Where did Brown & Brown's cash go in a quarter of higher profit?

Brown & Brown, a US insurance broker, ended Q3 2026 with cash of USD 1.1bn. That is 7.6% less than a year earlier, a drop of USD 91.0m. Over the same period revenue rose 7.4% to USD 1.7bn and net profit rose 5.7% to USD 240m. The net margin eased to 13.9% from 14.1%, a small step down. The equity ratio, the share of assets funded by owners, rose to 42.8% from 42.3%.

A broker that grows by buying smaller agencies usually pays for them in cash, so a lower balance after a good quarter is not alarming in itself. Total assets held at USD 29.4bn, and equity rose to USD 12.6bn, so the balance sheet did not shrink. The accounts do not show what the cash was used for. I would watch the cash line next quarter. Profit went up, cash went down, and the balance sheet keeps quiet about where it went.