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% |
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.