AJG
Arthur J. Gallagher & Co.Stock · FinancialsS&P 500 Equal Weight 0.2% · S&P 500 0.09% · Russell 1000 0.08% · US Stock Market 0.08% · Russell 3000 0.08% · MSCI World 0.06% · MSCI ACWI 0.05%$240.32-1.23%
as of market close, Sep 11, 2026
☾ AH — —
AJG financial statements
The full income statement, balance sheet, and cash-flow statement for Arthur J. Gallagher & Co. (AJG), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 219.1M2024-09 219.4M2024-12 254.7M2025-03 256.1M2025-06 256.4M2025-09 256.8M2025-12 257.1M2026-03 256.9M2026-06 256.3M+17.0% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 13.9B+20.7% | 11.6B+14.7% | 10.1B+17.8% | 8.55B+4.2% | 8.21B+17.2% | |
| Cost of revenue | — | — | — | 22.9M-98.0% | 1.17B+33.0% | |
| Total operating expenses | 2.26B+28.7% | 1.75B+3.8% | 1.69B+26.9% | 1.33B+24.1% | 1.07B+18.3% | |
| Interest expense | 639M+67.7% | 381M+28.3% | 297M+15.6% | 257M+13.6% | 226M+15.1% | |
| Pre-tax income | 1.87B-0.2% | 1.88B+58.2% | 1.19B-10.7% | 1.33B+36.1% | 975M+12.0% | |
| Income tax | 368M-8.9% | 404M+84.5% | 219M+3.8% | 211M+949.8% | 20.1M+57.0% | |
| 1.49B+2.1% | 1.46B+50.8% | 970M-12.9% | 1.11B+22.9% | 907M+10.7% | ||
| Net income to non-controlling interest | 9.00M+12.5% | 8.00M+300.0% | -4.00M-322.2% | 1.80M-96.3% | 48.2M+22.6% | |
| $5.74-11.7% | $6.50+47.1% | $4.42-14.8% | $5.19+18.8% | $4.37+4.0% | ||
| EPS (basic) | $5.83-12.1% | $6.63+47.0% | $4.51-14.9% | $5.30+18.6% | $4.47+4.2% | |
| Weighted-avg shares (basic) | 256M+16.1% | 221M+2.6% | 215M+2.2% | 210M+3.7% | 203M+6.1% | |
| Dividends per share | $2.60+8.3% | $2.40+9.1% | $2.20+7.8% | $2.04+6.3% | $1.92+6.7% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 34.4B-22.1% | 44.1B+37.4% | 32.1B+44.1% | 22.3B+26.1% | 17.7B+58.8% | ||
| Cash & equivalents | 1.40B-90.7% | 15.0B+1443.5% | 971M+31.5% | 738M+83.4% | 403M-39.4% | |
| Accounts receivable | 5.17B+32.8% | 3.90B+2.9% | 3.79B+30.1% | 2.91B | — | |
| Prepaid expenses | — | — | — | 197M+14.9% | 172M+53.2% | |
| Other current assets | 886M+71.0% | 518M+15.1% | 450M+12.8% | 399M-72.5% | 1.45B+30.3% | |
| 70.7B+10.0% | 64.3B+24.5% | 51.6B+34.6% | 38.4B+15.4% | 33.2B+48.8% | ||
| Property, plant & equipment | 789M+21.4% | 650M-10.5% | 726M+26.1% | 576M+15.1% | 501M+11.1% | |
| Operating lease right-of-use | 598M+58.2% | 378M-5.6% | 400M+15.5% | 347M-3.3% | 359M-4.1% | |
| Goodwill | 22.6B+84.1% | 12.3B+6.9% | 11.5B+20.9% | 9.49B+9.5% | 8.67B+41.4% | |
| Intangible assets | 10.7B+135.8% | 4.53B-2.2% | 4.63B+37.4% | 3.37B-14.7% | 3.95B+64.8% | |
| Deferred tax assets | 43.0M-95.5% | 959M-15.3% | 1.13B-12.8% | 1.30B+5.7% | 1.23B+13.1% | |
| Other non-current assets | 1.60B+18.2% | 1.35B+19.7% | 1.13B+14.3% | 990M+2.4% | 967M+25.5% | |
| 32.5B+11.1% | 29.3B-5.8% | 31.1B+45.6% | 21.3B+27.5% | 16.7B+65.1% | ||
| Deferred revenue | 737M+37.2% | 537M-16.7% | 645M+17.9% | 547M+5.0% | 521M+9.5% | |
| Short-term & current debt | 640M+220.0% | 200M-70.1% | 670M+116.1% | 310M+26.5% | 245M+226.7% | |
| Current lease liability | 131M+42.7% | 91.8M+9.0% | 84.2M+2.2% | 82.4M-0.4% | 82.7M-6.9% | |
| 47.3B+7.4% | 44.1B+8.0% | 40.8B+39.9% | 29.2B+17.7% | 24.8B+54.0% | ||
| Long-term debt | 12.1B-4.9% | 12.7B+81.7% | 7.01B+25.9% | 5.56B-4.3% | 5.81B+36.2% | |
| Deferred revenue (non-current) | 155M+131.3% | 67.0M+8.9% | 61.5M-1.8% | 62.6M+6.6% | 58.7M-10.7% | |
| Non-current lease liability | 515M+57.0% | 328M-6.9% | 352M+17.2% | 300M-2.9% | 309M-3.6% | |
| Operating lease liability (total) | 646M+53.8% | 420M-3.8% | 436M+14.0% | 383M-2.3% | 392M-4.3% | |
| Other non-current liabilities | 2.02B+20.0% | 1.69B-27.1% | 2.32B+21.7% | 1.90B+1.7% | 1.87B+42.8% | |
| 23.3B+15.7% | 20.2B+87.0% | 10.8B+17.8% | 9.14B+7.5% | 8.51B+37.5% | ||
| Common stock | 257M+2.8% | 250M+15.4% | 217M+2.3% | 212M+1.6% | 209M+7.6% | |
| Additional paid-in capital | 17.8B+10.7% | 16.1B+120.2% | 7.30B+12.1% | 6.51B+6.0% | 6.14B+44.1% | |
| Retained earnings | 5.81B+16.4% | 4.99B+23.0% | 4.05B+13.8% | 3.56B+23.6% | 2.88B+21.5% | |
| Accumulated other comprehensive income | -525M+54.4% | -1.15B-45.3% | -792M+30.5% | -1.14B-57.1% | -726M-12.8% | |
| Non-controlling interest | 26.0M+0.0% | 26.0M-35.0% | 40.0M-14.2% | 46.6M-9.9% | 51.7M+11.2% | |
| Total equity incl. non-controlling | 23.3B+15.7% | 20.2B+86.6% | 10.8B+17.7% | 9.19B+7.4% | 8.56B+37.3% | |
| Total liabilities & equity | 70.7B+10.0% | 64.3B+24.5% | 51.6B+34.6% | 38.4B+15.0% | 33.3B+49.3% | |
| Common shares issued | 257M+2.8% | 250M+15.4% | 217M+2.3% | 212M+1.6% | 209M+7.6% | |
| Common shares outstanding | 257M+2.8% | 250M+15.4% | 217M+2.3% | 212M+1.6% | 209M+7.6% | |
| Shares outstanding (cover) | 257M+0.9% | 255M+17.5% | 217M+2.2% | 212M+1.7% | 209M+7.6% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 1.93B-25.3% | 2.58B+27.1% | 2.03B+46.2% | 1.39B-0.2% | 1.39B-22.9% | ||
| Depreciation & amortization | 1.12B+33.1% | 843M+20.9% | 697M+16.2% | 600M+5.9% | 566M+0.7% | |
| Share-based compensation | 49.0M+16.7% | 42.0M+35.5% | 31.0M+27.0% | 24.4M+82.1% | 13.4M-1.5% | |
| Deferred income taxes | 61.0M-44.0% | 109M+153.5% | 43.0M+120.6% | -209M-13.6% | -184M-13.6% | |
| Change in receivables | 278M+327.7% | 65.0M-87.1% | 504M+57.7% | 320M+85.5% | 172M | |
| -15.9B-900.4% | -1.59B+51.8% | -3.29B-227.7% | -1.00B+70.7% | -3.43B-628.0% | ||
| Capital expenditure | 145M+2.1% | 142M-26.8% | 194M+6.2% | 183M+42.1% | 129M+29.5% | |
| Free cash flow | 1.78B-26.9% | 2.44B+32.8% | 1.84B+52.2% | 1.21B-4.5% | 1.26B-26.0% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| 1.71B-86.9% | 13.1B+354.1% | 2.87B+1251.8% | 213M-92.9% | 3.00B+693.1% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00-100.0% | 1.68B+294.7% | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 1.50B-82.4% | 8.51B+6989.2% | 120M-2.5% | 123M-92.0% | 1.55B+1282.2% | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 667M+27.0% | 525M+10.8% | 474M+10.4% | 430M+9.6% | 392M+12.8% | |
| Net change in cash | -11.9B-185.7% | 13.9B+781.9% | 1.58B+217.1% | 498M-44.2% | 892M-6.1% | |
| Interest paid | 575M+65.7% | 347M+28.0% | 271M+12.8% | 240M+11.4% | 216M+14.2% | |
| Income taxes paid | 341M+3.0% | 331M+46.5% | 226M-28.8% | 318M-2.4% | 325M+188.0% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 66.5B-8.0% | 72.3B+48.9% | 48.6B+22.1% | 39.8B+12.3% | 35.4B+47.6% | |
| P/E | 44.5×-9.9% | 49.4×+15.7% | 42.7×+16.9% | 36.5×-6.4% | 39.0×+33.3% | |
| P/S | 4.8×-23.7% | 6.3×+24.6% | 5.0×+7.3% | 4.7×+8.6% | 4.3×+25.9% | |
| P/B | 2.9×-20.5% | 3.6×-22.7% | 4.6×+0.1% | 4.6×+11.5% | 4.2×+7.3% | |
| P/FCF | 37.3×+25.9% | 29.6×+7.1% | 27.6×-44.5% | 49.8×+77.8% | 28.0×+99.5% | |
| Earnings yield | 2.2%+11.0% | 2.0%-13.6% | 2.3%-14.4% | 2.7%+6.8% | 2.6%-25.0% | |
| FCF yield | 2.7%-20.5% | 3.4%-6.6% | 3.6%+80.1% | 2.0%-43.8% | 3.6%-49.9% | |
| Dividend yield | 1.0%+18.8% | 0.85%-13.6% | 0.98%-9.6% | 1.1%-4.4% | 1.1%-22.2% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: AJG’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all AJG filings on SEC EDGAR → Not investment advice.