NYSE : AJG
Arthur J. Gallagher & Co. — Financial statements
Financials · Insurance Brokers · United States
Last price 268.2 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 68.75B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Arthur J. Gallagher & Co. (AJG) reported revenue of 15.77B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 15.77B | 13.01B | 10.93B | 9.56B | 8.27B | 7.97B |
| Revenue | 15.77B | 13.01B | 10.93B | 9.56B | 8.27B | 7.97B |
| Cost of Revenue | 8.84B | 7.52B | 6.30B | 5.68B | 4.82B | 5.10B |
| Gross Profit | 6.93B | 5.49B | 4.63B | 3.88B | 3.45B | 2.87B |
| Selling, General & Admin | 2.29B | 2.01B | 1.62B | 1.69B | 1.33B | 1.07B |
| Amortization of Goodwill & Intangibles | 1.11B | 850.00M | 646.00M | 528.00M | 452.90M | 397.50M |
| Other Operating Expenses | -102.50M | |||||
| Operating Expenses | 3.63B | 3.06B | 2.44B | 2.38B | 1.93B | 1.52B |
| Operating Income | 3.30B | 2.42B | 2.19B | 1.50B | 1.52B | 1.35B |
| Interest Expense | -656.00M | -639.00M | -381.00M | -297.00M | -256.90M | -226.10M |
| Interest & Investment Income | 419.00M | 769.00M | 473.00M | 368.00M | 150.00M | |
| EBT Excluding Unusual Items | 3.06B | 2.55B | 2.28B | 1.57B | 1.41B | 1.13B |
| Merger & Restructuring Charges | -736.00M | -570.00M | -358.00M | |||
| Asset Writedown | -66.00M | -66.00M | -19.00M | -4.00M | -2.00M | -17.60M |
| Other Unusual Items | -110.00M | -46.00M | -26.00M | -378.00M | -83.00M | -135.80M |
| Pretax Income | 2.15B | 1.87B | 1.88B | 1.19B | 1.33B | 975.10M |
| Income Tax Expense | 445.00M | 368.00M | 404.00M | 219.00M | 211.00M | 20.10M |
| Earnings From Continuing Operations | 1.71B | 1.50B | 1.47B | 966.00M | 1.12B | 955.00M |
| Minority Interest in Earnings | -7.00M | -9.00M | -8.00M | 4.00M | -1.80M | -48.20M |
| Net Income | 1.70B | 1.49B | 1.46B | 970.00M | 1.11B | 906.80M |
| Net Income to Common | 1.70B | 1.49B | 1.46B | 970.00M | 1.11B | 906.80M |
| Shares Outstanding (Basic) | 256.79M | 256.10M | 220.50M | 214.90M | 210.30M | 202.70M |
| Shares Outstanding (Diluted) | 259.53M | 260.10M | 225.00M | 219.30M | 214.70M | 207.30M |
| EPS (Basic) | 6.62 | 5.83 | 6.63 | 4.51 | 5.30 | 4.47 |
| EPS (Diluted) | 6.55 | 5.74 | 6.50 | 4.42 | 5.19 | 4.37 |
| Free Cash Flow | 1.78B | 2.44B | 1.84B | 1.21B | 1.26B | |
| Free Cash Flow Per Share | 6.86 | 10.85 | 8.38 | 5.62 | 6.10 | |
| Dividend Per Share | 2.75 | 2.60 | 2.40 | 2.20 | 2.04 | 1.92 |
| Gross Margin | 43.96% | 42.16% | 42.34% | 40.57% | 41.69% | 36.03% |
| Operating Margin | 20.93% | 18.63% | 20.00% | 15.65% | 18.37% | 16.99% |
| Profit Margin | 10.78% | 11.48% | 13.39% | 10.15% | 13.47% | 11.37% |
| Free Cash Flow Margin | 13.72% | 22.34% | 19.23% | 14.60% | 15.85% | |
| EBITDA | 4.65B | 3.48B | 3.01B | 2.19B | 2.12B | 1.90B |
| EBITDA Margin | 29.48% | 26.74% | 27.54% | 22.90% | 25.59% | 23.87% |
| D&A For EBITDA | 1.35B | 1.06B | 824.00M | 693.00M | 597.60M | 548.70M |
| EBIT | 3.30B | 2.42B | 2.19B | 1.50B | 1.52B | 1.35B |
| EBIT Margin | 20.93% | 18.62% | 20.00% | 15.65% | 18.37% | 16.99% |
| Effective Tax Rate | 20.69% | 19.67% | 21.55% | 18.48% | 15.90% | 2.06% |
| Revenue as Reported | 16.36B | 13.94B | 11.55B | 10.07B | 8.55B | 8.21B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.21B | 1.40B | 14.99B | 971.50M | 738.40M | 402.60M |
| Trading Asset Securities | 7.00M | 56.50M | ||||
| Cash & Short-Term Investments | 1.21B | 1.40B | 14.99B | 971.50M | 794.90M | 402.60M |
| Accounts Receivable | 5.98B | 5.17B | 3.90B | 3.79B | 2.91B | 12.39B |
| Receivables | 5.98B | 5.17B | 3.90B | 3.79B | 2.91B | 12.90B |
| Prepaid Expenses | 171.70M | |||||
| Restricted Cash | 4.06B | |||||
| Other Current Assets | 35.13B | 27.78B | 25.23B | 27.36B | 18.58B | 129.70M |
| Total Current Assets | 42.32B | 34.36B | 44.11B | 32.12B | 22.29B | 17.67B |
| Property, Plant & Equipment | 1.37B | 1.39B | 1.03B | 1.13B | 922.90M | 859.40M |
| Long-Term Investments | 56.60M | 3.40M | ||||
| Goodwill | 23.39B | 22.59B | 12.27B | 11.48B | 9.49B | 8.67B |
| Other Intangible Assets | 10.20B | 10.68B | 4.53B | 4.63B | 3.37B | 3.95B |
| Long-Term Deferred Tax Assets | 45.00M | 43.00M | 959.00M | 1.13B | 1.30B | 1.23B |
| Other Long-Term Assets | 1.74B | 1.60B | 1.35B | 1.13B | 933.20M | 963.10M |
| Total Assets | 79.06B | 70.67B | 64.25B | 51.62B | 38.36B | 33.34B |
| Accounts Payable | 13.85B | |||||
| Accrued Expenses | 3.78B | 3.88B | 3.58B | 2.54B | 1.98B | 1.89B |
| Short-Term Debt | 228.00M | 234.00M | 225.00M | 294.70M | 241.90M | 228.40M |
| Current Portion of Long-Term Debt | 1.01B | 640.00M | 200.00M | 670.00M | 310.00M | 246.30M |
| Current Portion of Leases | 131.00M | |||||
| Current Unearned Revenue | 839.00M | 737.00M | 537.00M | 644.70M | 546.70M | 520.90M |
| Other Current Liabilities | 34.34B | 26.90B | 24.71B | 26.91B | 18.26B | 1.30M |
| Total Current Liabilities | 40.20B | 32.52B | 29.26B | 31.06B | 21.34B | 16.73B |
| Long-Term Debt | 11.73B | 12.10B | 12.73B | 7.01B | 5.56B | 5.82B |
| Long-Term Leases | 518.00M | 515.00M | 328.00M | 352.20M | 300.40M | 309.30M |
| Long-Term Unearned Revenue | 189.00M | 155.00M | 67.00M | 61.50M | 62.60M | 58.70M |
| Long-Term Deferred Tax Liabilities | 319.00M | 106.00M | 129.60M | 92.40M | 165.70M | |
| Other Long-Term Liabilities | 2.35B | 1.71B | 1.58B | 2.19B | 1.81B | 1.69B |
| Total Liabilities | 54.99B | 47.32B | 44.08B | 40.80B | 29.17B | 24.78B |
| Common Stock | 256.00M | 257.00M | 250.00M | 216.70M | 211.90M | 208.50M |
| Additional Paid-In Capital | 17.58B | 17.78B | 16.07B | 7.30B | 6.51B | 6.14B |
| Retained Earnings | 6.81B | 5.81B | 4.99B | 4.05B | 3.56B | 2.88B |
| Comprehensive Income & Other | -611.00M | -525.00M | -1.15B | -792.10M | -1.14B | -726.10M |
| Total Common Equity | 24.04B | 23.32B | 20.15B | 10.78B | 9.14B | 8.51B |
| Minority Interest | 33.00M | 26.00M | 26.00M | 40.00M | 46.60M | 51.70M |
| Shareholders' Equity | 24.07B | 23.35B | 20.18B | 10.82B | 9.19B | 8.56B |
| Total Liabilities & Equity | 79.06B | 70.67B | 64.25B | 51.62B | 38.36B | 33.34B |
| Total Debt | 13.49B | 13.62B | 13.48B | 8.32B | 6.42B | 6.61B |
| Net Cash (Debt) | -12.28B | -12.22B | 1.50B | -7.35B | -5.62B | -6.20B |
| Net Cash Per Share | -47.30 | -46.99 | 6.68 | -33.52 | -26.18 | -29.92 |
| Filing Date Shares Outstanding | 256.42M | 257.10M | 254.70M | 216.80M | 212.09M | 208.54M |
| Total Common Shares Outstanding | 256.42M | 257.00M | 250.00M | 216.70M | 211.90M | 208.50M |
| Working Capital | 2.12B | 1.84B | 14.85B | 1.05B | 946.60M | 935.40M |
| Book Value Per Share | 93.75 | 90.74 | 80.62 | 49.72 | 43.15 | 40.81 |
| Tangible Book Value | -9.55B | -9.96B | 3.35B | -5.33B | -3.72B | -4.11B |
| Tangible Book Value Per Share | -37.24 | -38.74 | 13.42 | -24.61 | -17.55 | -19.72 |
| Land | 174.00M | 172.00M | 168.90M | 145.30M | 145.30M | |
| Machinery | 707.00M | 548.00M | 540.50M | 470.00M | 420.40M | |
| Construction In Progress | 80.00M | 64.00M | 54.10M | 56.00M | 23.00M | |
| Leasehold Improvements | 326.00M | 260.00M | 232.60M | 190.70M | 170.80M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.49B | 1.46B | 970.00M | 1.11B | 906.80M | |
| Depreciation & Amortization | 1.06B | 824.00M | 693.00M | 597.60M | 548.70M | |
| Asset Writedown & Restructuring Costs | 66.00M | 19.00M | 4.00M | 2.00M | 17.60M | |
| Loss (Gain) From Sale of Investments | -23.00M | -23.00M | -8.00M | -11.00M | -17.00M | |
| Stock-Based Compensation | 197.00M | 159.00M | 136.00M | 109.80M | 82.30M | |
| Other Operating Activities | -321.00M | 100.00M | 359.00M | -239.90M | -33.80M | |
| Change in Accounts Receivable | -278.00M | -65.00M | -504.00M | -319.60M | -172.30M | |
| Change in Unearned Revenue | -56.00M | -116.00M | 49.00M | 29.30M | 23.10M | |
| Change in Income Taxes | -60.00M | -42.00M | -78.00M | 49.90M | -123.80M | |
| Change in Other Net Operating Assets | -145.00M | 264.00M | 411.00M | 57.70M | 160.80M | |
| Operating Cash Flow | 1.93B | 2.58B | 2.03B | 1.39B | 1.39B | |
| Capital Expenditures | -145.00M | -142.00M | -194.00M | -182.70M | -128.60M | |
| Cash Acquisitions | -15.77B | -1.46B | -3.04B | -764.90M | -3.25B | |
| Divestitures | 17.00M | 20.00M | 10.00M | 11.00M | 15.70M | |
| Investment in Securities | 2.00M | 6.00M | 6.00M | 1.00M | -1.10M | |
| Investing Cash Flow | -15.88B | -1.59B | -3.29B | -1.00B | -3.43B | |
| Short-Term Debt Issued | 42.00M | 25.30M | 37.00M | |||
| Long-Term Debt Issued | 2.55B | 7.21B | 5.43B | 2.57B | 2.96B | |
| Total Debt Issued | 2.55B | 7.21B | 5.47B | 2.60B | 2.99B | |
| Short-Term Debt Repaid | -15.00M | -41.00M | ||||
| Long-Term Debt Repaid | -2.74B | -1.91B | -3.61B | -2.76B | -1.24B | |
| Total Debt Repaid | -2.76B | -1.95B | -3.61B | -2.76B | -1.24B | |
| Net Debt Issued (Repaid) | -212.00M | 5.27B | 1.86B | -161.20M | 1.76B | |
| Issuance of Common Stock | 1.50B | 8.51B | 120.00M | 123.10M | 1.55B | |
| Common Dividends Paid | -667.00M | -525.00M | -474.00M | -429.50M | -392.00M | |
| Other Financing Activities | 1.09B | -197.00M | 1.37B | 680.20M | 82.10M | |
| Financing Cash Flow | 1.71B | 13.05B | 2.87B | 212.60M | 3.00B | |
| Foreign Exchange Rate Adjustments | 303.00M | -123.00M | -34.00M | -99.90M | -64.50M | |
| Net Cash Flow | -11.93B | 13.93B | 1.58B | 497.90M | 892.00M | |
| Free Cash Flow | 1.78B | 2.44B | 1.84B | 1.21B | 1.26B | |
| Free Cash Flow Margin | 13.72% | 22.34% | 19.23% | 14.60% | 15.85% | |
| Free Cash Flow Per Share | 6.86 | 10.85 | 8.38 | 5.62 | 6.10 | |
| Levered Free Cash Flow | 1.07B | 2.74B | 1.06B | 1.63B | 885.81M | |
| Unlevered Free Cash Flow | 1.47B | 2.98B | 1.25B | 1.79B | 1.03B | |
| Cash Interest Paid | 575.00M | 347.00M | 271.00M | 240.20M | 215.70M | |
| Cash Income Tax Paid | 341.00M | 331.00M | 226.00M | 317.60M | 325.40M | |
| Change in Working Capital | -539.00M | 41.00M | -122.00M | -182.70M | -112.20M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 71.51B | 66.46B | 70.91B | 48.55B | 39.75B | 35.17B |
| Enterprise Value | 83.79B | 78.79B | 77.49B | 54.53B | 45.80B | 38.28B |
| Last Close Price | 278.89 | 256.46 | 278.85 | 218.98 | 181.71 | 161.61 |
| PE Ratio | 42.60 | 44.48 | 48.47 | 50.06 | 35.68 | 38.78 |
| Forward PE | 19.33 | 19.87 | 25.97 | 22.55 | 22.41 | 28.40 |
| PS Ratio | 4.54 | 5.11 | 6.49 | 5.08 | 4.81 | 4.41 |
| PB Ratio | 2.97 | 2.85 | 3.51 | 4.49 | 4.33 | 4.11 |
| P/TBV Ratio | 21.14 | |||||
| P/FCF Ratio | 31.30 | 37.23 | 29.05 | 26.42 | 32.93 | 27.83 |
| P/OCF Ratio | 29.20 | 34.43 | 27.45 | 23.89 | 28.60 | 25.26 |
| PEG Ratio | 1.30 | 1.84 | 1.84 | 1.74 | 1.85 | 1.88 |
| EV/Sales Ratio | 5.31 | 6.06 | 7.09 | 5.71 | 5.54 | 4.80 |
| EV/EBITDA Ratio | 18.02 | 22.65 | 25.74 | 24.91 | 21.64 | 20.11 |
| EV/EBIT Ratio | 25.39 | 32.52 | 35.45 | 36.45 | 30.16 | 28.26 |
| EV/FCF Ratio | 36.67 | 44.14 | 31.75 | 29.67 | 37.94 | 30.29 |
| Debt / Equity Ratio | 0.56 | 0.58 | 0.67 | 0.77 | 0.70 | 0.77 |
| Debt / EBITDA Ratio | 2.77 | 3.70 | 4.22 | 3.51 | 2.80 | 3.21 |
| Debt / FCF Ratio | 7.63 | 5.52 | 4.53 | 5.31 | 5.23 | |
| Net Debt / Equity Ratio | 0.51 | 0.52 | -0.07 | 0.68 | 0.61 | 0.72 |
| Net Debt / EBITDA Ratio | 2.64 | 3.51 | -0.50 | 3.36 | 2.65 | 3.26 |
| Net Debt / FCF Ratio | 6.85 | -0.61 | 4.00 | 4.66 | 4.91 | |
| Asset Turnover | 0.20 | 0.19 | 0.19 | 0.21 | 0.23 | 0.29 |
| Quick Ratio | 0.18 | 0.20 | 0.65 | 0.15 | 0.17 | 0.77 |
| Current Ratio | 1.05 | 1.06 | 1.51 | 1.03 | 1.04 | 1.06 |
| Return on Equity (ROE) | 7.21% | 6.91% | 9.49% | 9.66% | 12.57% | 12.91% |
| Return on Assets (ROA) | 2.61% | 2.25% | 2.36% | 2.08% | 2.65% | 3.04% |
| Return on Invested Capital (ROIC) | 7.19% | 7.18% | 9.31% | 7.40% | 8.64% | 10.50% |
| Return on Capital Employed (ROCE) | 8.50% | 6.40% | 6.20% | 7.30% | 8.90% | 8.20% |
| Earnings Yield | 2.35% | 2.25% | 2.06% | 2.00% | 2.80% | 2.58% |
| FCF Yield | 3.20% | 2.69% | 3.44% | 3.79% | 3.04% | 3.59% |
| Dividend Yield | 1.00% | 1.00% | 0.85% | 0.98% | 1.09% | 1.14% |
| Payout Ratio | 42.77% | 44.65% | 35.88% | 48.87% | 38.55% | 43.23% |
| Buyback Yield / Dilution | -2.63% | -15.60% | -2.60% | -2.14% | -3.57% | -6.31% |
| Total Shareholder Return | -1.63% | -14.59% | -1.75% | -1.16% | -2.48% | -5.17% |