Arthur J. Gallagher & Co. (AJG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$2.81	$2.84	+1.1%	—	—	—
Q3 26	$4.43	$4.47	+0.9%	—	—	—
Q2 26	$2.54	$2.32	-8.7%	—	—	—
Q1 26	$2.36	$2.33	-1.3%	—	—	—
Q4 25	$3.58	$3.67	+2.5%	—	—	—
Q3 25	$2.03	$2.13	+4.9%	—	—	—
Q2 25	$2.27	$2.26	-0.4%	—	—	—
Q1 25	$2.24	$2.26	+0.9%	—	—	—
Q4 24	$3.41	$3.49	+2.3%	—	—	—
Q3 24	$1.85	$1.85	0.0%	—	—	—
Q2 24	$1.95	$2	+2.6%	—	—	—
Q1 24	$1.86	$1.9	+2.2%	—	—	—
Q4 23	$2.99	$3.14	+5.0%	—	—	—
Q3 23	$1.5	$1.3	-13.3%	—	—	—
Q2 23	$1.66	$1.72	+3.6%	—	—	—
Q1 23	$1.68	$1.7	+1.2%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.83	—	—	$13.9B	—
FY24	—	$6.63	—	—	$11.6B	—
FY23	—	$4.51	—	—	$10.1B	—
FY22	—	$5.3	—	—	$8.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$5.7B	$6.2B	$6.9B	$7.1B	$7B	$8.2B	$8.6B	$10.1B	$11.6B	$13.9B
YoY change	+5.34%	+9.95%	+10.9%	+2.83%	-1.55%	+17.1%	+4.16%	+17.8%	+14.7%	+20.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	5.7B	6.2B	6.9B	7.1B	7B	8.2B	8.6B	10.1B	11.6B	13.9B
Cost of revenue	4.1B	4.5B	5B	4.8B	4.5B	5.2B	5B	5.8B	6.7B	8B
Gross profit	1.6B	1.7B	1.9B	2.3B	2.5B	3B	3.6B	4.2B	4.9B	5.9B
Gross margin	28.2%	27.6%	28%	32.1%	35.8%	36.2%	42.1%	42.1%	42.2%	42.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	776.3M	829.1M	903.7M	1.1B	906.5M	1.1B	1.3B	1.7B	1.8B	2.3B
Operating income	475.5M	511.4M	617.2M	745.9M	1B	1.3B	1.7B	1.9B	2.3B	2.6B
Operating margin	8.37%	8.19%	8.91%	10.5%	14.8%	16.3%	19.5%	18.5%	19.8%	18.3%
Non-operating income, net	-32.1M	-27.5M	600K	60M	27.1M	-135.8M	-83M	-377.3M	-26M	-46M
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	211M	219.1M	404.4M	368M
Net income	430.3M	516.9M	675.9M	715.8M	858.1M	955M	1.1B	966M	1.5B	1.5B
Net margin	7.58%	8.28%	9.76%	10.1%	12.2%	11.6%	13.1%	9.59%	12.7%	10.8%
EBITDA	826.3M	897.2M	1B	1.2B	1.6B	1.9B	2.3B	2.6B	3.1B	3.7B
EPS	2.33	2.57	3.47	3.6	4.29	4.47	5.3	4.51	6.63	5.83
Diluted EPS	2.32	2.54	3.4	3.52	4.2	4.37	5.19	4.42	6.5	5.74

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.5B	2.4B	3.3B	2.8B	2.8B	2.7B	3.7B	3.2B	3.4B	3.6B	4.8B	4B
Cost of revenue	1.5B	1.5B	1.8B	1.7B	1.7B	1.6B	1.9B	1.8B	2B	2.3B	2.6B	2.4B
Gross profit	1B	970.8M	1.5B	1.1B	1.1B	1.1B	1.8B	1.4B	1.4B	1.4B	2.2B	1.6B
Gross margin	41.3%	39.8%	45.8%	40.2%	40.8%	41.4%	48%	42.7%	41.4%	38%	46.2%	40.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	423M	450.6M	435.7M	425.6M	453.7M	438.9M	490.4M	519.3M	580.8M	667.5M	643M	679M
Operating income	434.4M	330.5M	848.8M	478.7M	480.9M	473.7M	1B	624.4M	536.6M	348.1M	1.2B	588M
Operating margin	17.4%	13.6%	26.1%	17.2%	17.1%	17.4%	28.1%	19.4%	15.9%	9.59%	25.6%	14.7%
Non-operating income, net	2.5M	-334.5M	16.1M	-18.8M	15.3M	-38.6M	-15.8M	5.6M	-28.9M	-6.9M	-17M	-6M
Pretax income	364.1M	-82.2M	772.7M	365.6M	403.3M	333.2M	872.7M	471.4M	346.9M	180M	1B	414M
Income tax	80.9M	-42.6M	160M	80.2M	89.2M	75M	163.8M	105.2M	73.3M	25.7M	220M	90M
Net income	283.2M	-39.6M	612.7M	285.4M	314.1M	258.2M	708.9M	366.2M	273.6M	154.3M	823M	324M
Net margin	11.4%	-1.62%	18.8%	10.3%	11.2%	9.51%	19%	11.4%	8.13%	4.25%	17.3%	8.09%
EBITDA	603.6M	520.2M	1.1B	690.3M	675.6M	699.3M	1.3B	855.2M	812.9M	709.6M	1.6B	946M
EPS	1.3	-0.15	2.8	1.3	1.43	1.14	2.76	1.43	1.06	0.59	3.2	1.26
Diluted EPS	1.28	-0.15	2.74	1.27	1.39	1.12	2.72	1.4	1.04	0.58	3.16	1.25

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	9.2B	11.4B	13.5B	17.7B	23.6B	34.4B	39.7B	48.3B	62.6B	—	58.8B
Enterprise value	11.5B	13.8B	16.5B	22.1B	27.8B	40.6B	45.3B	55.7B	61.1B	—	72B
Shares outstanding	177.6M	180.1M	182.7M	186M	191M	202.7M	210.3M	214.9M	220.5M	256.1M	256.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	21.4	22	19.9	24.7	27.5	36	35.5	50	42.6	—	38.1
P/S	1.62	1.82	1.95	2.49	3.37	4.19	4.64	4.8	5.42	—	3.89
P/B	2.52	2.65	2.95	3.4	3.79	4.02	4.32	4.47	3.1	—	2.48
EV/EBITDA	14	15.4	15.9	18.1	17.4	21.3	20	21.8	19.6	—	16.8
EV/Sales	2.03	2.22	2.38	3.1	3.97	4.94	5.3	5.53	5.29	—	4.76
Earnings yield	4.66%	4.54%	5.02%	4.04%	3.63%	2.78%	2.81%	2%	2.35%	—	2.63%
FCF yield	4.68%	6.36%	4.76%	5.94%	7.23%	3.68%	3.04%	3.8%	3.9%	—	3.54%
PEG	—	—	—	—	—	—	—	—	—	—	-3.29

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	28.2%	27.6%	28%	32.1%	35.8%	36.2%	42.1%	42.1%	42.2%	42.6%	40.6%
Operating margin	8.37%	8.19%	8.91%	10.5%	14.8%	16.3%	19.5%	18.5%	19.8%	18.3%	19.2%
Net margin	7.58%	8.28%	9.76%	10.1%	12.2%	11.6%	13.1%	9.59%	12.7%	10.8%	10.4%
ROE	11.8%	12%	14.8%	13.7%	13.8%	11.2%	12.1%	8.93%	7.29%	6.44%	6.72%
ROA	3.75%	3.47%	4.14%	3.65%	3.84%	2.86%	2.91%	1.87%	2.29%	2.13%	2.32%
ROIC	7.98%	7.57%	8.15%	7.8%	9.82%	8.88%	9.43%	8.34%	9.58%	5.79%	5.86%
Return on tangible assets	61.5%	15.7%	19.1%	19%	16.3%	11.8%	8.83%	4.98%	4.8%	36.6%	10.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.96	1.08	1.06	1.02	1.1	1.06	1.04	1.03	1.51	1.06	1.05
Quick ratio	0.96	1.08	1.06	1.02	1.1	1.06	1.04	1.03	1.51	1.06	1.05
Debt / equity	0.78	0.73	0.79	0.95	0.78	0.77	0.7	0.77	0.67	0.58	0.59
Debt / assets	0.25	0.21	0.22	0.25	0.22	0.2	0.17	0.16	0.21	0.19	0.17
Net debt / EBITDA	2.79	2.73	2.9	3.56	2.62	3.25	2.5	2.87	-0.48	3.29	3.16
Interest coverage	4.04	3.9	4.46	4.48	5.43	5.31	6.17	4.99	5.92	3.93	4.06
Effective tax rate	0%	0%	0%	0%	1.47%	2.06%	15.9%	18.5%	21.6%	19.7%	20.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	32	34.7	37.9	38.3	36.7	40.5	40.7	46.9	52.4	54.4	58.8
EPS (basic)	2.33	2.57	3.47	3.6	4.29	4.47	5.3	4.51	6.63	5.83	5.83
EPS (diluted)	2.32	2.54	3.4	3.52	4.2	4.37	5.19	4.42	6.5	5.74	6.03
Book value per share	20.6	23.9	25	28	32.6	42.2	43.7	50.3	91.5	91.1	92.5
FCF per share	2.43	4.03	3.51	5.66	8.94	6.24	5.74	8.55	11.1	6.97	8.83
Cash per share	3.07	3.78	3.32	3.25	3.48	1.99	3.51	4.52	68	5.45	5.41
Capex per share	1.23	—	—	—	—	—	—	—	—	0.57	0.63

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.83%	—	—	—	—	—	—	—	—	1.04%	1.04%
Capex / operating cash flow	36.2%	—	—	—	—	—	—	—	—	7.51%	6.7%
Payout ratio	63.3%	54.7%	44.7%	44.9%	40.5%	41%	38.5%	49%	35.7%	44.4%	44.8%
Dividend yield	2.95%	2.48%	2.24%	1.81%	1.47%	1.14%	1.08%	0.98%	0.84%	—	1.22%

Yield

1.22%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.70

ex-dividend Sep 8, 2026

Payout ratio

45%

of earnings

Dividend growth

15 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 8, 2026	$0.70
Jun 5, 2026	$0.70
Mar 6, 2026	$0.70

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.5B	$2.4B	$3.3B	$2.8B	$2.8B	$2.7B	$3.7B	$3.2B	$3.4B	$3.6B	$4.8B	$4B
YoY change	+21.8%	+20.8%	+20.3%	+13.7%	+12.6%	+11.4%	+14.5%	+16%	+19.9%	+33.6%	+27.6%	+24.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	545.5M	681.2M	607.2M	604.8M	664.6M	402.6M	738.4M	971.5M	15B	1.4B
Receivables	1.8B	4.1B	4.9B	5.4B	6.4B	11.8B	2.9B	3.8B	3.9B	5.2B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	4.4B	7.3B	8.1B	9.1B	11.1B	17.7B	22.3B	32.1B	44.1B	34.4B
Property, plant & equipment	377.6M	412.2M	436.9M	860.9M	824.6M	859.4M	922.9M	1.1B	1B	1.4B
Goodwill & intangibles	10.8B	11.6B	12.8B	15.9B	17.1B	25.2B	25.7B	32.2B	33.6B	66.6B
Total assets	11.5B	14.9B	16.3B	19.6B	22.3B	33.3B	38.4B	51.6B	64.3B	70.7B
Accounts payable	3B	5B	5.7B	6.3B	7.8B	13.8B	18.7B	—	—	—
Short-term debt	703.6M	441.1M	519M	790.6M	278.6M	473.4M	551.9M	959M	425.2M	866M
Total current liabilities	4.6B	6.7B	7.7B	8.9B	10.1B	16.7B	21.3B	31.1B	29.3B	32.5B
Long-term debt	2.1B	2.7B	3.1B	4.2B	4.6B	6.1B	5.9B	7.4B	13.1B	12.6B
Total liabilities	7.8B	10.6B	11.8B	14.4B	16.1B	24.8B	29.2B	40.8B	44.1B	47.3B
Shareholders' equity	3.7B	4.3B	4.6B	5.2B	6.2B	8.6B	9.2B	10.8B	20.2B	23.3B
Total debt	2.8B	3.1B	3.6B	4.9B	4.9B	6.6B	6.4B	8.3B	13.5B	13.5B
Net debt	2.3B	2.5B	3B	4.3B	4.2B	6.2B	5.7B	7.3B	-1.5B	12.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1B	971.5M	1.8B	1.4B	2B	15B	16.7B	14.3B	1.4B	1.4B	1.4B	1.4B
Receivables	3.8B	3.8B	4.1B	4.2B	4B	3.9B	4.5B	4.7B	5.4B	5.2B	6B	6.1B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	35.9B	32.1B	41.5B	43.3B	37.3B	44.1B	53.4B	57.8B	43B	34.4B	42B	45.5B
Property, plant & equipment	1B	1.1B	1.1B	1B	1B	1B	1B	1.1B	1.4B	1.4B	1.3B	1.3B
Goodwill & intangibles	28.1B	32.2B	32.3B	32.6B	33.1B	33.6B	34.5B	37.7B	65.9B	66.6B	66.6B	66.5B
Total assets	53.2B	51.6B	61B	63B	57.2B	64.3B	74.1B	80.1B	79.1B	70.7B	78.3B	81.8B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	704M	959M	292.5M	487.8M	459.9M	425.2M	667.8M	797.2M	1B	866M	796M	1.7B
Total current liabilities	34.5B	31.1B	39.6B	41.6B	35.2B	29.3B	37B	42.5B	40.8B	32.5B	39.5B	43.2B
Long-term debt	6.3B	7.4B	8.3B	8.1B	8.1B	13.1B	12.7B	12.5B	12.7B	12.6B	12.6B	12.5B
Total liabilities	42.7B	40.8B	49.6B	51.4B	45B	44.1B	51.7B	57.1B	55.8B	47.3B	54.5B	58.1B
Shareholders' equity	10.5B	10.8B	11.3B	11.6B	12.2B	20.2B	22.4B	23.1B	23.2B	23.3B	23.8B	23.7B
Total debt	7B	8.3B	8.6B	8.6B	8.6B	13.5B	13.4B	13.3B	13.7B	13.5B	13.4B	14.1B
Net debt	6B	7.3B	6.9B	7.2B	6.6B	-1.5B	-3.3B	-1B	12.3B	12.1B	12B	12.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	430.3M	516.9M	675.9M	715.8M	858.1M	955M	1.1B	966M	1.5B	1.5B
Depreciation & amortization	350.8M	385.8M	419M	474.4M	562.4M	566.3M	599.6M	696.5M	842.3M	1.1B
Stock-based compensation	14.7M	17.3M	13.7M	14M	13.6M	13.4M	24.4M	31.4M	41.9M	49M
Change in working capital	-231.2M	-147.7M	-317.7M	65M	368.7M	-170.2M	4.7B	-506.4M	-280.6M	-591M
Operating cash flow	602.4M	778.8M	777.5M	1.1B	1.7B	1.3B	6.4B	1.6B	2.3B	1.9B
Capital expenditure	-217.8M	—	—	—	—	—	—	—	—	-145M
Investing cash flow	-453.4M	-372.9M	-770.3M	-1.3B	-370.7M	-3.3B	-823.1M	-3.1B	-1.5B	-15.9B
Dividends paid	-272.2M	-282.7M	-301.8M	-321.1M	-347.4M	-392M	-429.5M	-473.6M	-525.4M	-667M
Share repurchases	-101M	-17.7M	-11.3M	0	0	—	—	—	—	—
Financing cash flow	-2.7B	-3.8B	-2.8B	-3.4B	-3.7B	1.8B	-2.3B	-736.1M	13B	1.7B
Net change in cash	-2.5B	-3.4B	-2.8B	-3.5B	-2.4B	-201.8M	3.2B	-2.2B	13.8B	-12.3B
Free cash flow	431.8M	725M	640.7M	1.1B	1.7B	1.3B	1.2B	1.8B	2.4B	1.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	283.2M	-39.6M	612.7M	285.4M	314.1M	258.2M	708.9M	366.1M	271.7M	154.3M	823M	324M
Depreciation & amortization	171.7M	189.7M	207.7M	211.6M	210M	213M	253.4M	229.2M	275.5M	361.5M	339M	358M
Stock-based compensation	9.1M	10.4M	11.1M	10M	11M	9.8M	13.9M	11.5M	12.3M	11.7M	17M	24M
Change in working capital	52.1M	148.1M	-437.7M	60M	309.4M	-212.3M	-655.9M	30.4M	59.4M	-24.4M	-785M	-128M
Operating cash flow	543.8M	696.7M	449.7M	554.2M	842.5M	437.3M	409.9M	-426.3M	729M	753M	957M	10M
Capital expenditure	—	—	—	—	—	—	—	-39.6M	-37.4M	-39.6M	-36M	-51M
Investing cash flow	-269M	-1.9B	-162.3M	-276.6M	-193.2M	-819.4M	-247.5M	-1.3B	-13.8B	-472.7M	-239M	-348M
Dividends paid	-118.6M	-119.1M	-130.7M	-131.3M	-131.6M	-131.8M	-166M	-166.6M	-166.5M	-167.5M	-180M	-179M
Share repurchases	—	—	—	—	—	—	—	—	—	—	-310M	-170M
Financing cash flow	-3.7B	-17.9M	-1.3B	-146.2M	-1.1B	14.4B	1.1B	135.3M	-631.4M	-1.7B	-723M	1.2B
Net change in cash	-3.4B	-1.2B	-1B	131.4M	-402.4M	14B	1.3B	-1.6B	-13.7B	-1.4B	-5M	835M
Free cash flow	838.4M	647.6M	759.6M	87.7M	898M	695.7M	843.6M	-465.9M	691.6M	713.4M	921M	-41M

Date	Ratio
Jan 19, 2001	2:1
Mar 16, 2000	2:1
Jul 16, 1986	2:1

Arthur J. Gallagher & Co. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history