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

Year-over-year change per cell; first column has no prior.

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	-90.7%	+1442.7%	+183.8%	-15.0%	-39.4%	+9.9%	-0.4%	-10.9%	+24.9%	—
Accounts Receivable	+32.8%	+2.9%	+593.1%	-95.4%	+82.6%	+18.8%	+11.6%	+125.2%	+16.9%	—
Prepaid Expenses	+71.0%	+15.1%	-69.2%	+751.2%	+53.2%	-2.9%	+6.7%	+18.3%	+16.7%	—
Other Current Assets	+71.0%	+15.1%	-69.2%	+0.7%	+30.3%	+3.7%	+4.9%	+44.6%	+11.8%	—
Total Current Assets	-22.1%	+37.4%	+40.6%	+29.2%	+58.8%	+22.0%	+12.3%	+57.0%	+17.1%	—
Property,Plant and Equipment	+21.3%	-10.5%	+26.1%	+15.1%	+11.1%	-3.6%	+7.0%	+6.0%	+9.2%	—
Operating Lease Assets	+58.3%	-5.6%	+15.5%	-3.3%	-4.1%	-5.0%	—	—	—	—
Goodwill	+84.1%	+6.9%	+20.9%	+9.5%	+41.4%	+9.1%	+21.5%	+11.1%	+10.5%	—
Intangible Assets	+135.8%	-2.2%	+37.4%	-14.7%	+64.8%	+3.5%	+30.8%	+7.8%	+1.1%	—
Deferred Tax Assets	-95.5%	-15.3%	-12.8%	+5.7%	+13.1%	-17.1%	+14.4%	+26.5%	+13.6%	—
Other Noncurrent Assets	+18.3%	+19.7%	+14.3%	+2.4%	+25.5%	-0.5%	+34.9%	+1.2%	+12.4%	—
Total Assets	+10.0%	+24.5%	+34.6%	+15.0%	+49.3%	+13.7%	+20.2%	+9.6%	+29.8%	—
Liabilities
Accounts Payable	+32.8%	+2.9%	—	—	—	—	—	—	—	—
Accrued Liabilities	+11.1%	-5.8%	+41.9%	+30.8%	+65.1%	+13.6%	+16.0%	+56.6%	+6.5%	—
Deferred Revenue	+37.2%	-16.7%	+17.9%	+5.0%	+9.5%	+9.6%	+14.4%	—	—	—
Current Portion of Long Term Debt	+220.0%	-70.1%	+116.1%	+26.5%	+226.7%	-87.9%	+69.9%	+25.9%	-49.8%	—
Operating Lease Liabilities	+57.0%	-6.8%	+17.2%	-2.9%	-3.6%	-5.9%	—	—	—	—
Total Current Liabilities	+11.1%	-5.8%	+41.9%	+30.8%	+65.1%	+13.6%	+16.0%	+56.6%	+6.5%	—
Long Term Debt	-4.9%	+81.7%	+25.9%	-4.3%	+36.2%	+11.8%	+23.4%	+14.8%	+25.5%	—
Deferred Revenue Noncurrent	+131.0%	+9.1%	-1.8%	+6.6%	-10.7%	-5.7%	-11.1%	—	—	—
Operating Lease Liabilities Noncurrent	+57.0%	-6.8%	+17.2%	-2.9%	-3.6%	-5.9%	—	—	—	—
Other Noncurrent Liabilities	+20.0%	-27.1%	+21.7%	+1.7%	+42.8%	+3.1%	+41.1%	-20.2%	+4.7%	—
Total Liabilities	+7.4%	+8.0%	+37.3%	+19.9%	+54.0%	+11.6%	+22.6%	+34.7%	+11.5%	—
Equity
Common Stock	+2.8%	+15.4%	+2.3%	+1.6%	+7.6%	+3.0%	+2.2%	+1.7%	+1.5%	—
Additional Paid In Capital	+10.7%	+120.2%	+12.1%	+6.0%	+44.1%	+11.5%	+8.0%	+4.5%	+3.8%	—
Retained Earnings	+16.5%	+23.0%	+13.8%	+23.6%	+21.5%	+24.7%	+22.0%	+42.2%	+19.6%	—
Accumulated Other Comprehensive Income	+54.4%	-45.3%	+30.5%	-57.1%	-12.8%	+15.3%	+3.3%	-40.3%	+26.7%	—
Noncontrolling Interest	-0.4%	-34.8%	-14.2%	-9.9%	+11.2%	-22.5%	-15.3%	+18.6%	+0.8%	—
Total Stockholders Equity	+15.7%	+87.0%	+17.8%	+7.5%	+37.5%	+20.0%	+14.6%	+9.6%	+14.1%	—
Total Liabilitiesand Equity	+10.0%	+24.5%	+32.7%	+16.7%	+49.3%	+13.7%	+20.2%	+26.6%	+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	+24.7%	+8.9%	+38707.9%	-98.0%	+33.0%	-34.8%	-25.5%	+11.0%	+16.1%	—
Expenses Depreciation and Amortization	+33.1%	+20.9%	+16.2%	+5.9%	+0.7%	+18.5%	+13.2%	+8.6%	+10.0%	—
Expenses Share Based Compensation	+16.7%	+35.5%	+27.0%	+82.1%	-1.5%	-2.9%	+2.2%	-20.8%	+17.7%	—
Expenses Operating Expenses	+28.7%	+3.8%	+26.9%	+24.1%	+18.3%	-15.2%	+18.2%	+9.0%	+6.8%	—
Other Income Expense Interest Expense	+67.7%	+28.3%	+15.6%	+13.6%	+15.1%	+9.2%	+29.9%	+11.5%	+13.0%	—
Other Income Expense Other Income/expense	+0.0%	+187.5%	-27.3%	-35.3%	+369.8%	-108.7%	+757.1%	+8300.0%	-98.5%	—
Other Income Expense Income Before Tax	-0.2%	+58.2%	-10.7%	+36.1%	+12.0%	+39.1%	+30.6%	+33.2%	+7.9%	—
Income Tax Income Tax Expense	-8.9%	+84.5%	+3.8%	+949.8%	+57.0%	+114.3%	+54.4%	-25.1%	-62.5%	—
net Income net Income	+2.1%	+50.8%	-12.9%	+22.9%	+10.7%	+22.4%	+5.6%	+31.6%	+21.3%	—
net Income Comprehensive Income	+92.0%	-16.2%	+88.1%	-14.9%	-11.9%	+34.5%	+68.7%	-39.6%	+330.6%	—
Earnings Per Share Basic Eps	-12.1%	+47.0%	-14.9%	+18.6%	+4.2%	+19.2%	+3.7%	+30.0%	+19.7%	—
Earnings Per Share Diluted Eps	-11.7%	+47.1%	-14.8%	+18.8%	+4.0%	+19.3%	+3.5%	+28.8%	+18.9%	—
Earnings Per Share Weighted Average Shares Basic	+16.1%	+2.6%	+2.2%	+3.7%	+6.1%	+2.7%	+1.8%	+1.4%	+1.4%	—
Earnings Per Share Weighted Average Shares Diluted	+16.1%	+2.6%	+2.2%	+3.7%	+6.1%	+2.7%	+1.8%	+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	+2.1%	+50.8%	-12.9%	+22.9%	+10.7%	+22.4%	+5.6%	+31.6%	+21.3%	—
Operating Activities Depreciation and Amortization	+33.1%	+20.9%	+16.2%	+5.9%	+0.7%	+18.5%	+13.2%	+8.6%	+10.0%	—
Operating Activities Stock Based Compensation	+16.7%	+35.5%	+27.0%	+82.1%	-1.5%	-2.9%	+2.2%	-20.8%	+17.7%	—
Operating Activities Deferred Income Taxes	-44.0%	+153.5%	+120.6%	-13.6%	-13.6%	+5.4%	-179.3%	-1.5%	+32.0%	—
Operating Activities Changes In Operating Assets and Liabilities	+535.3%	-109.2%	+58.5%	+78.6%	+956.2%	+44.5%	-30.4%	+1944.4%	-94.0%	—
Operating Activities net Cash From Operating Activities	-25.3%	+27.1%	+46.2%	-0.2%	-22.9%	+51.7%	+55.7%	-10.4%	+31.5%	—
Investing Activities Capital Expenditures	+2.1%	-26.8%	+6.2%	+42.1%	+29.5%	-28.5%	+11.6%	-3.7%	-40.7%	—
Investing Activities Other Investing Activities	+66.7%	+0.0%	-500.0%	-190.9%	-21.4%	-97.3%	+233.3%	+75.3%	-72.1%	—
Investing Activities net Cash From Investing Activities	-900.4%	+51.8%	-227.7%	+70.7%	-628.0%	+67.5%	-59.1%	-78.1%	-5.3%	—
Financing Activities Proceeds From Debt	+53.1%	-56.2%	+47.7%	+53.2%	+294.7%	-41.4%	+81.2%	+14.9%	+6.7%	—
Financing Activities Repayment of Debt	+33.5%	-47.2%	+41.3%	+106.9%	-60.8%	-22.4%	+35.3%	+900.0%	+500.0%	—
Financing Activities Dividends Paid	+27.0%	+10.8%	+10.4%	+9.6%	+12.8%	+8.2%	+6.4%	+6.8%	+3.9%	—
Financing Activities Proceeds From Stock Issuance	-82.4%	+6989.2%	-2.5%	-92.0%	+1282.2%	+10.6%	+23.6%	+35.6%	+32.5%	—
Financing Activities net Cash From Financing Activities	-86.9%	+354.1%	+1251.8%	-92.9%	+693.1%	-179.1%	+294.1%	+438.9%	-312.1%	—
Cash Reconciliation net Change In Cash	-185.7%	+781.9%	+217.1%	-44.2%	-6.1%	+145.5%	+667.6%	-118.6%	+714.6%	—
Cash Reconciliation Cash At Beginning of Period	-90.7%	+1442.7%	+31.6%	-83.5%	+25.0%	+36.2%	+17.3%	-3.0%	+19.0%	—
Cash Reconciliation Cash At End of Period	-90.7%	+1442.7%	+31.6%	-83.5%	+25.0%	+36.2%	+17.3%	-3.0%	+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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