---
title: "Brown & Brown: Business Model"
description: "Brown & Brown revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/brown-and-brown/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Brown & Brown: Business Model & Revenue Engine



## Direct Answer

Brown & Brown reports revenue across 2 business segments in its fiscal 2025 Form 10-K. Retail is the largest, with $3.4 billion of revenue (58% of the total), followed by Specialty Distribution at $2.4 billion (41%). 86% of revenue came from the United States.

## How Does Brown & Brown Make Money?

No single line supplies a majority of revenue: the largest, Retail, is 58%, which spreads Brown & Brown's exposure across several demand drivers. Between fiscal 2024 and 2025, Retail grew fastest (+24.8%) and Specialty Distribution slowest (+19.5%), so the revenue mix tilts toward Retail while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Retail | $3.4 billion | $2.7 billion | 57.7% | 24.8% |
| Specialty Distribution | $2.4 billion | $2.0 billion | 40.8% | 19.5% |

![Bar chart of Brown & Brown revenue by segment for fiscal 2025: Retail 57.7%, Specialty Distribution 40.8%.](https://www.getswoopr.com/images/charts/brown-and-brown-business-model-segment-mix.webp)
*Brown & Brown revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Where Does Brown & Brown's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $5.1 billion | $4.1 billion | 85.7% | 22.2% |
| United Kingdom | $599 million | $545 million | 10.1% | 9.9% |
| Other Country | $244 million | $120 million | 4.1% | 103.3% |

## What the Segment Figures Do Not Show

The rows above add up to 99% of Brown & Brown's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Brown & Brown reported in the segment note and revenue disclosures of its Form 10-K filed February 12, 2026 (accession 0001193125-26-046984), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Brown & Brown's business segments?

In its fiscal 2025 Form 10-K, Brown & Brown reports revenue for Retail and Specialty Distribution.

### Which part of Brown & Brown brings in the most revenue?

Retail, with $3.4 billion of revenue in fiscal 2025, or 58% of the total.

### How much of Brown & Brown's revenue comes from outside the United States?

14% in fiscal 2025, by the geographic breakdown Brown & Brown reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: BROWN & BROWN, INC. Form 10-K filed February 12, 2026](https://www.sec.gov/Archives/edgar/data/79282/000119312526046984/bro-20251231.htm)
- [SEC EDGAR: BROWN & BROWN, INC. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=79282&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

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**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**



Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).