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Gallagher (ARTHUR J.) & Co. Financials

AJG
FY2025 annual
Revenue $13.9B +20.7% YoY
Net Income $1.5B +2.1% YoY
EPS (Diluted) $5.74 -11.7% YoY
Free Cash Flow Not reported for FY2025
Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

Gallagher (ARTHUR J.) & Co. (AJG) reported $13.9B in revenue for fiscal year 2025, up 20.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AJG FY2025

Acquisition-led expansion is turning AJG into a larger but less cash-converting platform as deal spending absorbs balance-sheet flexibility.

Over the last year, cash-on-hand fell from $15.0B to $1.4B, a swing that lines up with a jump in goodwill and points to a large acquisition cycle rather than routine reinvestment. Operating cash flow then slipped to $1.9B even as revenue reached $13.9B, so the bigger platform is not yet converting scale into proportionally better cash.

Assets expanded much faster than earnings over the last three years, and return on assets eased from 2.9% to 2.1%, which means balance-sheet growth is outrunning profit extraction. That usually happens when acquired assets and intangible balances arrive before their earnings are fully reflected.

Debt-to-equity improved to 0.5x, but interest expense still climbed to $639M; the company is not relying more heavily on leverage, yet the enlarged financing stack is costing more to carry. With the current ratio back near 1.1x after a one-year spike, liquidity looks serviceable rather than abundant once acquisition cash is spent.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

Gallagher (ARTHUR J.) & Co. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial
5/8

Gallagher (ARTHUR J.) & Co. passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
1.29x

For every $1 of reported earnings, Gallagher (ARTHUR J.) & Co. generates $1.29 in operating cash flow ($1.9B OCF vs $1.5B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$13.9B
YoY+20.7%
5Y CAGR+14.8%
10Y CAGR+10.0%

Gallagher (ARTHUR J.) & Co. generated $13.9B in revenue in fiscal year 2025. This represents an increase of 20.7% from the prior year.

Net Income
$1.5B
YoY+2.1%
5Y CAGR+12.8%
10Y CAGR+15.4%

Gallagher (ARTHUR J.) & Co. reported $1.5B in net income in fiscal year 2025. This represents an increase of 2.1% from the prior year.

EPS (Diluted)
$5.74
YoY-11.7%
5Y CAGR+6.4%
10Y CAGR+10.8%

Gallagher (ARTHUR J.) & Co. earned $5.74 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 11.7% from the prior year.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt
$1.4B
YoY-90.7%
5Y CAGR+16.0%
10Y CAGR+11.3%

Gallagher (ARTHUR J.) & Co. held $1.4B in cash against $12.1B in long-term debt as of fiscal year 2025.

Shares Outstanding
257M
YoY+0.9%
5Y CAGR+5.8%
10Y CAGR+3.8%

Gallagher (ARTHUR J.) & Co. had 257M shares outstanding in fiscal year 2025. This represents an increase of 0.9% from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Net Margin
10.7%
YoY-1.9pp
5Y CAGR-1.0pp
10Y CAGR+4.1pp

Gallagher (ARTHUR J.) & Co.'s net profit margin was 10.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.9 percentage points from the prior year.

Return on Equity
6.4%
YoY-0.8pp
5Y CAGR-6.8pp
10Y CAGR-3.4pp

Gallagher (ARTHUR J.) & Co.'s ROE was 6.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.8 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

None of these metrics is reported for fiscal year 2025.

AJG Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

AJG annual income statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Revenue$15.8B$13.9B+20.7%$11.6B+14.7%$10.1B+17.8%$8.6B+4.2%$8.2B+17.2%$7.0B-2.7%$7.2B+3.8%$6.9B+12.6%$6.2B+10.1%$5.6B+3.8%$5.4B+16.6%$4.6B+45.5%$3.2B+26.2%$2.5B+18.1%$2.1B
Cost of RevenueN/AN/AN/AN/A$22.9M-98.0%$1.2B+33.0%$882.1M-34.8%$1.4B-25.5%$1.8B+11.0%$1.6B+16.1%$1.4BN/A$1.1B+142.1%$437.3M+291.8%$111.6M+248.7%$32.0M
Gross ProfitN/AN/AN/AN/A$8.5B+21.2%$7.0B+14.9%$6.1B+4.8%$5.8B+14.2%$5.1B+13.1%$4.5B+8.1%$4.2BN/A$3.6B+30.1%$2.7B+13.8%$2.4B+14.6%$2.1B
SG&A Expenses$9.0B$7.8B+20.2%$6.5B+14.8%$5.7B+18.4%$4.8B+22.2%$3.9B+13.3%$3.5B+3.8%$3.3B+10.3%$3.0B+10.2%$2.7B+8.3%$2.5B+4.5%$2.4B+12.1%$2.2B+28.6%$1.7B+12.8%$1.5B+12.6%$1.3B
Interest Expense$649.0M$639.0M+67.7%$381.0M+28.3%$297.0M+15.6%$256.9M+13.6%$226.1M+15.1%$196.4M+9.2%$179.8M+29.9%$138.4M+11.5%$124.1M+13.0%$109.8M+6.6%$103.0M+15.7%$89.0M+77.6%$50.1M+16.5%$43.0M+5.4%$40.8M
Income Tax$409.0M$368.0M-8.9%$404.0M+84.5%$219.0M+3.8%$211.0M+949.8%$20.1M+57.0%$12.8M+114.3%-$89.7M+54.4%-$196.5M-25.1%-$157.1M-62.5%-$96.7M-1.2%-$95.6M-165.6%-$36.0M-662.5%$6.4M-87.3%$50.3M-21.0%$63.7M
Net Income$1.6B$1.5B+2.1%$1.5B+50.8%$970.0M-12.9%$1.1B+22.9%$906.8M+10.7%$818.8M+22.4%$668.8M+5.6%$633.5M+31.6%$481.3M+21.3%$396.8M+11.2%$356.8M+17.6%$303.4M+13.0%$268.6M+37.7%$195.0M+35.3%$144.1M
EPS (Diluted)$5.74-11.7%$6.50+47.1%$4.42-14.8%$5.19+18.8%$4.37+4.0%$4.20+19.3%$3.52+3.5%$3.40+28.8%$2.64+18.9%$2.22+7.8%$2.06+4.6%$1.97-4.4%$2.06+29.6%$1.59+24.2%$1.28

Not reported in any period shown, so not listed: R&D Expenses, Operating Income.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

AJG Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

AJG annual balance sheet
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Total Assets$70.7B+10.0%$64.3B+24.5%$51.6B+34.6%$38.4B+15.4%$33.2B+48.8%$22.3B+13.7%$19.6B+20.2%$16.3B+9.6%$14.9B+10.2%$13.5B+24.0%$10.9B+9.0%$10.0B+45.9%$6.9B+28.2%$5.4B+19.4%$4.5B
Current Assets$34.4B-22.1%$44.1B+37.4%$32.1B+44.1%$22.3B+26.1%$17.7B+58.8%$11.1B+22.0%$9.1B+12.3%$8.1B+11.7%$7.3B+64.6%$4.4B+4.8%$4.2B+10.6%$3.8B+32.5%$2.9B+18.4%$2.4B+10.5%$2.2B
Cash & Equivalents$1.4B-90.7%$15.0B+1443.5%$971.0M+31.5%$738.4M+83.4%$402.6M-39.4%$664.6M+9.9%$604.8M-0.4%$607.2M-10.9%$681.2M+24.9%$545.5M+13.6%$480.4M+52.8%$314.4M+5.5%$298.1M-1.3%$302.1M+3.7%$291.2M
Accounts Receivable$5.2B+32.8%$3.9B+2.9%$3.8B+30.1%$2.9BN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Goodwill$22.6B+84.1%$12.3B+6.9%$11.5B+20.9%$9.5B+9.5%$8.7B+41.4%$6.1B+9.1%$5.6B+21.5%$4.6B+11.1%$4.2B+11.0%$3.8B+2.5%$3.7B+6.2%$3.4B+60.8%$2.1B+45.7%$1.5B+27.5%$1.2B
Total Liabilities$47.3B+7.4%$44.1B+8.0%$40.8B+39.9%$29.2B+17.7%$24.8B+54.0%$16.1B+11.6%$14.4B+22.6%$11.8B+10.9%$10.6B+35.4%$7.8B+8.5%$7.2B+7.7%$6.7B+40.4%$4.8B+29.3%$3.7B+14.0%$3.2B
Current Liabilities$32.5B+11.1%$29.3B-5.8%$31.1B+45.6%$21.3B+27.5%$16.7B+65.1%$10.1B+13.6%$8.9B+16.0%$7.7B+14.3%$6.7B+45.9%$4.6B+10.1%$4.2B+14.9%$3.6B+10.9%$3.3B+39.0%$2.4B+14.0%$2.1B
Long-Term Debt$12.1B-4.9%$12.7B+81.7%$7.0B+25.9%$5.6B-4.3%$5.8B+36.2%$4.3B+11.8%$3.8B+23.4%$3.1B+14.8%$2.7B+25.5%$2.1B+3.5%$2.1B-2.5%$2.1B+157.6%$825.0M+13.8%$725.0M+7.4%$675.0M
Total Equity$23.3B+15.7%$20.2B+87.0%$10.8B+17.8%$9.1B+7.5%$8.5B+37.5%$6.2B+20.0%$5.2B+14.6%$4.5B+6.2%$4.2B+17.8%$3.6B-1.1%$3.6B+12.7%$3.2B+54.9%$2.1B+25.7%$1.7B+33.4%$1.2B
Retained Earnings$5.8B+16.4%$5.0B+23.0%$4.1B+13.8%$3.6B+23.6%$2.9B+21.5%$2.4B+24.7%$1.9B+22.0%$1.6B+27.6%$1.2B+33.3%$916.4M+18.3%$774.5M+14.6%$676.0M+13.3%$596.4M+16.8%$510.4M+5.7%$482.9M

Not reported in any period shown, so not listed: Inventory.

AJG Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

AJG annual cash flow statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Operating Cash Flow$2.4B$1.9B-25.3%$2.6B+27.1%$2.0B+46.2%$1.4B-0.2%$1.4B-22.9%$1.8B+51.7%$1.2B+55.7%$765.1M-10.4%$854.2M+31.5%$649.6M-5.3%$686.1M+57.1%$436.6M+24.8%$349.9M+2.0%$343.0M+20.8%$284.0M
Capital ExpendituresN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A$217.8M+120.0%$99.0M+21.5%$81.5M-12.9%$93.6M+83.5%$51.0M+11.1%$45.9M
Free Cash FlowN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A$431.8M-26.5%$587.1M+65.3%$355.1M+38.5%$256.3M-12.2%$292.0M+22.6%$238.1M
Investing Cash Flow-$14.8B-$15.9B-900.4%-$1.6B+51.8%-$3.3B-227.7%-$1.0B+70.7%-$3.4B-628.0%-$471.4M+67.5%-$1.4B-59.1%-$910.3M-78.1%-$511.0M-5.3%-$485.3MN/AN/A-$851.7M-122.8%-$382.2M-22.8%-$311.2M
Financing Cash Flow$924.0M$1.7B-86.9%$13.1B+354.1%$2.9B+1251.8%$212.6M-92.9%$3.0B+693.1%-$505.1M-179.1%$638.4M+294.1%$162.0M+438.9%-$47.8M-312.1%-$11.6MN/AN/A$502.6M+995.0%$45.9M-30.0%$65.6M
Dividends Paid$693.0M$667.0M+27.0%$525.0M+10.8%$474.0M+10.4%$429.5M+9.6%$392.0M+12.8%$347.4M+8.2%$321.1M+6.4%$301.8M+6.8%$282.7M+3.9%$272.2M+5.7%$257.5M+15.4%$223.1M+22.2%$182.6M-10.7%$204.4M+40.2%$145.8M
Share BuybacksN/AN/AN/AN/AN/AN/AN/AN/A$11.3M-36.2%$17.7M-82.5%$101.0MN/AN/AN/A$1.5M+25.0%$1.2M

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

AJG Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

AJG annual financial ratios
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Gross MarginN/AN/AN/A99.7%+14.0pp85.7%-1.7pp87.4%+6.2pp81.2%+7.4pp73.8%+0.4pp73.4%-1.4pp74.8%N/A77.1%-9.1pp86.3%-9.3pp95.6%-2.9pp98.5%
Net Margin10.7%-1.9pp12.7%+3.0pp9.6%-3.4pp13.0%+2.0pp11.1%-0.6pp11.7%+2.4pp9.3%+0.2pp9.1%+1.3pp7.8%+0.7pp7.1%+0.5pp6.6%+0.1pp6.6%-1.9pp8.5%+0.7pp7.7%+1.0pp6.8%
Return on Equity6.4%-0.8pp7.3%-1.7pp9.0%-3.2pp12.2%+1.5pp10.7%-2.6pp13.2%+0.3pp13.0%-1.1pp14.1%+2.7pp11.4%+0.3pp11.0%+1.2pp9.8%+0.4pp9.4%-3.5pp12.9%+1.1pp11.8%+0.2pp11.6%
Return on Assets2.1%-0.2pp2.3%+0.4pp1.9%-1.0pp2.9%+0.2pp2.7%-0.9pp3.7%+0.3pp3.4%-0.5pp3.9%+0.6pp3.2%+0.3pp2.9%-0.3pp3.3%+0.2pp3.0%-0.9pp3.9%+0.3pp3.6%+0.4pp3.2%
Current Ratio1.06-0.5x1.51+0.5x1.030.0x1.040.0x1.060.0x1.10+0.1x1.020.0x1.060.0x1.08+0.1x0.960.0x1.010.0x1.05+0.2x0.88-0.2x1.030.0x1.06
Debt-to-Equity0.52-0.1x0.630.0x0.650.0x0.61-0.1x0.680.0x0.69-0.1x0.74+0.1x0.69+0.1x0.640.0x0.600.0x0.57-0.1x0.66+0.3x0.400.0x0.44-0.1x0.54
FCF MarginN/AN/AN/AN/AN/AN/AN/AN/AN/A7.7%-3.2pp10.9%+3.2pp7.7%-0.4pp8.1%-3.5pp11.6%+0.4pp11.2%

Not reported in any period shown, so not listed: Operating Margin.

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Frequently Asked Questions

What is Gallagher (ARTHUR J.) & Co.'s annual revenue?

Gallagher (ARTHUR J.) & Co. (AJG) reported $13.9B in total revenue for fiscal year 2025. This represents a 20.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Gallagher (ARTHUR J.) & Co.'s revenue growing?

Gallagher (ARTHUR J.) & Co. (AJG) revenue grew by 20.7% year-over-year, from $11.6B to $13.9B in fiscal year 2025.

Is Gallagher (ARTHUR J.) & Co. profitable?

Yes, Gallagher (ARTHUR J.) & Co. (AJG) reported a net income of $1.5B in fiscal year 2025, with a net profit margin of 10.7%.

Gallagher (ARTHUR J.) & Co. (AJG) reported diluted earnings per share of $5.74 for fiscal year 2025. This represents a -11.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

As of fiscal year 2025, Gallagher (ARTHUR J.) & Co. (AJG) had $1.4B in cash and equivalents against $12.1B in long-term debt.

Gallagher (ARTHUR J.) & Co. (AJG) had a net profit margin of 10.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Gallagher (ARTHUR J.) & Co. (AJG) has a return on equity of 6.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Gallagher (ARTHUR J.) & Co. (AJG) generated $1.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Gallagher (ARTHUR J.) & Co. (AJG) had $70.7B in total assets as of fiscal year 2025, including both current and long-term assets.

Gallagher (ARTHUR J.) & Co. (AJG) had 257M shares outstanding as of fiscal year 2025.

Gallagher (ARTHUR J.) & Co. (AJG) had a current ratio of 1.06 as of fiscal year 2025, which is considered adequate.

Gallagher (ARTHUR J.) & Co. (AJG) had a debt-to-equity ratio of 0.52 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Gallagher (ARTHUR J.) & Co. (AJG) had a return on assets of 2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Gallagher (ARTHUR J.) & Co. (AJG) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Gallagher (ARTHUR J.) & Co. (AJG) has an earnings quality ratio of 1.29x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

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