Arthur J. Gallagher & Co.

Financials Insurance Brokers Rolling Meadows, Illinois Last filing Feb 17, 2026 · FY2025

                    Revenue
                    FY2017
                
$6.2B
                    
                    +10.1%
                    
                    Net income
                    FY2025
                
$1.5B
                    
                    +2.1%
                    
                    Total assets
                    FY2025
                
$70.7B
                    ROA +2.1%
                    
                    P44
                    
                    +10.0%
                    
                    Operating cash flow
                    FY2025
                
$1.9B
                    
                    -25.3%

18 yrs · FY2008–FY2025 8 filed · 0 derived · 1 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 10 years

Total assets $70.7B

Total liabilities $47.3B

Shareholders equity $23.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	2.0%	23.3%	1.9%	0.9%	1.2%	3.0%	3.1%	3.7%	4.6%	4.7%
Accounts Receivable	7.3%	6.1%	7.3%	1.4%	35.2%	28.8%	27.6%	29.7%	14.5%	16.1%
Prepaid Expenses	1.3%	0.8%	0.9%	3.8%	0.5%	0.5%	0.6%	0.7%	0.6%	0.7%
Other Current Assets	1.3%	0.8%	0.9%	3.8%	4.4%	5.0%	5.5%	6.3%	4.8%	5.5%
Total Current Assets	48.6%	68.7%	62.2%	59.5%	53.0%	49.8%	46.4%	49.7%	34.7%	38.4%
Property,Plant and Equipment	1.1%	1.0%	1.4%	1.5%	1.5%	2.0%	2.4%	2.7%	2.8%	3.3%
Operating Lease Assets	0.8%	0.6%	0.8%	0.9%	1.1%	1.7%	2.0%	—	—	—
Goodwill	32.0%	19.1%	22.2%	24.7%	26.0%	27.4%	28.6%	28.3%	27.9%	32.8%
Intangible Assets	15.1%	7.1%	9.0%	8.8%	11.9%	10.7%	11.8%	10.9%	11.0%	14.2%
Deferred Tax Assets	0.1%	1.5%	2.2%	3.4%	3.7%	4.9%	6.7%	7.0%	6.1%	6.9%
Other Noncurrent Assets	2.3%	2.1%	2.2%	2.6%	2.9%	3.4%	3.9%	3.5%	3.8%	4.4%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	7.3%	6.1%	7.3%	—	—	—	—	—	—	—
Accrued Liabilities	46.0%	45.5%	60.2%	57.1%	50.2%	45.4%	45.4%	47.1%	32.9%	40.1%
Deferred Revenue	1.0%	0.8%	1.2%	1.4%	1.6%	2.1%	2.2%	2.3%	—	—
Current Portion of Long Term Debt	0.9%	0.3%	1.3%	0.8%	0.7%	0.3%	3.2%	2.2%	1.9%	5.0%
Operating Lease Liabilities	0.7%	0.5%	0.7%	0.8%	0.9%	1.4%	1.7%	—	—	—
Total Current Liabilities	46.0%	45.5%	60.2%	57.1%	50.2%	45.4%	45.4%	47.1%	32.9%	40.1%
Long Term Debt	17.1%	19.8%	13.6%	14.5%	17.4%	19.1%	19.4%	18.9%	18.1%	18.7%
Deferred Revenue Noncurrent	0.2%	0.1%	0.1%	0.2%	0.2%	0.3%	0.4%	0.5%	—	—
Operating Lease Liabilities Noncurrent	0.7%	0.5%	0.7%	0.8%	0.9%	1.4%	1.7%	—	—	—
Other Noncurrent Liabilities	2.9%	2.6%	4.5%	5.0%	5.6%	5.9%	6.5%	5.5%	7.6%	9.4%
Total Liabilities	67.0%	68.6%	79.0%	77.5%	74.3%	72.1%	73.4%	72.0%	58.6%	68.2%
Equity
Common Stock	0.4%	0.4%	0.4%	0.6%	0.6%	0.9%	1.0%	1.1%	1.2%	1.6%
Additional Paid In Capital	25.2%	25.0%	14.1%	17.0%	18.4%	19.1%	19.5%	21.7%	22.7%	28.4%
Retained Earnings	8.2%	7.8%	7.9%	9.3%	8.6%	10.6%	9.7%	9.5%	7.4%	8.0%
Accumulated Other Comprehensive Income	-0.7%	-1.8%	-1.5%	-3.0%	-2.2%	-2.9%	-3.9%	-4.8%	-3.8%	-6.6%
Noncontrolling Interest	0.0%	0.0%	0.1%	0.1%	0.2%	0.2%	0.3%	0.4%	0.4%	0.5%
Total Stockholders Equity	33.0%	31.4%	20.9%	23.8%	25.5%	27.7%	26.3%	27.5%	27.5%	31.3%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	101.4%	100.0%	100.0%	100.0%	100.0%	86.5%	100.0%

Income Statement

Revenue, expense, and profitability

14 accounts · 10 years

Revenue $6.2B

Operating income Not reported

Net income $1.5B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Expenses Cost of Revenue	17.1%	15.1%	17.2%	0.1%	3.5%	4.0%	6.9%	11.1%	11.0%	12.3%
Expenses Depreciation and Amortization	1.6%	1.3%	1.4%	1.6%	1.7%	2.5%	2.4%	2.6%	2.6%	3.1%
Expenses Share Based Compensation	0.1%	0.1%	0.1%	0.1%	0.0%	0.1%	0.1%	0.1%	0.1%	0.1%
Expenses Operating Expenses	3.2%	2.7%	3.3%	3.5%	3.2%	4.1%	5.4%	5.5%	5.6%	6.8%
Other Income Expense Interest Expense	0.9%	0.6%	0.6%	0.7%	0.7%	0.9%	0.9%	0.8%	0.8%	1.0%
Other Income Expense Other Income/expense	0.0%	0.0%	0.0%	0.0%	0.1%	-0.0%	0.4%	0.1%	0.0%	0.1%
Other Income Expense Income Before Tax	2.6%	2.9%	2.3%	3.5%	2.9%	3.9%	3.2%	2.9%	2.4%	2.9%
Income Tax Income Tax Expense	0.5%	0.6%	0.4%	0.6%	0.1%	0.1%	-0.5%	-1.2%	-1.1%	-0.8%
net Income net Income	2.1%	2.3%	1.9%	2.9%	2.7%	3.7%	3.4%	3.9%	3.2%	3.5%
net Income Comprehensive Income	3.0%	1.7%	2.6%	1.8%	2.5%	4.2%	3.5%	2.5%	4.6%	1.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.4%	0.3%	0.4%	0.5%	0.6%	0.9%	0.9%	1.1%	1.2%	1.5%
Earnings Per Share Weighted Average Shares Diluted	0.4%	0.3%	0.4%	0.5%	0.6%	0.9%	0.9%	1.1%	1.2%	1.5%

Cash Flow Statement

Operating, investing, and financing flows

17 accounts · 10 years

Operating cash flow $1.9B

Investing cash flow $-15.9B

Financing cash flow $1.7B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	2.1%	2.3%	1.9%	2.9%	2.7%	3.7%	3.4%	3.9%	3.2%	3.5%
Operating Activities Depreciation and Amortization	1.6%	1.3%	1.4%	1.6%	1.7%	2.5%	2.4%	2.6%	2.6%	3.1%
Operating Activities Stock Based Compensation	0.1%	0.1%	0.1%	0.1%	0.0%	0.1%	0.1%	0.1%	0.1%	0.1%
Operating Activities Deferred Income Taxes	0.1%	0.2%	0.1%	-0.5%	-0.6%	-0.7%	-0.9%	1.3%	1.5%	1.4%
Operating Activities Changes In Operating Assets and Liabilities	0.3%	-0.1%	1.1%	0.9%	0.6%	0.1%	0.1%	0.1%	0.0%	0.1%
Operating Activities net Cash From Operating Activities	2.7%	4.0%	3.9%	3.6%	4.2%	8.1%	6.1%	4.7%	5.7%	5.7%
Investing Activities Capital Expenditures	0.2%	0.2%	0.4%	0.5%	0.4%	0.4%	0.7%	0.8%	0.9%	1.9%
Investing Activities Other Investing Activities	-0.0%	-0.0%	-0.0%	-0.0%	0.0%	0.0%	0.3%	0.1%	0.1%	0.3%
Investing Activities net Cash From Investing Activities	-22.5%	-2.5%	-6.4%	-2.6%	-10.3%	-2.1%	-7.4%	-5.6%	-3.4%	-4.2%
Financing Activities Proceeds From Debt	3.6%	2.6%	7.4%	6.7%	5.0%	1.9%	3.7%	2.4%	2.3%	2.8%
Financing Activities Repayment of Debt	3.6%	3.0%	7.0%	6.7%	3.7%	14.1%	20.7%	18.4%	2.0%	0.4%
Financing Activities Dividends Paid	0.9%	0.8%	0.9%	1.1%	1.2%	1.6%	1.6%	1.8%	1.9%	2.4%
Financing Activities Proceeds From Stock Issuance	2.1%	13.2%	0.2%	0.3%	4.6%	0.5%	0.5%	0.5%	0.4%	0.4%
Financing Activities net Cash From Financing Activities	2.4%	20.3%	5.6%	0.6%	9.0%	-2.3%	3.3%	1.0%	-0.3%	-0.1%
Cash Reconciliation net Change In Cash	-16.9%	21.7%	3.1%	1.3%	2.7%	4.3%	2.0%	-0.4%	2.5%	0.4%
Cash Reconciliation Cash At Beginning of Period	2.0%	23.3%	1.9%	1.9%	13.4%	16.0%	13.4%	13.7%	15.5%	16.9%
Cash Reconciliation Cash At End of Period	2.0%	23.3%	1.9%	1.9%	13.4%	16.0%	13.4%	13.7%	15.5%	16.9%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	—	—	—	—	—	—	—	—	+73.4%	+74.8%
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	—	—	—	—	—	—	—	—	+7.8%	+7.1%
FCF margin	—	—	—	—	—	—	—	—	+11.8%	+7.7%
Growth
Revenue CAGR (3y)	—	—	—	—	—	—	—	—	+10.0%	+20.7%
Returns
ROE	+6.4%	+7.3%	+9.0%	+12.2%	+10.7%	+13.2%	+13.0%	+14.1%	+11.7%	+11.0%
ROA	+2.1%	+2.3%	+1.9%	+2.9%	+2.7%	+3.7%	+3.4%	+3.9%	+3.2%	+3.5%
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	1.06x	1.51x	1.03x	1.04x	1.06x	1.10x	1.02x	1.06x	1.05x	0.96x
Quick ratio	0.20x	0.65x	0.15x	0.04x	0.73x	0.70x	0.68x	0.71x	0.58x	0.52x
Leverage
D/E	2.03x	2.19x	3.79x	3.25x	2.91x	2.60x	2.80x	2.61x	2.13x	2.18x
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	—	—	—	—	—	—	—	—	0.41x	0.49x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

Valuation

Price against fundamentals

AJG $306 · 2025-09-29 · 351d old · FY2025

Market cap $78.3B

P/E 52.40x

P/S —

P/B 3.36x

EV $89.6B

EV/EBITDA —

FCF yield +2.3%

Dividend yield +0.9%

Notes

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