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

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	$1.4B -90.7%	$15.0B 1442.7%	$971.5M 183.8%	$342.3M -15.0%	$402.6M -39.4%	$664.6M 9.9%	$604.8M -0.4%	$607.2M -10.9%	$681.2M 24.9%	$545.5M
Accounts Receivable	$5.2B 32.8%	$3.9B 2.9%	$3.8B 593.1%	$546.3M -95.4%	$11.8B 82.6%	$6.4B 18.8%	$5.4B 11.6%	$4.9B 125.2%	$2.2B 16.9%	$1.8B
Prepaid Expenses	$886.0M 71.0%	$518.0M 15.1%	$450.1M -69.2%	$1.5B 751.2%	$171.7M 53.2%	$112.1M -2.9%	$115.5M 6.7%	$108.2M 18.3%	$91.5M 16.7%	$78.4M
Other Current Assets	$886.0M 71.0%	$518.0M 15.1%	$450.1M -69.2%	$1.5B 0.7%	$1.5B 30.3%	$1.1B 3.7%	$1.1B 4.9%	$1.0B 44.6%	$708.4M 11.8%	$633.7M
Total Current Assets	$34.4B -22.1%	$44.1B 37.4%	$32.1B 40.6%	$22.8B 29.2%	$17.7B 58.8%	$11.1B 22.0%	$9.1B 12.3%	$8.1B 57.0%	$5.2B 17.1%	$4.4B
Property,Plant and Equipment	$789.0M 21.3%	$650.3M -10.5%	$726.4M 26.1%	$576.2M 15.1%	$500.8M 11.1%	$450.7M -3.6%	$467.4M 7.0%	$436.9M 6.0%	$412.2M 9.2%	$377.6M
Operating Lease Assets	$598.0M 58.3%	$377.8M -5.6%	$400.3M 15.5%	$346.7M -3.3%	$358.6M -4.1%	$373.9M -5.0%	$393.5M	—	—	—
Goodwill	$22.6B 84.1%	$12.3B 6.9%	$11.5B 20.9%	$9.5B 9.5%	$8.7B 41.4%	$6.1B 9.1%	$5.6B 21.5%	$4.6B 11.1%	$4.2B 10.5%	$3.8B
Intangible Assets	$10.7B 135.8%	$4.5B -2.2%	$4.6B 37.4%	$3.4B -14.7%	$4.0B 64.8%	$2.4B 3.5%	$2.3B 30.8%	$1.8B 7.8%	$1.6B 1.1%	$1.6B
Deferred Tax Assets	$43.0M -95.5%	$959.1M -15.3%	$1.1B -12.8%	$1.3B 5.7%	$1.2B 13.1%	$1.1B -17.1%	$1.3B 14.4%	$1.1B 26.5%	$905.1M 13.6%	$796.5M
Other Noncurrent Assets	$1.6B 18.3%	$1.4B 19.7%	$1.1B 14.3%	$989.8M 2.4%	$966.5M 25.5%	$769.9M -0.5%	$773.6M 34.9%	$573.6M 1.2%	$567.0M 12.4%	$504.3M
Total Assets	$70.7B 10.0%	$64.3B 24.5%	$51.6B 34.6%	$38.4B 15.0%	$33.3B 49.3%	$22.3B 13.7%	$19.6B 20.2%	$16.3B 9.6%	$14.9B 29.8%	$11.5B
Liabilities
Accounts Payable	$5.2B 32.8%	$3.9B 2.9%	$3.8B	—	—	—	—	—	—	—
Accrued Liabilities	$32.5B 11.1%	$29.3B -5.8%	$31.1B 41.9%	$21.9B 30.8%	$16.7B 65.1%	$10.1B 13.6%	$8.9B 16.0%	$7.7B 56.6%	$4.9B 6.5%	$4.6B
Deferred Revenue	$737.0M 37.2%	$537.2M -16.7%	$644.7M 17.9%	$546.7M 5.0%	$520.9M 9.5%	$475.6M 9.6%	$434.1M 14.4%	$379.3M	—	—
Current Portion of Long Term Debt	$640.0M 220.0%	$200.0M -70.1%	$670.0M 116.1%	$310.0M 26.5%	$245.0M 226.7%	$75.0M -87.9%	$620.0M 69.9%	$365.0M 25.9%	$290.0M -49.8%	$578.0M
Operating Lease Liabilities	$515.0M 57.0%	$328.1M -6.8%	$352.2M 17.2%	$300.4M -2.9%	$309.3M -3.6%	$320.9M -5.9%	$340.9M	—	—	—
Total Current Liabilities	$32.5B 11.1%	$29.3B -5.8%	$31.1B 41.9%	$21.9B 30.8%	$16.7B 65.1%	$10.1B 13.6%	$8.9B 16.0%	$7.7B 56.6%	$4.9B 6.5%	$4.6B
Long Term Debt	$12.1B -4.9%	$12.7B 81.7%	$7.0B 25.9%	$5.6B -4.3%	$5.8B 36.2%	$4.3B 11.8%	$3.8B 23.4%	$3.1B 14.8%	$2.7B 25.5%	$2.1B
Deferred Revenue Noncurrent	$155.0M 131.0%	$67.1M 9.1%	$61.5M -1.8%	$62.6M 6.6%	$58.7M -10.7%	$65.7M -5.7%	$69.7M -11.1%	$78.4M	—	—
Operating Lease Liabilities Noncurrent	$515.0M 57.0%	$328.1M -6.8%	$352.2M 17.2%	$300.4M -2.9%	$309.3M -3.6%	$320.9M -5.9%	$340.9M	—	—	—
Other Noncurrent Liabilities	$2.0B 20.0%	$1.7B -27.1%	$2.3B 21.7%	$1.9B 1.7%	$1.9B 42.8%	$1.3B 3.1%	$1.3B 41.1%	$900.9M -20.2%	$1.1B 4.7%	$1.1B
Total Liabilities	$47.3B 7.4%	$44.1B 8.0%	$40.8B 37.3%	$29.7B 19.9%	$24.8B 54.0%	$16.1B 11.6%	$14.4B 22.6%	$11.8B 34.7%	$8.7B 11.5%	$7.8B
Equity
Common Stock	$257.0M 2.8%	$250.0M 15.4%	$216.7M 2.3%	$211.9M 1.6%	$208.5M 7.6%	$193.7M 3.0%	$188.1M 2.2%	$184.0M 1.7%	$181.0M 1.5%	$178.3M
Additional Paid In Capital	$17.8B 10.7%	$16.1B 120.2%	$7.3B 12.1%	$6.5B 6.0%	$6.1B 44.1%	$4.3B 11.5%	$3.8B 8.0%	$3.5B 4.5%	$3.4B 3.8%	$3.3B
Retained Earnings	$5.8B 16.5%	$5.0B 23.0%	$4.1B 13.8%	$3.6B 23.6%	$2.9B 21.5%	$2.4B 24.7%	$1.9B 22.0%	$1.6B 42.2%	$1.1B 19.6%	$916.4M
Accumulated Other Comprehensive Income	$-525.0M 54.4%	$-1.2B -45.3%	$-792.1M 30.5%	$-1.1B -57.1%	$-726.1M -12.8%	$-643.6M 15.3%	$-759.6M 3.3%	$-785.6M -40.3%	$-559.9M 26.7%	$-763.6M
Noncontrolling Interest	$26.0M -0.4%	$26.1M -34.8%	$40.0M -14.2%	$46.6M -9.9%	$51.7M 11.2%	$46.5M -22.5%	$60.0M -15.3%	$70.8M 18.6%	$59.7M 0.8%	$59.2M
Total Stockholders Equity	$23.3B 15.7%	$20.2B 87.0%	$10.8B 17.8%	$9.1B 7.5%	$8.5B 37.5%	$6.2B 20.0%	$5.2B 14.6%	$4.5B 9.6%	$4.1B 14.1%	$3.6B
Total Liabilitiesand Equity	$70.7B 10.0%	$64.3B 24.5%	$51.6B 32.7%	$38.9B 16.7%	$33.3B 49.3%	$22.3B 13.7%	$19.6B 20.2%	$16.3B 26.6%	$12.9B 12.3%	$11.5B

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	$12.1B 24.7%	$9.7B 8.9%	$8.9B 38707.9%	$22.9M -98.0%	$1.2B 33.0%	$882.1M -34.8%	$1.4B -25.5%	$1.8B 11.0%	$1.6B 16.1%	$1.4B
Expenses Depreciation and Amortization	$1.1B 33.1%	$843.0M 20.9%	$697.0M 16.2%	$599.6M 5.9%	$566.3M 0.7%	$562.4M 18.5%	$474.4M 13.2%	$419.0M 8.6%	$385.8M 10.0%	$350.8M
Expenses Share Based Compensation	$49.0M 16.7%	$42.0M 35.5%	$31.0M 27.0%	$24.4M 82.1%	$13.4M -1.5%	$13.6M -2.9%	$14.0M 2.2%	$13.7M -20.8%	$17.3M 17.7%	$14.7M
Expenses Operating Expenses	$2.3B 28.7%	$1.8B 3.8%	$1.7B 26.9%	$1.3B 24.1%	$1.1B 18.3%	$906.5M -15.2%	$1.1B 18.2%	$903.7M 9.0%	$829.1M 6.8%	$776.3M
Other Income Expense Interest Expense	$639.0M 67.7%	$381.0M 28.3%	$297.0M 15.6%	$256.9M 13.6%	$226.1M 15.1%	$196.4M 9.2%	$179.8M 29.9%	$138.4M 11.5%	$124.1M 13.0%	$109.8M
Other Income Expense Other Income/expense	$23.0M 0.0%	$23.0M 187.5%	$8.0M -27.3%	$11.0M -35.3%	$17.0M 369.8%	$-6.3M -108.7%	$72.0M 757.1%	$8.4M 8300.0%	$100.0K -98.5%	$6.5M
Other Income Expense Income Before Tax	$1.9B -0.2%	$1.9B 58.2%	$1.2B -10.7%	$1.3B 36.1%	$975.1M 12.0%	$870.9M 39.1%	$626.1M 30.6%	$479.4M 33.2%	$359.8M 7.9%	$333.6M
Income Tax Income Tax Expense	$368.0M -8.9%	$404.0M 84.5%	$219.0M 3.8%	$211.0M 949.8%	$20.1M 57.0%	$12.8M 114.3%	$-89.7M 54.4%	$-196.5M -25.1%	$-157.1M -62.5%	$-96.7M
net Income net Income	$1.5B 2.1%	$1.5B 50.8%	$970.0M -12.9%	$1.1B 22.9%	$906.8M 10.7%	$818.8M 22.4%	$668.8M 5.6%	$633.5M 31.6%	$481.3M 21.3%	$396.8M
net Income Comprehensive Income	$2.1B 92.0%	$1.1B -16.2%	$1.3B 88.1%	$700.1M -14.9%	$823.0M -11.9%	$934.4M 34.5%	$694.7M 68.7%	$411.9M -39.6%	$681.7M 330.6%	$158.3M
Earnings Per Share Basic Eps	$6 -12.1%	$7 47.0%	$5 -14.9%	$5 18.6%	$4 4.2%	$4 19.2%	$4 3.7%	$3 30.0%	$3 19.7%	$2
Earnings Per Share Diluted Eps	$6 -11.7%	$6 47.1%	$4 -14.8%	$5 18.8%	$4 4.0%	$4 19.3%	$4 3.5%	$3 28.8%	$3 18.9%	$2
Earnings Per Share Weighted Average Shares Basic	$256.1M 16.1%	$220.5M 2.6%	$214.9M 2.2%	$210.3M 3.7%	$202.7M 6.1%	$191.0M 2.7%	$186.0M 1.8%	$182.7M 1.4%	$180.1M 1.4%	$177.6M
Earnings Per Share Weighted Average Shares Diluted	$256.1M 16.1%	$220.5M 2.6%	$214.9M 2.2%	$210.3M 3.7%	$202.7M 6.1%	$191.0M 2.7%	$186.0M 1.8%	$182.7M 1.4%	$180.1M 1.4%	$177.6M

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	$1.5B 2.1%	$1.5B 50.8%	$970.0M -12.9%	$1.1B 22.9%	$906.8M 10.7%	$818.8M 22.4%	$668.8M 5.6%	$633.5M 31.6%	$481.3M 21.3%	$396.8M
Operating Activities Depreciation and Amortization	$1.1B 33.1%	$843.0M 20.9%	$697.0M 16.2%	$599.6M 5.9%	$566.3M 0.7%	$562.4M 18.5%	$474.4M 13.2%	$419.0M 8.6%	$385.8M 10.0%	$350.8M
Operating Activities Stock Based Compensation	$49.0M 16.7%	$42.0M 35.5%	$31.0M 27.0%	$24.4M 82.1%	$13.4M -1.5%	$13.6M -2.9%	$14.0M 2.2%	$13.7M -20.8%	$17.3M 17.7%	$14.7M
Operating Activities Deferred Income Taxes	$61.0M -44.0%	$109.0M 153.5%	$43.0M 120.6%	$-209.0M -13.6%	$-184.0M -13.6%	$-162.0M 5.4%	$-171.2M -179.3%	$216.0M -1.5%	$219.3M 32.0%	$166.1M
Operating Activities Changes In Operating Assets and Liabilities	$222.0M 535.3%	$-51.0M -109.2%	$553.0M 58.5%	$348.9M 78.6%	$195.4M 956.2%	$18.5M 44.5%	$12.8M -30.4%	$18.4M 1944.4%	$900.0K -94.0%	$15.1M
Operating Activities net Cash From Operating Activities	$1.9B -25.3%	$2.6B 27.1%	$2.0B 46.2%	$1.4B -0.2%	$1.4B -22.9%	$1.8B 51.7%	$1.2B 55.7%	$765.1M -10.4%	$854.2M 31.5%	$649.6M
Investing Activities Capital Expenditures	$145.0M 2.1%	$142.0M -26.8%	$194.0M 6.2%	$182.7M 42.1%	$128.6M 29.5%	$99.3M -28.5%	$138.8M 11.6%	$124.4M -3.7%	$129.2M -40.7%	$217.8M
Investing Activities Other Investing Activities	$-2.0M 66.7%	$-6.0M 0.0%	$-6.0M -500.0%	$-1.0M -190.9%	$1.1M -21.4%	$1.4M -97.3%	$52.0M 233.3%	$15.6M 75.3%	$8.9M -72.1%	$31.9M
Investing Activities net Cash From Investing Activities	$-15.9B -900.4%	$-1.6B 51.8%	$-3.3B -227.7%	$-1.0B 70.7%	$-3.4B -628.0%	$-471.4M 67.5%	$-1.4B -59.1%	$-910.3M -78.1%	$-511.0M -5.3%	$-485.3M
Financing Activities Proceeds From Debt	$2.5B 53.1%	$1.7B -56.2%	$3.8B 47.7%	$2.6B 53.2%	$1.7B 294.7%	$424.9M -41.4%	$725.0M 81.3%	$400.0M 14.9%	$348.0M 6.7%	$326.0M
Financing Activities Repayment of Debt	$2.5B 33.5%	$1.9B -47.2%	$3.6B 41.3%	$2.6B 106.9%	$1.2B -60.8%	$3.1B -22.4%	$4.1B 35.3%	$3.0B 900.0%	$300.0M 500.0%	$50.0M
Financing Activities Dividends Paid	$667.0M 27.0%	$525.0M 10.8%	$474.0M 10.4%	$429.5M 9.6%	$392.0M 12.8%	$347.4M 8.2%	$321.1M 6.4%	$301.8M 6.8%	$282.7M 3.9%	$272.2M
Financing Activities Proceeds From Stock Issuance	$1.5B -82.4%	$8.5B 6989.2%	$120.0M -2.5%	$123.1M -92.0%	$1.5B 1282.2%	$111.9M 10.6%	$101.2M 23.6%	$81.9M 35.6%	$60.4M 32.5%	$45.6M
Financing Activities net Cash From Financing Activities	$1.7B -86.9%	$13.1B 354.1%	$2.9B 1251.8%	$212.6M -92.9%	$3.0B 693.1%	$-505.1M -179.1%	$638.4M 294.1%	$162.0M 438.9%	$-47.8M -312.1%	$-11.6M
Cash Reconciliation net Change In Cash	$-11.9B -185.7%	$13.9B 781.9%	$1.6B 217.1%	$497.9M -44.2%	$892.0M -6.1%	$950.4M 145.5%	$387.1M 667.6%	$-68.2M -118.6%	$367.4M 714.6%	$45.1M
Cash Reconciliation Cash At Beginning of Period	$1.4B -90.7%	$15.0B 1442.7%	$971.5M 31.6%	$738.4M -83.5%	$4.5B 25.0%	$3.6B 36.2%	$2.6B 17.3%	$2.2B -3.0%	$2.3B 19.0%	$1.9B
Cash Reconciliation Cash At End of Period	$1.4B -90.7%	$15.0B 1442.7%	$971.5M 31.6%	$738.4M -83.5%	$4.5B 25.0%	$3.6B 36.2%	$2.6B 17.3%	$2.2B -3.0%	$2.3B 19.0%	$1.9B

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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