Arthur J. Gallagher & Co.

AJG · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$66,459	$70,906	$48,554	$39,752	$35,169	$25,642	$19,739	$15,276	$13,117	$10,770	$8,486	$7,196	$6,049	$4,193	$3,734	$3,152	$2,262	$2,430	$2,316	$2,877	$2,913	$2,961	$2,918	$2,559	$2,917	$2,664	$1,465	$804	$620	$535	$607	$509	$665	$461	$328	$294	$315	$236	$190	$289	$213
Enterprise value	$79,089	$69,424	$55,936	$45,475	$41,411	$29,890	$24,142	$18,350	$15,632	$13,132	$10,512	$9,351	$7,206	$4,745	$4,128	$3,452	$2,606	$2,768	$2,452	$2,654	$2,665	$2,892	$2,846	$2,568	$2,820	$2,564	$1,404	$743	$553	$478	$554	$473	$643	$368	$348	$314	$335	$172	$131	$239	$200
P/E (TTM) at period end	44.48×	48.47×	50.06×	35.68×	38.78×	31.32×	29.51×	24.11×	27.25×	27.14×	23.78×	23.72×	22.52×	21.50×	25.91×	18.11×	17.59×	31.44×	16.68×	22.39×	94.58×	15.71×	19.96×	19.70×	23.28×	28.66×	17.60×	13.70×	10.76×	12.11×	14.32×	14.75×	20.59×	19.61×	17.47×	16.60×	18.21×	13.97×	11.73×	18.74×	21.54×
P/S (TTM) at period end	4.77×	6.14×	4.82×	4.65×	4.28×	3.66×	2.74×	2.20×	2.13×	1.93×	1.57×	1.56×	1.90×	1.66×	1.75×	1.69×	1.31×	1.48×	1.43×	1.96×	2.04×	2.06×	2.39×	2.41×	3.28×	3.33×	2.05×	1.38×	1.18×	1.19×	1.43×	1.47×	2.20×	1.69×	1.42×	1.48×	1.82×	1.51×	1.55×	2.68×	2.61×
P/B at period end	2.85×	3.52×	4.51×	4.35×	4.13×	4.15×	3.83×	3.40×	3.10×	2.99×	2.33×	2.23×	2.90×	2.53×	3.00×	2.85×	2.53×	3.29×	3.24×	3.33×	3.79×	3.89×	4.71×	4.84×	7.85×	8.47×	6.04×	3.97×	3.78×	3.98×	5.14×	5.26×	5.48×	5.05×	3.83×	3.59×	4.24×	3.50×	3.01×	5.32×	5.99×
EV / EBITDA (TTM)	21.54×	22.22×	21.88×	20.06×	21.76×	18.65×	19.78×	17.71×	17.42×	15.89×	13.63×	16.34×	14.23×	11.45×	11.79×	10.86×	7.91×	10.41×	8.71×	11.87×	12.56×	9.33×	11.41×	11.13×	16.07×	16.74×	9.70×	9.35×	5.69×	8.92×	9.75×	8.93×	14.64×	8.24×	–	–	–	–	–	–	–
EV / Sales (TTM)	5.67×	6.01×	5.55×	5.32×	5.04×	4.27×	3.36×	2.65×	2.54×	2.35×	1.95×	2.02×	2.27×	1.88×	1.93×	1.85×	1.51×	1.68×	1.51×	1.81×	1.87×	2.01×	2.33×	2.42×	3.18×	3.20×	1.97×	1.27×	1.05×	1.06×	1.31×	1.36×	2.13×	1.35×	1.50×	1.58×	1.93×	1.10×	1.06×	2.22×	2.45×
Returns
Return on equity	6.4%	7.3%	9.0%	12.2%	10.7%	13.2%	13.0%	14.1%	11.4%	11.0%	9.8%	9.4%	12.9%	11.8%	11.6%	15.7%	14.4%	10.5%	19.4%	14.9%	4.0%	24.8%	23.6%	24.6%	33.7%	29.6%	34.3%	29.0%	35.1%	32.9%	35.9%	35.7%	26.6%	25.8%	21.9%	21.6%	23.3%	25.0%	25.6%	28.4%	27.8%
Return on invested capital	5.7%	9.6%	8.3%	9.4%	8.9%	9.8%	7.8%	8.2%	7.6%	7.8%	7.7%	5.8%	9.9%	9.9%	10.0%	12.9%	12.4%	12.2%	19.4%	19.6%	27.6%	27.5%	26.3%	24.7%	49.1%	43.3%	45.9%	31.6%	59.5%	36.5%	44.7%	48.9%	23.8%	–	19.2%	18.7%	19.7%	592.9%	257.3%	196.2%	50.0%
Dividend yield	1.0%	0.7%	1.0%	1.1%	1.1%	1.4%	1.6%	2.0%	2.2%	2.5%	3.0%	3.1%	3.0%	4.9%	3.9%	4.2%	5.7%	4.9%	5.1%	4.0%	3.5%	2.9%	2.1%	2.0%	1.4%	1.3%	1.9%	2.9%	3.2%	3.3%	2.4%	2.5%	1.5%	1.9%	2.4%	2.3%	1.8%	–	–	–	–
Financial health
Current ratio	1.06×	1.51×	1.03×	1.04×	1.06×	1.10×	1.02×	1.06×	1.08×	0.96×	1.01×	1.05×	0.88×	1.03×	1.06×	1.09×	1.04×	0.92×	1.02×	0.99×	1.01×	1.01×	1.02×	1.01×	0.96×	1.07×	1.03×	1.00×	1.01×	1.04×	1.05×	1.03×	1.19×	1.00×	–	–	–	1.07×	1.03×	1.06×	1.09×
Debt / equity	0.55×	0.64×	0.71×	0.64×	0.71×	0.70×	0.86×	0.77×	0.70×	0.76×	0.64×	0.70×	0.70×	0.51×	0.55×	0.50×	0.62×	0.72×	0.56×	0.04×	0.15×	0.24×	0.25×	0.33×	–	–	–	–	–	–	–	0.04×	0.20×	0.22×	0.23×	0.24×	0.27×	0.30×	0.32×	0.37×	0.56×
Effective tax rate	19.7%	21.5%	18.5%	15.9%	2.1%	1.5%	(14.3%)	(41.0%)	(43.7%)	(29.0%)	(32.6%)	(12.3%)	2.2%	20.5%	30.7%	19.6%	36.9%	31.9%	22.7%	16.9%	(203.1%)	20.1%	24.3%	30.0%	11.6%	30.5%	34.5%	32.5%	32.8%	34.0%	37.8%	35.2%	37.0%	34.9%	29.1%	34.9%	35.0%	29.6%	39.1%	40.1%	36.1%
Share count
Diluted shares outstanding	260	225	219	215	207	195	190	186	182	178	173	154	130	122	112	105	101	94	97	98	96	94	93	92	90	89	96	76	72	69	70	64	73	65	59	51	51	56	44	44	35

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$15,755	$13,942	$11,555	$10,072	$8,551	$8,209	$7,004	$7,195	$6,934	$6,160	$5,595	$5,392	$4,626	$3,180	$2,520	$2,135	$1,864	$1,729	$1,645	$1,623	$1,470	$1,429	$1,437	$1,221	$1,060	$888	$801	$714	$583	$525	$450	$424	$347	$302	$273	$232	$198	$173	$156	$123	$108	$82
Cost of revenue	–	($6,308)	($6,677)	($5,827)	($23)	($1,173)	($882)	($1,353)	($1,816)	($1,636)	($1,409)	($1,352)	–	–	–	–	–	($1,069)	($381)	($437)	($416)	($473)	($268)	($252)	($230)	($198)	($232)	($221)	($185)	($256)	($146)	($131)	($105)	($97)	($87)	–	–	–	($74)	($42)	($35)	($23)
Gross profit	–	$7,633	$4,878	$4,245	$8,528	$7,036	$6,122	$5,842	$5,118	$4,524	$4,186	$3,950	–	–	–	–	–	$661	$1,264	$1,186	$1,054	$956	$1,169	$969	$830	$690	$569	$493	$398	$269	$303	$293	$242	$205	$186	–	–	–	$82	$81	$72	$58
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($8,987)	($7,842)	($6,522)	($5,681)	($4,800)	($3,928)	($3,466)	($3,340)	($3,026)	($2,747)	($2,537)	($2,429)	($2,168)	($1,685)	($1,493)	($1,326)	($1,118)	($331)	($998)	($912)	($839)	($751)	($872)	($730)	($602)	($515)	($415)	($366)	($318)	($171)	($250)	($236)	($189)	($161)	($141)	–	–	–	($54)	($62)	($54)	($39)
Total operating expenses	($9,378)	($5,084)	($2,596)	($2,386)	($6,861)	($5,699)	($5,081)	($5,096)	($4,501)	($4,012)	($3,711)	($3,512)	–	–	–	–	–	($417)	($1,072)	($970)	($891)	($800)	($922)	($768)	($635)	($538)	($435)	($366)	($332)	($183)	($260)	($246)	($196)	($167)	($147)	–	–	–	($56)	($64)	($56)	($41)
Total costs and expenses	($13,071)	($11,393)	($9,273)	($8,213)	($6,884)	($6,872)	($5,963)	($6,449)	($6,317)	($5,648)	($5,119)	($4,955)	($4,313)	($2,852)	($2,246)	($1,900)	($1,639)	($1,486)	($1,453)	($1,407)	($1,307)	($1,273)	($1,190)	($1,020)	($865)	($736)	($667)	($587)	($517)	($439)	($407)	($378)	($301)	($265)	($234)	($203)	($169)	($145)	($130)	($106)	($91)	($64)
Operating income	$2,684	$2,549	$2,282	$1,859	$1,667	$1,337	$1,040	$746	$617	$511	$476	$437	$314	$328	$274	$235	$225	$244	$192	$216	$163	$156	$247	$201	$195	$152	$134	$127	$66	$86	$43	$46	$46	$38	$38	$29	$29	$29	$26	$17	$17	$18
Earnings
EBITDA	$4,018	$3,671	$3,125	$2,556	$2,266	$1,903	$1,603	$1,220	$1,036	$897	$826	$771	$572	$506	$414	$350	$318	$329	$266	$281	$224	$212	$310	$250	$231	$175	$153	$145	$79	$97	$54	$57	$53	$44	$45	–	–	–	–	–	–	–
Interest income	–	–	–	–	–	–	–	–	–	$59	$54	$54	$41	$8	$10	$8	$7	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($648)	($639)	($381)	($297)	($257)	($226)	($196)	($180)	($138)	($124)	($110)	($103)	($89)	($50)	($43)	($41)	($35)	($28)	($29)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,984	$1,871	$1,875	$1,185	$1,327	$975	$871	$626	$479	$360	$334	$294	$292	$291	$245	$208	$203	$211	$164	$200	$154	$13	$237	$193	$186	$142	$134	$127	$87	$86	$67	$68	$53	$51	$36	$26	$27	$27	$24	$27	$26	$16
Income tax expense	($409)	($368)	($404)	($219)	($211)	($20)	($13)	$90	$196	$157	$97	$96	$36	($6)	($50)	($64)	($40)	($78)	($52)	($46)	($26)	$26	($48)	($47)	($56)	($16)	($41)	($44)	($28)	($28)	($23)	($26)	($19)	($19)	($13)	($8)	($10)	($9)	($7)	($10)	($10)	($6)
Net income	$1,570	$1,494	$1,463	$970	$1,114	$907	$819	$669	$634	$481	$397	$357	$303	$269	$195	$144	$174	$129	$77	$139	$128	$31	$188	$146	$130	$125	$93	$83	$59	$58	$44	$42	$34	$32	$24	$19	$18	$17	$17	$16	$15	$10
Per share
Diluted EPS (GAAP)	$6.03	$5.74	$6.50	$4.42	$5.19	$4.37	$4.20	$3.52	$3.40	$2.64	$2.22	$2.06	$1.97	$2.06	$1.59	$1.28	$1.66	$1.28	$0.82	$1.43	$1.31	$0.32	$1.99	$1.57	$1.41	$1.39	$1.04	$0.87	$0.77	$0.80	$0.64	$0.61	$0.54	$0.44	$0.36	$0.32	$0.35	$0.34	$0.30	$0.37	$0.35	$0.28
Basic EPS (GAAP)	$6.10	$5.83	$6.63	$4.51	$5.30	$4.47	$4.29	$3.60	$3.47	$2.67	$2.23	$2.07	$1.98	$2.08	$1.61	$1.29	$1.66	$1.28	$0.83	$1.45	$1.32	$0.32	$2.05	$1.62	$1.47	$1.47	$1.11	$0.92	$0.81	$0.80	$0.64	$0.65	$0.54	$0.44	$0.36	$0.32	$0.35	$0.34	$0.30	$0.37	$0.35	$0.28
Basic shares outstanding	258	256	220	215	210	203	191	186	183	180	178	173	154	129	121	112	105	100	94	96	97	94	91	90	87	85	84	90	73	72	69	65	64	73	65	59	51	51	56	44	44	35
Margins
Gross margin	–	54.8%	42.2%	42.1%	99.7%	85.7%	87.4%	81.2%	73.8%	73.4%	74.8%	73.2%	–	–	–	–	–	38.2%	76.8%	73.1%	71.7%	66.9%	81.4%	79.4%	78.3%	77.8%	71.0%	69.1%	68.3%	51.2%	67.4%	69.0%	69.7%	67.8%	68.1%	–	–	–	52.9%	65.7%	67.3%	71.3%
Operating margin	17.0%	18.3%	19.7%	18.5%	19.5%	16.3%	14.9%	10.4%	8.9%	8.3%	8.5%	8.1%	6.8%	10.3%	10.9%	11.0%	12.1%	14.1%	11.7%	13.3%	11.1%	10.9%	17.2%	16.4%	18.4%	17.2%	16.7%	17.8%	11.3%	16.3%	9.5%	10.9%	13.1%	12.4%	14.1%	12.4%	14.8%	16.5%	16.7%	13.8%	15.5%	21.6%
Net margin	10.0%	10.7%	12.7%	9.6%	13.0%	11.0%	11.7%	9.3%	9.1%	7.8%	7.1%	6.6%	6.6%	8.4%	7.7%	6.8%	9.3%	7.4%	4.7%	8.6%	8.7%	2.2%	13.1%	12.0%	12.3%	14.1%	11.6%	11.7%	10.1%	11.0%	9.8%	10.0%	9.9%	10.7%	8.6%	8.1%	8.9%	10.0%	10.8%	13.2%	14.3%	12.1%

Analyst consensus

Buy29 analysts

Bearish · 1 · Hold · 9 · Bullish · 19

Earnings history

	EPS	Estimate
Q3 2024	$2.26	$2.26	Match
Q4 2024	$2.13	$2.03	Beat
Q1 2025	$3.67	$3.57	Beat
Q2 2025	$2.33	$2.36	Miss
Q3 2025	$2.32	$2.51	Miss
Q4 2025	$2.38	$2.35	Beat
Q1 2026	$4.47	$4.43	Beat
Q2 2026	$2.84	$2.81	Beat

Peers

Company overview

IPO dateJun 20, 1984

CEOJ. Patrick Gallagher Jr.

Employees67,456

SectorFinancial Services

IndustryInsurance - Brokers

CountryUS

ExchangeNew York Stock Exchange

Websitewww.ajg.com

Arthur J. Gallagher & Co., alongside its various subsidiaries, operates globally, providing a wide array of services that encompass insurance brokerage, expert consulting, and outsourced claims settlement and administration. Its geographic reach extends across the United States, Australia, Bermuda, Canada, the Caribbean, New Zealand, India, and the United Kingdom. The company's business model is divided into two primary segments: Brokerage and Risk Management. The Brokerage division manages both retail and wholesale insurance operations. It also supports other brokers, including independent ones, in securing specialized or hard-to-place insurance coverage. This segment functions as a wholesale broker, managing general agent (MGA), and managing general underwriter (MGU) to distribute tailored insurance products to underwriting firms. Key activities within this segment include marketing, underwriting, policy issuance, premium collection, agent recruitment and supervision, claims payment, and reinsurance negotiations. It delivers essential brokerage and consulting solutions to a diverse client base, from commercial businesses, non-profit organizations, and public entities to individuals, specializing in insurance placement, managing loss exposure, and overseeing employer-sponsored benefit programs. The Risk Management segment focuses on offering contract-based claims settlement and administration services to businesses and public sector organizations. Its services also include comprehensive claims management, specialized loss control consulting, and independent insurance property appraisals. Arthur J. Gallagher & Co. delivers its extensive services through a broad network of associated insurance brokers and consultants. Its clientele is varied, serving commercial, industrial, public, religious, and non-profit organizations. The company was founded in 1927 and maintains its corporate headquarters in Rolling Meadows, Illinois.

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