | $48M | $80M | $-25M | $20M | $8M | $-10M | $24M | $-8M | $-2M | $-1M | $13M | $-3M | $1M | $1M | $3M | $14M | |
| Operating Cash Flow | $346M | $262M | $444M | $468M | $325M | $213M | $361M | $440M | $360M | $13M | $306M | $316M | $328M | $60M | $281M | $254M | |
| CapEx | $17M | $21M | $20M | $16M | $15M | $17M | $20M | $23M | $26M | $13M | $30M | $14M | $13M | $12M | $20M | $14M | |
| Investing Cash Flow | $-33M | $-38M | $-213M | $-7.51B | $-108M | $-79M | $-779M | $-42M | $11M | $-88M | $-394M | $-58M | $-91M | $-43M | $-400.0K | $-1.45B | |
| Debt Issued | · | · | $0 | $0 | · | · | $0 | $0 | · | · | · | · | · | · | $0 | $0 | |
| Net Debt Issued | · | $-19M | · | · | · | $-169M | · | · | · | $-13M | · | · | · | $-17M | · | · | |
| Stock Issued | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | · | · | |
| Stock Repurchased | $250M | $250M | · | · | $0 | $0 | · | · | · | · | $-100.0K | $0 | $0 | $100.0K | $-100.0K | $0 | |
| Net Stock Activity | · | $-250M | · | · | · | · | · | · | · | · | · | · | · | $-100.0K | · | · | |
| Dividends Paid | $55M | $57M | $56M | $51M | $43M | $43M | $43M | $36M | $37M | $38M | $37M | $33M | $32M | $33M | $33M | $29M | |
| Financing Cash Flow | $-172M | $-354M | $-138M | $-130M | $8.20B | $-218M | $277M | $-716M | $442M | $-67M | $88M | $-222M | $67M | $-121M | $-150M | $-189M | |
| Net Change in Cash | $141M | $-157M | $91M | $-7.20B | $8.48B | $-62M | $-199M | $-273M | $824M | $-153M | $32M | $8M | $320M | $-90M | $182M | $-1.44B | |
| Taxes Paid | $136M | $14M | $52M | $51M | $254M | $14M | $13M | $22M | $133M | $134M | $35M | $20M | $119M | $44M | $4M | $28M | |
| Free Cash Flow | · | $241M | · | · | · | $196M | · | · | · | $0 | · | · | · | $48M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-39M | · | · | · | $11M | · | · |
Profitability 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 17.2% | 22.4% | · | 14.1% | 18.0% | 23.6% | · | 19.7% | 21.8% | 23.3% | · | 16.5% | 18.2% | 21.1% | · | 17.4% | |
| Pretax Margin | 22.9% | 28.0% | · | 19.4% | 24.2% | 30.4% | · | 26.7% | 29.4% | 28.9% | · | 22.7% | 24.3% | 26.4% | · | 23.5% | |
| ROA | 1.0% | 1.8% | · | 0.97% | 1.1% | 2.1% | · | 1.5% | 1.7% | 2.1% | · | 1.3% | 1.5% | 1.9% | · | 1.4% | |
| ROE | 2.4% | 4.4% | · | 2.4% | 2.6% | 5.2% | · | 4.0% | 4.6% | 5.5% | · | 3.7% | 4.1% | 5.1% | · | 3.8% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.0 | · | 1.2 | 2.7 | 1.2 | · | 1.1 | 1.1 | 1.0 | · | 1.1 | 1.2 | 1.1 | · | 1.1 | |
| Quick Ratio | 0.1 | 0.1 | · | 0.2 | 1.7 | 0.1 | · | 0.1 | 0.2 | 0.1 | · | 0.2 | 0.2 | 0.2 | · | 0.1 | |
| Debt / Equity | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.6 | 0.7 | 0.7 | · | 0.7 | 0.8 | 0.8 | · | 1.0 | |
| LT Debt / Equity | 0.6 | 0.5 | · | 0.6 | 0.6 | 0.5 | · | 0.5 | 0.6 | 0.5 | · | 0.6 | 0.7 | 0.8 | · | 0.9 |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $6.47B | $6.20B | · | $5.48B | $5.05B | $5.03B | · | $4.69B | $4.55B | $4.49B | · | $4.16B | $3.93B | $3.79B | · | $3.44B | |
| Net Income TTM | $1.17B | $1.22B | · | $1.02B | $1.05B | $1.11B | · | $960M | $916M | $895M | · | $763M | $732M | $763M | · | $673M | |
| Market Cap | $21.17B | $21.85B | · | $31.61B | $36.59B | $35.70B | · | $29.63B | $25.48B | $24.95B | · | $19.86B | $19.52B | $16.28B | · | $17.13B | |
| Enterprise Value | $28.01B | $28.66B | · | $38.15B | $35.24B | $38.84B | · | $32.25B | $28.48B | $28.24B | · | $22.79B | $22.70B | $19.64B | · | $20.65B | |
| P/E | 19.1 | 17.8 | · | 27.4 | 30.5 | 32.1 | · | 30.9 | 27.9 | 27.9 | · | 26.0 | 26.7 | 21.4 | · | 25.5 | |
| P/S | 3.3 | 3.5 | · | 5.8 | 7.2 | 7.1 | · | 6.3 | 5.6 | 5.6 | · | 4.8 | 5.0 | 4.3 | · | 5.0 | |
| P/B | 1.7 | 1.7 | · | 2.5 | 3.1 | 5.2 | · | 4.6 | 4.2 | 4.3 | · | 3.8 | 3.8 | 3.4 | · | 4.0 | |
| P / Tangible Book | · | · | · | · | 26.4 | · | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | · | 83.4 | · | · | · | 167.6 | · | · | · | 1919.1 | · | · | · | 272.3 | · | · | |
| P / FCF | · | 90.6 | · | · | · | 182.2 | · | · | · | · | · | · | · | 339.3 | · | · | |
| EV / FCF | · | 118.9 | · | · | · | 198.2 | · | · | · | · | · | · | · | 409.1 | · | · | |
| EV / Revenue | 4.3 | 4.6 | · | 7.0 | 7.0 | 7.7 | · | 6.9 | 6.3 | 6.3 | · | 5.5 | 5.8 | 5.2 | · | 6.0 | |
| Earnings Yield | 5.2% | 5.6% | · | 3.6% | 3.3% | 3.1% | · | 3.2% | 3.6% | 3.6% | · | 3.9% | 3.8% | 4.7% | · | 3.9% | |
| Payout Ratio | · | 13.4% | · | · | · | 13.0% | · | · | · | 13.0% | · | · | · | 13.8% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | |
|---|---|---|---|---|---|
| Revenue | $5.90B | $4.80B | $4.26B | — | — |
| Net Income | $1.05B | $993M | $871M | — | — |
| Diluted EPS | $3.16 | $3.46 | $3.05 | — | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.6 | 0.6 | 0.7 | — | — |
| Current Ratio | 1.0 | 1.1 | 1.0 | — | — |
| Quick Ratio | 0.1 | 0.1 | 0.1 | — | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.38B | $1.09B | $941M | — | — |
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Institutional owners (13F) 862 filers · $11.0B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 124 (+25 vs prior Q) | 116 (-36 vs prior Q) | 297 (-2 vs prior Q) | 259 (-25 vs prior Q) | +30.0M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $1,215,078,750 | 18,941,212 | 11.05% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $938,607,133 | 14,631,444 | 8.54% | Shares |
| STATE STREET CORP | $931,080,734 | 14,514,119 | 8.47% | Shares |
| Capital World Investors | $927,988,447 | 14,465,915 | 8.44% | Shares |
| FMR LLC | $583,046,850 | 9,088,805 | 5.30% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $464,197,546 | 7,266,969 | 4.22% | Shares |
| VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V. | $430,385,044 | 6,709,042 | 3.91% | Shares |
| Select Equity Group, L.P. | $313,853,875 | 4,892,500 | 2.85% | Shares |
| NORGES BANK | $282,029,124 | 4,396,401 | 2.56% | Shares |
| Capital Research Global Investors | $251,020,361 | 3,913,022 | 2.28% | Shares |
| Madison Investment Advisors, LLC | $198,030,811 | 1,941,098 | 1.80% | Shares |
| ProShare Advisors LLC | $154,375,563 | 2,406,478 | 1.40% | Shares |
| Fenimore Asset Management Inc | $143,942,543 | 2,243,843 | 1.31% | Shares |
| Madison Asset Management, LLC | $138,629,576 | 2,161,022 | 1.26% | Shares |
| TWO SIGMA INVESTMENTS, LP | $127,903,681 | 1,993,822 | 1.16% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $114,745,935 | 1,786,763 | 1.04% | Shares |
| Gobi Capital LLC | $114,189,951 | 1,780,046 | 1.04% | Shares |
| Polar Capital Holdings Plc | $110,658,750 | 1,725,000 | 1.01% | Shares |
| BANK OF AMERICA CORP /DE/ | $106,250,555 | 1,656,283 | 0.97% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $104,862,413 | 1,634,644 | 0.95% | Shares |
| Gotham Asset Management, LLC | $78,183,582 | 1,218,762 | 0.71% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $77,490,628 | 1,207,960 | 0.70% | Shares |
| WELLS FARGO & COMPANY/MN | $67,051,767 | 1,045,234 | 0.61% | Shares |
| BOSTON FINANCIAL MANGEMENT LLC | $62,740,253 | 614,980 | 0.57% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $60,072,947 | 936,445 | 0.55% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $58,004,430 | 904,200 | 0.53% | Shares |
| Quantum Capital Management, LLC / NJ | $57,943,680 | 903,253 | 0.53% | Shares |
| Tandem Investment Advisors, Inc. | $57,070,983 | 889,649 | 0.52% | Shares |
| BARR E S & CO | $52,456,649 | 817,719 | 0.48% | Shares |
| Swiss National Bank | $52,218,100 | 814,000 | 0.47% | Shares |
| Capital International Investors | $51,469,341 | 802,328 | 0.47% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $50,605,112 | 788,856 | 0.46% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $50,192,694 | 782,400 | 0.46% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $48,798,584 | 760,695 | 0.44% | Shares |
| FIRST TRUST ADVISORS LP | $48,552,510 | 756,859 | 0.44% | Shares |
| Giverny Capital Inc. | $48,323,425 | 753,288 | 0.44% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $46,756,754 | 728,866 | 0.43% | Shares |
| ROYAL LONDON ASSET MANAGEMENT LTD | $43,383,490 | 676,282 | 0.39% | Shares |
| SCHWARTZ INVESTMENT COUNSEL INC | $42,252,398 | 658,650 | 0.38% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $41,542,000 | 647,583 | 0.38% | Shares |
| NOMURA ASSET MANAGEMENT CO LTD | $41,288,159 | 643,619 | 0.38% | Shares |
| Vanguard Global Advisers, LLC | $40,852,195 | 636,823 | 0.37% | Shares |
| Dundas Partners LLP | $39,148,628 | 610,267 | 0.36% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $36,835,828 | 574,214 | 0.33% | Shares |
| RHUMBLINE ADVISERS | $36,693,132 | 571,991 | 0.33% | Shares |
| BARCLAYS PLC | $36,280,996 | 565,565 | 0.33% | Shares |
| SNYDER CAPITAL MANAGEMENT L P | $34,111,570 | 531,747 | 0.31% | Shares |
| CAPITOLIS LIQUID GLOBAL MARKETS LLC | $32,287,850 | 503,318 | 0.29% | Shares |
| BROWN BROTHERS HARRIMAN & CO | $31,052,321 | 484,058 | 0.28% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $30,873,342 | 481,268 | 0.28% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $29,792,161 | 464,414 | 0.27% | Shares |
| BlackRock, Inc. | $29,454,922 | 459,157 | 0.27% | Shares |
| EULAV Asset Management | $28,540,335 | 444,900 | 0.26% | Shares |
| ABSHER WEALTH MANAGEMENT, LLC | $26,840,327 | 418,399 | 0.24% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $26,702,042 | 416,244 | 0.24% | Shares |
| TimesSquare Capital Management, LLC | $26,210,899 | 401,946 | 0.24% | Shares |
| Clarkston Capital Partners, LLC | $25,396,087 | 395,886 | 0.23% | Shares |
| CONFLUENCE INVESTMENT MANAGEMENT LLC | $24,652,319 | 384,292 | 0.22% | Shares |
| RAYMOND JAMES FINANCIAL INC | $24,506,005 | 382,011 | 0.22% | Shares |
| KEYBANK NATIONAL ASSOCIATION/OH | $24,370,504 | 379,898 | 0.22% | Shares |
| California Public Employees Retirement System | $23,403,652 | 364,827 | 0.21% | Shares |
| GOLDMAN SACHS GROUP INC | $22,624,871 | 352,687 | 0.21% | Shares |
| Cresset Asset Management, LLC | $22,234,987 | 346,609 | 0.20% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $22,179,160 | 345,739 | 0.20% | Shares |
| ALLIANCEBERNSTEIN L.P. | $21,968,923 | 336,895 | 0.20% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $21,955,881 | 336,695 | 0.20% | Shares |
| Local Pensions Partnership Investment Ltd | $20,904,750 | 326,000 | 0.19% | Shares |
| Woodline Partners LP | $20,472,703 | 319,138 | 0.19% | Shares |
| Artisan Partners Limited Partnership | $19,579,671 | 305,217 | 0.18% | Shares |
| Legal & General Group Plc | $19,205,868 | 299,390 | 0.17% | Shares |
| Champlain Investment Partners, LLC | $18,967,872 | 295,680 | 0.17% | Shares |
| Assenagon Asset Management S.A. | $18,540,184 | 289,013 | 0.17% | Shares |
| State of Tennessee, Department of Treasury | $18,491,815 | 288,259 | 0.17% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $18,197,687 | 283,674 | 0.17% | Shares |
| APG Asset Management N.V. | $17,575,237 | 313,231 | 0.16% | Shares |
| Mitsubishi UFJ Trust & Banking Corp | $16,178,758 | 252,202 | 0.15% | Shares |
| Distillate Capital Partners LLC | $16,143,668 | 251,655 | 0.15% | Shares |
| AVIVA PLC | $15,953,464 | 248,690 | 0.15% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $15,885,465 | 247,630 | 0.14% | Shares |
| JACKSON HILL ADVISORS, LLC | $15,861,088 | 247,250 | 0.14% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $15,582,035 | 242,900 | 0.14% | Call option |
| EdgePoint Investment Group Inc. | $15,171,475 | 236,500 | 0.14% | Shares |
| Lighthouse Investment Partners, LLC | $15,151,332 | 236,186 | 0.14% | Shares |
| First Eagle Investment Management, LLC | $14,848,561 | 231,466 | 0.14% | Shares |
| Diamond Hill Capital Management, LLC (Investment Advisor) | $14,314,752 | 223,145 | 0.13% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $14,063,669 | 219,231 | 0.13% | Shares |
| DF DENT & CO INC | $13,780,681 | 214,820 | 0.13% | Shares |
| Quantinno Capital Management LP | $13,747,655 | 214,304 | 0.13% | Shares |
| WHITTIER TRUST CO | $13,084,021 | 191,203 | 0.12% | Shares |
| Summit Wealth Partners, LLC | $12,939,055 | 201,700 | 0.12% | Shares |
| Candriam S.C.A. | $12,914,686 | 201,514 | 0.12% | Shares |
| LPL Financial LLC | $12,579,420 | 196,094 | 0.11% | Shares |
| Congress Wealth Management LLC / DE / | $12,181,943 | 112,312 | 0.11% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $11,857,871 | 184,846 | 0.11% | Shares |
| Heron Bay Capital Management | $11,824,207 | 184,321 | 0.11% | Shares |
| CORTLAND ASSOCIATES INC/MO | $11,459,000 | 178,632 | 0.10% | Shares |
| Baird Financial Group, Inc. | $11,267,370 | 175,641 | 0.10% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $11,173,647 | 174,180 | 0.10% | Shares |
| VANGUARD GROUP INC | $11,150,986 | 139,912 | 0.10% | Shares |
| Channing Capital Management, LLC | $11,138,429 | 173,631 | 0.10% | Shares |
Company insiders 48 insiders · 25 officers · 22 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Powell J Brown | President and CEO | Feb. 25, 2026 A | 204,037 | 0 | 0 | $0 |
| Andrew R. Watts | EVP, CFO and Treasurer | Feb. 26, 2026 A | 90,227 | 0 | 0 | $0 |
| Cory T Walker | Sr. VP and CFO | March 4, 2014 F | 184,414 | 0 | 0 | $0 |
| Roy C Bridges | Regional President | Feb. 27, 2014 F | 106,387 | 0 | 0 | $0 |
| BROWN & BROWN INC | Regional President | April 27, 2012 S | 23,688 | 0 | 0 | $0 |
| Thomas E Riley | Regional President | Dec. 30, 2010 M | 180,293 | 0 | 0 | $0 |
| Kenneth D Kirk | Former Regional President | Aug. 9, 2010 S | 621,656 | 0 | 0 | $0 |
| Stephen Patrick Hearn | EVP, COO, Pres Retail Segment | Feb. 26, 2026 A | 10,385 | 0 | 0 | $0 |
| Jim W Henderson | Former Vice Chairman and COO | Dec. 27, 2010 S | 215,000 | 0 | 0 | $0 |
| Paul M. Gallagher | VP, Controller & CAO | Feb. 26, 2026 A | 3,952 | 0 | 0 | $0 |
| Julie Turpin | EVP/Chief People Officer | Feb. 26, 2026 A | 41,828 | 0 | 0 | $0 |
| Stephen M Boyd | EVP/Pres Spec Dist Segment | Feb. 26, 2026 A | 60,568 | 0 | 0 | $0 |
| Barrett P Brown | Executive Vice President | Feb. 26, 2026 A | 60,537 | 0 | 0 | $0 |
| Chris L Walker | EVP/Chair Spec Dist Segment | Feb. 26, 2026 A | 64,286 | 0 | 0 | $0 |
| Jerome Scott Penny | EVP Chief Acquisitions Officer | Feb. 26, 2026 A | 62,160 | 0 | 0 | $0 |
| Hyatt J Brown | Chairman | Dec. 31, 2025 G | 1,827,556 | 0 | 0 | $0 |
| Kenneth Gray Nester II | EVP/Chief Information Officer | Feb. 19, 2024 A | 40,776 | 0 | 0 | $0 |
| Robert W Lloyd | EVP, Secy, General Counsel | Aug. 8, 2022 S | 33,748 | 0 | 0 | $0 |
| Anthony T Strianese | Chair Wholesale Brokerage Seg. | March 23, 2021 F | 171,389 | 0 | 0 | $0 |
| Linda S Downs | Executive Vice President | July 28, 2015 M | 503,650 | 0 | 0 | $0 |
| Kenneth R Masters | Senior Vice President | Sept. 8, 2014 S | 32,140 | 0 | 0 | $0 |
| Sam R Boone JR | Regional Executive VP | July 1, 2013 A | 105,958 | 0 | 0 | $0 |
| Laurel L Grammig | VP, Secretary | July 1, 2013 A | 28,043 | 0 | 0 | $0 |
| Thomas M Donegan JR | VP Chief Acq. Counsel Asst Sec | Jan. 18, 2011 A | 12,534 | 0 | 0 | $0 |
| Michael J. Riordan | Regional Executive VP | Nov. 24, 2010 P | 9,110 | 0 | 0 | $0 |
| Joia M Johnson | Director | June 9, 2026 P | 860 | 1 | 0 | $49,923 |
| Kathleen A. Savio | Director | May 6, 2026 A | 5,109 | 0 | 0 | $0 |
| Bronislaw Edmund Masojada | Director | May 6, 2026 A | 5,109 | 0 | 0 | $0 |
| James S Hunt | Director | May 6, 2026 A | 27,109 | 0 | 0 | $0 |
| Timothy R.M. Main | Director | May 6, 2026 A | 36,023 | 0 | 0 | $0 |
| Wendell Reilly | Director | May 6, 2026 A | 42,731 | 0 | 0 | $0 |
| Palmer H Proctor JR | Director | May 6, 2026 A | 50,055 | 1 | 0 | $114,200 |
| Jaymin B Patel | Director | May 6, 2026 A | 6,957 | 0 | 0 | $0 |
| Toni Jennings | Director | May 6, 2026 A | 57,859 | 0 | 0 | $0 |
| Paul J Krump | Director | May 6, 2026 A | 7,787 | 0 | 0 | $0 |
| Theodore J Hoepner JR | Director | May 6, 2026 A | 72,185 | 0 | 0 | $0 |
| Lawrence L Gellerstedt III | Director | May 6, 2026 A | 23,241 | 0 | 0 | $0 |
| Chilton D Varner | Director | May 8, 2024 A | 57,904 | 0 | 0 | $0 |
| James Charles Hays | Director | March 15, 2023 P | 365,063 | 0 | 0 | $0 |
| Hugh M Brown | Director | May 5, 2022 P | 1,287 | 0 | 0 | $0 |
| Bradley Currey JR | Director | Feb. 5, 2020 G | 472,589 | 0 | 0 | $0 |
| John R Riedman | Director | Dec. 28, 2012 A | 57,689 | 0 | 0 | $0 |
| Jan E Smith | Director | Aug. 18, 2009 S | 15,553 | 0 | 0 | $0 |
| HUGHES DAVID H | Director | Jan. 23, 2008 A | 7,727 | 0 | 0 | $0 |
| BELL SAMUEL P III | — | Feb. 25, 2021 G | 74,938 | 0 | 0 | $0 |
| Richard Freebourn | — | Feb. 27, 2017 F | 5,953 | 0 | 0 | $0 |
| Charlie Lydecker | — | May 28, 2015 G | 47,499 | 0 | 0 | $0 |
| Michael Paschke | — | Feb. 19, 2009 P | 17,193 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 154 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| KBWP · Invesco Exchange-Traded Fund Trust … | 4.30% | 162,874 SH | Aug. 8, 2026 | Daily |
| TMFM · RBB Fund, Inc. | 3.34% | 69,229 NS | May 31, 2026 | N-PORT |
| MDPL · Northern Lights Fund Trust IV | 3.23% | 34,971 NS | May 31, 2026 | N-PORT |
| GFGF · EA Series Trust | 2.33% | 15,402 NS | May 29, 2026 | N-PORT |
| RUNN · Strategic Trust | 1.71% | 105,066 NS | May 31, 2026 | N-PORT |
| CGMM · Capital Group Equity ETF Trust I | 1.58% | 786,695 NS | May 31, 2026 | N-PORT |
| KMID · Virtus ETF Trust II | 1.43% | 10,424 NS | April 30, 2026 | N-PORT |
| RSPF · Invesco Exchange-Traded Fund Trust | 1.41% | 60,826 SH | Aug. 8, 2026 | Daily |
| KNG · First Trust Exchange-Traded Fund IV | 1.27% | 711,082 NS | April 30, 2026 | N-PORT |
| NOBL · ProShares Trust | 1.20% | 2,352,684 NS | May 31, 2026 | N-PORT |
| ESLV · Strategy Shares | 0.67% | 1,311 NS | April 30, 2026 | N-PORT |
| FEGE · RBB Fund Trust | 0.61% | 210,690 NS | May 31, 2026 | N-PORT |
| MMID · MFS Active Exchange Traded Funds Tr… | 0.60% | 3,621 NS | May 31, 2026 | N-PORT |
| VOT · VANGUARD INDEX FUNDS | 0.40% | 2,206,901 SH | Aug. 8, 2026 | Daily |
| FTA · First Trust Exchange-Traded AlphaDE… | 0.32% | 69,214 NS | April 30, 2026 | N-PORT |
| IYF · iShares Trust | 0.32% | 194,783 SH | Aug. 8, 2026 | Daily |
| IMCV · iShares Trust | 0.28% | 44,501 SH | Aug. 8, 2026 | Daily |
| FXO · First Trust Exchange-Traded AlphaDE… | 0.27% | 48,876 NS | April 30, 2026 | N-PORT |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.23% | 56,518 NS | April 30, 2026 | N-PORT |
| SIZE · iShares Trust | 0.23% | 13,935 SH | Aug. 8, 2026 | Daily |
| RSP · Invesco Exchange-Traded Fund Trust | 0.22% | 3,083,958 SH | Aug. 8, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.22% | 470,301 SH | Aug. 8, 2026 | Daily |
| EUSA · iShares, Inc. | 0.22% | 58,583 SH | Aug. 8, 2026 | Daily |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.21% | 5,740,000 | Aug. 8, 2026 | Daily |
| FNCL · FIDELITY COVINGTON TRUST | 0.21% | 75,568 NS | April 30, 2026 | N-PORT |
| IWS · iShares Trust | 0.20% | 445,660 SH | Aug. 8, 2026 | Daily |
| BAB · Invesco Exchange-Traded Fund Trust … | 0.20% | 2,215,000 | Aug. 8, 2026 | Daily |
| GSEW · Goldman Sachs ETF Trust | 0.19% | 60,991 NS | May 31, 2026 | N-PORT |
| VO · VANGUARD INDEX FUNDS | 0.18% | 6,243,550 SH | Aug. 8, 2026 | Daily |
| FAS · Direxion Shares ETF Trust | 0.17% | 56,010 NS | April 30, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.16% | 3,662 NS | April 30, 2026 | N-PORT |
| IWR · iShares Trust | 0.15% | 1,201,101 SH | Aug. 8, 2026 | Daily |
| UYG · ProShares Trust | 0.15% | 18,048 NS | May 31, 2026 | N-PORT |
| ACWV · iShares, Inc. | 0.14% | 68,418 SH | Aug. 8, 2026 | Daily |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.14% | 176,254 NS | April 30, 2026 | N-PORT |
| IMCB · iShares Trust | 0.13% | 31,996 SH | Aug. 8, 2026 | Daily |
| IXG · iShares Trust | 0.13% | 12,539 SH | Aug. 8, 2026 | Daily |
| CSM · ProShares Trust | 0.12% | 10,938 NS | May 31, 2026 | N-PORT |
| PABU · iShares Trust | 0.12% | 41,297 SH | Aug. 8, 2026 | Daily |
| NBCR · Neuberger Berman ETF Trust | 0.12% | 18,285 NS | May 31, 2026 | N-PORT |
| BSCS · Invesco Exchange-Traded Self-Indexe… | 0.12% | 4,130,000 | Aug. 8, 2026 | Daily |
| XOEF · iShares Trust | 0.11% | 362 SH | Aug. 8, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | 0.10% | 12,677 SH | Aug. 8, 2026 | Daily |
| JSTC · Tidal Trust I | 0.09% | 5,202 NS | May 31, 2026 | N-PORT |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.09% | 110,000 | Aug. 8, 2026 | Daily |
| PFM · Invesco Exchange-Traded Fund Trust | 0.09% | 9,647 SH | Aug. 8, 2026 | Daily |
| USXF · iShares Trust | 0.08% | 16,850 SH | Aug. 8, 2026 | Daily |
| VIG · VANGUARD SPECIALIZED FUNDS | 0.08% | 1,646,797 SH | Aug. 8, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.07% | 8,653 SH | Aug. 8, 2026 | Daily |
| VTV · VANGUARD INDEX FUNDS | 0.07% | 2,736,932 SH | Aug. 8, 2026 | Daily |