Arthur J. Gallagher & Co. (AJG) Financials

$284.06 -3.19 (-1.11%)

Closing price 08/1/2025 03:59 PM Eastern

Extended Trading

$282.32 -1.74 (-0.61%)

As of 08/1/2025 06:01 PM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	357	397	481	634	669	819	907	1,114	970	1,463
Consolidated Net Income / (Loss)	389	430	517	676	716	858	955	1,116	966	1,470
Net Income / (Loss) Continuing Operations	389	298	517	676	716	858	955	1,116	966	1,470
Total Pre-Tax Income	294	334	360	479	626	871	975	1,327	1,185	1,875
Total Revenue	1,599	5,439	6,113	6,934	7,015	6,807	7,983	8,294	9,775	11,174
Net Interest Income / (Expense)	-49	-110	0.00	0.00	-180	-196	-226	-257	-297	-381
Total Interest Income	54	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	103	110	0.00	0.00	180	196	226	257	297	381
Long-Term Debt Interest Expense	103	110	-	-	180	196	226	257	297	381
Total Non-Interest Income	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	179	-	6,113	6,934	7,195	152	133	131	145	154
Total Non-Interest Expense	1,306	5,237	5,753	6,455	6,389	5,936	7,008	6,967	8,590	9,299
Salaries and Employee Benefits	90	2,537	2,747	3,026	3,340	3,467	3,928	4,800	5,681	6,522
Other Operating Expenses	841	2,317	2,589	3,000	2,560	1,940	2,379	1,484	1,835	1,908
Depreciation Expense	94	104	121	128	140	145	151	145	165	178
Amortization Expense	240	247	265	291	334	417	415	455	531	665
Restructuring Charge	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	-96	-97	-157	-197	-90	13	20	211	219	404
Net Income / (Loss) Attributable to Noncontrolling Interest	32	34	36	42	47	39	48	1.80	-3.50	7.70
Basic Earnings per Share	$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	172.20M	177.60M	180.10M	182.70M	188.25M	193.74M	208.54M	212.09M	216.80M	254.70M
Diluted Earnings per Share	$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	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	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	$1.48	$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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Net Income / (Loss) Attributable to Common Shareholders	256	136	487	235	281	-32	608	283	313	258	704
Consolidated Net Income / (Loss)	256	136	487	236	283	-40	613	285	314	258	709
Net Income / (Loss) Continuing Operations	256	136	487	236	283	-40	613	285	314	258	709
Total Pre-Tax Income	315	122	606	297	364	-82	773	366	403	333	873
Total Revenue	1,980	1,964	2,638	2,364	2,419	2,354	3,165	2,681	2,714	2,614	3,569
Net Interest Income / (Expense)	-64	-64	-68	-78	-73	-78	-92	-94	-93	-102	-158
Total Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Expense	64	64	68	78	73	78	92	94	93	102	158
Long-Term Debt Interest Expense	64	64	68	78	73	78	92	94	93	102	158
Total Non-Interest Income	2,044	2,028	2,706	2,442	2,492	2,432	3,257	2,775	2,807	2,716	3,727
Premiums Earned	2,012	1,995	2,673	2,407	2,454	2,393	3,218	2,736	2,767	2,680	3,688
Other Non-Interest Income	32	33	33	35	38	39	39	39	40	36	39
Total Non-Interest Expense	1,665	1,842	2,032	2,067	2,055	2,436	2,392	2,316	2,311	2,281	2,696
Salaries and Employee Benefits	1,182	1,175	1,416	1,413	1,425	1,428	1,726	1,620	1,622	1,554	1,898
Other Operating Expenses	354	401	416	469	461	489	474	465	494	475	529
Depreciation Expense	33	37	38	41	43	44	45	41	45	46	44
Amortization Expense	113	117	122	135	129	146	162	171	165	167	209
Restructuring Charge	-16	112	42	9.40	-2.50	329	-16	19	-15	39	16
Income Tax Expense	59	-14	119	62	81	-43	160	80	89	75	164
Net Income / (Loss) Attributable to Noncontrolling Interest	0.50	-	0.10	1.30	2.50	-7.40	4.30	2.00	1.50	-0.10	4.50
Basic Earnings per Share	$1.21	$0.64	$2.29	$1.09	$1.30	($0.17)	$2.80	$1.30	$1.43	$1.10	$2.76
Weighted Average Basic Shares Outstanding	210.84M	212.09M	214.25M	215.51M	215.90M	216.80M	218.50M	219.10M	219.40M	254.70M	256.10M
Diluted Earnings per Share	$1.19	$0.62	$2.24	$1.07	$1.28	($0.17)	$2.74	$1.27	$1.39	$1.10	$2.72
Weighted Average Diluted Shares Outstanding	210.84M	212.09M	214.25M	215.51M	215.90M	216.80M	218.50M	219.10M	219.40M	254.70M	256.10M
Weighted Average Basic & Diluted Shares Outstanding	210.84M	212.09M	214.25M	215.51M	215.90M	216.80M	218.50M	219.10M	219.40M	254.70M	256.10M
Cash Dividends to Common per Share	$0.51	$0.51	$0.55	$0.55	$0.55	$0.55	$0.60	$0.60	$0.60	$0.60	$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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	211	45	367	-68	387	950	892	498	1,579	13,925
Net Cash From Operating Activities	1,118	650	854	765	1,191	1,807	1,392	1,390	2,032	2,583
Net Cash From Continuing Operating Activities	1,118	650	854	765	1,191	1,807	1,392	1,390	2,032	2,583
Net Income / (Loss) Continuing Operations	389	430	517	676	716	858	955	1,116	966	1,470
Consolidated Net Income / (Loss)	389	430	517	676	716	858	955	1,116	966	1,470
Depreciation Expense	334	351	386	419	474	562	566	600	697	842
Amortization Expense	23	29	34	42	47	61	69	85	105	118
Non-Cash Adjustments to Reconcile Net Income	4.40	-20	-37	-62	-239	-154	-205	-311	8.00	86
Changes in Operating Assets and Liabilities, net	368	-140	-45	-309	193	479	7.40	-100	256	67
Net Cash From Investing Activities	-369	-485	-511	-910	-1,449	-471	-3,432	-1,005	-3,293	-1,587
Net Cash From Continuing Investing Activities	-369	-485	-511	-910	-1,449	-471	-3,432	-1,005	-3,293	-1,587
Purchase of Property, Leasehold Improvements and Equipment	-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	-30	-32	-8.90	-16	-124	-56	-68	-68	-67	-2.90
Sale and/or Maturity of Investments	9.20	7.80	3.20	15	81	8.20	16	11	9.90	20
Net Cash From Financing Activities	-61	-12	-48	162	638	-505	2,996	213	2,874	13,053
Net Cash From Continuing Financing Activities	-61	-12	-48	162	638	-505	2,996	213	2,874	13,053
Issuance of Debt	849	3,066	3,991	3,475	5,040	2,630	2,957	2,369	5,429	1,663
Issuance of Common Equity	203	52	60	82	101	112	1,547	123	120	8,507
Repayment of Debt	-794	-2,669	-3,731	-3,001	-4,045	-2,710	-1,198	-2,530	-3,568	3,552
Payment of Dividends	-258	-272	-283	-356	-321	-347	-392	-430	-474	-525
Other Financing Activities, Net	-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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Net Change in Cash & Equivalents	487	-313	1,127	851	-157	-242	538	-243	1,457	12,174	1,771
Net Cash From Operating Activities	642	608	429	12	897	694	789	120	935	739	872
Net Cash From Continuing Operating Activities	642	608	429	12	897	694	789	120	935	739	872
Net Income / (Loss) Continuing Operations	256	136	487	236	283	-40	613	285	314	258	709
Consolidated Net Income / (Loss)	256	136	487	236	283	-40	613	285	314	258	709
Depreciation Expense	146	154	159	176	172	190	208	212	210	213	253
Amortization Expense	22	23	23	26	28	28	27	31	30	30	28
Non-Cash Adjustments to Reconcile Net Income	-25	-201	0.70	-40	7.50	40	55	-53	-12	96	156
Changes in Operating Assets and Liabilities, net	243	497	-241	-384	407	475	-113	-356	393	143	-275
Net Cash From Investing Activities	-192	-443	-257	-809	-327	-1,901	-192	-308	-230	-857	-275
Net Cash From Continuing Investing Activities	-192	-443	-257	-809	-327	-1,901	-192	-308	-230	-857	-275
Purchase of Property, Leasehold Improvements and Equipment	-49	-42	-30	-59	-59	-46	-30	-32	-37	-44	-28
Acquisitions	-98	-346	-311	-738	-134	-1,858	-251	-267	-151	-793	-332
Purchase of Investment Securities	-47	-60	84	-16	-136	0.10	89	-10	-62	-19	83
Sale and/or Maturity of Investments	1.50	5.80	0.10	4.70	1.40	3.70	0.10	1.60	20	-1.50	1.80
Net Cash From Financing Activities	246	-661	958	1,602	-669	982	-5.40	-54	612	12,500	1,107
Net Cash From Continuing Financing Activities	246	-661	958	1,602	-669	982	-5.40	-54	612	12,500	1,107
Issuance of Debt	710	280	1,499	1,270	417	2,243	1,645	585	-568	-	0.60
Issuance of Common Equity	33	21	30	36	34	20	52	42	45	8,369	1,335
Repayment of Debt	-899	-421	-749	-995	-819	-1,007	-1,307	-593	1,180	4,272	-73
Payment of Dividends	-108	-108	-117	-119	-119	-119	-131	-131	-132	-132	-166
Other Financing Activities, Net	509	-432	295	1,410	-182	-156	-265	43	86	-8.30	10
Effect of Exchange Rate Changes	-208	183	-3.20	45	-58	-17	-55	-1.00	141	-209	68

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	10,911	11,490	14,910	16,334	19,635	22,331	33,345	38,358	51,616	64,255
Cash and Due from Banks	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
Premises and Equipment, Net	249	378	412	437	467	451	501	576	726	650
Goodwill	3,663	3,768	4,165	4,626	5,619	6,127	8,666	9,489	11,476	12,270
Intangible Assets	1,699	1,627	1,645	1,773	2,319	2,400	3,954	3,372	4,633	4,530
Other Assets	1,673	1,935	2,300	2,404	3,187	3,344	4,005	24,182	33,809	31,817
Total Liabilities & Shareholders' Equity	10,911	11,490	14,910	16,334	19,635	22,331	33,345	38,358	51,616	64,255
Total Liabilities	7,222	7,834	10,610	11,764	14,419	16,099	24,785	29,168	40,801	44,076
Short-Term Debt	3,122	3,574	5,276	6,105	6,969	7,860	14,091	310	670	200
Accrued Interest Payable	813	772	948	1,055	1,348	1,596	1,895	2,003	2,553	3,586
Other Short-Term Payables	115	140	355	379	434	476	521	18,783	27,553	25,249
Long-Term Debt	2,209	2,270	2,843	3,245	3,987	4,470	6,039	5,805	7,295	12,957
Other Long-Term Liabilities	964	1,078	1,188	979	1,682	1,698	2,240	2,267	2,730	2,083
Total Equity & Noncontrolling Interests	3,688	3,656	4,300	4,570	5,216	6,233	8,560	9,190	10,815	20,180
Total Preferred & Common Equity	3,638	3,597	4,236	4,499	5,156	6,186	8,508	9,144	10,775	20,154
Total Common Equity	3,638	3,597	4,236	4,499	5,156	6,186	8,508	9,144	10,775	20,154
Common Stock	3,386	3,444	3,569	3,726	4,014	4,458	6,352	6,722	7,515	16,319
Retained Earnings	775	916	1,222	1,559	1,901	2,372	2,882	3,562	4,053	4,986
Accumulated Other Comprehensive Income / (Loss)	-523	-764	-555	-786	-760	-644	-726	-1,140	-792	-1,151
Noncontrolling Interest	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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Total Assets	38,668	38,358	45,094	54,365	53,204	51,616	60,976	63,008	57,243	64,255	74,096
Cash and Due from Banks	554	738	1,550	952	1,028	972	1,763	1,415	2,022	14,987	16,692
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	561	576	581	641	649	726	705	655	660	650	647
Goodwill	8,837	9,489	9,703	10,514	10,469	11,476	11,532	11,916	12,193	12,270	12,715
Intangible Assets	3,052	3,372	3,404	3,720	3,585	4,633	4,622	4,389	4,353	4,530	4,532
Other Assets	3,984	24,182	29,856	38,538	37,473	33,809	42,355	44,632	38,014	31,817	39,510
Total Liabilities & Shareholders' Equity	38,668	38,358	45,094	54,365	53,204	51,616	60,976	63,008	57,243	64,255	74,096
Total Liabilities	30,039	29,168	35,236	43,925	42,694	40,801	49,632	51,408	45,033	44,076	51,742
Short-Term Debt	19,713	310	675	920	425	670	108	280	200	200	515
Accrued Interest Payable	1,973	2,003	2,231	2,062	2,431	2,553	3,467	3,108	3,223	3,586	3,970
Other Short-Term Payables	525	18,783	24,030	32,416	31,339	27,553	35,877	38,014	31,517	25,249	32,399
Long-Term Debt	5,808	5,805	6,182	6,214	6,303	7,295	8,174	7,999	8,052	12,957	12,573
Other Long-Term Liabilities	2,020	2,267	2,118	2,314	2,196	2,730	2,006	2,008	2,042	2,083	2,286
Total Equity & Noncontrolling Interests	8,629	9,190	9,858	10,440	10,510	10,815	11,344	11,599	12,210	20,180	22,354
Total Preferred & Common Equity	8,574	9,144	9,818	10,396	10,464	10,775	11,301	11,573	12,184	20,154	22,320
Total Common Equity	8,574	9,144	9,818	10,396	10,464	10,775	11,301	11,573	12,184	20,154	22,320
Common Stock	6,516	6,722	6,989	7,234	7,322	7,515	7,721	7,831	7,917	16,319	17,731
Retained Earnings	3,536	3,562	3,930	4,045	4,206	4,053	4,529	4,681	4,861	4,986	5,523
Accumulated Other Comprehensive Income / (Loss)	-1,479	-1,140	-1,101	-883	-1,065	-792	-949	-939	-593	-1,151	-934
Noncontrolling Interest	55	47	41	44	47	40	43	27	26	26	34

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	32.50%	240.08%	12.40%	13.43%	1.17%	-2.97%	17.28%	3.89%	17.86%	14.31%
EBITDA Growth	13.45%	-10.70%	34.14%	20.65%	22.10%	30.19%	7.77%	24.95%	-1.26%	42.68%
EBIT Growth	0.69%	-31.35%	78.56%	33.24%	30.60%	39.10%	11.96%	36.09%	-10.69%	58.20%
NOPAT Growth	18.81%	10.59%	20.13%	30.76%	5.90%	19.88%	11.29%	16.86%	-13.44%	52.22%
Net Income Growth	18.81%	10.59%	20.13%	30.76%	5.90%	19.88%	11.29%	16.86%	-13.44%	52.22%
EPS Growth	4.57%	7.77%	18.92%	28.79%	3.53%	19.32%	4.05%	18.76%	-14.84%	47.06%
Operating Cash Flow Growth	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	86.57%	83.54%	-4,627.76%	65.62%	-85.85%	0.10%	-498.29%	258.09%	-117.31%	-421.48%
Invested Capital Growth	8.38%	5.33%	30.72%	12.09%	16.17%	14.79%	54.56%	-46.65%	22.71%	77.51%
Revenue Q/Q Growth	125.21%	244.52%	-31.22%	1.53%	-1.07%	-0.06%	3.35%	0.25%	4.15%	2.39%
EBITDA Q/Q Growth	3.07%	-16.95%	-70.61%	186.66%	5.82%	3.97%	-2.18%	2.62%	-7.57%	18.37%
EBIT Q/Q Growth	-0.37%	-36.33%	-83.94%	131.33%	6.97%	6.05%	-5.16%	3.22%	-14.70%	28.46%
NOPAT Q/Q Growth	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	3.59%	4.39%	-1.49%	7.87%	-3.01%	5.86%	-3.26%	1.33%	-15.34%	25.40%
EPS Q/Q Growth	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	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	-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	2.40%	1.13%	16.02%	0.60%	1.31%	1.13%	23.99%	-55.18%	8.95%	62.92%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	40.67%	10.68%	12.75%	13.56%	16.36%	21.95%	20.17%	24.26%	20.32%	25.37%
EBIT Margin	18.35%	3.71%	5.89%	6.91%	8.92%	12.79%	12.21%	16.00%	12.12%	16.78%
Profit (Net Income) Margin	24.33%	7.91%	8.46%	9.75%	10.20%	12.61%	11.96%	13.46%	9.88%	13.16%
Tax Burden Percent	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%	165.56%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	-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)	4.49%	4.65%	4.72%	5.13%	4.76%	4.94%	4.04%	5.07%	5.67%	5.64%
ROIC Less NNEP Spread (ROIC-NNEP)	4.49%	4.65%	4.72%	5.13%	4.76%	4.94%	4.04%	5.07%	5.67%	5.64%
Return on Net Nonoperating Assets (RNNOA)	6.64%	7.07%	8.28%	10.11%	9.87%	10.05%	8.87%	7.50%	3.99%	3.85%
Return on Equity (ROE)	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)	-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)	2.81%	1.80%	2.73%	3.07%	3.48%	4.15%	3.50%	3.70%	2.63%	3.24%
Return on Assets (ROA)	3.72%	3.84%	3.92%	4.33%	3.98%	4.09%	3.43%	3.11%	2.15%	2.54%
Return on Common Equity (ROCE)	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)	10.69%	11.96%	12.20%	15.02%	13.88%	13.87%	11.22%	12.21%	8.96%	7.30%
Net Operating Profit after Tax (NOPAT)	389	430	517	676	716	858	955	1,116	966	1,470
NOPAT Margin	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%
SG&A Expenses to Revenue	5.64%	46.65%	44.94%	43.64%	47.60%	50.92%	49.20%	57.87%	58.12%	58.37%
Operating Expenses to Revenue	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)	294	202	360	479	626	871	975	1,327	1,185	1,875
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	650	581	779	940	1,148	1,494	1,610	2,012	1,987	2,835
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.70	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	17.95
Price to Revenue (P/Rev)	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)	17.38	20.63	21.61	19.88	25.20	28.04	37.94	35.00	48.76	41.16
Dividend Yield	4.22%	3.30%	2.71%	2.39%	1.90%	1.51%	1.16%	1.10%	0.99%	0.85%
Earnings Yield	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)	1.07	1.28	1.31	1.42	1.56	1.71	1.75	2.90	2.89	1.75
Enterprise Value to Revenue (EV/Rev)	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)	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)	33.01	60.31	45.24	41.25	40.32	36.47	51.39	33.47	45.83	31.15
Enterprise Value to NOPAT (EV/NOPAT)	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)	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	3.06	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	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	0.60	0.62	0.66	0.71	0.76	0.72	0.71	0.63	0.67	0.64
Financial Leverage	1.48	1.52	1.76	1.97	2.08	2.03	2.19	1.48	0.70	0.68
Leverage Ratio	2.99	3.05	3.32	3.52	3.68	3.67	3.76	4.04	4.50	3.74
Compound Leverage Factor	2.99	5.05	3.32	3.52	3.68	3.67	3.76	4.04	4.50	3.74
Debt to Total Capital	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	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	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%
Noncontrolling Interests to Total Capital	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	40.34%	37.86%	34.11%	32.32%	31.88%	33.33%	29.66%	59.74%	57.38%	60.45%
Debt to EBITDA	8.20	10.06	10.42	9.95	9.55	8.25	12.50	3.04	4.01	4.64
Net Debt to EBITDA	5.29	6.73	7.46	7.57	7.26	5.86	9.73	2.67	3.52	-0.65
Long-Term Debt to EBITDA	3.40	3.91	3.65	3.45	3.47	2.99	3.75	2.89	3.67	4.57
Debt to NOPAT	13.70	13.58	15.71	13.83	15.30	14.37	21.08	5.48	8.25	8.95
Net Debt to NOPAT	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	5.68	5.28	5.50	4.80	5.57	5.21	6.32	5.20	7.55	8.81
Noncontrolling Interest Sharing Ratio	1.80%	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)	-309	-51	-2,402	-826	-1,535	-1,533	-9,172	14,500	-2,509	-13,086
Operating Cash Flow to CapEx	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	-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	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	9.90	3.93	0.00	0.00	5.85	8.70	5.59	4.70	6.20	6.40
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.49	0.46	0.44	0.39	0.32	0.29	0.23	0.22	0.19
Fixed Asset Turnover	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	9,019	9,500	12,419	13,920	16,171	18,562	28,689	15,305	18,780	33,337
Invested Capital Turnover	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	698	481	2,919	1,502	2,250	2,391	10,127	-13,384	3,475	14,556
Enterprise Value (EV)	9,689	12,152	16,279	19,776	25,245	31,761	50,115	44,420	54,309	58,399
Market Capitalization	6,201	8,186	10,401	12,592	16,854	22,960	34,400	38,997	47,276	60,203
Book Value per Share	$20.59	$20.21	$23.43	$24.50	$27.64	$32.17	$41.05	$43.37	$49.91	$91.86
Tangible Book Value per Share	($9.75)	($10.11)	($8.70)	($10.34)	($14.91)	($12.17)	($19.84)	($17.63)	($24.70)	$15.28
Total Capital	9,019	9,500	12,419	13,920	16,171	18,562	28,689	15,305	18,780	33,337
Total Debt	5,331	5,844	8,119	9,351	10,955	12,329	20,129	6,115	7,965	13,157
Total Long-Term Debt	2,209	2,270	2,843	3,245	3,987	4,470	6,039	5,805	7,295	12,957
Net Debt	3,438	3,907	5,814	7,114	8,331	8,755	15,663	5,376	6,994	-1,830
Capital Expenditures (CapEx)	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
Net Nonoperating Obligations (NNO)	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)	357	379	419	461	522	623	635	685	802	960
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$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	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	$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	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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	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)	234	256	273	342	449	826	1,088	1,186	1,274	1,491
Normalized NOPAT Margin	14.62%	4.71%	4.47%	4.94%	6.40%	12.13%	13.63%	14.30%	13.03%	13.34%
Pre Tax Income Margin	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	2.85	1.84	0.00	0.00	3.48	4.43	4.31	5.17	3.99	4.92
NOPAT to Interest Expense	3.78	3.92	0.00	0.00	3.98	4.37	4.22	4.34	3.26	3.86
EBIT Less CapEx to Interest Expense	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	2.82	1.94	0.00	0.00	3.21	3.86	3.66	3.63	2.60	3.48
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	66.18%	63.26%	54.69%	52.67%	44.86%	40.48%	41.05%	38.49%	49.03%	35.73%
Augmented Payout Ratio	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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.73%	1.07%	11.25%	19.50%	22.21%	19.82%	19.95%	13.41%	12.18%	11.06%	12.78%
EBITDA Growth	17.08%	20.80%	10.13%	-3.22%	16.87%	-54.47%	27.85%	21.94%	14.01%	323.77%	14.56%
EBIT Growth	19.41%	51.36%	12.67%	-15.58%	15.59%	-167.38%	27.55%	22.93%	10.77%	505.35%	12.94%
NOPAT Growth	7.42%	12.08%	10.82%	-17.29%	10.50%	-142.46%	25.91%	21.03%	10.91%	548.73%	15.70%
Net Income Growth	7.42%	12.08%	10.82%	-17.29%	10.50%	-129.23%	25.91%	21.03%	10.91%	752.02%	15.70%
EPS Growth	12.26%	31.91%	9.27%	-19.55%	7.56%	-127.42%	22.32%	18.69%	8.59%	747.06%	-0.73%
Operating Cash Flow Growth	23.07%	233.83%	97.83%	116.27%	39.82%	14.10%	84.20%	863.71%	4.19%	6.59%	10.45%
Free Cash Flow Firm Growth	-136.65%	235.11%	226.99%	263.03%	259.88%	-126.13%	-110.37%	-111.00%	-116.92%	-304.71%	-557.24%
Invested Capital Growth	47.59%	-46.65%	-56.47%	-50.76%	-49.52%	22.71%	17.42%	13.11%	18.70%	77.51%	80.58%
Revenue Q/Q Growth	0.06%	-0.77%	34.31%	-10.39%	2.33%	-2.71%	34.45%	-15.28%	1.22%	-3.68%	36.53%
EBITDA Q/Q Growth	-6.35%	-38.15%	164.02%	-36.72%	13.09%	-75.90%	641.43%	-39.65%	5.74%	-10.44%	100.43%
EBIT Q/Q Growth	-10.59%	-61.27%	396.56%	-50.91%	22.43%	-122.58%	1,040.02%	-52.69%	10.31%	-17.38%	161.91%
NOPAT Q/Q Growth	-10.10%	-47.13%	259.11%	-51.54%	20.10%	-120.32%	1,164.82%	-53.42%	10.06%	-17.80%	174.55%
Net Income Q/Q Growth	-10.10%	-47.13%	259.11%	-51.54%	20.10%	-113.98%	1,647.22%	-53.42%	10.06%	-17.80%	174.55%
EPS Q/Q Growth	-10.53%	-47.90%	261.29%	-52.23%	19.63%	-113.28%	1,711.76%	-53.65%	9.45%	-20.86%	147.27%
Operating Cash Flow Q/Q Growth	942.13%	-5.27%	-29.51%	-97.11%	7,135.48%	-22.69%	13.80%	-84.86%	682.26%	-20.91%	17.92%
Free Cash Flow Firm Q/Q Growth	4.46%	225.70%	64.01%	-17.23%	-6.31%	-120.55%	34.94%	12.18%	-44.15%	-391.40%	-5.65%
Invested Capital Q/Q Growth	-4.32%	-55.18%	9.21%	5.14%	-1.91%	8.95%	4.50%	1.28%	2.93%	62.92%	6.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	24.38%	15.20%	29.87%	21.09%	23.31%	5.77%	31.84%	22.68%	23.69%	22.03%	32.34%
EBIT Margin	15.91%	6.21%	22.96%	12.58%	15.05%	-3.49%	24.42%	13.64%	14.86%	12.75%	24.45%
Profit (Net Income) Margin	12.95%	6.90%	18.44%	9.97%	11.71%	-1.68%	19.36%	10.64%	11.57%	9.88%	19.86%
Tax Burden Percent	81.37%	111.07%	80.32%	79.29%	77.78%	48.18%	79.29%	78.06%	77.88%	77.49%	81.23%
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	18.63%	-11.07%	19.68%	20.71%	22.22%	0.00%	20.71%	21.94%	22.12%	22.51%	18.77%
Return on Invested Capital (ROIC)	3.74%	2.60%	5.73%	3.35%	4.28%	-1.40%	10.98%	6.04%	6.70%	4.24%	8.35%
ROIC Less NNEP Spread (ROIC-NNEP)	3.74%	2.60%	5.73%	3.35%	4.28%	-1.15%	10.98%	6.04%	6.70%	4.24%	8.35%
Return on Net Nonoperating Assets (RNNOA)	8.79%	3.85%	10.98%	5.90%	7.21%	-0.81%	7.84%	4.22%	4.42%	2.89%	5.30%
Return on Equity (ROE)	12.53%	6.45%	16.71%	9.25%	11.48%	-2.21%	18.81%	10.26%	11.12%	7.12%	13.65%
Cash Return on Invested Capital (CROIC)	-34.60%	65.92%	82.92%	72.21%	70.26%	-14.72%	-10.01%	-6.21%	-10.88%	-50.22%	-51.75%
Operating Return on Assets (OROA)	4.01%	1.44%	4.45%	2.39%	3.08%	-0.76%	4.74%	2.47%	2.94%	2.46%	4.19%
Return on Assets (ROA)	3.27%	1.60%	3.58%	1.89%	2.39%	-0.37%	3.76%	1.93%	2.29%	1.90%	3.41%
Return on Common Equity (ROCE)	12.45%	6.41%	16.62%	9.20%	11.42%	-2.20%	18.74%	10.22%	11.08%	7.11%	13.62%
Return on Equity Simple (ROE_SIMPLE)	12.85%	0.00%	11.85%	10.72%	10.91%	0.00%	9.66%	9.87%	9.62%	0.00%	7.02%
Net Operating Profit after Tax (NOPAT)	256	136	487	236	283	-58	613	285	314	258	709
NOPAT Margin	12.95%	6.90%	18.44%	9.97%	11.71%	-2.44%	19.36%	10.64%	11.57%	9.88%	19.86%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	-0.25%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	59.70%	59.81%	53.65%	59.77%	58.88%	60.68%	54.54%	60.43%	59.76%	59.46%	53.17%
Operating Expenses to Revenue	84.09%	93.79%	77.04%	87.42%	84.95%	103.49%	75.58%	86.36%	85.14%	87.25%	75.55%
Earnings before Interest and Taxes (EBIT)	315	122	606	297	364	-82	773	366	403	333	873
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	483	299	788	499	564	136	1,008	608	643	576	1,154
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.16	4.27	4.09	4.44	4.58	4.39	4.69	4.75	4.90	2.99	3.28
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	17.95	14.43
Price to Revenue (P/Rev)	4.31	4.70	4.69	5.16	5.10	4.84	5.15	5.18	5.47	5.39	6.32
Price to Earnings (P/E)	32.75	35.00	34.58	41.47	42.12	48.76	48.59	48.23	50.91	41.16	46.98
Dividend Yield	1.19%	1.10%	1.10%	0.97%	0.96%	0.99%	0.90%	0.89%	0.84%	0.85%	0.71%
Earnings Yield	3.05%	2.86%	2.89%	2.41%	2.37%	2.05%	2.06%	2.07%	1.96%	2.43%	2.13%
Enterprise Value to Invested Capital (EV/IC)	1.64	2.90	2.72	2.98	3.11	2.89	3.04	3.11	3.22	1.75	1.97
Enterprise Value to Revenue (EV/Rev)	6.76	5.36	5.32	5.85	5.72	5.56	5.79	5.83	6.04	5.23	6.02
Enterprise Value to EBITDA (EV/EBITDA)	28.53	22.08	21.84	25.32	24.96	27.34	27.01	26.73	27.53	20.60	23.36
Enterprise Value to EBIT (EV/EBIT)	43.51	33.47	32.63	39.07	38.62	45.83	44.08	43.58	45.18	31.15	35.27
Enterprise Value to NOPAT (EV/NOPAT)	50.79	39.80	39.13	46.99	47.02	56.22	54.57	54.21	56.23	39.72	44.46
Enterprise Value to Operating Cash Flow (EV/OCF)	58.01	31.96	28.42	30.97	27.57	26.73	24.91	24.76	25.99	22.61	26.13
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	3.06	1.99	2.72	2.97	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.96	0.67	0.70	0.68	0.64	0.74	0.73	0.71	0.68	0.65	0.59
Long-Term Debt to Equity	0.67	0.63	0.63	0.60	0.60	0.67	0.72	0.69	0.66	0.64	0.56
Financial Leverage	2.35	1.48	1.92	1.76	1.69	0.70	0.71	0.70	0.66	0.68	0.63
Leverage Ratio	3.84	4.04	4.67	4.89	4.80	4.50	5.00	5.33	4.86	3.74	4.01
Compound Leverage Factor	3.84	4.04	4.67	4.89	4.80	4.50	5.00	5.33	4.86	3.74	4.01
Debt to Total Capital	74.73%	39.95%	41.02%	40.59%	39.03%	42.41%	42.20%	41.65%	40.33%	39.47%	36.93%
Short-Term Debt to Total Capital	57.73%	2.03%	4.04%	5.24%	2.47%	3.57%	0.55%	1.41%	0.98%	0.60%	1.45%
Long-Term Debt to Total Capital	17.01%	37.93%	36.98%	35.36%	36.56%	38.84%	41.65%	40.24%	39.35%	38.87%	35.47%
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	0.16%	0.30%	0.24%	0.25%	0.27%	0.21%	0.22%	0.13%	0.13%	0.08%	0.09%
Common Equity to Total Capital	25.11%	59.74%	58.74%	59.15%	60.70%	57.38%	57.58%	58.22%	59.55%	60.45%	62.98%
Debt to EBITDA	13.02	3.04	3.29	3.45	3.13	4.01	3.75	3.58	3.45	4.64	4.39
Net Debt to EBITDA	10.33	2.67	2.55	2.99	2.65	3.52	2.96	2.96	2.60	-0.65	-1.21
Long-Term Debt to EBITDA	2.96	2.89	2.97	3.01	2.93	3.67	3.71	3.45	3.36	4.57	4.22
Debt to NOPAT	23.17	5.48	5.89	6.40	5.90	8.25	7.58	7.25	7.04	8.95	8.35
Net Debt to NOPAT	18.38	4.82	4.56	5.55	5.00	7.24	5.97	6.01	5.31	-1.24	-2.30
Long-Term Debt to NOPAT	5.27	5.20	5.31	5.58	5.52	7.55	7.48	7.01	6.87	8.81	8.03
Noncontrolling Interest Sharing Ratio	0.62%	0.55%	0.50%	0.50%	0.53%	0.43%	0.40%	0.32%	0.32%	0.21%	0.23%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-10,756	13,520	22,174	18,353	17,196	-3,533	-2,298	-2,019	-2,910	-14,298	-15,106
Operating Cash Flow to CapEx	1,304.27%	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%
Free Cash Flow to Firm to Interest Expense	-167.01	211.25	326.57	235.90	236.20	-45.18	-24.93	-21.41	-31.32	-140.32	-95.37
Operating Cash Flow to Interest Expense	9.96	9.50	6.31	0.16	12.32	8.87	8.56	1.27	10.06	7.26	5.50
Operating Cash Flow Less CapEx to Interest Expense	9.20	8.84	5.87	-0.60	11.52	8.28	8.24	0.93	9.67	6.83	5.33
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.25	0.23	0.19	0.19	0.20	0.22	0.19	0.18	0.20	0.19	0.17
Fixed Asset Turnover	16.29	15.40	15.76	14.79	15.50	15.01	16.02	16.39	16.67	16.23	17.13
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	34,150	15,305	16,715	17,574	17,238	18,780	19,626	19,878	20,461	33,337	35,441
Invested Capital Turnover	0.29	0.38	0.31	0.34	0.37	0.57	0.57	0.57	0.58	0.43	0.42
Increase / (Decrease) in Invested Capital	11,012	-13,384	-21,688	-18,118	-16,913	3,475	2,911	2,304	3,224	14,556	15,815
Enterprise Value (EV)	55,938	44,420	45,526	52,357	53,651	54,309	59,595	61,888	65,932	58,399	69,653
Market Capitalization	35,638	38,997	40,179	46,131	47,904	47,276	53,032	54,998	59,677	60,203	73,223
Book Value per Share	$40.76	$43.37	$46.29	$48.52	$48.55	$49.91	$51.72	$52.96	$55.61	$91.86	$87.63
Tangible Book Value per Share	($15.76)	($17.63)	($15.51)	($17.92)	($16.66)	($24.70)	($22.21)	($21.66)	($19.91)	$15.28	$19.92
Total Capital	34,150	15,305	16,715	17,574	17,238	18,780	19,626	19,878	20,461	33,337	35,441
Total Debt	25,521	6,115	6,857	7,134	6,728	7,965	8,282	8,279	8,252	13,157	13,088
Total Long-Term Debt	5,808	5,805	6,182	6,214	6,303	7,295	8,174	7,999	8,052	12,957	12,573
Net Debt	20,244	5,376	5,307	6,182	5,700	6,994	6,520	6,863	6,229	-1,830	-3,604
Capital Expenditures (CapEx)	49	42	30	59	59	46	30	32	37	44	28
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	-18	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	25,521	6,115	6,857	7,134	6,728	7,965	8,282	8,279	8,252	13,157	13,088
Total Depreciation and Amortization (D&A)	168	177	182	201	200	218	235	243	240	243	282
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.21	$0.64	$2.29	$1.09	$1.30	($0.17)	$2.80	$1.30	$1.43	$1.10	$2.76
Adjusted Weighted Average Basic Shares Outstanding	210.84M	212.09M	214.25M	215.51M	215.90M	216.80M	218.50M	219.10M	219.40M	254.70M	256.10M
Adjusted Diluted Earnings per Share	$1.19	$0.62	$2.24	$1.07	$1.28	($0.17)	$2.74	$1.27	$1.39	$1.10	$2.72
Adjusted Weighted Average Diluted Shares Outstanding	210.84M	212.09M	214.25M	215.51M	215.90M	216.80M	218.50M	219.10M	219.40M	254.70M	256.10M
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	210.84M	212.09M	214.25M	215.51M	215.90M	216.80M	218.50M	219.10M	219.40M	254.70M	256.10M
Normalized Net Operating Profit after Tax (NOPAT)	243	164	520	243	281	172	600	300	302	288	722
Normalized NOPAT Margin	12.28%	8.34%	19.72%	10.29%	11.63%	7.33%	18.96%	11.19%	11.13%	11.02%	20.22%
Pre Tax Income Margin	15.91%	6.21%	22.96%	12.58%	15.05%	-3.49%	24.42%	13.64%	14.86%	12.75%	24.45%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.89	1.91	8.92	3.82	5.00	-1.05	8.38	3.88	4.34	3.27	5.51
NOPAT to Interest Expense	3.98	2.12	7.17	3.03	3.89	-0.74	6.65	3.03	3.38	2.53	4.48
EBIT Less CapEx to Interest Expense	4.13	1.24	8.48	3.06	4.19	-1.64	8.06	3.54	3.95	2.84	5.33
NOPAT Less CapEx to Interest Expense	3.22	1.45	6.73	2.27	3.08	-1.32	6.32	2.69	2.98	2.11	4.30
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	38.25%	38.49%	37.83%	40.51%	40.53%	49.03%	44.58%	43.77%	43.72%	35.73%	35.79%
Augmented Payout Ratio	38.25%	38.49%	37.83%	40.51%	40.53%	49.03%	44.58%	43.77%	43.72%	35.73%	35.79%

Key Financial Trends

Arthur J. Gallagher & Co. (NYSE: AJG) has demonstrated solid financial performance and growth over the past several quarters, particularly when comparing Q1 2025 to earlier periods in 2023 and 2024.

Key positive trends and highlights include:

Strong revenue growth: Total revenue increased to nearly $3.57 billion in Q1 2025, up significantly from $2.61 billion in Q4 2024 and $2.64 billion in Q1 2024, driven mainly by higher premiums earned which reached $3.69 billion in Q1 2025.
Rising net income: Net income attributable to common shareholders surged to $704.4 million in Q1 2025 from $258.3 million in Q4 2024 and $608.4 million in Q1 2024, indicating improving profitability.
Improved earnings per share (EPS): Basic EPS increased to $2.76 in Q1 2025 compared to $1.1 in Q4 2024 and $2.8 in Q1 2024.
Healthy cash flow from operations: Operating cash flow grew to $871.8 million in Q1 2025, up from $739.3 million in Q4 2024 and $789.3 million in Q1 2024, supporting business operations and investments.
Significant equity growth: Total common equity increased to $22.32 billion by March 2025 from $20.15 billion in December 2024, indicating strong capital accumulation and balance sheet expansion.
Substantial share issuance to support growth: The company raised roughly $1.33 billion from issuing common equity in Q1 2025, more than the $836.9 million issued in Q4 2024, boosting liquidity and funding capacity.
Moderate dividend increases: Cash dividends per common share rose to $0.65 in Q1 2025 versus $0.6 in Q4 2024 and prior quarters, reflecting confidence in cash generation and shareholder returns.
Stable leverage profile: Long-term debt was approximately flat at $12.57 billion in Q1 2025, providing a consistent capital structure while funding growth initiatives.

Neutral factors that warrant monitoring:

Net interest expense remained steady and significant at about $158 million in Q1 2025, but did not materially impact overall profitability.
Amortization and restructuring expenses increased in Q1 2025 compared to prior quarters; these non-cash charges affect net income but are usual for the industry.

Potential concerns or negatives:

Operating expenses, particularly salaries and benefits, increased to $1.9 billion in Q1 2025 from $1.55 billion in Q4 2024, which could pressure margins if revenue growth slows.
The company made substantial acquisitions costing $331.8 million in Q1 2025 and $792.9 million in Q4 2024, which carry integration risks and could affect future earnings volatility.
Net cash used in investing activities remains significant and negative due to acquisitions and property purchases, requiring continued strong operational cash flow and financing.
Accrued interest payable and other short-term payables have increased, suggesting higher short-term liabilities to manage.

Summary: Arthur J. Gallagher & Co. has shown strong top-line growth and improving net income through early 2025, supported by solid operating cash flows and strategic equity raises. However, rising operating expenses and significant acquisition spending introduce some risks. The company’s expanding equity base and stable debt levels provide a sound financial foundation to support growth initiatives. Investors should keep an eye on expenses, integration of acquisitions, and cash flow sustainability in upcoming quarters.

08/03/25 10:34 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 9 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 $389.10 million in 2015. The previous period was $966 million in 2023. View Arthur J. Gallagher & Co.'s forecast to see where analysts expect Arthur J. Gallagher & Co. to go next.

How has Arthur J. Gallagher & Co.'s revenue changed over the last 9 years?

Over the last 9 years, Arthur J. Gallagher & Co.'s total revenue changed from $1.60 billion in 2015 to $11.17 billion in 2024, a change of 598.7%.

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 510.3% increase since 2015.

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

In the past 9 years, Arthur J. Gallagher & Co.'s cash and equivalents has ranged from $402.60 million in 2021 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 9 years?

Over the last 9 years, Arthur J. Gallagher & Co.'s book value per share changed from 20.59 in 2015 to 91.86 in 2024, a change of 346.1%.

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This page (NYSE:AJG) was last updated on 8/3/2025 by MarketBeat.com Staff

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Arthur J. Gallagher & Co. (AJG) Financials

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Arthur J. Gallagher & Co. (AJG) Financials

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