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Screener / SEC EDGAR /CIK 0000354190 /10-K filed Feb 17, 2026, compared with Feb 18, 2025 /Numbers from the XBRL of the 10-Ks
Financials peers:
SPGIBXEGPFGAJGAFL
NYSE Financials · Insurance Brokers

Arthur J. Gallagher & Co. AJG

AJG quote by TradingView
Employees
72,000
Headquarters
Rolling Meadows, IL
CEO
J. Patrick Gallagher Jr
Next results
around Jan 28, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2022

Revenue of $8.6B through the costs to a net profit of $1.1B · income statement of the 10-K

13% net margin
Revenue to Gross profit: $8.5BRevenue to Cost of revenue: $22.9MGross profit to Net profit: $1.1BGross profit to Costs, tax, other: $7.4B Revenue: $8.6B REVENUE $8.6B +4% Y/Y Gross profit: $8.5B · 100% margin GROSS PROFIT $8.5B 100% margin Cost of revenue: $22.9M · 0% of revenue COST OF REVENUE $22.9M 0% of revenue Net profit: $1.1B · 13% margin NET PROFIT $1.1B 13% margin · +23% Y/Y Costs, tax, other: $7.4B · 87% of revenue COSTS, TAX, OTHER $7.4B 87% of revenue
Gross profit $8.5B 100% margin
Net profit $1.1B 13% margin · +23% Y/Y
The full income statement, year by year

What changed

9 new risk paragraphs and 2 accounting facts worth reading about. 10-K filed Feb 17, 2026 against Feb 18, 2025.

Risk factors
9 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Receivables growing faster than revenue
Receivables +32.8% vs revenue +20.7% (+12.2 pts)
10-K · XBRL
Critical audit matters changed
New this year: Business acquisitions - valuation of acquired expiration lists (“As described in Note 3 to the consolidated financial statements, the Company completed 33 acquisitions during 2025 for total net consideration of $16,348 million. All the acquisitions have been accounted for using the acquisition method for recording business combinations. The excess of the purchase”). No longer listed: Accounting for business combinations
10-K · XBRL
Accounting checks
7 other checks clear, 2 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

9 checks on the latest 10-K. Checks, not verdicts.

How it works

2facts worth reading about the other 7 checks found nothing to note

  • Receivables growing faster than revenue
    Receivables +32.8% vs revenue +20.7% (+12.2 pts)
  • Critical audit matters changed
    New this year: Business acquisitions - valuation of acquired expiration lists (“As described in Note 3 to the consolidated financial statements, the Company completed 33 acquisitions during 2025 for total net consideration of $16,348 million. All the acquisitions have been accounted for using the acquisition method for recording business combinations. The excess of the purchase”). No longer listed: Accounting for business combinations
  • Same auditor in both 10-Ks: Ernst & Young LLP
6 more checks with nothing to note
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

9 paragraphs in Risk Factors that were not in the 10-K filed Feb 18, 2025. Quoted as filed.

All 9 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 18, 2025 10-K, ITEM 1A
    The increasing adoption of AI technologies by cyber threat actors presents a significant and evolving risk to our company. These actors may leverage AI to develop more sophisticated and targeted cyberattacks, including advanced phishing schemes, malware, and data exfiltration techniques, which could compromise our controls and systems,…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 18, 2025 10-K, ITEM 1A
    Our business or reputation could be harmed by our reliance on third-party providers. While we maintain some of our critical information technology systems, we are dependent on third-party providers of information technology systems and services, as well as other non-IT services, to meet the needs of our business and our clients around…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 18, 2025 10-K, ITEM 1A
    Many countries in which we do business have adopted, or are expected to adopt, these rules which will change various aspects of the existing framework under which our tax obligations are determined. For example, the U.K., the majority of the E.U., Canada, Australia and New Zealand have now adopted nearly all aspects of these rules with…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 18, 2025 10-K, ITEM 1A
    In addition, climate change and sustainability issues remain a significant focus for investors, clients and other business partners, while regulatory approaches across jurisdictions continue to vary widely. Some jurisdictions, such as the U.K., Australia and the State of California, are intensifying regulation and enforcement with…

New risk paragraphs, against peers

Latest 10-K of each, Financials companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

From the same starting line, FY2016 to FY2025

Revenue, net income and free cash flow, each set to 100 in FY2016. What happened, from the 10-Ks. Not a forecast.

FY2016 = 100
100 200 300 Revenue: $5.7B in FY2016, $13.9B in FY2025 REVENUE $13.9B · 2.5x Net income: $396.8M in FY2016, $1.5B in FY2025 NET INCOME $1.5B · 3.8x FY2016 = 100FY2021FY2025
Revenue 2.5x $5.7B to $13.9B
Net income 3.8x $396.8M to $1.5B

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$8.6B$10.1B$11.6B$13.9B
Net income$1.1B$970.0M$1.5B$1.5B
Operating cash flow$1.4B$2.0B$2.6B$1.9B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$13.9B ▲ 20.7% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Arthur J. Gallagher & Co., Rolling Meadows, IL · from the 10-K filed Feb 17, 2026

Arthur J. Gallagher & Co. and its subsidiaries, collectively referred to herein as we, our, us or Gallagher, are engaged in providing insurance brokerage, reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services to entities and individuals around the world. We believe that our major strength is our ability to deliver comprehensively structured insurance, reinsurance and risk management solutions, superior claim outcomes and comprehensive consulting services to our clients.

Headquarters
Rolling Meadows, IL
Country
United States
Listed on
NYSE
Fiscal year ends
December 31
Last results
Oct 29, 2026
Incorporated in
DE

Employees, at the top of the page: "As of December 31, 2025, we had approximately 72,000 employees, with approximately 47% in the U" (10-K). Address and exchange: SEC's company file.

Email alerts

Sources

The 10-K filed Feb 17, 2026 (open at SEC), compared with the 10-K filed Feb 18, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/AJG/export.csv") into a cell.