Subtext

Brown & Brown, Inc. BRO

SectorFinancials
Transcripts65
Date range2007-10-24 – 2025-04-29
Calls charted65

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-11-5+0+5+112007 Q32011 Q22013 Q32015 Q42018 Q12020 Q22022 Q32024 Q42007 Q3 · Overall: -2.52007 Q4 · Overall: +0.02008 Q1 · Overall: +0.32008 Q2 · Overall: -4.82008 Q3 · Overall: +0.62008 Q4 · Overall: -0.12009 Q2 · Overall: -3.82009 Q3 · Overall: -2.12009 Q4 · Overall: -1.42011 Q2 · Overall: -3.22011 Q3 · Overall: -0.32011 Q4 · Overall: -1.52012 Q1 · Overall: +2.42012 Q2 · Overall: +3.62012 Q3 · Overall: +4.92012 Q4 · Overall: +0.32013 Q1 · Overall: +1.72013 Q2 · Overall: +4.12013 Q3 · Overall: +1.52013 Q4 · Overall: +2.72014 Q1 · Overall: +6.12014 Q2 · Overall: +7.12014 Q3 · Overall: -0.72014 Q4 · Overall: -0.52015 Q1 · Overall: +0.92015 Q2 · Overall: -0.32015 Q3 · Overall: +2.32015 Q4 · Overall: +3.92016 Q1 · Overall: -1.12016 Q2 · Overall: +5.42016 Q3 · Overall: -0.52016 Q4 · Overall: +3.62017 Q1 · Overall: +5.72017 Q2 · Overall: +9.62017 Q3 · Overall: -1.42017 Q4 · Overall: +3.12018 Q1 · Overall: +7.92018 Q2 · Overall: +7.32018 Q3 · Overall: +4.12018 Q4 · Overall: +1.82019 Q1 · Overall: +4.32019 Q2 · Overall: +6.02019 Q3 · Overall: +4.12019 Q4 · Overall: +4.52020 Q1 · Overall: -0.22020 Q2 · Overall: +1.82020 Q3 · Overall: +2.82020 Q4 · Overall: +8.02021 Q1 · Overall: +6.82021 Q2 · Overall: +7.12021 Q3 · Overall: +7.32021 Q4 · Overall: +9.12022 Q1 · Overall: +5.02022 Q2 · Overall: +4.02022 Q3 · Overall: -5.32022 Q4 · Overall: +1.42023 Q1 · Overall: +5.02023 Q2 · Overall: +3.82023 Q3 · Overall: +4.62023 Q4 · Overall: +3.02024 Q1 · Overall: +5.32024 Q2 · Overall: +6.82024 Q3 · Overall: +1.62024 Q4 · Overall: +4.02025 Q1 · Overall: +1.7
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-16-8+0+8+162007 Q32011 Q22013 Q32015 Q42018 Q12020 Q22022 Q32024 Q42007 Q3 · CEO: -3.52007 Q4 · CEO: -0.32008 Q1 · CEO: -1.52008 Q2 · CEO: -4.72008 Q3 · CEO: -3.22008 Q4 · CEO: -1.52009 Q3 · CEO: -1.02009 Q4 · CEO: -6.62011 Q2 · CEO: -2.52011 Q3 · CEO: +0.82012 Q1 · CEO: +3.72012 Q2 · CEO: +6.52012 Q3 · CEO: +9.82012 Q4 · CEO: +0.02013 Q1 · CEO: +3.62013 Q2 · CEO: +8.22013 Q3 · CEO: +5.62013 Q4 · CEO: +7.62014 Q1 · CEO: +9.02014 Q2 · CEO: +13.42014 Q3 · CEO: +4.22014 Q4 · CEO: +1.52015 Q1 · CEO: +4.02015 Q4 · CEO: +5.22016 Q1 · CEO: -4.22016 Q2 · CEO: +3.32016 Q3 · CEO: -2.12016 Q4 · CEO: +6.52017 Q1 · CEO: +8.42017 Q2 · CEO: +12.52017 Q3 · CEO: -2.52017 Q4 · CEO: +8.22018 Q1 · CEO: +10.62018 Q2 · CEO: +10.42018 Q3 · CEO: +9.42018 Q4 · CEO: +10.82019 Q1 · CEO: +3.92019 Q2 · CEO: +10.92019 Q3 · CEO: +7.12019 Q4 · CEO: +8.32020 Q1 · CEO: +2.62020 Q2 · CEO: +2.92020 Q3 · CEO: +3.62020 Q4 · CEO: +12.02021 Q1 · CEO: +11.72021 Q2 · CEO: +14.32021 Q3 · CEO: +8.52021 Q4 · CEO: +11.82022 Q1 · CEO: +4.72022 Q2 · CEO: +5.72022 Q3 · CEO: -5.62022 Q4 · CEO: +3.62023 Q1 · CEO: +8.22023 Q2 · CEO: +7.02023 Q3 · CEO: +12.22023 Q4 · CEO: +11.52024 Q1 · CEO: +9.92024 Q2 · CEO: +10.52024 Q3 · CEO: +9.72024 Q4 · CEO: +10.32025 Q1 · CEO: +4.52008 Q4 · CFO: +3.62009 Q2 · CFO: -1.42009 Q3 · CFO: +4.92009 Q4 · CFO: -0.42011 Q3 · CFO: +0.92011 Q4 · CFO: +0.72012 Q1 · CFO: +4.62012 Q3 · CFO: +1.42012 Q4 · CFO: +3.52013 Q1 · CFO: +0.72013 Q2 · CFO: +4.52013 Q3 · CFO: +0.42013 Q4 · CFO: -0.72014 Q1 · CFO: +6.62014 Q2 · CFO: +8.92014 Q3 · CFO: -3.02014 Q4 · CFO: +3.02015 Q1 · CFO: +1.92015 Q4 · CFO: +8.22016 Q1 · CFO: +0.02016 Q2 · CFO: +10.02016 Q3 · CFO: +2.62016 Q4 · CFO: +1.72017 Q1 · CFO: +3.32017 Q2 · CFO: +6.92017 Q3 · CFO: +5.52017 Q4 · CFO: +1.12018 Q1 · CFO: +8.72018 Q2 · CFO: +6.02018 Q3 · CFO: +1.7
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-22-11+0+11+222007 Q32011 Q22013 Q32015 Q42018 Q12020 Q22022 Q32024 Q42007 Q3 · Prepared remarks: -2.62007 Q4 · Prepared remarks: +0.12008 Q1 · Prepared remarks: +0.42008 Q2 · Prepared remarks: -0.82008 Q3 · Prepared remarks: +1.92008 Q4 · Prepared remarks: +3.02009 Q2 · Prepared remarks: +3.32009 Q3 · Prepared remarks: -1.22009 Q4 · Prepared remarks: -1.72011 Q2 · Prepared remarks: -6.32011 Q3 · Prepared remarks: -4.32011 Q4 · Prepared remarks: -3.02012 Q1 · Prepared remarks: +2.42012 Q2 · Prepared remarks: +7.62012 Q3 · Prepared remarks: +2.62012 Q4 · Prepared remarks: +2.62013 Q1 · Prepared remarks: +1.82013 Q2 · Prepared remarks: +4.82013 Q3 · Prepared remarks: +0.32013 Q4 · Prepared remarks: -3.32014 Q1 · Prepared remarks: +7.12014 Q2 · Prepared remarks: +15.72014 Q3 · Prepared remarks: +1.02014 Q4 · Prepared remarks: +7.22015 Q1 · Prepared remarks: +5.12015 Q2 · Prepared remarks: +1.92015 Q3 · Prepared remarks: +1.82015 Q4 · Prepared remarks: +8.82016 Q1 · Prepared remarks: -2.22016 Q2 · Prepared remarks: +7.62016 Q3 · Prepared remarks: -1.02016 Q4 · Prepared remarks: +1.42017 Q1 · Prepared remarks: +7.22017 Q2 · Prepared remarks: +7.22017 Q3 · Prepared remarks: -1.32017 Q4 · Prepared remarks: +7.52018 Q1 · Prepared remarks: +7.12018 Q2 · Prepared remarks: +8.02018 Q3 · Prepared remarks: +7.12018 Q4 · Prepared remarks: -1.72019 Q1 · Prepared remarks: +4.22019 Q2 · Prepared remarks: +15.12019 Q3 · Prepared remarks: +4.32019 Q4 · Prepared remarks: +8.82020 Q1 · Prepared remarks: +3.42020 Q2 · Prepared remarks: +4.52020 Q3 · Prepared remarks: +8.72020 Q4 · Prepared remarks: +16.82021 Q1 · Prepared remarks: +13.12021 Q2 · Prepared remarks: +17.22021 Q3 · Prepared remarks: +19.02021 Q4 · Prepared remarks: +19.02022 Q1 · Prepared remarks: +5.92022 Q2 · Prepared remarks: +12.82022 Q3 · Prepared remarks: -5.92022 Q4 · Prepared remarks: +9.92023 Q1 · Prepared remarks: +14.82023 Q2 · Prepared remarks: +13.52023 Q3 · Prepared remarks: +10.72023 Q4 · Prepared remarks: +10.92024 Q1 · Prepared remarks: +12.62024 Q2 · Prepared remarks: +15.72024 Q3 · Prepared remarks: +10.12024 Q4 · Prepared remarks: +11.22025 Q1 · Prepared remarks: +10.22007 Q4 · Q&A responses: +0.02008 Q1 · Q&A responses: +0.42008 Q2 · Q&A responses: -5.42008 Q3 · Q&A responses: +1.52008 Q4 · Q&A responses: -2.22009 Q2 · Q&A responses: -5.42009 Q3 · Q&A responses: +4.12009 Q4 · Q&A responses: +3.12011 Q2 · Q&A responses: -0.52011 Q3 · Q&A responses: +1.92011 Q4 · Q&A responses: +4.82012 Q1 · Q&A responses: +6.72012 Q2 · Q&A responses: +6.12012 Q3 · Q&A responses: +9.52012 Q4 · Q&A responses: -0.62013 Q2 · Q&A responses: +7.42013 Q3 · Q&A responses: +4.52013 Q4 · Q&A responses: +6.22014 Q1 · Q&A responses: +9.12014 Q2 · Q&A responses: +7.72014 Q3 · Q&A responses: +0.12014 Q4 · Q&A responses: -1.42015 Q1 · Q&A responses: +1.82015 Q2 · Q&A responses: -0.32015 Q3 · Q&A responses: +3.22015 Q4 · Q&A responses: +4.42016 Q1 · Q&A responses: -0.42016 Q2 · Q&A responses: +5.42016 Q3 · Q&A responses: +0.02016 Q4 · Q&A responses: +7.92017 Q1 · Q&A responses: +4.72017 Q2 · Q&A responses: +12.92017 Q4 · Q&A responses: -2.42018 Q1 · Q&A responses: +13.22018 Q3 · Q&A responses: +5.32018 Q4 · Q&A responses: +8.12019 Q1 · Q&A responses: +7.42019 Q2 · Q&A responses: +3.12019 Q3 · Q&A responses: +6.32019 Q4 · Q&A responses: +4.52020 Q1 · Q&A responses: +0.72020 Q2 · Q&A responses: +3.62020 Q3 · Q&A responses: +1.12020 Q4 · Q&A responses: +6.22021 Q1 · Q&A responses: +8.82021 Q2 · Q&A responses: +5.82021 Q3 · Q&A responses: +5.42021 Q4 · Q&A responses: +7.12022 Q1 · Q&A responses: +0.02022 Q2 · Q&A responses: +3.72022 Q3 · Q&A responses: -5.22022 Q4 · Q&A responses: +0.52023 Q1 · Q&A responses: +3.72023 Q2 · Q&A responses: +4.02023 Q3 · Q&A responses: +7.22023 Q4 · Q&A responses: +6.02024 Q1 · Q&A responses: +8.32024 Q2 · Q&A responses: +7.42024 Q3 · Q&A responses: +5.92024 Q4 · Q&A responses: +2.32025 Q1 · Q&A responses: +3.5
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$0.64$2.50$4.362007 Q32011 Q22013 Q32015 Q42018 Q12020 Q22022 Q32024 Q42014 Q3: $0.932014 Q4: $0.922015 Q1: $0.912015 Q2: $0.912015 Q3: $0.902015 Q4: $0.902016 Q1: $0.912016 Q2: $0.932016 Q3: $0.942016 Q4: $0.972017 Q1: $0.962017 Q2: $0.962017 Q3: $0.982017 Q4: $1.012018 Q1: $1.232018 Q2: $1.282018 Q3: $1.322018 Q4: $1.352019 Q1: $1.352019 Q2: $1.432019 Q3: $1.492019 Q4: $1.522020 Q1: $1.582020 Q2: $1.482020 Q3: $1.612020 Q4: $1.712021 Q1: $1.852021 Q2: $2.042021 Q3: $2.192021 Q4: $2.292022 Q1: $2.402022 Q2: $2.462022 Q3: $2.512022 Q4: $2.502023 Q1: $2.522023 Q2: $2.652023 Q3: $2.842023 Q4: $3.052024 Q1: $3.532024 Q2: $3.722024 Q3: $3.952024 Q4: $4.10

Forward P/E

16.6023.6430.692007 Q32011 Q22013 Q32015 Q42018 Q12020 Q22022 Q32024 Q42014 Q3: 17.782014 Q4: 17.572015 Q1: 18.112015 Q2: 18.492015 Q3: 18.072015 Q4: 17.872016 Q1: 18.872016 Q2: 19.212016 Q3: 19.452016 Q4: 23.062017 Q1: 22.552017 Q2: 22.822017 Q3: 23.782017 Q4: 25.372018 Q1: 21.402018 Q2: 22.102018 Q3: 23.072018 Q4: 20.042019 Q1: 21.612019 Q2: 23.272019 Q3: 24.402019 Q4: 25.912020 Q1: 23.212020 Q2: 28.362020 Q3: 27.982020 Q4: 26.882021 Q1: 25.062021 Q2: 25.842021 Q3: 26.282021 Q4: 29.722022 Q1: 27.902022 Q2: 22.332022 Q3: 24.932022 Q4: 23.272023 Q1: 21.162023 Q2: 24.332023 Q3: 25.732023 Q4: 24.842024 Q1: 24.242024 Q2: 24.842024 Q3: 25.952024 Q4: 24.62

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2016 Q1 tone ↓ -5.0 fwd EPS ↑ +0.01 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q3 tone ↓ -5.9 fwd EPS ↑ +0.02 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q3 tone ↓ -10.9 fwd EPS ↑ +0.02 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q3 tone ↓ -3.2 fwd EPS ↑ +0.04 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q4 tone ↓ -2.3 fwd EPS ↑ +0.03 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -4.7 fwd EPS ↑ +0.06 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +2.0 fwd EPS ↓ -0.10 Tone rose while the forward EPS estimate was cut.
  • 2022 Q1 tone ↓ -4.2 fwd EPS ↑ +0.11 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q3 tone ↓ -9.3 fwd EPS ↑ +0.05 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q3 tone ↓ -5.2 fwd EPS ↑ +0.23 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-29+1.7——View →
2024 Q42025-01-28+4.0$4.1024.6View →
2024 Q32024-10-29+1.6$3.9525.9View →
2024 Q22024-07-23+6.8$3.7224.8View →
2024 Q12024-04-23+5.3$3.5324.2View →
2023 Q42024-01-23+3.0$3.0524.8View →
2023 Q32023-10-24+4.6$2.8425.7View →
2023 Q22023-07-25+3.8$2.6524.3View →