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.

PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	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 YoY+20.7%	11.6B YoY+14.7%	10.1B YoY+17.8%	8.55B YoY+4.2%	8.21B YoY+17.2%
Cost of revenue	—	—	—	22.9M YoY-98.0%	1.17B YoY+33.0%
Total operating expenses	2.26B YoY+28.7%	1.75B YoY+3.8%	1.69B YoY+26.9%	1.33B YoY+24.1%	1.07B YoY+18.3%
Interest expense	639M YoY+67.7%	381M YoY+28.3%	297M YoY+15.6%	257M YoY+13.6%	226M YoY+15.1%
Pre-tax income	1.87B YoY-0.2%	1.88B YoY+58.2%	1.19B YoY-10.7%	1.33B YoY+36.1%	975M YoY+12.0%
Income tax	368M YoY-8.9%	404M YoY+84.5%	219M YoY+3.8%	211M YoY+949.8%	20.1M YoY+57.0%
	1.49B YoY+2.1%	1.46B YoY+50.8%	970M YoY-12.9%	1.11B YoY+22.9%	907M YoY+10.7%
Net income to non-controlling interest	9.00M YoY+12.5%	8.00M YoY+300.0%	-4.00M YoY-322.2%	1.80M YoY-96.3%	48.2M YoY+22.6%
	$5.74 YoY-11.7%	$6.50 YoY+47.1%	$4.42 YoY-14.8%	$5.19 YoY+18.8%	$4.37 YoY+4.0%
EPS (basic)	$5.83 YoY-12.1%	$6.63 YoY+47.0%	$4.51 YoY-14.9%	$5.30 YoY+18.6%	$4.47 YoY+4.2%
	256M YoY+16.1%	221M YoY+2.6%	215M YoY+2.2%	210M YoY+3.7%	203M YoY+6.1%
Dividends per share	$2.60 YoY+8.3%	$2.40 YoY+9.1%	$2.20 YoY+7.8%	$2.04 YoY+6.3%	$1.92 YoY+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 YoY-22.1%	44.1B YoY+37.4%	32.1B YoY+44.1%	22.3B YoY+26.1%	17.7B YoY+58.8%
Cash & equivalents	1.40B YoY-90.7%	15.0B YoY+1443.5%	971M YoY+31.5%	738M YoY+83.4%	403M YoY-39.4%
Accounts receivable	5.17B YoY+32.8%	3.90B YoY+2.9%	3.79B YoY+30.1%	2.91B	—
Prepaid expenses	—	—	—	197M YoY+14.9%	172M YoY+53.2%
Other current assets	886M YoY+71.0%	518M YoY+15.1%	450M YoY+12.8%	399M YoY-72.5%	1.45B YoY+30.3%
	70.7B YoY+10.0%	64.3B YoY+24.5%	51.6B YoY+34.6%	38.4B YoY+15.4%	33.2B YoY+48.8%
Property, plant & equipment	789M YoY+21.4%	650M YoY-10.5%	726M YoY+26.1%	576M YoY+15.1%	501M YoY+11.1%
Operating lease right-of-use	598M YoY+58.2%	378M YoY-5.6%	400M YoY+15.5%	347M YoY-3.3%	359M YoY-4.1%
Goodwill	22.6B YoY+84.1%	12.3B YoY+6.9%	11.5B YoY+20.9%	9.49B YoY+9.5%	8.67B YoY+41.4%
Intangible assets	10.7B YoY+135.8%	4.53B YoY-2.2%	4.63B YoY+37.4%	3.37B YoY-14.7%	3.95B YoY+64.8%
Deferred tax assets	43.0M YoY-95.5%	959M YoY-15.3%	1.13B YoY-12.8%	1.30B YoY+5.7%	1.23B YoY+13.1%
Other non-current assets	1.60B YoY+18.2%	1.35B YoY+19.7%	1.13B YoY+14.3%	990M YoY+2.4%	967M YoY+25.5%
	32.5B YoY+11.1%	29.3B YoY-5.8%	31.1B YoY+45.6%	21.3B YoY+27.5%	16.7B YoY+65.1%
Deferred revenue	737M YoY+37.2%	537M YoY-16.7%	645M YoY+17.9%	547M YoY+5.0%	521M YoY+9.5%
Short-term & current debt	640M YoY+220.0%	200M YoY-70.1%	670M YoY+116.1%	310M YoY+26.5%	245M YoY+226.7%
Current lease liability	131M YoY+42.7%	91.8M YoY+9.0%	84.2M YoY+2.2%	82.4M YoY-0.4%	82.7M YoY-6.9%
	47.3B YoY+7.4%	44.1B YoY+8.0%	40.8B YoY+39.9%	29.2B YoY+17.7%	24.8B YoY+54.0%
Long-term debt	12.1B YoY-4.9%	12.7B YoY+81.7%	7.01B YoY+25.9%	5.56B YoY-4.3%	5.81B YoY+36.2%
Deferred revenue (non-current)	155M YoY+131.3%	67.0M YoY+8.9%	61.5M YoY-1.8%	62.6M YoY+6.6%	58.7M YoY-10.7%
Non-current lease liability	515M YoY+57.0%	328M YoY-6.9%	352M YoY+17.2%	300M YoY-2.9%	309M YoY-3.6%
Other non-current liabilities	2.02B YoY+20.0%	1.69B YoY-27.1%	2.32B YoY+21.7%	1.90B YoY+1.7%	1.87B YoY+42.8%
	23.3B YoY+15.7%	20.2B YoY+87.0%	10.8B YoY+17.8%	9.14B YoY+7.5%	8.51B YoY+37.5%
Common stock	257M YoY+2.8%	250M YoY+15.4%	217M YoY+2.3%	212M YoY+1.6%	209M YoY+7.6%
Additional paid-in capital	17.8B YoY+10.7%	16.1B YoY+120.2%	7.30B YoY+12.1%	6.51B YoY+6.0%	6.14B YoY+44.1%
Retained earnings	5.81B YoY+16.4%	4.99B YoY+23.0%	4.05B YoY+13.8%	3.56B YoY+23.6%	2.88B YoY+21.5%
Accumulated other comprehensive income	-525M YoY+54.4%	-1.15B YoY-45.3%	-792M YoY+30.5%	-1.14B YoY-57.1%	-726M YoY-12.8%
Non-controlling interest	26.0M YoY+0.0%	26.0M YoY-35.0%	40.0M YoY-14.2%	46.6M YoY-9.9%	51.7M YoY+11.2%
Total equity incl. non-controlling	23.3B YoY+15.7%	20.2B YoY+86.6%	10.8B YoY+17.7%	9.19B YoY+7.4%	8.56B YoY+37.3%
Total liabilities & equity	70.7B YoY+10.0%	64.3B YoY+24.5%	51.6B YoY+34.6%	38.4B YoY+15.0%	33.3B YoY+49.3%
	257M YoY+2.8%	250M YoY+15.4%	217M YoY+2.3%	212M YoY+1.6%	209M YoY+7.6%
	257M YoY+2.8%	250M YoY+15.4%	217M YoY+2.3%	212M YoY+1.6%	209M YoY+7.6%
	257M YoY+0.9%	255M YoY+17.5%	217M YoY+2.2%	212M YoY+1.7%	209M YoY+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 YoY-25.3%	2.58B YoY+27.1%	2.03B YoY+46.2%	1.39B YoY-0.2%	1.39B YoY-22.9%
Depreciation & amortization	1.12B YoY+33.1%	843M YoY+20.9%	697M YoY+16.2%	600M YoY+5.9%	566M YoY+0.7%
Share-based compensation	49.0M YoY+16.7%	42.0M YoY+35.5%	31.0M YoY+27.0%	24.4M YoY+82.1%	13.4M YoY-1.5%
Deferred income taxes	61.0M YoY-44.0%	109M YoY+153.5%	43.0M YoY+120.6%	-209M YoY-13.6%	-184M YoY-13.6%
Change in receivables	278M YoY+327.7%	65.0M YoY-87.1%	504M YoY+57.7%	320M YoY+85.5%	172M
	-15.9B YoY-900.4%	-1.59B YoY+51.8%	-3.29B YoY-227.7%	-1.00B YoY+70.7%	-3.43B YoY-628.0%
Capital expenditure	145M YoY+2.1%	142M YoY-26.8%	194M YoY+6.2%	183M YoY+42.1%	129M YoY+29.5%
Free cash flow	1.78B YoY-26.9%	2.44B YoY+32.8%	1.84B YoY+52.2%	1.21B YoY-4.5%	1.26B YoY-26.0%
Acquisitions	0.00	0.00	0.00	0.00	0.00
	1.71B YoY-86.9%	13.1B YoY+354.1%	2.87B YoY+1251.8%	213M YoY-92.9%	3.00B YoY+693.1%
Long-term debt issued	0.00	0.00	0.00	0.00 YoY-100.0%	1.68B YoY+294.7%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	1.50B YoY-82.4%	8.51B YoY+6989.2%	120M YoY-2.5%	123M YoY-92.0%	1.55B YoY+1282.2%
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	667M YoY+27.0%	525M YoY+10.8%	474M YoY+10.4%	430M YoY+9.6%	392M YoY+12.8%
Net change in cash	-11.9B YoY-185.7%	13.9B YoY+781.9%	1.58B YoY+217.1%	498M YoY-44.2%	892M YoY-6.1%
Interest paid	575M YoY+65.7%	347M YoY+28.0%	271M YoY+12.8%	240M YoY+11.4%	216M YoY+14.2%
Income taxes paid	341M YoY+3.0%	331M YoY+46.5%	226M YoY-28.8%	318M YoY-2.4%	325M YoY+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 YoY-8.0%	72.3B YoY+48.9%	48.6B YoY+22.1%	39.8B YoY+12.3%	35.4B YoY+47.6%
P/E	44.5× YoY-9.9%	49.4× YoY+15.7%	42.7× YoY+16.9%	36.5× YoY-6.4%	39.0× YoY+33.3%
P/S	4.8× YoY-23.7%	6.3× YoY+24.6%	5.0× YoY+7.3%	4.7× YoY+8.6%	4.3× YoY+25.9%
P/B	2.9× YoY-20.5%	3.6× YoY-22.7%	4.6× YoY+0.1%	4.6× YoY+11.5%	4.2× YoY+7.3%
P/FCF	37.3× YoY+25.9%	29.6× YoY+7.1%	27.6× YoY-44.5%	49.8× YoY+77.8%	28.0× YoY+99.5%
	2.2% YoY+11.0%	2.0% YoY-13.6%	2.3% YoY-14.4%	2.7% YoY+6.8%	2.6% YoY-25.0%
	2.7% YoY-20.5%	3.4% YoY-6.6%	3.6% YoY+80.1%	2.0% YoY-43.8%	3.6% YoY-49.9%
	1.0% YoY+18.8%	0.85% YoY-13.6%	0.98% YoY-9.6%	1.1% YoY-4.4%	1.1% YoY-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.