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

Running CAGR since the earliest displayed year.

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	+11.0%	+51.3%	+8.6%	-7.5%	-5.9%	+5.1%	+3.5%	+5.5%	+24.9%	—
Accounts Receivable	+12.1%	+9.8%	+10.8%	-18.4%	+44.8%	+36.7%	+43.2%	+62.3%	+16.9%	—
Prepaid Expenses	+30.9%	+26.6%	+28.4%	+62.8%	+17.0%	+9.4%	+13.8%	+17.5%	+16.7%	—
Other Current Assets	+3.8%	-2.5%	-4.8%	+14.9%	+18.0%	+15.1%	+19.2%	+27.1%	+11.8%	—
Total Current Assets	+25.6%	+33.3%	+32.8%	+31.5%	+32.0%	+26.0%	+27.3%	+35.6%	+17.1%	—
Property,Plant and Equipment	+8.5%	+7.0%	+9.8%	+7.3%	+5.8%	+4.5%	+7.4%	+7.6%	+9.2%	—
Operating Lease Assets	—	—	—	—	—	—	—	—	—	—
Goodwill	+22.0%	+15.9%	+17.2%	+16.6%	+18.1%	+12.9%	+14.2%	+10.8%	+10.5%	—
Intangible Assets	+23.3%	+13.7%	+16.1%	+12.9%	+19.4%	+10.2%	+12.5%	+4.4%	+1.1%	—
Deferred Tax Assets	-27.7%	+2.3%	+5.2%	+8.5%	+9.1%	+8.1%	+18.0%	+19.9%	+13.6%	—
Other Noncurrent Assets	+13.7%	+13.1%	+12.2%	+11.9%	+13.9%	+11.2%	+15.3%	+6.6%	+12.4%	—
Total Assets	+22.4%	+24.0%	+23.9%	+22.3%	+23.7%	+18.1%	+19.6%	+19.2%	+29.8%	—
Liabilities
Accounts Payable	—	—	—	—	—	—	—	—	—	—
Accrued Liabilities	+24.2%	+26.0%	+31.3%	+29.6%	+29.4%	+21.8%	+24.6%	+29.2%	+6.5%	—
Deferred Revenue	—	—	—	—	—	—	—	—	—	—
Current Portion of Long Term Debt	+1.1%	-12.4%	+2.1%	-9.9%	-15.8%	-40.0%	+2.4%	-20.5%	-49.8%	—
Operating Lease Liabilities	—	—	—	—	—	—	—	—	—	—
Total Current Liabilities	+24.2%	+26.0%	+31.3%	+29.6%	+29.4%	+21.8%	+24.6%	+29.2%	+6.5%	—
Long Term Debt	+21.2%	+24.9%	+18.4%	+17.2%	+22.1%	+18.8%	+21.2%	+20.1%	+25.5%	—
Deferred Revenue Noncurrent	—	—	—	—	—	—	—	—	—	—
Operating Lease Liabilities Noncurrent	—	—	—	—	—	—	—	—	—	—
Other Noncurrent Liabilities	+7.3%	+5.8%	+11.6%	+10.0%	+11.7%	+5.0%	+5.7%	-8.6%	+4.7%	—
Total Liabilities	+22.1%	+24.1%	+26.6%	+24.9%	+25.9%	+19.7%	+22.6%	+22.5%	+11.5%	—
Equity
Common Stock	+4.1%	+4.3%	+2.8%	+2.9%	+3.2%	+2.1%	+1.8%	+1.6%	+1.5%	—
Additional Paid In Capital	+20.7%	+22.0%	+12.2%	+12.2%	+13.5%	+6.9%	+5.4%	+4.1%	+3.8%	—
Retained Earnings	+22.8%	+23.6%	+23.7%	+25.4%	+25.8%	+26.8%	+27.5%	+30.4%	+19.6%	—
Accumulated Other Comprehensive Income	—	—	—	—	—	—	—	—	—	—
Noncontrolling Interest	-8.7%	-9.7%	-5.4%	-3.9%	-2.7%	-5.9%	+0.4%	+9.4%	+0.8%	—
Total Stockholders Equity	+23.1%	+24.0%	+17.0%	+16.8%	+18.8%	+14.5%	+12.8%	+11.8%	+14.1%	—
Total Liabilitiesand Equity	+22.4%	+24.0%	+23.9%	+22.5%	+23.7%	+18.1%	+19.6%	+19.2%	+12.3%	—

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	+27.0%	+27.2%	+30.1%	-49.7%	-3.6%	-11.0%	-1.3%	+13.5%	+16.1%	—
Expenses Depreciation and Amortization	+13.8%	+11.6%	+10.3%	+9.3%	+10.1%	+12.5%	+10.6%	+9.3%	+10.0%	—
Expenses Share Based Compensation	+14.3%	+14.0%	+11.2%	+8.8%	-1.8%	-1.9%	-1.6%	-3.5%	+17.7%	—
Expenses Operating Expenses	+12.6%	+10.7%	+11.7%	+9.4%	+6.7%	+4.0%	+11.2%	+7.9%	+6.8%	—
Other Income Expense Interest Expense	+21.6%	+16.8%	+15.3%	+15.2%	+15.5%	+15.6%	+17.9%	+12.3%	+13.0%	—
Other Income Expense Other Income/expense	+15.1%	+17.1%	+3.0%	+9.2%	+21.2%	—	+122.9%	+13.7%	-98.5%	—
Other Income Expense Income Before Tax	+21.1%	+24.1%	+19.9%	+25.9%	+23.9%	+27.1%	+23.4%	+19.9%	+7.9%	—
Income Tax Income Tax Expense	—	—	—	—	—	—	—	—	—	—
net Income net Income	+15.9%	+17.7%	+13.6%	+18.8%	+18.0%	+19.9%	+19.0%	+26.4%	+21.3%	—
net Income Comprehensive Income	+33.4%	+27.5%	+35.3%	+28.1%	+39.1%	+55.9%	+63.7%	+61.3%	+330.6%	—
Earnings Per Share Basic Eps	+11.3%	+14.6%	+10.6%	+15.5%	+14.9%	+17.8%	+17.3%	+24.7%	+19.7%	—
Earnings Per Share Diluted Eps	+11.1%	+14.4%	+10.3%	+15.2%	+14.5%	+17.3%	+16.6%	+23.8%	+18.9%	—
Earnings Per Share Weighted Average Shares Basic	+4.2%	+2.7%	+2.8%	+2.9%	+2.7%	+1.8%	+1.6%	+1.4%	+1.4%	—
Earnings Per Share Weighted Average Shares Diluted	+4.2%	+2.7%	+2.8%	+2.9%	+2.7%	+1.8%	+1.6%	+1.4%	+1.4%	—

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	+15.9%	+17.7%	+13.6%	+18.8%	+18.0%	+19.9%	+19.0%	+26.4%	+21.3%	—
Operating Activities Depreciation and Amortization	+13.8%	+11.6%	+10.3%	+9.3%	+10.1%	+12.5%	+10.6%	+9.3%	+10.0%	—
Operating Activities Stock Based Compensation	+14.3%	+14.0%	+11.2%	+8.8%	-1.8%	-1.9%	-1.6%	-3.5%	+17.7%	—
Operating Activities Deferred Income Taxes	-10.5%	-5.1%	-17.6%	—	—	—	—	+14.0%	+32.0%	—
Operating Activities Changes In Operating Assets and Liabilities	+34.8%	—	+67.3%	+68.8%	+66.9%	+5.2%	-5.4%	+10.4%	-94.0%	—
Operating Activities net Cash From Operating Activities	+12.9%	+18.8%	+17.7%	+13.5%	+16.5%	+29.1%	+22.4%	+8.5%	+31.5%	—
Investing Activities Capital Expenditures	-4.4%	-5.2%	-1.6%	-2.9%	-10.0%	-17.8%	-13.9%	-24.4%	-40.7%	—
Investing Activities Other Investing Activities	—	—	—	—	-49.0%	-54.2%	+17.7%	-30.1%	-72.1%	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Debt	+25.7%	+22.6%	+42.0%	+41.1%	+38.8%	+6.8%	+30.5%	+10.8%	+6.7%	—
Financing Activities Repayment of Debt	+54.8%	+57.6%	+84.3%	+92.6%	+89.9%	+181.7%	+333.0%	+674.6%	+500.0%	—
Financing Activities Dividends Paid	+10.5%	+8.6%	+8.2%	+7.9%	+7.6%	+6.3%	+5.7%	+5.3%	+3.9%	—
Financing Activities Proceeds From Stock Issuance	+47.4%	+92.2%	+14.8%	+18.0%	+102.3%	+25.2%	+30.4%	+34.0%	+32.5%	—
Financing Activities net Cash From Financing Activities	—	—	—	—	—	—	—	—	—	—
Cash Reconciliation net Change In Cash	—	+104.7%	+66.2%	+49.2%	+81.7%	+114.3%	+104.7%	—	+714.6%	—
Cash Reconciliation Cash At Beginning of Period	-3.6%	+29.1%	-9.4%	-14.9%	+18.2%	+16.5%	+10.6%	+7.4%	+19.0%	—
Cash Reconciliation Cash At End of Period	-3.6%	+29.1%	-9.4%	-14.9%	+18.2%	+16.5%	+10.6%	+7.4%	+19.0%	—

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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