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AJGArthur J. Gallagher & Co.

Financials · Insurance Brokers · NYSE

Employees: 72,000
Headquarters: Rolling Meadows, IL
CEO: J. Patrick Gallagher Jr
Next results: around Jan 28, 2027

Compare with peers → Embed

FY2025 at a glance

Sales up 20.7%

XBRL, from each 10-K

RevenueStatements ↓

$13.9B

from $11.6B in FY2024

FY2016FY2025

Net incomeStatements ↓

$1.5B

from $1.5B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$5.74

from $6.50 in FY2024

FY2016FY2025

Total debtStatements ↓

$13.5B

from $223.0M in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (36, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	6.55	Sales (ttm)	16.4B	Net income (ttm)	1.7B	Sales growth	+20.7%	EPS growth	-11.7%	Sales Q/Q	+18.2%
Free cash flow	-	Gross margin	-	Oper. margin	-	Net margin	10.4%	FCF margin	-	ROE	7.1%
ROA	2.1%	R&D / sales	-	Dividend	2.60	Debt/Eq	0.53	Curr. ratio	1.05	Cash	1.2B
Op. cash flow (ttm)	3.1B	Net debt	11.5B	Quick ratio	1.05	Payout ratio	45.3%	Tax rate	19.7%	Stock pay / sales	0.4%
Shares out.	256.4M	Book / share	93.75	Cash / share	4.73	Sales / share	63.83	Asset turnover	0.21	Days sales out.	135
Sales 3Y CAGR	+17.7%	Sales 5Y CAGR	+14.8%	EPS 3Y CAGR	+3.4%	EPS 5Y CAGR	+6.4%	Employees	72,000	Sales / employee	227K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Debt rose from $223.0M to $13.5B$223.0M → $13.5B · Short-term + long-term debt at year end
Revenue growth sped up to +20.7%+14.7% → +20.7% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗

What management wrote about it → · Every company →

AJG against Financials peers

Ten years, side by side → · All 76 →

AJGPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 76 companies, the better end on the right. Hover a dot for the company.

Sales growth

+20.7%9th of 76 · median +7.2%

Net margin

10.4%65th of 76 · median 20.4%

Return on equity

7.1%67th of 74 · median 16.7%

Debt / equity (less is better)

0.5323rd of 62 · median 0.70

AJG and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
AJG Arthur J. Gallagher & Co.	$16.4B	+20.7%	-	10.4%	7.1%	-	0.53
PFG Principal Financial Group	$16.6B	-3.1%	-	11.9%	16.7%	-	0.38
AFL Aflac	$16.6B	-9.3%	-	21.2%	12.0%	-	-
SPGI S&P Global	$16.3B	+7.9%	71.0%	30.6%	25.3%	35.8%	0.79
EG Everest Group	$16.2B	+1.2%	-	11.7%	13.3%	-	-
BX Blackstone Inc.	$16.1B	+9.2%	-	22.1%	40.2%	36.2%	1.53

Where each dollar goes

FY2021FY2022

From $8.2B of sales to $906.8M of profit

FY2021, from the 10-K income statement

Swipe sideways for the whole flow →

From $8.6B of sales to $1.1B of profit

FY2022, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021

$14$75$11

FY2022

$87$13

Cost of revenue
Costs, tax, other
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 3

!
Net margin below the peer median10.4% vs 20.4%
!
Return on equity below 15%7.1%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 7.0% → 10.7%

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. This company's debt note has no tagged lines yet, so fixed or floating rate is not shown. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 13.9B Net income 1.5B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

AJG's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue13.9B

Net income1.5B

EPS (diluted)5.74

Dividend per share2.60

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Brokerage	12.2B	87.4%	+22.7%
Risk Management	1.7B	12.5%	+9.0%
Corporate	1.0M	0.0%	-93.8%

10-K 0001628280-26-008662, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
United States	9.4B	67.4%	+26.4%
United Kingdom	2.5B	17.8%	+11.3%
Other foreign	886.0M	6.4%	+26.4%
Australia	586.0M	4.2%	+1.9%
Canada	395.0M	2.8%	-5.0%
New Zealand	207.0M	1.5%	-1.4%

10-K 0001628280-26-008662, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5.7B	6.2B	6.9B	7.2B	7.0B	8.2B	8.6B	10.1B	11.6B	13.9B
Cost of revenue	1.4B	1.6B	1.8B	1.4B	882.1M	1.2B	22.9M	-	-	-
Interest expense	109.8M	124.1M	138.4M	179.8M	196.4M	226.1M	256.9M	297.0M	381.0M	639.0M
Pretax income	333.6M	359.8M	479.4M	626.1M	870.9M	975.1M	1.3B	1.2B	1.9B	1.9B
Income tax	-96.7M	-157.1M	-196.5M	-89.7M	12.8M	20.1M	211.0M	219.0M	404.0M	368.0M
Net income	396.8M	481.3M	633.5M	668.8M	818.8M	906.8M	1.1B	970.0M	1.5B	1.5B
EPS (diluted)	2.22	2.64	3.40	3.52	4.20	4.37	5.19	4.42	6.50	5.74
Depreciation & amortization	350.8M	385.8M	419.0M	474.4M	562.4M	566.3M	599.6M	697.0M	843.0M	1.1B
Net margin	7.0%	7.7%	9.1%	9.3%	11.7%	11.0%	13.0%	9.6%	12.7%	10.7%
Revenue growth	-	+10.0%	+11.0%	+3.8%	-2.7%	+17.2%	+4.2%	+17.8%	+14.7%	+20.7%
EPS growth	-	+18.9%	+28.8%	+3.5%	+19.3%	+4.0%	+18.8%	-14.8%	+47.1%	-11.7%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	545.5M	681.2M	607.2M	604.8M	664.6M	402.6M	738.4M	971.0M	15.0B	1.4B
Receivables	-	-	-	-	-	-	2.9B	3.8B	3.9B	5.2B
Current assets	4.4B	7.3B	8.1B	9.1B	11.1B	17.7B	22.3B	32.1B	44.1B	34.4B
Property & equipment	377.6M	412.2M	436.9M	467.4M	450.7M	500.8M	576.2M	726.4M	650.0M	789.0M
Goodwill	3.8B	4.2B	4.6B	5.6B	6.1B	8.7B	9.5B	11.5B	12.3B	22.6B
Total assets	13.5B	14.9B	16.3B	19.6B	22.3B	33.2B	38.4B	51.6B	64.3B	70.7B
Current liabilities	4.6B	6.7B	7.7B	8.9B	10.1B	16.7B	21.3B	31.1B	29.3B	32.5B
Total debt	604.9M	309.7M	384.9M	638.5M	94.6M	267.6M	326.8M	693.6M	223.0M	13.5B
Total liabilities	7.8B	10.6B	11.8B	14.4B	16.1B	24.8B	29.2B	40.8B	44.1B	47.3B
Shareholders' equity	3.6B	4.2B	4.5B	5.2B	6.2B	8.5B	9.1B	10.8B	20.2B	23.3B
Retained earnings	916.4M	1.2B	1.6B	1.9B	2.4B	2.9B	3.6B	4.1B	5.0B	5.8B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	649.6M	854.2M	765.1M	1.2B	1.8B	1.4B	1.4B	2.0B	2.6B	1.9B
Capital spending	217.8M	-	-	-	-	-	-	-	-	-
Free cash flow	431.8M	-	-	-	-	-	-	-	-	-
Stock-based pay (added back)	14.7M	17.3M	13.7M	14.0M	13.6M	13.4M	24.4M	31.0M	42.0M	49.0M
Dividends paid	272.2M	282.7M	301.8M	321.1M	347.4M	392.0M	429.5M	474.0M	525.0M	667.0M
Buybacks	101.0M	17.7M	11.3M	-	-	-	-	-	-	-
Acquisitions	327.3M	372.4M	792.2M	1.3B	398.3M	-	-	-	-	-
Debt raised	326.0M	348.0M	400.0M	725.0M	424.9M	1.7B	-	-	-	-
Debt repaid	50.0M	300.0M	-	-	-	-	-	-	-	-
Investing cash flow	-485.3M	-511.0M	-910.3M	-1.4B	-471.4M	-3.4B	-1.0B	-3.3B	-1.6B	-15.9B
Financing cash flow	-11.6M	-47.8M	162.0M	638.4M	-505.1M	3.0B	212.6M	2.9B	13.1B	1.7B
Dividend per share	1.52	1.56	1.64	1.72	1.80	1.92	2.04	2.20	2.40	2.60

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	14.7M	17.3M	13.7M	14.0M	13.6M	13.4M	24.4M	31.0M	42.0M	49.0M
Stock-based pay / revenue	0.3%	0.3%	0.2%	0.2%	0.2%	0.2%	0.3%	0.3%	0.4%	0.4%
Operating lease cash paid	-	-	-	116.1M	120.1M	120.1M	121.4M	125.1M	124.1M	155.0M
Right-of-use assets	-	-	379.6M	393.5M	373.9M	358.6M	346.7M	400.3M	378.0M	598.0M
Operating lease liabilities	-	-	420.3M	427.3M	409.7M	392.0M	382.8M	436.4M	419.9M	646.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on AJG in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/AJG/export.csv") into a cell.