$BRO

After its Q2 earnings, Goldman Sachs updated an “AI Productivity Beneficiaries” basket by screening Russell 1000 firms for high labor costs versus sales and wage-bill exposure to AI automation. CoStar Group (CSGP) led, with 37% wage-bill exposure and labor costs at 31% of sales. Dollar Tree (DLTR) and eBay (EBAY) followed; Arthur J. Gallagher (AJG) and Brown & Brown (BRO) also ranked.

Goldman Sachs says investors have focused on AI infrastructure more than AI productivity beneficiaries. It reports Q2 S&P 500 EPS growth of 31% YoY, with infrastructure about half. Only 11% of S&P 500 firms quantified AI productivity impacts. Goldman estimates AI inference is <0.5% of S&P 500 revenues and has screened 20 stocks, including EBAY and CS GP.

Brown & Brown said EVP and retail head P. Barrett Brown resigned Aug. 10, with transition work through July 2027, according to an SEC filing. The company disclosed $2.5M severance, $1M base salary, a $1.3M performance-based bonus, and $130k lump sum. Brown cited no reason publicly; the article notes Howden poaching claims and competitive pressure. Shares around $70.

BROWN & BROWN, INC. (BRO) filed an SEC Form 8-K — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers. 8-K false 0000079282 0000079282 2026-08-10 2026-08-10 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 10

Brown & Brown reported Q2 2026 revenue of $1.68 billion, up 30.4% year on year, but below market expectations. Management cited strong contingent commissions, acquisition integration, and sales and underwriting process improvements. Margin declined YoY despite expense control, with cash flow and share repurchases highlighted. Analyst questions covered Accession revenue/margins, MGA competition, hiring, margin guidance and AI costs, and Europe expansion.

BofA upgraded Humana (HUM) to Buy from Neutral with a price target of $500, up from $410. Humana has indicated that its Medicare Advantage margins in 2026 excluding the impact of stars is nearly 2%, the firm noted, adding that moving to 3% would add $10 to EPS. Citi upgraded Ford (F) to Buy from Neutral with a price target of $20, up from $19. Only three of the 18 analysts that cover Ford have a Buy rating but the company's momentum is turning, the firm tells investors in a research note.

A market movers roundup highlights five NYSE stocks. H&R Block rose 6.2% after Stephens & Co. started coverage with an Equal-Weight rating and a $47 target. Corning fell 13% after Q2 revenue and Q3 sales forecast missed expectations. Sherwin-Williams gained 7.5% after stronger Q2 earnings and raised full-year profit guidance. Brown & Brown rose 5% and Simpson added 2.8% on better results.

Brown & Brown (NYSE: BRO) shares rose about 5% after the company reported Q2 results. Revenue increased 30.4% year over year to $1.68B, slightly below analysts’ $1.72B estimate. Adjusted EPS was $1.07, in line with expectations, driving investor focus on strong growth despite the revenue miss.

Brown & Brown (NYSE: BRO) reported Q2 2026 revenue of $1.68B, up 30.4% year on year but below analysts’ $1.72B estimate. Non-GAAP EPS was $1.07, in line, and adjusted EBITDA was $608.5M versus $603.1M. Operating margin fell to 22.9% from 24.2%. Management cited contingent commissions, Accession integration, and AI/technology partnerships.

Brown & Brown (NYSE:BRO) discussed Q2 results on its earnings call. CFO Andy Watts said Retail revenue rose 35.9% mainly from acquisitions, while Retail organic growth was pressured by a pharmacy consulting business and a litigation-related organic revenue adjustment. Specialty Distribution total revenue rose 28.1% on Accession, with EBITDAC margin down to 42.7%. BRO expects H2 Retail organic growth excluding contingents of 1.5% to 2.5% and Specialty 2% to 4%, and reaffirmed $30M-$40M integratio