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Arthur J. Gallagher & Co. (AJG) Financials

Arthur J. Gallagher & Co. logo
$302.82 -2.56 (-0.84%)
Closing price 08/22/2025 03:59 PM Eastern
Extended Trading
$303.16 +0.34 (+0.11%)
As of 08/22/2025 04:43 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
Annual Income Statements for Arthur J. Gallagher & Co.

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

Quarterly Income Statements for Arthur J. Gallagher & Co.

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

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

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

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

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

Annual Balance Sheets for Arthur J. Gallagher & Co.

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

Quarterly Balance Sheets for Arthur J. Gallagher & Co.

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

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

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%

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

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%

Key Financial Trends

Arthur J. Gallagher & Co. (NYSE: AJG) Financial Analysis Overview (Last Four Years)

Reviewing Arthur J. Gallagher & Co.'s financials over the past four years reveals several key trends and insights across income, balance sheet, and cash flow statements. The company has displayed consistent revenue growth, stable profitability, strategic acquisitions, and evolving capital structure, though recent quarters show some operational cash flow challenges.

  • Revenue Growth: Total revenue has steadily increased from approximately $1.96 billion in Q4 2022 to over $3.06 billion in Q2 2025, driven mainly by growth in premiums earned and non-interest income.
  • Profitability Improvement: Net income recovered from a loss in Q4 2023 (-$39.6 million) to positive and growing net income with $366.2 million in Q2 2025, reflecting operational improvements and cost management.
  • Salaries and Operating Expenses Control: Although total non-interest expenses increased in absolute terms, the company managed expenses well relative to revenue growth, supporting profitability gains.
  • Strong Equity Base: Total common equity rose from about $9.14 billion at end of 2022 to $23.02 billion by Q2 2025, indicating enhanced shareholder value and capital strength.
  • Significant Acquisitions: The company made substantial acquisitions, notably $1.33 billion in Q2 2025, demonstrating growth via strategic expansion.
  • Increasing Long-Term Debt: Long-term debt rose over the past four years from $5.8 billion to approximately $12.25 billion by Q2 2025, reflecting financing activities for acquisitions and other investments.
  • Dividend Stability: Cash dividends per common share consistently increased from $0.51 in late 2022 to $0.65 in mid-2025, supporting steady return to shareholders.
  • Operating Cash Flow Fluctuations: Net cash from continuing operating activities dropped significantly to negative $426 million in Q2 2025 from a positive $872 million in Q1 2025, impacted by changes in operating assets and liabilities.
  • Negative Net Change in Cash: Q2 2025 saw a substantial net decrease in cash of $1.43 billion, highlighting cash management pressures, mainly due to investing activities.
  • High Investing Cash Outflows: Large cash outflows for acquisitions ($1.33 billion) and property purchase ($39.4 million) in Q2 2025, which although potentially value-adding, weigh on liquidity.

Summary: Arthur J. Gallagher & Co. has shown robust revenue and earnings growth driven by strategic acquisitions and effective expense management. The company's equity base has strengthened significantly over four years. However, recent quarters reflect challenges in operating cash flow and increased debt load. Investors should watch upcoming quarters for stabilization in cash flow and the integration success of acquired businesses.

Overall, AJG appears positioned for growth with strong profitability and capital resources, though with near-term liquidity considerations given sizable acquisition investments.

08/24/25 12:58 AMAI Generated. May Contain Errors.

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

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

According to the most recent income statement we have on file, Arthur J. Gallagher & Co.'s financial year ends in December. Their financial 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. Find out what analysts predict for Arthur J. Gallagher & Co. in the coming months.

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%.



This page (NYSE:AJG) was last updated on 8/24/2025 by MarketBeat.com Staff
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