USI, Inc. reported 2025 revenue of $2.972 billion, up to that level from the year’s operating results, with net commissions and fees of $2.628 billion, contingents and supplementals of $262.2 million, and other income of $82.1 million.
Operating expenses totaled $2.633 billion, led by compensation and employee benefits of $1.897 billion and amortization of intangible assets of $374.6 million. Other operating costs included $288.7 million in other operating expenses, $25.1 million in stock-based compensation, $33.8 million in depreciation, $10.1 million in acquisition-related retention and buydown bonuses, and $3.9 million in earnout adjustments and accretion of discount.
That left operating income of $339.3 million. After $319.2 million in interest expense and $48.0 million in other non-operating income, USI posted income before taxes of $68.0 million. Income tax expense was $7.2 million, producing net income of $60.8 million.
On the balance sheet at Dec. 31, 2025, USI had $7.530 billion in total assets. The biggest asset categories were $3.755 billion in goodwill, $1.125 billion in accounts receivable, $1.146 billion in net identifiable intangible assets, and $309.1 million in cash and cash equivalents. Current assets totaled $2.040 billion.
Total liabilities were $6.407 billion, including $1.062 billion in premiums payable, $403.4 million in accrued expenses, and $4.322 billion in long-term debt. Current liabilities were $1.645 billion. Stockholder’s equity stood at $1.123 billion.
Cash flow from operations was $321.1 million. Investing activities used $49.5 million, including $26.6 million for property and equipment, $18.0 million in employee loans net of repayments, and $4.9 million in cash paid for businesses acquired and related costs. Financing activities used $165.1 million, driven by $70.0 million in revolver payments, $38.6 million in long-term debt payments, $14.9 million in earnout payments, and $99.0 million in repurchases of Parent equity, partly offset by $53.0 million in proceeds from issuance of Parent equity.
USI ended the year with $515.1 million in cash, cash equivalents, and restricted cash, up from $408.5 million at the start of the period, an increase of $145.8 million. Following these announcements, the company's shares moved -1.24%, and are now trading at a price of $303.9625. For more information, read the company's full 8-K submission here.
