Friday 6 November 2026 Export AJG’s income statement to Excel — free account

Arthur J. Gallagher & Co.

Arthur J. Gallagher & Co.’s revenue for fiscal 2025 (year ended December 2025) was $13.9 billion, up 20.7% from fiscal 2024.

Revenue: +18.1%
EPS: +49.2%
Free cash flow: +91.2%
Total debt: −3.02%

Quarter to September 2026, against a year earlier

287.68 0.70 −0.24%

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Market cap: $73.9B
P/E: 43.4×
Fwd P/E: 38.3×
Dividend yield: 0.96%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Arthur J. Gallagher & Co. (AJG) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Brokerage	12,192	87.45%
Risk Management	1,749	12.54%
Corporate	1	0.01%
Gross margin		43.75%
Operating margin		18.00%
Pre-tax margin		13.42%

Revenue by product or service $m

Line	FY2018	FY2017	FY2016
Commissions	2,921 42.12%	2,641 42.26%	2,410 42.42%
Broker Fees	1,756 25.33%	1,592 25.47%	1,492 26.26%
Coal	1,746 25.18%	1,561 24.97%	1,350 23.77%
Supplemental Revenue Member	190 2.74%	158 2.53%	140 2.46%
Reimbursements	142 2.04%	136 2.18%	132 2.33%
Contingent Revenue	98 1.41%	100 1.59%	98 1.72%
Investment Performance	70 1.01%	59 0.94%	54 0.94%
Gains On Divestitures	10 0.15%	3 0.05%	—
Net Gains On Divestitures	10 0.15%	3 0.05%	7 0.12%
Product and Service, Other	1 0.01%	—	(1) (0.02%)
Revenue	6,934	6,249	5,681

Gross profit by product or service $m, and margin

	FY2018	FY2017	FY2016
Coal	‡	‡	‡
Gross profit	‡	‡	‡
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Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Brokerage	12,192 87.45%	9,934 85.97%	8,637 85.75%	7,304 85.42%	5,968 72.69%	5,167 73.78%	4,902 68.12%	4,247 61.25%	3,815 61.05%	3,502 61.64%	3,324 61.64%	2,896 62.60%	2,126 66.87%	1,828 72.52%	1,557 72.91%	1,341 71.91%	1,276 73.80%
Risk Management	1,749 12.54%	1,605 13.89%	1,433 14.23%	1,223 14.30%	1,101 13.41%	973 13.90%	977 13.58%	940 13.55%	873 13.98%	830 14.61%	727 13.48%	682 14.75%	629 19.78%	572 22.68%	549 25.71%	462 24.79%	453 26.21%
Corporate	1 0.01%	16 0.14%	2 0.02%	24 0.28%	1,141 13.90%	863 12.32%	1,316 18.30%	1,747 25.20%	1,561 24.97%	1,349 23.74%	1,341 24.87%	1,048 22.65%	424 13.34%	121 4.80%	29 1.38%	62 3.30%	0 (0.01%)
Revenue	13,942	11,555	10,072	8,551	8,209	7,004	7,195	6,934	6,249	5,681	5,392	4,627	3,180	2,520	2,135	1,864	1,729

Gross profit by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Corporate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
United States	9,391 67.36%	7,428 64.28%	6,427 63.81%	5,557 64.99%	5,857 71.34%	5,049 72.09%	5,379 74.76%	5,378 77.56%	4,839 77.44%	4,389 77.27%	4,041 74.95%	3,443 74.41%	2,534 79.68%	2,006 79.60%	1,725 80.81%	1,614 86.55%
United Kingdom	2,477 17.77%	2,225 19.26%	1,993 19.79%	1,588 18.58%	1,245 15.17%	1,034 14.77%	963 13.39%	774 11.16%	710 11.36%	688 12.12%	767 14.22%	726 15.70%	428 13.46%	346 13.73%	261 12.20%	—
Other foreign	886 6.35%	701 6.07%	573 5.69%	451 5.27%	247 3.00%	202 2.89%	167 2.32%	149 2.15%	127 2.04%	98 1.73%	68 1.26%	55 1.18%	32 0.99%	—	—	—
Australia	586 4.20%	575 4.98%	467 4.64%	411 4.81%	376 4.58%	315 4.49%	299 4.15%	291 4.19%	269 4.31%	243 4.28%	257 4.76%	237 5.11%	153 4.80%	121 4.82%	—	—
Canada	395 2.83%	416 3.60%	404 4.01%	362 4.23%	308 3.75%	249 3.56%	226 3.14%	185 2.67%	154 2.46%	137 2.40%	137 2.53%	85 1.84%	33 1.03%	32 1.27%	—	—
New Zealand	207 1.48%	210 1.82%	208 2.07%	181 2.12%	177 2.16%	154 2.20%	161 2.23%	158 2.27%	150 2.40%	126 2.21%	123 2.27%	81 1.76%	2 0.05%	—	—	—
Other Foreign Principally Bermuda	—	—	—	—	—	—	—	—	—	—	—	—	—	15 0.58%	—	—
Other Foreign Principally Australia And Canada	—	—	—	—	—	—	—	—	—	—	—	—	—	—	149 6.98%	—
Foreign Tax Authority	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	251 13.45%
Revenue	13,942	11,555	10,072	8,551	8,209	7,004	7,195	6,934	6,249	5,681	5,392	4,627	3,180	2,520	2,135	1,864

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Brokerage workforce at end of period	Q3 FY2026	57.6K	55.7K	+3.35%
Estimated annualized revenues acquired	Q3 FY2026	$102.0M	—	—
Number of acquisitions closed	Q2 FY2026	1.00	—	—
Number of acquisitions closed	Q3 FY2026	5.00	6.00	−16.67%
Remaining performance obligations	Q3 FY2026	$1.0B	$891.1M	+15.36%
Risk Management workforce at end of period	Q3 FY2026	11.5K	10.7K	+7.36%
Total Company workforce at end of period	Q3 FY2026	74.6K	71.1K	+5.00%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018	Q1 FY2018
Brokerage workforce at end of period	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Number of acquisitions closed	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Number of acquisitions closed	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Risk Management workforce at end of period	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Company workforce at end of period	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.