Arthur J. Gallagher & Co. (AJG) Financials

$297.61 +0.87 (+0.29%)

As of 10:47 AM Eastern

Annual Income Statements for Arthur J. Gallagher & Co.

This table shows Arthur J. Gallagher & Co.'s income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	303	357	397	481	634	669	819	907	1,114	970	1,463
Consolidated Net Income / (Loss)	328	389	430	517	676	716	858	955	1,116	966	1,470
Net Income / (Loss) Continuing Operations	328	389	298	517	676	716	858	955	1,116	966	1,470
Total Pre-Tax Income	292	294	334	360	479	626	871	975	1,327	1,185	1,875
Total Revenue	1,207	1,599	5,439	6,113	6,934	7,015	6,807	7,983	8,294	9,775	11,174
Net Interest Income / (Expense)	-48	-49	-110	0.00	0.00	-180	-196	-226	-257	-297	-381
Total Interest Income	41	54	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	89	103	110	0.00	0.00	180	196	226	257	297	381
Long-Term Debt Interest Expense	89	103	110	-	-	180	196	226	257	297	381
Total Non-Interest Income	1,255	1,648	5,548	6,113	6,934	7,195	7,004	8,209	8,551	10,072	11,555
Premiums Earned	-	-	5,548	-	-	-	6,852	8,076	8,420	9,927	11,401
Other Non-Interest Income	-29	179	-	6,113	6,934	7,195	152	133	131	145	154
Total Non-Interest Expense	915	1,306	5,237	5,753	6,455	6,389	5,936	7,008	6,967	8,590	9,299
Salaries and Employee Benefits	-104	90	2,537	2,747	3,026	3,340	3,467	3,928	4,800	5,681	6,522
Other Operating Expenses	743	841	2,317	2,589	3,000	2,560	1,940	2,379	1,484	1,835	1,908
Depreciation Expense	69	94	104	121	128	140	145	151	145	165	178
Amortization Expense	190	240	247	265	291	334	417	415	455	531	665
Restructuring Charge	18	41	32	31	9.60	15	-33	120	83	377	26
Other Special Charges	-	-	-	-	-	0.00	0.00	16	0.00	0.00	0.00
Income Tax Expense	-36	-96	-97	-157	-197	-90	13	20	211	219	404
Net Income / (Loss) Attributable to Noncontrolling Interest	24	32	34	36	42	47	39	48	1.80	-3.50	7.70
Basic Earnings per Share	$1.98	$2.07	$2.23	$2.67	$3.47	$3.60	$4.29	$4.47	$5.30	$4.51	$6.63
Weighted Average Basic Shares Outstanding	152.90M	172.20M	177.60M	180.10M	182.70M	188.25M	193.74M	208.54M	212.09M	216.80M	254.70M
Diluted Earnings per Share	$1.97	$2.06	$2.22	$2.64	$3.40	$3.52	$4.20	$4.37	$5.19	$4.42	$6.50
Weighted Average Diluted Shares Outstanding	152.90M	172.20M	177.60M	180.10M	182.70M	188.25M	193.74M	208.54M	212.09M	216.80M	254.70M
Weighted Average Basic & Diluted Shares Outstanding	152.90M	172.20M	177.60M	180.10M	182.70M	188.25M	193.74M	208.54M	212.09M	216.80M	254.70M
Cash Dividends to Common per Share	$1.44	$1.48	$1.52	$1.56	$1.64	$1.72	$1.80	$1.92	$2.04	$2.20	$2.40

This table shows Arthur J. Gallagher & Co.'s income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	136	487	235	281	-32	608	283	313	258	704	366
Consolidated Net Income / (Loss)	136	487	236	283	-40	613	285	314	258	709	366
Net Income / (Loss) Continuing Operations	136	487	236	283	-40	613	285	314	258	709	366
Total Pre-Tax Income	122	606	297	364	-82	773	366	403	333	873	471
Total Revenue	1,964	2,638	2,364	2,419	2,354	3,165	2,681	2,714	2,614	3,569	3,062
Net Interest Income / (Expense)	-64	-68	-78	-73	-78	-92	-94	-93	-102	-158	-159
Total Interest Income	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Interest Expense	64	68	78	73	78	92	94	93	102	158	159
Long-Term Debt Interest Expense	64	68	78	73	78	92	94	93	102	158	159
Total Non-Interest Income	2,028	2,706	2,442	2,492	2,432	3,257	2,775	2,807	2,716	3,727	3,221
Premiums Earned	1,995	2,673	2,407	2,454	2,393	3,218	2,736	2,767	2,680	3,688	3,178
Other Non-Interest Income	33	33	35	38	39	39	39	40	36	39	43
Total Non-Interest Expense	1,842	2,032	2,067	2,055	2,436	2,392	2,316	2,311	2,281	2,696	2,591
Salaries and Employee Benefits	1,175	1,416	1,413	1,425	1,428	1,726	1,620	1,622	1,554	1,898	1,803
Other Operating Expenses	401	416	469	461	489	474	465	494	475	529	562
Depreciation Expense	37	38	41	43	44	45	41	45	46	44	50
Amortization Expense	117	122	135	129	146	162	171	165	167	209	181
Restructuring Charge	112	42	9.40	-2.50	329	-16	19	-15	39	16	-5.60
Income Tax Expense	-14	119	62	81	-43	160	80	89	75	164	105
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.10	1.30	2.50	-7.40	4.30	2.00	1.50	-0.10	4.50	0.40
Basic Earnings per Share	$0.64	$2.29	$1.09	$1.30	($0.17)	$2.80	$1.30	$1.43	$1.10	$2.76	$1.43
Weighted Average Basic Shares Outstanding	212.09M	214.25M	215.51M	215.90M	216.80M	218.50M	219.10M	219.40M	254.70M	256.10M	256.40M
Diluted Earnings per Share	$0.62	$2.24	$1.07	$1.28	($0.17)	$2.74	$1.27	$1.39	$1.10	$2.72	$1.40
Weighted Average Diluted Shares Outstanding	212.09M	214.25M	215.51M	215.90M	216.80M	218.50M	219.10M	219.40M	254.70M	256.10M	256.40M
Weighted Average Basic & Diluted Shares Outstanding	212.09M	214.25M	215.51M	215.90M	216.80M	218.50M	219.10M	219.40M	254.70M	256.10M	256.40M
Cash Dividends to Common per Share	$0.51	$0.55	$0.55	$0.55	$0.55	$0.60	$0.60	$0.60	$0.60	$0.65	$0.65

This table details how cash moves in and out of Arthur J. Gallagher & Co.'s business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	16	211	45	367	-68	387	950	892	498	1,579	13,925
Net Cash From Operating Activities	578	1,118	650	854	765	1,191	1,807	1,392	1,390	2,032	2,583
Net Cash From Continuing Operating Activities	578	1,118	650	854	765	1,191	1,807	1,392	1,390	2,032	2,583
Net Income / (Loss) Continuing Operations	328	389	430	517	676	716	858	955	1,116	966	1,470
Consolidated Net Income / (Loss)	328	389	430	517	676	716	858	955	1,116	966	1,470
Depreciation Expense	259	334	351	386	419	474	562	566	600	697	842
Amortization Expense	23	23	29	34	42	47	61	69	85	105	118
Non-Cash Adjustments to Reconcile Net Income	-39	4.40	-20	-37	-62	-239	-154	-205	-311	8.00	86
Changes in Operating Assets and Liabilities, net	7.70	368	-140	-45	-309	193	479	7.40	-100	256	67
Net Cash From Investing Activities	-2,012	-369	-485	-511	-910	-1,449	-471	-3,432	-1,005	-3,293	-1,587
Net Cash From Continuing Investing Activities	-2,012	-369	-485	-511	-910	-1,449	-471	-3,432	-1,005	-3,293	-1,587
Purchase of Property, Leasehold Improvements and Equipment	-82	-99	-218	-129	-124	-139	-99	-129	-183	-194	-142
Acquisitions	-	-250	-	-376	-785	-1,267	-324	-3,251	-765	-3,042	-1,462
Purchase of Investment Securities	-1,938	-30	-32	-8.90	-16	-124	-56	-68	-68	-67	-2.90
Sale and/or Maturity of Investments	8.20	9.20	7.80	3.20	15	81	8.20	16	11	9.90	20
Net Cash From Financing Activities	1,564	-61	-12	-48	162	638	-505	2,996	213	2,874	13,053
Net Cash From Continuing Financing Activities	1,564	-61	-12	-48	162	638	-505	2,996	213	2,874	13,053
Issuance of Debt	2,410	849	3,066	3,991	3,475	5,040	2,630	2,957	2,369	5,429	1,663
Issuance of Common Equity	1,004	203	52	60	82	101	112	1,547	123	120	8,507
Repayment of Debt	-1,593	-794	-2,669	-3,731	-3,001	-4,045	-2,710	-1,198	-2,530	-3,568	3,552
Payment of Dividends	-223	-258	-272	-283	-356	-321	-347	-392	-430	-474	-525
Other Financing Activities, Net	-34	-62	-87	-68	-26	-137	-189	82	680	1,367	-144
Effect of Exchange Rate Changes	-	-	-108	72	-85	6.10	120	-65	-100	-34	-123

This table details how cash moves in and out of Arthur J. Gallagher & Co.'s business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-313	1,127	851	-157	-242	538	-243	1,457	12,174	1,771	-1,433
Net Cash From Operating Activities	608	429	12	897	694	789	120	935	739	872	-426
Net Cash From Continuing Operating Activities	608	429	12	897	694	789	120	935	739	872	-426
Net Income / (Loss) Continuing Operations	136	487	236	283	-40	613	285	314	258	709	366
Consolidated Net Income / (Loss)	136	487	236	283	-40	613	285	314	258	709	366
Depreciation Expense	154	159	176	172	190	208	212	210	213	253	231
Amortization Expense	23	23	26	28	28	27	31	30	30	28	33
Non-Cash Adjustments to Reconcile Net Income	-201	0.70	-40	7.50	40	135	-53	-12	96	156	-545
Changes in Operating Assets and Liabilities, net	497	-241	-384	407	475	-193	-356	393	143	-275	-510
Net Cash From Investing Activities	-443	-257	-809	-327	-1,901	-192	-308	-230	-857	-275	-1,345
Net Cash From Continuing Investing Activities	-443	-257	-809	-327	-1,901	-192	-308	-230	-857	-275	-1,345
Purchase of Property, Leasehold Improvements and Equipment	-42	-30	-59	-59	-46	-30	-32	-37	-44	-28	-39
Acquisitions	-346	-311	-738	-134	-1,858	-251	-267	-151	-793	-332	-1,330
Purchase of Investment Securities	-60	84	-16	-136	0.10	89	-10	-62	-19	83	24
Sale and/or Maturity of Investments	5.80	0.10	4.70	1.40	3.70	0.10	1.60	20	-1.50	1.80	0.40
Net Cash From Financing Activities	-661	958	1,602	-669	982	-5.40	-54	612	12,500	1,107	210
Net Cash From Continuing Financing Activities	-661	958	1,602	-669	982	-5.40	-54	612	12,500	1,107	210
Issuance of Debt	280	1,499	1,270	417	2,243	1,645	585	-568	-	0.60	2.70
Issuance of Common Equity	21	30	36	34	20	52	42	45	8,369	1,335	44
Repayment of Debt	-421	-749	-995	-819	-1,007	-1,317	-593	1,180	4,272	-73	690
Payment of Dividends	-108	-117	-119	-119	-119	-131	-131	-132	-132	-166	-167
Other Financing Activities, Net	-432	295	1,410	-182	-156	-255	43	86	-8.30	10	-360
Effect of Exchange Rate Changes	183	-3.20	45	-58	-17	-55	-1.00	141	-209	68	128

This table presents Arthur J. Gallagher & Co.'s assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	10,010	10,911	11,490	14,910	16,334	19,635	22,331	33,345	38,358	51,616	64,255
Cash and Due from Banks	314	480	546	681	607	605	665	403	738	972	14,987
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	195	249	378	412	437	467	451	501	576	726	650
Goodwill	3,450	3,663	3,768	4,165	4,626	5,619	6,127	8,666	9,489	11,476	12,270
Intangible Assets	1,776	1,699	1,627	1,645	1,773	2,319	2,400	3,954	3,372	4,633	4,530
Other Assets	1,445	1,673	1,935	2,300	2,404	3,187	3,344	4,005	24,182	33,809	31,817
Total Liabilities & Shareholders' Equity	10,010	10,911	11,490	14,910	16,334	19,635	22,331	33,345	38,358	51,616	64,255
Total Liabilities	6,705	7,222	7,834	10,610	11,764	14,419	16,099	24,785	29,168	40,801	44,076
Short-Term Debt	2,763	3,122	3,574	5,276	6,105	6,969	7,860	14,091	310	670	200
Accrued Interest Payable	624	813	772	948	1,055	1,348	1,596	1,895	2,003	2,553	3,586
Other Short-Term Payables	128	115	140	355	379	434	476	521	18,783	27,553	25,249
Long-Term Debt	2,253	2,209	2,270	2,843	3,245	3,987	4,470	6,039	5,805	7,295	12,957
Other Long-Term Liabilities	937	964	1,078	1,188	979	1,682	1,698	2,240	2,267	2,730	2,083
Total Equity & Noncontrolling Interests	3,305	3,688	3,656	4,300	4,570	5,216	6,233	8,560	9,190	10,815	20,180
Total Preferred & Common Equity	3,229	3,638	3,597	4,236	4,499	5,156	6,186	8,508	9,144	10,775	20,154
Total Common Equity	3,229	3,638	3,597	4,236	4,499	5,156	6,186	8,508	9,144	10,775	20,154
Common Stock	2,814	3,386	3,444	3,569	3,726	4,014	4,458	6,352	6,722	7,515	16,319
Retained Earnings	676	775	916	1,222	1,559	1,901	2,372	2,882	3,562	4,053	4,986
Accumulated Other Comprehensive Income / (Loss)	-261	-523	-764	-555	-786	-760	-644	-726	-1,140	-792	-1,151
Noncontrolling Interest	76	50	59	64	71	60	47	52	47	40	26

This table presents Arthur J. Gallagher & Co.'s assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	38,358	45,094	54,365	53,204	51,616	60,976	63,008	57,243	64,255	74,096	80,123
Cash and Due from Banks	738	1,550	952	1,028	972	1,763	1,415	2,022	14,987	16,692	14,300
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	576	581	641	649	726	705	655	660	650	647	691
Goodwill	9,489	9,703	10,514	10,469	11,476	11,532	11,916	12,193	12,270	12,715	13,740
Intangible Assets	3,372	3,404	3,720	3,585	4,633	4,622	4,389	4,353	4,530	4,532	5,132
Other Assets	24,182	29,856	38,538	37,473	33,809	42,355	44,632	38,014	31,817	39,510	46,260
Total Liabilities & Shareholders' Equity	38,358	45,094	54,365	53,204	51,616	60,976	63,008	57,243	64,255	74,096	80,123
Total Liabilities	29,168	35,236	43,925	42,694	40,801	49,632	51,408	45,033	44,076	51,742	57,066
Short-Term Debt	310	675	920	425	670	108	280	200	200	515	640
Accrued Interest Payable	2,003	2,231	2,062	2,431	2,553	3,467	3,108	3,223	3,586	3,970	2,820
Other Short-Term Payables	18,783	24,030	32,416	31,339	27,553	35,877	38,014	31,517	25,249	32,399	38,922
Long-Term Debt	5,805	6,182	6,214	6,303	7,295	8,174	7,999	8,052	12,957	12,573	12,255
Other Long-Term Liabilities	2,267	2,118	2,314	2,196	2,730	2,006	2,008	2,042	2,083	2,286	2,429
Total Equity & Noncontrolling Interests	9,190	9,858	10,440	10,510	10,815	11,344	11,599	12,210	20,180	22,354	23,056
Total Preferred & Common Equity	9,144	9,818	10,396	10,464	10,775	11,301	11,573	12,184	20,154	22,320	23,023
Total Common Equity	9,144	9,818	10,396	10,464	10,775	11,301	11,573	12,184	20,154	22,320	23,023
Common Stock	6,722	6,989	7,234	7,322	7,515	7,721	7,831	7,917	16,319	17,731	17,803
Retained Earnings	3,562	3,930	4,045	4,206	4,053	4,529	4,681	4,861	4,986	5,523	5,721
Accumulated Other Comprehensive Income / (Loss)	-1,140	-1,101	-883	-1,065	-792	-949	-939	-593	-1,151	-934	-500
Noncontrolling Interest	47	41	44	47	40	43	27	26	26	34	33

This table displays calculated financial ratios and metrics derived from Arthur J. Gallagher & Co.'s official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-61.43%	32.50%	240.08%	12.40%	13.43%	1.17%	-2.97%	17.28%	3.89%	17.86%	14.31%
EBITDA Growth	17.34%	13.45%	-10.70%	34.14%	20.65%	22.10%	30.19%	7.77%	24.95%	-1.26%	42.68%
EBIT Growth	0.17%	0.69%	-31.35%	78.56%	33.24%	30.60%	39.10%	11.96%	36.09%	-10.69%	58.20%
NOPAT Growth	15.07%	18.81%	10.59%	20.13%	30.76%	5.90%	19.88%	11.29%	16.86%	-13.44%	52.22%
Net Income Growth	15.07%	18.81%	10.59%	20.13%	30.76%	5.90%	19.88%	11.29%	16.86%	-13.44%	52.22%
EPS Growth	-4.37%	4.57%	7.77%	18.92%	28.79%	3.53%	19.32%	4.05%	18.76%	-14.84%	47.06%
Operating Cash Flow Growth	16.34%	93.44%	-41.91%	31.50%	-10.43%	55.68%	51.72%	-22.95%	-0.17%	46.17%	27.13%
Free Cash Flow Firm Growth	-113.02%	86.57%	83.54%	-4,627.76%	65.62%	-85.85%	0.10%	-498.29%	258.09%	-117.31%	-421.48%
Invested Capital Growth	46.10%	8.38%	5.33%	30.72%	12.09%	16.17%	14.79%	54.56%	-46.65%	22.71%	77.51%
Revenue Q/Q Growth	-49.65%	125.21%	244.52%	-31.22%	1.53%	-1.07%	-0.06%	3.35%	0.25%	4.15%	2.39%
EBITDA Q/Q Growth	-2.68%	3.07%	-16.95%	-70.61%	186.66%	5.82%	3.97%	-2.18%	2.62%	-7.57%	18.37%
EBIT Q/Q Growth	-11.07%	-0.37%	-36.33%	-83.94%	131.33%	6.97%	6.05%	-5.16%	3.22%	-14.70%	28.46%
NOPAT Q/Q Growth	-6.11%	3.59%	4.39%	-1.49%	7.87%	-3.01%	5.86%	-3.26%	1.33%	-15.34%	25.40%
Net Income Q/Q Growth	-6.11%	3.59%	4.39%	-1.49%	7.87%	-3.01%	5.86%	-3.26%	1.33%	-15.34%	25.40%
EPS Q/Q Growth	-5.29%	1.98%	2.78%	-2.22%	7.94%	-3.03%	5.26%	-5.41%	2.98%	-15.16%	24.28%
Operating Cash Flow Q/Q Growth	3.31%	56.82%	-37.05%	0.16%	-0.07%	15.69%	-0.14%	-14.57%	44.16%	4.40%	1.80%
Free Cash Flow Firm Q/Q Growth	28.52%	-51,533.33%	70.80%	-205.83%	67.06%	-10.64%	3.12%	-141.61%	246.32%	-113.90%	-537.97%
Invested Capital Q/Q Growth	-1.32%	2.40%	1.13%	16.02%	0.60%	1.31%	1.13%	23.99%	-55.18%	8.95%	62.92%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	47.50%	40.67%	10.68%	12.75%	13.56%	16.36%	21.95%	20.17%	24.26%	20.32%	25.37%
EBIT Margin	24.15%	18.35%	3.71%	5.89%	6.91%	8.92%	12.79%	12.21%	16.00%	12.12%	16.78%
Profit (Net Income) Margin	27.14%	24.33%	7.91%	8.46%	9.75%	10.20%	12.61%	11.96%	13.46%	9.88%	13.16%
Tax Burden Percent	112.35%	132.57%	128.99%	143.66%	140.99%	114.33%	98.53%	97.94%	84.10%	81.51%	78.43%
Interest Burden Percent	100.00%	100.00%	165.56%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	-12.35%	-32.57%	-28.99%	-43.66%	-40.99%	-14.33%	1.47%	2.06%	15.90%	18.49%	21.57%
Return on Invested Capital (ROIC)	4.67%	4.49%	4.65%	4.72%	5.13%	4.76%	4.94%	4.04%	5.07%	5.67%	5.64%
ROIC Less NNEP Spread (ROIC-NNEP)	4.67%	4.49%	4.65%	4.72%	5.13%	4.76%	4.94%	4.04%	5.07%	5.67%	5.64%
Return on Net Nonoperating Assets (RNNOA)	7.48%	6.64%	7.07%	8.28%	10.11%	9.87%	10.05%	8.87%	7.50%	3.99%	3.85%
Return on Equity (ROE)	12.15%	11.13%	11.72%	12.99%	15.24%	14.63%	14.99%	12.91%	12.57%	9.66%	9.49%
Cash Return on Invested Capital (CROIC)	-32.79%	-3.56%	-0.55%	-21.91%	-6.27%	-10.20%	-8.83%	-38.82%	65.92%	-14.72%	-50.22%
Operating Return on Assets (OROA)	3.46%	2.81%	1.80%	2.73%	3.07%	3.48%	4.15%	3.50%	3.70%	2.63%	3.24%
Return on Assets (ROA)	3.88%	3.72%	3.84%	3.92%	4.33%	3.98%	4.09%	3.43%	3.11%	2.15%	2.54%
Return on Common Equity (ROCE)	11.98%	10.93%	11.54%	12.79%	15.01%	14.43%	14.85%	12.83%	12.50%	9.62%	9.47%
Return on Equity Simple (ROE_SIMPLE)	10.14%	10.69%	11.96%	12.20%	15.02%	13.88%	13.87%	11.22%	12.21%	8.96%	7.30%
Net Operating Profit after Tax (NOPAT)	328	389	430	517	676	716	858	955	1,116	966	1,470
NOPAT Margin	27.14%	24.33%	7.91%	8.46%	9.75%	10.20%	12.61%	11.96%	13.46%	9.88%	13.16%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	-8.63%	5.64%	46.65%	44.94%	43.64%	47.60%	50.92%	49.20%	57.87%	58.12%	58.37%
Operating Expenses to Revenue	75.85%	81.65%	96.30%	94.11%	93.09%	91.08%	87.21%	87.79%	84.00%	87.88%	83.22%
Earnings before Interest and Taxes (EBIT)	292	294	202	360	479	626	871	975	1,327	1,185	1,875
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	573	650	581	779	940	1,148	1,494	1,610	2,012	1,987	2,835
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.95	1.70	2.28	2.46	2.80	3.27	3.71	4.04	4.27	4.39	2.99
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	17.95
Price to Revenue (P/Rev)	5.22	3.88	1.51	1.70	1.82	2.40	3.37	4.31	4.70	4.84	5.39
Price to Earnings (P/E)	20.77	17.38	20.63	21.61	19.88	25.20	28.04	37.94	35.00	48.76	41.16
Dividend Yield	3.69%	4.22%	3.30%	2.71%	2.39%	1.90%	1.51%	1.16%	1.10%	0.99%	0.85%
Earnings Yield	4.81%	5.75%	4.85%	4.63%	5.03%	3.97%	3.57%	2.64%	2.86%	2.05%	2.43%
Enterprise Value to Invested Capital (EV/IC)	1.17	1.07	1.28	1.31	1.42	1.56	1.71	1.75	2.90	2.89	1.75
Enterprise Value to Revenue (EV/Rev)	8.05	6.06	2.23	2.66	2.85	3.60	4.67	6.28	5.36	5.56	5.23
Enterprise Value to EBITDA (EV/EBITDA)	16.94	14.90	20.92	20.89	21.04	22.00	21.26	31.12	22.08	27.34	20.60
Enterprise Value to EBIT (EV/EBIT)	33.32	33.01	60.31	45.24	41.25	40.32	36.47	51.39	33.47	45.83	31.15
Enterprise Value to NOPAT (EV/NOPAT)	29.65	24.90	28.24	31.49	29.26	35.27	37.01	52.48	39.80	56.22	39.72
Enterprise Value to Operating Cash Flow (EV/OCF)	16.80	8.66	18.71	19.06	25.85	21.19	17.58	35.99	31.96	26.73	22.61
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.06	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.52	1.45	1.60	1.89	2.05	2.10	1.98	2.35	0.67	0.74	0.65
Long-Term Debt to Equity	0.68	0.60	0.62	0.66	0.71	0.76	0.72	0.71	0.63	0.67	0.64
Financial Leverage	1.60	1.48	1.52	1.76	1.97	2.08	2.03	2.19	1.48	0.70	0.68
Leverage Ratio	3.13	2.99	3.05	3.32	3.52	3.68	3.67	3.76	4.04	4.50	3.74
Compound Leverage Factor	3.13	2.99	5.05	3.32	3.52	3.68	3.67	3.76	4.04	4.50	3.74
Debt to Total Capital	60.28%	59.11%	61.52%	65.38%	67.17%	67.75%	66.42%	70.16%	39.95%	42.41%	39.47%
Short-Term Debt to Total Capital	33.21%	34.62%	37.62%	42.48%	43.86%	43.09%	42.34%	49.11%	2.03%	3.57%	0.60%
Long-Term Debt to Total Capital	27.07%	24.49%	23.90%	22.89%	23.31%	24.65%	24.08%	21.05%	37.93%	38.84%	38.87%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.91%	0.55%	0.62%	0.52%	0.51%	0.37%	0.25%	0.18%	0.30%	0.21%	0.08%
Common Equity to Total Capital	38.81%	40.34%	37.86%	34.11%	32.32%	31.88%	33.33%	29.66%	59.74%	57.38%	60.45%
Debt to EBITDA	8.75	8.20	10.06	10.42	9.95	9.55	8.25	12.50	3.04	4.01	4.64
Net Debt to EBITDA	5.82	5.29	6.73	7.46	7.57	7.26	5.86	9.73	2.67	3.52	-0.65
Long-Term Debt to EBITDA	3.93	3.40	3.91	3.65	3.45	3.47	2.99	3.75	2.89	3.67	4.57
Debt to NOPAT	15.32	13.70	13.58	15.71	13.83	15.30	14.37	21.08	5.48	8.25	8.95
Net Debt to NOPAT	10.18	8.84	9.08	11.25	10.52	11.64	10.20	16.40	4.82	7.24	-1.24
Long-Term Debt to NOPAT	6.88	5.68	5.28	5.50	4.80	5.57	5.21	6.32	5.20	7.55	8.81
Noncontrolling Interest Sharing Ratio	1.40%	1.80%	1.49%	1.55%	1.52%	1.34%	0.93%	0.66%	0.55%	0.43%	0.21%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,298	-309	-51	-2,402	-826	-1,535	-1,533	-9,172	14,500	-2,509	-13,086
Operating Cash Flow to CapEx	709.33%	1,129.60%	298.26%	661.15%	615.03%	858.14%	1,819.84%	1,082.74%	760.81%	1,049.43%	1,820.23%
Free Cash Flow to Firm to Interest Expense	-25.82	-3.00	-0.46	0.00	0.00	-8.54	-7.81	-40.57	56.44	-8.46	-34.32
Operating Cash Flow to Interest Expense	6.50	10.86	5.92	0.00	0.00	6.62	9.20	6.16	5.41	6.85	6.77
Operating Cash Flow Less CapEx to Interest Expense	5.58	9.90	3.93	0.00	0.00	5.85	8.70	5.59	4.70	6.20	6.40
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.15	0.49	0.46	0.44	0.39	0.32	0.29	0.23	0.22	0.19
Fixed Asset Turnover	6.78	7.20	17.36	15.48	16.33	15.52	14.83	16.78	15.40	15.01	16.23
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,321	9,019	9,500	12,419	13,920	16,171	18,562	28,689	15,305	18,780	33,337
Invested Capital Turnover	0.17	0.18	0.59	0.56	0.53	0.47	0.39	0.34	0.38	0.57	0.43
Increase / (Decrease) in Invested Capital	2,626	698	481	2,919	1,502	2,250	2,391	10,127	-13,384	3,475	14,556
Enterprise Value (EV)	9,712	9,689	12,152	16,279	19,776	25,245	31,761	50,115	44,420	54,309	58,399
Market Capitalization	6,302	6,201	8,186	10,401	12,592	16,854	22,960	34,400	38,997	47,276	60,203
Book Value per Share	$20.01	$20.59	$20.21	$23.43	$24.50	$27.64	$32.17	$41.05	$43.37	$49.91	$91.86
Tangible Book Value per Share	($12.37)	($9.75)	($10.11)	($8.70)	($10.34)	($14.91)	($12.17)	($19.84)	($17.63)	($24.70)	$15.28
Total Capital	8,321	9,019	9,500	12,419	13,920	16,171	18,562	28,689	15,305	18,780	33,337
Total Debt	5,016	5,331	5,844	8,119	9,351	10,955	12,329	20,129	6,115	7,965	13,157
Total Long-Term Debt	2,253	2,209	2,270	2,843	3,245	3,987	4,470	6,039	5,805	7,295	12,957
Net Debt	3,334	3,438	3,907	5,814	7,114	8,331	8,755	15,663	5,376	6,994	-1,830
Capital Expenditures (CapEx)	82	99	218	129	124	139	99	129	183	194	142
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	5,016	5,331	5,844	8,119	9,351	10,955	12,329	20,129	6,115	7,965	13,157
Total Depreciation and Amortization (D&A)	282	357	379	419	461	522	623	635	685	802	960
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.98	$2.07	$2.33	$2.57	$3.47	$3.60	$4.29	$4.47	$5.30	$4.51	$6.63
Adjusted Weighted Average Basic Shares Outstanding	164.74M	177.03M	178.62M	181.43M	184.06M	188.25M	193.74M	208.54M	212.09M	216.80M	254.70M
Adjusted Diluted Earnings per Share	$1.97	$2.06	$2.32	$2.54	$3.40	$3.52	$4.20	$4.37	$5.19	$4.42	$6.50
Adjusted Weighted Average Diluted Shares Outstanding	164.74M	177.03M	178.62M	181.43M	184.06M	188.25M	193.74M	208.54M	212.09M	216.80M	254.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	164.74M	177.03M	178.62M	181.43M	184.06M	188.25M	193.74M	208.54M	212.09M	216.80M	254.70M
Normalized Net Operating Profit after Tax (NOPAT)	216	234	256	273	342	449	826	1,088	1,186	1,274	1,491
Normalized NOPAT Margin	17.92%	14.62%	4.71%	4.47%	4.94%	6.40%	12.13%	13.63%	14.30%	13.03%	13.34%
Pre Tax Income Margin	24.15%	18.35%	6.13%	5.89%	6.91%	8.92%	12.79%	12.21%	16.00%	12.12%	16.78%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.28	2.85	1.84	0.00	0.00	3.48	4.43	4.31	5.17	3.99	4.92
NOPAT to Interest Expense	3.68	3.78	3.92	0.00	0.00	3.98	4.37	4.22	4.34	3.26	3.86
EBIT Less CapEx to Interest Expense	2.36	1.89	-0.15	0.00	0.00	2.71	3.93	3.74	4.45	3.34	4.54
NOPAT Less CapEx to Interest Expense	2.76	2.82	1.94	0.00	0.00	3.21	3.86	3.66	3.63	2.60	3.48
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	68.12%	66.18%	63.26%	54.69%	52.67%	44.86%	40.48%	41.05%	38.49%	49.03%	35.73%
Augmented Payout Ratio	68.12%	66.18%	86.73%	58.12%	54.34%	44.86%	40.48%	41.05%	38.49%	49.03%	35.73%

This table displays calculated financial ratios and metrics derived from Arthur J. Gallagher & Co.'s official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.07%	11.25%	19.50%	22.21%	19.82%	19.95%	13.41%	12.18%	11.06%	12.78%	14.21%
EBITDA Growth	20.80%	10.13%	-3.22%	16.87%	-54.47%	27.85%	21.94%	14.01%	323.77%	14.56%	20.82%
EBIT Growth	51.36%	12.67%	-15.58%	15.59%	-167.38%	27.55%	22.93%	10.77%	505.35%	12.94%	28.94%
NOPAT Growth	12.08%	10.82%	-17.29%	10.50%	-142.46%	25.91%	21.03%	10.91%	548.73%	15.70%	28.31%
Net Income Growth	12.08%	10.82%	-17.29%	10.50%	-129.23%	25.91%	21.03%	10.91%	752.02%	15.70%	28.31%
EPS Growth	31.91%	9.27%	-19.55%	7.56%	-127.42%	22.32%	18.69%	8.59%	747.06%	-0.73%	10.24%
Operating Cash Flow Growth	233.83%	97.83%	116.27%	39.82%	14.10%	84.20%	863.71%	4.19%	6.59%	10.45%	-456.57%
Free Cash Flow Firm Growth	235.11%	226.99%	263.03%	259.88%	-126.13%	-110.37%	-111.00%	-116.92%	-304.71%	-557.24%	-678.16%
Invested Capital Growth	-46.65%	-56.47%	-50.76%	-49.52%	22.71%	17.42%	13.11%	18.70%	77.51%	80.58%	80.86%
Revenue Q/Q Growth	-0.77%	34.31%	-10.39%	2.33%	-2.71%	34.45%	-15.28%	1.22%	-3.68%	36.53%	-14.20%
EBITDA Q/Q Growth	-38.15%	164.02%	-36.72%	13.09%	-75.90%	641.43%	-39.65%	5.74%	-10.44%	100.43%	-36.35%
EBIT Q/Q Growth	-61.27%	396.56%	-50.91%	22.43%	-122.58%	1,040.02%	-52.69%	10.31%	-17.38%	161.91%	-45.98%
NOPAT Q/Q Growth	-47.13%	259.11%	-51.54%	20.10%	-120.32%	1,164.82%	-53.42%	10.06%	-17.80%	174.55%	-48.34%
Net Income Q/Q Growth	-47.13%	259.11%	-51.54%	20.10%	-113.98%	1,647.22%	-53.42%	10.06%	-17.80%	174.55%	-48.34%
EPS Q/Q Growth	-47.90%	261.29%	-52.23%	19.63%	-113.28%	1,711.76%	-53.65%	9.45%	-20.86%	147.27%	-48.53%
Operating Cash Flow Q/Q Growth	-5.27%	-29.51%	-97.11%	7,135.48%	-22.69%	13.80%	-84.86%	682.26%	-20.91%	17.92%	-148.88%
Free Cash Flow Firm Q/Q Growth	225.70%	64.01%	-17.23%	-6.31%	-120.55%	34.94%	12.18%	-44.15%	-391.40%	-5.65%	-3.98%
Invested Capital Q/Q Growth	-55.18%	9.21%	5.14%	-1.91%	8.95%	4.50%	1.28%	2.93%	62.92%	6.31%	1.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	15.20%	29.87%	21.09%	23.31%	5.77%	31.84%	22.68%	23.69%	22.03%	32.34%	23.99%
EBIT Margin	6.21%	22.96%	12.58%	15.05%	-3.49%	24.42%	13.64%	14.86%	12.75%	24.45%	15.39%
Profit (Net Income) Margin	6.90%	18.44%	9.97%	11.71%	-1.68%	19.36%	10.64%	11.57%	9.88%	19.86%	11.96%
Tax Burden Percent	111.07%	80.32%	79.29%	77.78%	48.18%	79.29%	78.06%	77.88%	77.49%	81.23%	77.68%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	-11.07%	19.68%	20.71%	22.22%	0.00%	20.71%	21.94%	22.12%	22.51%	18.77%	22.32%
Return on Invested Capital (ROIC)	2.60%	5.73%	3.35%	4.28%	-1.40%	10.98%	6.04%	6.70%	4.24%	8.35%	5.12%
ROIC Less NNEP Spread (ROIC-NNEP)	2.60%	5.73%	3.35%	4.28%	-1.15%	10.98%	6.04%	6.70%	4.24%	8.35%	5.12%
Return on Net Nonoperating Assets (RNNOA)	3.85%	10.98%	5.90%	7.21%	-0.81%	7.84%	4.22%	4.42%	2.89%	5.30%	3.13%
Return on Equity (ROE)	6.45%	16.71%	9.25%	11.48%	-2.21%	18.81%	10.26%	11.12%	7.12%	13.65%	8.25%
Cash Return on Invested Capital (CROIC)	65.92%	82.92%	72.21%	70.26%	-14.72%	-10.01%	-6.21%	-10.88%	-50.22%	-51.75%	-51.68%
Operating Return on Assets (OROA)	1.44%	4.45%	2.39%	3.08%	-0.76%	4.74%	2.47%	2.94%	2.46%	4.19%	2.57%
Return on Assets (ROA)	1.60%	3.58%	1.89%	2.39%	-0.37%	3.76%	1.93%	2.29%	1.90%	3.41%	2.00%
Return on Common Equity (ROCE)	6.41%	16.62%	9.20%	11.42%	-2.20%	18.74%	10.22%	11.08%	7.11%	13.62%	8.24%
Return on Equity Simple (ROE_SIMPLE)	0.00%	11.85%	10.72%	10.91%	0.00%	9.66%	9.87%	9.62%	0.00%	7.02%	7.16%
Net Operating Profit after Tax (NOPAT)	136	487	236	283	-58	613	285	314	258	709	366
NOPAT Margin	6.90%	18.44%	9.97%	11.71%	-2.44%	19.36%	10.64%	11.57%	9.88%	19.86%	11.96%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	-0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	59.81%	53.65%	59.77%	58.88%	60.68%	54.54%	60.43%	59.76%	59.46%	53.17%	58.89%
Operating Expenses to Revenue	93.79%	77.04%	87.42%	84.95%	103.49%	75.58%	86.36%	85.14%	87.25%	75.55%	84.61%
Earnings before Interest and Taxes (EBIT)	122	606	297	364	-82	773	366	403	333	873	471
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	299	788	499	564	136	1,008	608	643	576	1,154	735
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.27	4.09	4.44	4.58	4.39	4.69	4.75	4.90	2.99	3.28	2.95
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	17.95	14.43	16.36
Price to Revenue (P/Rev)	4.70	4.69	5.16	5.10	4.84	5.15	5.18	5.47	5.39	6.32	5.68
Price to Earnings (P/E)	35.00	34.58	41.47	42.12	48.76	48.59	48.23	50.91	41.16	46.98	41.37
Dividend Yield	1.10%	1.10%	0.97%	0.96%	0.99%	0.90%	0.89%	0.84%	0.85%	0.71%	0.78%
Earnings Yield	2.86%	2.89%	2.41%	2.37%	2.05%	2.06%	2.07%	1.96%	2.43%	2.13%	2.42%
Enterprise Value to Invested Capital (EV/IC)	2.90	2.72	2.98	3.11	2.89	3.04	3.11	3.22	1.75	1.97	1.85
Enterprise Value to Revenue (EV/Rev)	5.36	5.32	5.85	5.72	5.56	5.79	5.83	6.04	5.23	6.02	5.56
Enterprise Value to EBITDA (EV/EBITDA)	22.08	21.84	25.32	24.96	27.34	27.01	26.73	27.53	20.60	23.36	21.40
Enterprise Value to EBIT (EV/EBIT)	33.47	32.63	39.07	38.62	45.83	44.08	43.58	45.18	31.15	35.27	31.97
Enterprise Value to NOPAT (EV/NOPAT)	39.80	39.13	46.99	47.02	56.22	54.57	54.21	56.23	39.72	44.46	40.38
Enterprise Value to Operating Cash Flow (EV/OCF)	31.96	28.42	30.97	27.57	26.73	24.91	24.76	25.99	22.61	26.13	31.38
Enterprise Value to Free Cash Flow (EV/FCFF)	3.06	1.99	2.72	2.97	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.67	0.70	0.68	0.64	0.74	0.73	0.71	0.68	0.65	0.59	0.56
Long-Term Debt to Equity	0.63	0.63	0.60	0.60	0.67	0.72	0.69	0.66	0.64	0.56	0.53
Financial Leverage	1.48	1.92	1.76	1.69	0.70	0.71	0.70	0.66	0.68	0.63	0.61
Leverage Ratio	4.04	4.67	4.89	4.80	4.50	5.00	5.33	4.86	3.74	4.01	4.13
Compound Leverage Factor	4.04	4.67	4.89	4.80	4.50	5.00	5.33	4.86	3.74	4.01	4.13
Debt to Total Capital	39.95%	41.02%	40.59%	39.03%	42.41%	42.20%	41.65%	40.33%	39.47%	36.93%	35.87%
Short-Term Debt to Total Capital	2.03%	4.04%	5.24%	2.47%	3.57%	0.55%	1.41%	0.98%	0.60%	1.45%	1.78%
Long-Term Debt to Total Capital	37.93%	36.98%	35.36%	36.56%	38.84%	41.65%	40.24%	39.35%	38.87%	35.47%	34.09%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.30%	0.24%	0.25%	0.27%	0.21%	0.22%	0.13%	0.13%	0.08%	0.09%	0.09%
Common Equity to Total Capital	59.74%	58.74%	59.15%	60.70%	57.38%	57.58%	58.22%	59.55%	60.45%	62.98%	64.04%
Debt to EBITDA	3.04	3.29	3.45	3.13	4.01	3.75	3.58	3.45	4.64	4.39	4.15
Net Debt to EBITDA	2.67	2.55	2.99	2.65	3.52	2.96	2.96	2.60	-0.65	-1.21	-0.45
Long-Term Debt to EBITDA	2.89	2.97	3.01	2.93	3.67	3.71	3.45	3.36	4.57	4.22	3.94
Debt to NOPAT	5.48	5.89	6.40	5.90	8.25	7.58	7.25	7.04	8.95	8.35	7.83
Net Debt to NOPAT	4.82	4.56	5.55	5.00	7.24	5.97	6.01	5.31	-1.24	-2.30	-0.85
Long-Term Debt to NOPAT	5.20	5.31	5.58	5.52	7.55	7.48	7.01	6.87	8.81	8.03	7.44
Noncontrolling Interest Sharing Ratio	0.55%	0.50%	0.50%	0.53%	0.43%	0.40%	0.32%	0.32%	0.21%	0.23%	0.17%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	13,520	22,174	18,353	17,196	-3,533	-2,298	-2,019	-2,910	-14,298	-15,106	-15,707
Operating Cash Flow to CapEx	1,433.73%	1,442.76%	20.98%	1,525.85%	1,507.83%	2,657.58%	375.79%	2,540.22%	1,695.64%	3,091.49%	-1,081.47%
Free Cash Flow to Firm to Interest Expense	211.25	326.57	235.90	236.20	-45.18	-24.93	-21.41	-31.32	-140.32	-95.37	-99.04
Operating Cash Flow to Interest Expense	9.50	6.31	0.16	12.32	8.87	8.56	1.27	10.06	7.26	5.50	-2.69
Operating Cash Flow Less CapEx to Interest Expense	8.84	5.87	-0.60	11.52	8.28	8.24	0.93	9.67	6.83	5.33	-2.94
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.23	0.19	0.19	0.20	0.22	0.19	0.18	0.20	0.19	0.17	0.17
Fixed Asset Turnover	15.40	15.76	14.79	15.50	15.01	16.02	16.39	16.67	16.23	17.13	17.77
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,305	16,715	17,574	17,238	18,780	19,626	19,878	20,461	33,337	35,441	35,951
Invested Capital Turnover	0.38	0.31	0.34	0.37	0.57	0.57	0.57	0.58	0.43	0.42	0.43
Increase / (Decrease) in Invested Capital	-13,384	-21,688	-18,118	-16,913	3,475	2,911	2,304	3,224	14,556	15,815	16,073
Enterprise Value (EV)	44,420	45,526	52,357	53,651	54,309	59,595	61,888	65,932	58,399	69,653	66,524
Market Capitalization	38,997	40,179	46,131	47,904	47,276	53,032	54,998	59,677	60,203	73,223	67,896
Book Value per Share	$43.37	$46.29	$48.52	$48.55	$49.91	$51.72	$52.96	$55.61	$91.86	$87.63	$89.90
Tangible Book Value per Share	($17.63)	($15.51)	($17.92)	($16.66)	($24.70)	($22.21)	($21.66)	($19.91)	$15.28	$19.92	$16.21
Total Capital	15,305	16,715	17,574	17,238	18,780	19,626	19,878	20,461	33,337	35,441	35,951
Total Debt	6,115	6,857	7,134	6,728	7,965	8,282	8,279	8,252	13,157	13,088	12,895
Total Long-Term Debt	5,805	6,182	6,214	6,303	7,295	8,174	7,999	8,052	12,957	12,573	12,255
Net Debt	5,376	5,307	6,182	5,700	6,994	6,520	6,863	6,229	-1,830	-3,604	-1,404
Capital Expenditures (CapEx)	42	30	59	59	46	30	32	37	44	28	39
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	-18	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	6,115	6,857	7,134	6,728	7,965	8,282	8,279	8,252	13,157	13,088	12,895
Total Depreciation and Amortization (D&A)	177	182	201	200	218	235	243	240	243	282	263
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.64	$2.29	$1.09	$1.30	($0.17)	$2.80	$1.30	$1.43	$1.10	$2.76	$1.43
Adjusted Weighted Average Basic Shares Outstanding	212.09M	214.25M	215.51M	215.90M	216.80M	218.50M	219.10M	219.40M	254.70M	256.10M	256.40M
Adjusted Diluted Earnings per Share	$0.62	$2.24	$1.07	$1.28	($0.17)	$2.74	$1.27	$1.39	$1.10	$2.72	$1.40
Adjusted Weighted Average Diluted Shares Outstanding	212.09M	214.25M	215.51M	215.90M	216.80M	218.50M	219.10M	219.40M	254.70M	256.10M	256.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	212.09M	214.25M	215.51M	215.90M	216.80M	218.50M	219.10M	219.40M	254.70M	256.10M	256.40M
Normalized Net Operating Profit after Tax (NOPAT)	164	520	243	281	172	600	300	302	288	722	362
Normalized NOPAT Margin	8.34%	19.72%	10.29%	11.63%	7.33%	18.96%	11.19%	11.13%	11.02%	20.22%	11.82%
Pre Tax Income Margin	6.21%	22.96%	12.58%	15.05%	-3.49%	24.42%	13.64%	14.86%	12.75%	24.45%	15.39%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.91	8.92	3.82	5.00	-1.05	8.38	3.88	4.34	3.27	5.51	2.97
NOPAT to Interest Expense	2.12	7.17	3.03	3.89	-0.74	6.65	3.03	3.38	2.53	4.48	2.31
EBIT Less CapEx to Interest Expense	1.24	8.48	3.06	4.19	-1.64	8.06	3.54	3.95	2.84	5.33	2.72
NOPAT Less CapEx to Interest Expense	1.45	6.73	2.27	3.08	-1.32	6.32	2.69	2.98	2.11	4.30	2.06
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	38.49%	37.83%	40.51%	40.53%	49.03%	44.58%	43.77%	43.72%	35.73%	35.79%	36.18%
Augmented Payout Ratio	38.49%	37.83%	40.51%	40.53%	49.03%	44.58%	43.77%	43.72%	35.73%	35.79%	36.18%

Financials Breakdown Chart

Key Financial Trends

Arthur J. Gallagher & Co. (NYSE: AJG) has shown a generally positive financial trajectory over the last few years, with some noted fluctuations tied to acquisitions and operating activity changes. Below are key highlights based on their recent quarterly financial statements up to Q2 2025.

Consistent Net Income Growth: The company reported a net income of $366.2 million in Q2 2025, a strong performance considering $285.4 million in Q2 2024, and a recovery from negative net income in late 2023.
Increasing Total Assets: Total assets grew from approximately $38.4 billion at the end of 2022 to over $80 billion by mid-2025, indicating expansion and asset accumulation.
Robust Equity Position: Total common equity increased steadily, reaching $23.0 billion by Q2 2025 from around $9.1 billion in Q4 2022, reflecting retained earnings growth and successful capital management.
Premiums Earned Increasing: Premiums earned increased from $1.995 billion in Q4 2022 to $3.178 billion in Q2 2025, which indicates growth in core insurance operations.
Strong Operating Cash Flow in Prior Periods: Positive net cash from operating activities was seen in multiple quarters, for example $871.8 million in Q1 2025, contributing to liquidity and operational strength.
Large Acquisition Investments: The company has spent substantial amounts on acquisitions (e.g., $1.33 billion in Q2 2025 and $1.86 billion in Q4 2023), suggesting an aggressive growth strategy through M&A, which carries integration risks but potential growth.
Amortization and Depreciation Expenses: These non-cash expenses remain significant, with amortization around $30-$180 million quarterly and depreciation roughly $40-$230 million quarterly, reflecting investment in intangibles and property/equipment.
Dividend Stability: Dividends per share have increased modestly from $0.51 in Q4 2022 to $0.65 in Q2 2025, showing commitment to returning capital to shareholders steadily.
Q2 2025 Negative Operating Cash Flow: Notably, in Q2 2025 net cash from operating activities was negative at -$426 million, primarily due to unfavorable changes in operating assets and liabilities (-$510 million), suggesting some short-term operational cash flow pressures.
Increased Debt Repayment in Q2 2025: Large debt repayments ($690 million in Q2 2025) may strain cash flow despite net debt issuance being minimal, indicating a possible tightening in capital structure.

Overall, Arthur J. Gallagher & Co. is demonstrating solid revenue and earnings growth, supported by expanding asset and equity bases. The company is investing heavily in acquisitions, which points to a strategic emphasis on expanding its footprint despite some temporary cash flow challenges observed in recent quarters. Retail investors should watch for how acquisition integration and operating cash flow develop in upcoming periods.

09/19/25 10:47 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Arthur J. Gallagher & Co.'s Financials

When does Arthur J. Gallagher & Co.'s financial year end?

According to the most recent income statement we have on file, Arthur J. Gallagher & Co.'s fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Arthur J. Gallagher & Co.'s net income changed over the last 10 years?

Arthur J. Gallagher & Co.'s net income appears to be on an upward trend, with a most recent value of $1.47 billion in 2024, rising from $327.50 million in 2014. The previous period was $966 million in 2023. Check out Arthur J. Gallagher & Co.'s forecast to explore projected trends and price targets.

How has Arthur J. Gallagher & Co.'s revenue changed over the last 10 years?

Over the last 10 years, Arthur J. Gallagher & Co.'s total revenue changed from $1.21 billion in 2014 to $11.17 billion in 2024, a change of 825.8%.

How much debt does Arthur J. Gallagher & Co. have?

Arthur J. Gallagher & Co.'s total liabilities were at $44.08 billion at the end of 2024, a 8.0% increase from 2023, and a 557.4% increase since 2014.

How much cash does Arthur J. Gallagher & Co. have?

In the past 10 years, Arthur J. Gallagher & Co.'s cash and equivalents has ranged from $314.40 million in 2014 to $14.99 billion in 2024, and is currently $14.99 billion as of their latest financial filing in 2024.

How has Arthur J. Gallagher & Co.'s book value per share changed over the last 10 years?

Over the last 10 years, Arthur J. Gallagher & Co.'s book value per share changed from 20.01 in 2014 to 91.86 in 2024, a change of 359.0%.

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This page (NYSE:AJG) was last updated on 9/19/2025 by MarketBeat.com Staff

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Arthur J. Gallagher & Co. (AJG) Financials

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Arthur J. Gallagher & Co. (AJG) Financials

Annual Income Statements for Arthur J. Gallagher & Co.

Quarterly Income Statements for Arthur J. Gallagher & Co.

Annual Cash Flow Statements for Arthur J. Gallagher & Co.

Quarterly Cash Flow Statements for Arthur J. Gallagher & Co.

Annual Balance Sheets for Arthur J. Gallagher & Co.

Quarterly Balance Sheets for Arthur J. Gallagher & Co.

Annual Metrics And Ratios for Arthur J. Gallagher & Co.

Quarterly Metrics And Ratios for Arthur J. Gallagher & Co.

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Key Financial Trends

Frequently Asked Questions About Arthur J. Gallagher & Co.'s Financials

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