Seven publicly traded brokers took in of revenue in 2025 and are valued at including debt. How much of each dollar they keep ranges from more than $21 to a loss, and the reasons say a lot about how this industry grows.
Each track is $100 of revenue, marked in $10 steps. The filled part is GAAP net income attributable to shareholders. Circles show enterprise value, sized by area.
| # | Broker | Kept per $100 | Per $100 |
|---|
Dashed line: Gallagher’s brokerage segment alone kept $16.80 per $100. Every other row is whole-company, so treat it as a reference, not a ranking.
Revenue on the horizontal axis, profit per $100 on the vertical, bubble area for enterprise value. Marsh is the largest by every size measure, but Aon and Brown & Brown keep more of each dollar. Hover or tap a bubble.
Enterprise value is the stock market value plus net debt. It is the fairer size measure for brokers because the industry funds acquisitions with borrowing. The right-hand number is enterprise value per dollar of revenue, a rough read on how richly each business is priced.
Debt changes the picture most for Brown & Brown and Ryan Specialty. Net debt adds roughly a third to Brown & Brown’s value after its Accession deal, and close to 40% to Ryan’s.
Aon’s bar will grow. The $17B all-cash purchase of USI, announced August 31, 2026, is being financed with new debt and is not reflected here yet.
Organic growth strips out acquisitions and currency. The gap between it and reported growth is roughly how much revenue each broker added through deals in 2025.
Read it with the profit chart. The brokers that bought the most in 2025, Gallagher and Brown & Brown, also carry the heaviest acquisition accounting. WTW’s reported revenue fell because it sold TRANZACT, even though its business grew 5% organically.
Net income is the honest bottom line, but three accounting effects move it far more in brokerage than in most industries.
When a broker buys another, most of the price becomes intangible assets that are written down every year. Gallagher’s brokerage segment booked $894M of amortization in 2025, a non-cash cost that lowers GAAP profit but not cash flow.
Selling a business can lift a single year. Aon’s 2025 profit includes sizable gains from selling NFP Wealth and Stroz Friedberg, which helps explain its jump to the top of the ranking.
The reverse also happens. WTW posted a net loss in 2024 because of impairment charges tied to selling TRANZACT, then $1.61B of profit in 2025 once that was behind it.
Gallagher, segment by segment. Brokerage kept $16.80 per $100 of its $12.19B revenue. Risk Management, the claims business, kept about $11. The corporate segment, which carries acquisition debt interest and deal costs, lost $732M, pulling the company-wide figure down to $10.72. Companies report segments differently, so this view is useful for Gallagher on its own rather than for ranking against peers.
Most of the size changes on this page come from a handful of large deals over the last two years.
Several of the largest brokers do not publish profit, so they cannot sit in the ranking. Lockton, the largest independent, reports revenue only: about $4.5B for the year ended April 30, 2026, with 11% organic growth. Here is where that revenue would place it.
Howden, Hub, Alliant and Acrisure are also large private brokers but do not publish results comparable to GAAP. USI, another, is being acquired by Aon.
Profit per $100 is GAAP net income attributable to shareholders divided by total revenue, times 100, for fiscal 2025. Gallagher uses total revenues of $13.94B including reimbursements. WTW uses net income as reported.
Enterprise value is market capitalization at the September 30, 2026 close plus total debt minus corporate cash, from June 30, 2026 balance sheets. Client fiduciary funds are excluded from cash because they belong to policyholders and insurers.
Organic growth is each company’s own reported figure, so definitions differ slightly. Brown & Brown’s figure excludes contingent commissions.
This page is for discussion and is not investment advice. Valuations change daily.