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Arthur J. Gallagher & Co. (AJG) Financials

Arthur J. Gallagher & Co. logo
$218.82 +2.92 (+1.35%)
As of 01:19 PM Eastern
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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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 357 397 481 634 669 819 907 1,114 970 1,463 1,494
Consolidated Net Income / (Loss)		 389 430 517 676 716 858 955 1,116 966 1,471 1,503
Net Income / (Loss) Continuing Operations		 389 298 517 676 716 858 955 1,116 966 1,471 1,503
Total Pre-Tax Income 		294 334 360 479 626 871 975 1,327 1,185 1,875 1,871
Total Revenue		 1,599 5,439 6,113 6,934 7,015 6,807 7,983 8,294 9,775 11,174 13,303
Net Interest Income / (Expense)		 -49 -110 0.00 0.00 -180 -196 -226 -257 -297 -381 -639
Total Interest Income		 54 0.00 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 0.00 180 196 226 257 297 381 639
Long-Term Debt Interest Expense		 103 110 - - 180 196 226 257 297 381 639
Total Non-Interest Income		 1,648 5,548 6,113 6,934 7,195 7,004 8,209 8,551 10,072 11,555 13,942
Premiums Earned		 - 5,548 - - - 6,852 8,076 8,420 9,927 11,401 13,778
Other Non-Interest Income		 179 - 6,113 6,934 7,195 152 133 131 145 154 164
Total Non-Interest Expense		 1,306 5,237 5,753 6,455 6,389 5,936 7,008 6,967 8,590 9,299 11,432
Salaries and Employee Benefits		 90 2,537 2,747 3,026 3,340 3,467 3,928 4,800 5,681 6,522 7,842
Other Operating Expenses		 841 2,317 2,589 3,000 2,560 1,940 2,379 1,484 1,834 1,908 2,422
Depreciation Expense		 94 104 121 128 140 145 151 145 165 178 206
Amortization Expense		 240 247 265 291 334 417 415 455 532 665 916
Restructuring Charge		 41 32 31 9.60 15 -33 120 83 378 26 46
Income Tax Expense		 -96 -97 -157 -197 -90 13 20 211 219 404 368
Net Income / (Loss) Attributable to Noncontrolling Interest		 32 34 36 42 47 39 48 1.80 -4.00 8.00 9.00
Basic Earnings per Share		 $2.07 $2.23 $2.67 $3.47 $3.60 $4.29 $4.47 $5.30 $4.51 $6.63 $5.83
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 257.10M
Diluted Earnings per Share		 $2.06 $2.22 $2.64 $3.40 $3.52 $4.20 $4.37 $5.19 $4.42 $6.50 $5.74
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 257.10M
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 257.10M
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 $2.60

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 281 -32 608 283 313 258 704 366 273 151 822
Consolidated Net Income / (Loss)		 283 -40 613 285 314 258 709 366 274 154 823
Net Income / (Loss) Continuing Operations		 283 -40 613 285 314 258 709 366 274 154 823
Total Pre-Tax Income 		364 -82 773 366 403 333 873 471 347 180 1,043
Total Revenue		 2,419 2,354 3,165 2,681 2,714 2,614 3,569 3,062 3,205 3,467 4,600
Net Interest Income / (Expense)		 -73 -78 -92 -94 -93 -102 -158 -159 -161 -161 -158
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 73 78 92 94 93 102 158 159 161 161 158
Long-Term Debt Interest Expense		 73 78 92 94 93 102 158 159 161 161 158
Total Non-Interest Income		 2,492 2,432 3,257 2,775 2,807 2,716 3,727 3,221 3,366 3,628 4,758
Premiums Earned		 2,454 2,393 3,218 2,736 2,767 2,680 3,688 3,178 3,325 3,586 4,716
Other Non-Interest Income		 38 39 39 39 40 36 39 43 40 42 42
Total Non-Interest Expense		 2,055 2,436 2,392 2,316 2,311 2,281 2,696 2,591 2,858 3,287 3,557
Salaries and Employee Benefits		 1,425 1,428 1,726 1,620 1,622 1,554 1,897 1,803 1,932 2,209 2,516
Other Operating Expenses		 461 489 474 465 494 475 529 562 621 709 685
Depreciation Expense		 43 44 45 41 45 46 45 50 54 58 61
Amortization Expense		 129 146 162 171 165 167 210 181 222 303 278
Restructuring Charge		 -2.50 329 -16 19 -15 39 15 -5.60 29 6.90 17
Income Tax Expense		 81 -43 160 80 89 75 164 105 73 26 220
Net Income / (Loss) Attributable to Noncontrolling Interest		 2.50 -7.40 4.30 2.00 1.50 -0.10 5.00 0.40 0.90 3.20 1.00
Basic Earnings per Share		 $1.30 ($0.17) $2.80 $1.30 $1.43 $1.10 $2.76 $1.43 $1.06 $0.58 $3.20
Weighted Average Basic Shares Outstanding		 215.90M 216.80M 218.50M 219.10M 219.40M 254.70M 256.10M 256.40M 256.80M 257.10M 256.90M
Diluted Earnings per Share		 $1.28 ($0.17) $2.74 $1.27 $1.39 $1.10 $2.72 $1.40 $1.04 $0.58 $3.16
Weighted Average Diluted Shares Outstanding		 215.90M 216.80M 218.50M 219.10M 219.40M 254.70M 256.10M 256.40M 256.80M 257.10M 256.90M
Weighted Average Basic & Diluted Shares Outstanding		 215.90M 216.80M 218.50M 219.10M 219.40M 254.70M 256.10M 256.40M 256.80M 257.10M 256.90M
Cash Dividends to Common per Share		 $0.55 $0.55 $0.60 $0.60 $0.60 $0.60 $0.65 $0.65 $0.65 $0.65 $0.70

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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 12/31/2025
Net Change in Cash & Equivalents		 211 45 367 -68 387 950 892 498 1,579 13,925 -11,930
Net Cash From Operating Activities		 1,118 650 854 765 1,191 1,807 1,392 1,390 2,032 2,583 1,930
Net Cash From Continuing Operating Activities		 1,118 650 854 765 1,191 1,807 1,392 1,390 2,032 2,583 1,930
Net Income / (Loss) Continuing Operations		 389 430 517 676 716 858 955 1,116 966 1,471 1,503
Consolidated Net Income / (Loss)		 389 430 517 676 716 858 955 1,116 966 1,471 1,503
Depreciation Expense		 334 351 386 419 474 562 566 600 697 843 1,122
Amortization Expense		 23 29 34 42 47 61 69 85 105 117 148
Non-Cash Adjustments to Reconcile Net Income		 4.40 -20 -37 -62 -239 -154 -205 -311 8.00 85 -350
Changes in Operating Assets and Liabilities, net		 368 -140 -45 -309 193 479 7.40 -100 256 67 -493
Net Cash From Investing Activities		 -369 -485 -511 -910 -1,449 -471 -3,432 -1,005 -3,293 -1,587 -15,876
Net Cash From Continuing Investing Activities		 -369 -485 -511 -910 -1,449 -471 -3,432 -1,005 -3,293 -1,587 -15,876
Purchase of Property, Leasehold Improvements and Equipment		 -99 -218 -129 -124 -139 -99 -129 -183 -194 -142 -145
Acquisitions		 -250 - -376 -785 -1,267 -324 -3,251 -765 -3,042 -1,462 -15,766
Purchase of Investment Securities		 -30 -32 -8.90 -16 -124 -56 -68 -68 -67 -3.00 18
Sale and/or Maturity of Investments		 9.20 7.80 3.20 15 81 8.20 16 11 10 20 17
Net Cash From Financing Activities		 -61 -12 -48 162 638 -505 2,996 213 2,874 13,052 1,713
Net Cash From Continuing Financing Activities		 -61 -12 -48 162 638 -505 2,996 213 2,874 13,052 1,713
Issuance of Debt		 849 3,066 3,991 3,475 5,040 2,630 2,957 2,369 5,429 7,215 2,546
Issuance of Common Equity		 203 52 60 82 101 112 1,547 123 120 8,507 1,499
Repayment of Debt		 -794 -2,669 -3,731 -3,001 -4,045 -2,710 -1,198 -2,530 -3,568 -1,948 -1,218
Payment of Dividends		 -258 -272 -283 -356 -321 -347 -392 -430 -474 -525 -667
Other Financing Activities, Net		 -62 -87 -68 -26 -137 -189 82 680 1,367 -197 -447
Effect of Exchange Rate Changes		 - -108 72 -85 6.10 120 -65 -100 -34 -123 303

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -157 -242 538 -243 1,457 12,174 1,771 -1,433 -12,466 198 -56
Net Cash From Operating Activities		 897 694 789 120 935 739 872 -426 731 753 957
Net Cash From Continuing Operating Activities		 897 694 789 120 935 739 872 -426 731 753 957
Net Income / (Loss) Continuing Operations		 283 -40 613 285 314 258 709 366 274 154 823
Consolidated Net Income / (Loss)		 283 -40 613 285 314 258 709 366 274 154 823
Depreciation Expense		 172 190 208 212 210 213 255 231 276 362 339
Amortization Expense		 28 28 27 31 30 30 28 33 40 47 33
Non-Cash Adjustments to Reconcile Net Income		 7.50 40 135 -53 -12 96 156 -545 36 3.10 67
Changes in Operating Assets and Liabilities, net		 407 475 -193 -356 393 143 -276 -510 105 187 -305
Net Cash From Investing Activities		 -327 -1,901 -192 -308 -230 -857 -275 -1,345 -13,784 -472 -238
Net Cash From Continuing Investing Activities		 -327 -1,901 -192 -308 -230 -857 -275 -1,345 -13,784 -472 -238
Purchase of Property, Leasehold Improvements and Equipment		 -59 -46 -30 -32 -37 -44 -28 -39 -38 -40 -36
Acquisitions		 -134 -1,858 -251 -267 -151 -793 -332 -1,330 -13,651 -454 -289
Purchase of Investment Securities		 -136 0.10 89 -10 -62 -19 83 24 -99 10 83
Sale and/or Maturity of Investments		 1.40 3.70 0.10 1.60 20 -1.50 2.00 0.40 3.30 12 4.00
Net Cash From Financing Activities		 -669 982 -5.40 -54 612 12,500 1,107 210 569 -173 -723
Net Cash From Continuing Financing Activities		 -669 982 -5.40 -54 612 12,500 1,107 210 569 -173 -723
Issuance of Debt		 417 2,243 1,645 585 -568 - 1.00 2.70 1,200 1,343 1,661
Issuance of Common Equity		 34 20 52 42 45 8,369 1,335 44 103 18 55
Repayment of Debt		 -819 -1,007 -1,317 -593 1,180 4,272 -73 690 -545 -1,291 -1,768
Repurchase of Common Equity		 - - - - - - 0.00 - - - -310
Payment of Dividends		 -119 -119 -131 -131 -132 -132 -166 -167 -167 -168 -180
Other Financing Activities, Net		 -182 -156 -255 43 86 -8.30 10 -360 -23 -75 -181
Effect of Exchange Rate Changes		 -58 -17 -55 -1.00 141 -209 67 128 18 90 -52

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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 12/31/2025
Total Assets		 10,911 11,490 14,910 16,334 19,635 22,331 33,345 38,358 51,616 64,255 70,665
Cash and Due from Banks		 480 546 681 607 605 665 403 738 972 14,987 1,396
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		 249 378 412 437 467 451 501 576 726 650 789
Goodwill		 3,663 3,768 4,165 4,626 5,619 6,127 8,666 9,489 11,476 12,270 22,593
Intangible Assets		 1,699 1,627 1,645 1,773 2,319 2,400 3,954 3,372 4,633 4,530 10,684
Other Assets		 1,673 1,935 2,300 2,404 3,187 3,344 4,005 24,182 33,809 31,818 35,203
Total Liabilities & Shareholders' Equity		 10,911 11,490 14,910 16,334 19,635 22,331 33,345 38,358 51,616 64,255 70,665
Total Liabilities		 7,222 7,834 10,610 11,764 14,419 16,099 24,785 29,168 40,801 44,075 47,318
Short-Term Debt		 3,122 3,574 5,276 6,105 6,969 7,860 14,091 310 670 200 640
Accrued Interest Payable		 813 772 948 1,055 1,348 1,596 1,895 2,003 2,553 3,586 4,017
Other Short-Term Payables		 115 140 355 379 434 476 521 18,783 27,553 25,249 27,636
Long-Term Debt		 2,209 2,270 2,843 3,245 3,987 4,470 6,039 5,805 7,295 12,957 12,330
Other Long-Term Liabilities		 964 1,078 1,188 979 1,682 1,698 2,240 2,267 2,730 2,083 2,695
Total Equity & Noncontrolling Interests		 3,688 3,656 4,300 4,570 5,216 6,233 8,560 9,190 10,815 20,180 23,347
Total Preferred & Common Equity		 3,638 3,597 4,236 4,499 5,156 6,186 8,508 9,144 10,775 20,154 23,321
Total Common Equity		 3,638 3,597 4,236 4,499 5,156 6,186 8,508 9,144 10,775 20,154 23,321
Common Stock		 3,386 3,444 3,569 3,726 4,014 4,458 6,352 6,722 7,515 16,319 18,040
Retained Earnings		 775 916 1,222 1,559 1,901 2,372 2,882 3,562 4,053 4,986 5,806
Accumulated Other Comprehensive Income / (Loss)		 -523 -764 -555 -786 -760 -644 -726 -1,140 -792 -1,151 -525
Noncontrolling Interest		 50 59 64 71 60 47 52 47 40 26 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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 9/30/2025 3/31/2026
Total Assets		 54,365 53,204 51,616 60,976 63,008 57,243 64,255 74,096 80,123 79,068 78,301
Cash and Due from Banks		 952 1,028 972 1,763 1,415 2,022 14,987 16,692 14,300 1,399 1,413
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		 641 649 726 705 655 660 650 647 691 803 762
Goodwill		 10,514 10,469 11,476 11,532 11,916 12,193 12,270 12,715 13,740 22,213 22,958
Intangible Assets		 3,720 3,585 4,633 4,622 4,389 4,353 4,530 4,532 5,132 10,754 10,366
Other Assets		 38,538 37,473 33,809 42,355 44,632 38,014 31,817 39,510 46,260 43,898 42,802
Total Liabilities & Shareholders' Equity		 54,365 53,204 51,616 60,976 63,008 57,243 64,255 74,096 80,123 79,068 78,301
Total Liabilities		 43,925 42,694 40,801 49,632 51,408 45,033 44,076 51,742 57,066 55,831 54,499
Short-Term Debt		 920 425 670 108 280 200 200 515 640 770 640
Accrued Interest Payable		 2,062 2,431 2,553 3,467 3,108 3,223 3,586 3,970 2,820 3,514 4,051
Other Short-Term Payables		 32,416 31,339 27,553 35,877 38,014 31,517 25,249 32,399 38,922 36,239 34,682
Long-Term Debt		 6,214 6,303 7,295 8,174 7,999 8,052 12,957 12,573 12,255 12,338 12,233
Other Long-Term Liabilities		 2,314 2,196 2,730 2,006 2,008 2,042 2,083 2,286 2,429 2,970 2,893
Total Equity & Noncontrolling Interests		 10,440 10,510 10,815 11,344 11,599 12,210 20,180 22,354 23,056 23,237 23,802
Total Preferred & Common Equity		 10,396 10,464 10,775 11,301 11,573 12,184 20,154 22,320 23,023 23,206 23,775
Total Common Equity		 10,396 10,464 10,775 11,301 11,573 12,184 20,154 22,320 23,023 23,206 23,775
Common Stock		 7,234 7,322 7,515 7,721 7,831 7,917 16,319 17,731 17,803 17,962 17,895
Retained Earnings		 4,045 4,206 4,053 4,529 4,681 4,861 4,986 5,523 5,721 5,825 6,446
Accumulated Other Comprehensive Income / (Loss)		 -883 -1,065 -792 -949 -939 -593 -1,151 -934 -500 -581 -566
Noncontrolling Interest		 44 47 40 43 27 26 26 34 33 31 27

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
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 $5.83
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 257.10M
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 $5.74
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 257.10M
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		 177.03M 178.62M 181.43M 184.06M 188.25M 193.74M 208.54M 212.09M 216.80M 254.70M 257.10M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 256,900,000.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 256,900,000.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 3.20
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 22.21% 19.82% 19.95% 13.41% 12.18% 11.06% 12.78% 14.21% 18.09% - 28.89%
EBITDA Growth		 16.87% -54.47% 27.85% 21.94% 14.01% 323.77% 14.56% 20.82% 3.17% - 22.40%
EBIT Growth		 15.59% -167.38% 27.55% 22.93% 10.77% 505.35% 12.94% 28.94% -13.98% - 19.47%
NOPAT Growth		 10.50% -142.46% 25.91% 21.03% 10.91% 548.73% 15.70% 28.31% -12.89% - 16.08%
Net Income Growth		 10.50% -129.23% 25.91% 21.03% 10.91% 752.02% 15.70% 28.31% -12.89% - 16.08%
EPS Growth		 7.56% -127.42% 22.32% 18.69% 8.59% 747.06% -0.73% 10.24% -25.18% - 16.18%
Operating Cash Flow Growth		 39.82% 14.10% 84.20% 863.71% 4.19% 6.59% 10.45% -456.57% -21.77% - 9.75%
Free Cash Flow Firm Growth		 259.88% -126.13% -110.37% -111.00% -116.92% -304.71% -557.24% -678.16% -436.49% - 97.28%
Invested Capital Growth		 -49.52% 22.71% 17.42% 13.11% 18.70% 77.51% 80.58% 80.86% 77.63% - 3.48%
Revenue Q/Q Growth		 2.33% -2.71% 34.45% -15.28% 1.22% -3.68% 36.53% -14.20% 4.66% - 32.68%
EBITDA Q/Q Growth		 13.09% -75.90% 641.43% -39.65% 5.74% -10.44% 100.43% -36.35% -9.70% - 140.40%
EBIT Q/Q Growth		 22.43% -122.58% 1,040.02% -52.69% 10.31% -17.38% 161.91% -45.98% -26.41% - 479.44%
NOPAT Q/Q Growth		 20.10% -120.32% 1,164.82% -53.42% 10.06% -17.80% 174.55% -48.34% -25.29% - 433.38%
Net Income Q/Q Growth		 20.10% -113.98% 1,647.22% -53.42% 10.06% -17.80% 174.55% -48.34% -25.29% - 433.38%
EPS Q/Q Growth		 19.63% -113.28% 1,711.76% -53.65% 9.45% -20.86% 147.27% -48.53% -25.71% - 444.83%
Operating Cash Flow Q/Q Growth		 7,135.48% -22.69% 13.80% -84.86% 682.26% -20.91% 17.92% -148.88% 271.63% - 27.09%
Free Cash Flow Firm Q/Q Growth		 -6.31% -120.55% 34.94% 12.18% -44.15% -391.40% -5.65% -3.98% 0.62% - 85.47%
Invested Capital Q/Q Growth		 -1.91% 8.95% 4.50% 1.28% 2.93% 62.92% 6.31% 1.44% 1.10% - 0.99%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 23.31% 5.77% 31.84% 22.68% 23.69% 22.03% 32.34% 23.99% 20.70% - 30.76%
EBIT Margin		 15.05% -3.49% 24.42% 13.64% 14.86% 12.75% 24.45% 15.39% 10.82% - 22.67%
Profit (Net Income) Margin		 11.71% -1.68% 19.36% 10.64% 11.57% 9.88% 19.86% 11.96% 8.54% - 17.89%
Tax Burden Percent		 77.78% 48.18% 79.29% 78.06% 77.88% 77.49% 81.23% 77.68% 78.87% - 78.91%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Effective Tax Rate		 22.22% 0.00% 20.71% 21.94% 22.12% 22.51% 18.77% 22.32% 21.13% - 21.09%
Return on Invested Capital (ROIC)		 4.28% -1.40% 10.98% 6.04% 6.70% 4.24% 8.35% 5.12% 3.74% - 7.11%
ROIC Less NNEP Spread (ROIC-NNEP)		 4.28% -1.15% 10.98% 6.04% 6.70% 4.24% 8.35% 5.12% 3.74% - 7.11%
Return on Net Nonoperating Assets (RNNOA)		 7.21% -0.81% 7.84% 4.22% 4.42% 2.89% 5.30% 3.13% 2.26% - 4.00%
Return on Equity (ROE)		 11.48% -2.21% 18.81% 10.26% 11.12% 7.12% 13.65% 8.25% 6.00% - 11.11%
Cash Return on Invested Capital (CROIC)		 70.26% -14.72% -10.01% -6.21% -10.88% -50.22% -51.75% -51.68% -50.26% - 1.06%
Operating Return on Assets (OROA)		 3.08% -0.76% 4.74% 2.47% 2.94% 2.46% 4.19% 2.57% 1.98% - 4.27%
Return on Assets (ROA)		 2.39% -0.37% 3.76% 1.93% 2.29% 1.90% 3.41% 2.00% 1.56% - 3.37%
Return on Common Equity (ROCE)		 11.42% -2.20% 18.74% 10.22% 11.08% 7.11% 13.62% 8.24% 5.99% - 11.10%
Return on Equity Simple (ROE_SIMPLE)		 10.91% 0.00% 9.66% 9.87% 9.62% 0.00% 7.02% 7.16% 6.92% - 6.80%
Net Operating Profit after Tax (NOPAT)		 283 -58 613 285 314 258 709 366 274 - 823
NOPAT Margin		 11.71% -2.44% 19.36% 10.64% 11.57% 9.88% 19.86% 11.96% 8.54% - 17.89%
Net Nonoperating Expense Percent (NNEP)		 0.00% -0.25% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
SG&A Expenses to Revenue		 58.88% 60.68% 54.54% 60.43% 59.76% 59.46% 53.17% 58.89% 60.28% - 54.70%
Operating Expenses to Revenue		 84.95% 103.49% 75.58% 86.36% 85.14% 87.25% 75.55% 84.61% 89.18% - 77.33%
Earnings before Interest and Taxes (EBIT)		 364 -82 773 366 403 333 873 471 347 - 1,043
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 564 136 1,008 608 643 576 1,154 735 663 - 1,415
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.58 4.39 4.69 4.75 4.90 2.99 3.28 2.95 2.83 - 1.93
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 17.95 14.43 16.36 0.00 - 0.00
Price to Revenue (P/Rev)		 5.10 4.84 5.15 5.18 5.47 5.39 6.32 5.68 5.28 - 3.20
Price to Earnings (P/E)		 42.12 48.76 48.59 48.23 50.91 41.16 46.98 41.37 41.03 - 28.50
Dividend Yield		 0.96% 0.99% 0.90% 0.89% 0.84% 0.85% 0.71% 0.78% 0.82% - 1.22%
Earnings Yield		 2.37% 2.05% 2.06% 2.07% 1.96% 2.43% 2.13% 2.42% 2.44% - 3.51%
Enterprise Value to Invested Capital (EV/IC)		 3.11 2.89 3.04 3.11 3.22 1.75 1.97 1.85 2.13 - 1.57
Enterprise Value to Revenue (EV/Rev)		 5.72 5.56 5.79 5.83 6.04 5.23 6.02 5.56 6.22 - 4.01
Enterprise Value to EBITDA (EV/EBITDA)		 24.96 27.34 27.01 26.73 27.53 20.60 23.36 21.40 24.75 - 16.89
Enterprise Value to EBIT (EV/EBIT)		 38.62 45.83 44.08 43.58 45.18 31.15 35.27 31.97 38.25 - 28.13
Enterprise Value to NOPAT (EV/NOPAT)		 47.02 56.22 54.57 54.21 56.23 39.72 44.46 40.38 48.19 - 35.51
Enterprise Value to Operating Cash Flow (EV/OCF)		 27.57 26.73 24.91 24.76 25.99 22.61 26.13 31.38 40.41 - 28.50
Enterprise Value to Free Cash Flow (EV/FCFF)		 2.97 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 149.81
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.64 0.74 0.73 0.71 0.68 0.65 0.59 0.56 0.56 - 0.54
Long-Term Debt to Equity		 0.60 0.67 0.72 0.69 0.66 0.64 0.56 0.53 0.53 - 0.51
Financial Leverage		 1.69 0.70 0.71 0.70 0.66 0.68 0.63 0.61 0.60 - 0.56
Leverage Ratio		 4.80 4.50 5.00 5.33 4.86 3.74 4.01 4.13 3.85 - 3.30
Compound Leverage Factor		 4.80 4.50 5.00 5.33 4.86 3.74 4.01 4.13 3.85 - 3.30
Debt to Total Capital		 39.03% 42.41% 42.20% 41.65% 40.33% 39.47% 36.93% 35.87% 36.07% - 35.10%
Short-Term Debt to Total Capital		 2.47% 3.57% 0.55% 1.41% 0.98% 0.60% 1.45% 1.78% 2.12% - 1.75%
Long-Term Debt to Total Capital		 36.56% 38.84% 41.65% 40.24% 39.35% 38.87% 35.47% 34.09% 33.95% - 33.36%
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		 0.27% 0.21% 0.22% 0.13% 0.13% 0.08% 0.09% 0.09% 0.09% - 0.07%
Common Equity to Total Capital		 60.70% 57.38% 57.58% 58.22% 59.55% 60.45% 62.98% 64.04% 63.85% - 64.83%
Debt to EBITDA		 3.13 4.01 3.75 3.58 3.45 4.64 4.39 4.15 4.19 - 3.79
Net Debt to EBITDA		 2.65 3.52 2.96 2.96 2.60 -0.65 -1.21 -0.45 3.74 - 3.37
Long-Term Debt to EBITDA		 2.93 3.67 3.71 3.45 3.36 4.57 4.22 3.94 3.94 - 3.60
Debt to NOPAT		 5.90 8.25 7.58 7.25 7.04 8.95 8.35 7.83 8.16 - 7.96
Net Debt to NOPAT		 5.00 7.24 5.97 6.01 5.31 -1.24 -2.30 -0.85 7.29 - 7.09
Long-Term Debt to NOPAT		 5.52 7.55 7.48 7.01 6.87 8.81 8.03 7.44 7.68 - 7.57
Noncontrolling Interest Sharing Ratio		 0.53% 0.43% 0.40% 0.32% 0.32% 0.21% 0.23% 0.17% 0.16% - 0.13%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 17,196 -3,533 -2,298 -2,019 -2,910 -14,298 -15,106 -15,707 -15,610 - -411
Operating Cash Flow to CapEx		 1,525.85% 1,507.83% 2,657.58% 375.79% 2,540.22% 1,695.64% 3,091.49% -1,081.47% 1,934.66% - 2,658.33%
Free Cash Flow to Firm to Interest Expense		 236.20 -45.18 -24.93 -21.41 -31.32 -140.32 -95.37 -99.04 -97.08 - -2.60
Operating Cash Flow to Interest Expense		 12.32 8.87 8.56 1.27 10.06 7.26 5.50 -2.69 4.55 - 6.06
Operating Cash Flow Less CapEx to Interest Expense		 11.52 8.28 8.24 0.93 9.67 6.83 5.33 -2.94 4.31 - 5.83
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.20 0.22 0.19 0.18 0.20 0.19 0.17 0.17 0.18 - 0.19
Fixed Asset Turnover		 15.50 15.01 16.02 16.39 16.67 16.23 17.13 17.77 17.02 - 20.34
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 17,238 18,780 19,626 19,878 20,461 33,337 35,441 35,951 36,345 - 36,675
Invested Capital Turnover		 0.37 0.57 0.57 0.57 0.58 0.43 0.42 0.43 0.44 - 0.40
Increase / (Decrease) in Invested Capital		 -16,913 3,475 2,911 2,304 3,224 14,556 15,815 16,073 15,884 - 1,234
Enterprise Value (EV)		 53,651 54,309 59,595 61,888 65,932 58,399 69,653 66,524 77,434 - 57,422
Market Capitalization		 47,904 47,276 53,032 54,998 59,677 60,203 73,223 67,896 65,694 - 45,935
Book Value per Share		 $48.55 $49.91 $51.72 $52.96 $55.61 $91.86 $87.63 $89.90 $90.51 - $92.47
Tangible Book Value per Share		 ($16.66) ($24.70) ($22.21) ($21.66) ($19.91) $15.28 $19.92 $16.21 ($38.07) - ($37.14)
Total Capital		 17,238 18,780 19,626 19,878 20,461 33,337 35,441 35,951 36,345 - 36,675
Total Debt		 6,728 7,965 8,282 8,279 8,252 13,157 13,088 12,895 13,108 - 12,873
Total Long-Term Debt		 6,303 7,295 8,174 7,999 8,052 12,957 12,573 12,255 12,338 - 12,233
Net Debt		 5,700 6,994 6,520 6,863 6,229 -1,830 -3,604 -1,404 11,709 - 11,460
Capital Expenditures (CapEx)		 59 46 30 32 37 44 28 39 38 - 36
Net Nonoperating Expense (NNE)		 0.00 -18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Nonoperating Obligations (NNO)		 6,728 7,965 8,282 8,279 8,252 13,157 13,088 12,895 13,108 - 12,873
Total Depreciation and Amortization (D&A)		 200 218 235 243 240 243 282 263 317 - 372
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.30 ($0.17) $2.80 $1.30 $1.43 $1.10 $2.76 $1.43 $1.06 $0.58 $3.20
Adjusted Weighted Average Basic Shares Outstanding		 215.90M 216.80M 218.50M 219.10M 219.40M 254.70M 256.10M 256.40M 256.80M 257.10M 256.90M
Adjusted Diluted Earnings per Share		 $1.28 ($0.17) $2.74 $1.27 $1.39 $1.10 $2.72 $1.40 $1.04 $0.58 $3.16
Adjusted Weighted Average Diluted Shares Outstanding		 215.90M 216.80M 218.50M 219.10M 219.40M 254.70M 256.10M 256.40M 256.80M 257.10M 256.90M
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		 215.90M 216.80M 218.50M 219.10M 219.40M 254.70M 256.10M 256.40M 256.80M 257.10M 256.90M
Normalized Net Operating Profit after Tax (NOPAT)		 281 172 600 300 302 288 722 362 296 - 836
Normalized NOPAT Margin		 11.63% 7.33% 18.96% 11.19% 11.13% 11.02% 20.22% 11.82% 9.25% - 18.18%
Pre Tax Income Margin		 15.05% -3.49% 24.42% 13.64% 14.86% 12.75% 24.45% 15.39% 10.82% - 22.67%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 5.00 -1.05 8.38 3.88 4.34 3.27 5.51 2.97 2.16 - 6.60
NOPAT to Interest Expense		 3.89 -0.74 6.65 3.03 3.38 2.53 4.48 2.31 1.70 - 5.21
EBIT Less CapEx to Interest Expense		 4.19 -1.64 8.06 3.54 3.95 2.84 5.33 2.72 1.92 - 6.37
NOPAT Less CapEx to Interest Expense		 3.08 -1.32 6.32 2.69 2.98 2.11 4.30 2.06 1.47 - 4.98
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 40.53% 49.03% 44.58% 43.77% 43.72% 35.73% 35.79% 36.18% 39.29% - 42.12%
Augmented Payout Ratio		 40.53% 49.03% 44.58% 43.77% 43.72% 35.73% 35.79% 36.18% 39.29% - 42.12%

Financials Breakdown Chart

Key Financial Trends

Arthur J. Gallagher & Co. (NYSE:AJG) showed strong operating performance in Q1 2026, but cash flow and balance sheet trends suggest the company is still leaning heavily on acquisitions and debt to fuel growth.

For the quarter ended March 31, 2026, AJG reported revenue of $4.6 billion, up from $3.47 billion in Q4 2025 and $3.57 billion in Q1 2025. Net income rose to $823 million, compared with $154 million in Q4 2025 and $709 million in Q1 2025, while diluted EPS increased to $3.16 from $0.58 in the prior quarter.

The company also generated $957 million in operating cash flow in Q1 2026, a meaningful improvement from the prior quarter and one of the stronger recent quarterly results. However, investment cash outflows and financing needs remain large, and the balance sheet continues to expand through acquisitions.

  • Revenue and earnings accelerated sharply in Q1 2026. Revenue grew to $4.6 billion and net income reached $823 million, showing solid top-line momentum and strong profitability.
  • Operating cash flow was robust at $957 million. That suggests the core business is still producing substantial cash even after working-capital swings.
  • AJG continues to grow retained earnings. Retained earnings rose to $6.45 billion at the end of Q1 2026 from $5.82 billion in Q3 2025 and $4.99 billion in Q2 2025.
  • Premiums earned increased materially year over year. Premiums earned were $4.72 billion in Q1 2026 versus $3.69 billion in Q1 2025, supporting the revenue jump.
  • The company remains highly cash generative over the long run. Across the last several years, AJG has consistently produced positive operating cash flow, which is a key strength for a brokerage and insurance services business.
  • Acquisitions continue to drive growth. AJG spent $289 million on acquisitions in Q1 2026, after $453.6 million in Q4 2025 and $13.65 billion in Q3 2025, showing that M&A remains central to the strategy.
  • Goodwill and intangible assets remain very large. Goodwill was $22.96 billion and intangible assets were $10.37 billion in Q1 2026, reflecting a balance sheet that depends heavily on acquired assets.
  • Debt is still a meaningful part of the capital structure. Long-term debt stood at $12.23 billion in Q1 2026, with short-term debt at $640 million.
  • Shareholder returns continue alongside growth investments. AJG paid $180 million in dividends and repurchased $310 million of common equity in Q1 2026.
  • Cash declined during the quarter. Net change in cash and equivalents was negative $56 million in Q1 2026, as investing and financing outflows outweighed operating inflows.
  • Investing cash outflows remain heavy. The company used $238 million in investing activities in Q1 2026, mainly from acquisitions and capital spending.
  • Finance costs are significant. Interest expense was $158 million in Q1 2026, up from $101.9 million in Q4 2024, which adds pressure as debt remains elevated.
  • There was a large working-capital drag in the latest quarter. Changes in operating assets and liabilities reduced cash flow by $305 million in Q1 2026, limiting what would otherwise have been even stronger operating cash generation.

Bottom line: AJG’s latest quarter looks fundamentally healthy, with strong revenue growth, rising earnings, and solid operating cash flow. The main watch items for investors are the company’s acquisition-heavy growth model, sizable goodwill/intangibles, and ongoing use of debt and buybacks to manage capital allocation.

06/17/26 10:25 AM ETAI Generated. May Contain Errors.

Arthur J. Gallagher & Co. Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Arthur J. Gallagher & Co.'s financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Arthur J. Gallagher & Co.'s net income appears to be on an upward trend, with a most recent value of $1.50 billion in 2025, rising from $389.10 million in 2015. The previous period was $1.47 billion in 2024. See Arthur J. Gallagher & Co.'s forecast for analyst expectations on what's next for the company.

Over the last 10 years, Arthur J. Gallagher & Co.'s total revenue changed from $1.60 billion in 2015 to $13.30 billion in 2025, a change of 731.9%.

Arthur J. Gallagher & Co.'s total liabilities were at $47.32 billion at the end of 2025, a 7.4% increase from 2024, and a 555.2% increase since 2015.

In the past 10 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 $1.40 billion as of their latest financial filing in 2025.


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Financial statements for NYSE:AJG last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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