Arthur J. Gallagher &
AJG · NYSEInsurance Agents, Brokers & Service · Fiscal year ends Dec 31
Arthur J. Gallagher & reported revenue of $13.9B in the fiscal year ended Dec 2025, up 20.7% from the year before. Net income was $1.5B. Net debt was $11.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $8.2B | $8.6B | $10.1B | $11.6B | $13.9B |
| Cost of revenue | $1.2B | $23M | – | – | – |
| Gross profit | $7B | $8.5B | – | – | – |
| Interest expense | $226M | $257M | $297M | $381M | $639M |
| Pre-tax income | $975M | $1.3B | $1.2B | $1.9B | $1.9B |
| Income tax | $20M | $211M | $219M | $404M | $368M |
| Net income | $907M | $1.1B | $970M | $1.5B | $1.5B |
| Diluted EPS | 4.37 | 5.19 | 4.42 | 6.50 | 5.74 |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $403M | $738M | $971M | $15B | $1.4B |
| Receivables | – | $2.9B | $3.8B | $3.9B | $5.2B |
| Current assets | $17.7B | $22.3B | $32.1B | $44.1B | $34.4B |
| Net PP&E | $501M | $576M | $726M | $650M | $789M |
| Goodwill | $8.7B | $9.5B | $11.5B | $12.3B | $22.6B |
| Total assets | $33.2B | $38.4B | $51.6B | $64.3B | $70.7B |
| Deferred revenue | $580M | $609M | $705M | $604M | $892M |
| Current liabilities | $16.7B | $21.3B | $31.1B | $29.3B | $32.5B |
| Short-term debt | $245M | $310M | $670M | $200M | $640M |
| Long-term debt | $5.8B | $5.6B | $7B | $12.7B | $12.1B |
| Total liabilities | $24.8B | $29.2B | $40.8B | $44.1B | $47.3B |
| Shareholders' equity | $8.5B | $9.1B | $10.8B | $20.2B | $23.3B |
| Backlog (remaining obligations) | $580M | $609M | $706M | $604M | $892M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.4B | $1.4B | $2B | $2.6B | $1.9B |
| Depreciation & amortisation | $566M | $600M | $697M | $843M | $1.1B |
| Stock-based compensation | $13M | $24M | $31M | $42M | $49M |
| Dividends paid | $392M | $430M | $474M | $525M | $667M |
| Dividend per share | 1.92 | 2.04 | 2.20 | 2.40 | 2.60 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.2% | 17.8% | 14.7% | 20.7% |
| EPS growth (YoY) | – | 18.8% | −14.8% | 47.1% | −11.7% |
| Gross margin | 85.7% | 99.7% | – | – | – |
| Net margin | 11.0% | 13.0% | 9.6% | 12.7% | 10.7% |
| Return on equityBlank when equity is negative | 10.7% | 12.2% | 9.0% | 7.3% | 6.4% |
| Cash conversion (CFO ÷ net income) | 1.54x | 1.25x | 2.09x | 1.77x | 1.29x |
| Receivable days | – | 124 | 137 | 123 | 135 |
| Debt ÷ equity | 0.71x | 0.64x | 0.71x | 0.64x | 0.55x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $5.7B | $5.1B | $6.7B | −$2.1B | $11.3B |
| Current ratio | 1.06x | 1.04x | 1.03x | 1.51x | 1.06x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.