Saturday 17 October 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. In the quarter to June 2026, revenue grew 24.2%, EPS fell 11.9%, free cash flow grew 91.2% and total debt fell 1.18%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for twenty-five consecutive years, revenue growth for five; insiders bought in the last twelve months.

253.93 3.83 +1.53%

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Market cap: $64.1B
P/E: 41.6×
Fwd P/E: 23.0×
Dividend yield: 1.08%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total buys 0.99

Total sells 24.52

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	1	—	—	—	—	—	—	—	—	—	—	—
Sell	2	3	—	—	3	—	—	1	—	2	2	—

Insider Ownership 2.08%

Capital & Financial Ratios $m

Market Cap 64,100.00

Revenue 15,754.00

Net Income 1,573.00

Free Cash Flow 2,285.00

Net Debt 10,569.00

Current Ratio 1.05

Debt/Equity 0.50

P/E ratio 41.56

Fwd P/E 23.00

P/S ratio 4.14

P/B ratio 2.74

Past 5Y EPS Growth 6.45%

This Y EPS Growth 22.80%

Next Y EPS Growth 13.07%

Next Y revenue growth 19.15%

Next 5Y EPS Growth 15.94%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 77.33%

10-year low 10-year high

P/S against its own 10 years 63.21%

10-year low 10-year high

P/B against its own 10 years 25.03%

10-year low 10-year high

Dividends

Payout Ratio 0.46

Annual Dividend Rate 2.75

Annual Dividend Yield 1.08%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	2.78	0.70 0.70 0.70
2025	2.60	0.65 0.65 0.65 0.65
2024	2.40	0.60 0.60 0.60 0.60
2023	2.20	0.55 0.55 0.55 0.55
2022	2.04	0.51 0.51 0.51 0.51
2021	1.92	0.48 0.48 0.48 0.48
2020	1.80	0.45 0.45 0.45 0.45
2019	1.72	0.43 0.43 0.43 0.43
2018	1.64	0.41 0.41 0.41 0.41
2017	1.56	0.39 0.39 0.39 0.39
2016	1.52	0.38 0.38 0.38 0.38

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	972	14,987	1,396	1,386
Receivables	3,787	3,896	5,175	6,076
Inventory	—	—	—	—
Other	27,358	25,230	27,785	37,990
	32,116	44,113	34,356	45,452

	2023	2024	2025	Q'26
Payables	—	—	—	—
ST’ Debt	—	—	—	—
Other	26,908	24,712	26,899	37,183
	31,065	29,260	32,519	43,173

Compound Annual Growth %

	10y	5y	3y
Sales	9.96%	14.76%	17.70%
Cash Flow	10.90%	1.32%	11.56%
Earnings	15.40%	12.78%	10.27%
Book Value	20.27%	30.23%	36.45%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	4,758	4,003	—	—	—
’25	3,727	3,222	3,366	3,627	13,942
’24	3,257	2,775	2,807	2,716	11,555
’23	2,706	2,442	2,492	2,432	10,072
’22	2,435	2,043	2,044	2,028	8,551
’21	2,165	1,934	2,138	1,973	8,209
’20	1,867	1,584	1,849	1,704	7,004

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	957	10	—	—	—
’25	872	(424)	729	753	1,930
’24	789	120	935	739	2,583
’23	429	12	897	694	2,032
’22	217	(76)	642	608	1,390
’21	219	470	521	182	1,392
’20	109	694	585	420	1,807

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	921	(41)	—	—	—
’25	844	(464)	692	713	1,785
’24	760	88	898	696	2,441
’23	399	(47)	838	648	1,838
’22	179	(130)	593	566	1,207
’21	192	438	477	157	1,264
’20	79	664	565	400	1,708

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	3.16	1.25	—	—	—
’25	2.72	1.40	1.04	0.58	5.74
’24	2.74	1.27	1.39	1.12	6.50
’23	2.24	1.07	1.28	(0.15)	4.42
’22	2.05	1.33	1.19	0.63	5.19
’21	1.92	0.92	1.06	0.51	4.37
’20	1.79	0.79	0.90	0.72	4.20

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	35.96	51.80	62.04	70.44	65.09	112.92	147.32	174.45	223.43	236.34	Analyst estimates 2026–2028 Powerpack
	High	52.34	67.32	79.03	96.20	129.12	171.21	201.51	254.00	316.72	351.23
People
People	Employees	24,800	26,800	30,400	33,300	32,401	39,000	44,000	52,000	56,000	72,000
	Revenue/emp, $m	0.23	0.23	0.23	0.22	0.22	0.21	0.19	0.19	0.21	0.19
Income, $m
Income, $m	Revenue	5,681	6,249	6,934	7,195	7,004	8,209	8,551	10,072	11,555	13,942
	Gross margin, %	30.54	29.86	30.17	34.78	37.91	37.87	43.60	43.60	43.56	43.75
	EBT	334	360	479	626	871	975	1,327	1,185	1,875	1,871
	EBT margin, %	5.87	5.76	6.91	8.70	12.44	11.88	15.52	11.77	16.23	13.42
	Net income	430	517	676	716	858	955	1,116	966	1,471	1,503
	Depreciation	351	386	419	474	562	566	600	697	843	1,122
Per share, $
Per share, $	Revenue	31.98	34.70	37.95	38.68	36.67	40.50	40.66	46.87	52.40	54.44
	Earnings	2.33	2.57	3.40	3.52	4.29	4.47	5.30	4.51	6.67	5.83
	Cash flow	3.66	4.74	4.19	6.40	9.46	6.87	6.61	9.46	11.71	7.54
	Capex	(1.23)	(0.72)	(0.68)	(0.75)	(0.52)	(0.63)	(0.87)	(0.90)	(0.64)	(0.57)
	Free cash flow	2.43	4.03	3.51	5.66	8.94	6.23	5.74	8.55	11.07	6.97
	Book value	20.58	23.87	25.01	28.04	32.63	42.23	43.70	50.33	91.52	91.16
	Shares, m	178	180	183	186	191	203	210	215	221	256
Valuation, ×
Valuation, ×	P/E	22.42	21.18	21.30	26.60	28.90	37.54	35.47	49.89	43.40	44.31
	P/S	1.63	1.79	1.94	2.46	3.37	4.19	4.61	4.80	5.42	4.75
	P/B	2.54	2.60	2.95	3.40	3.79	4.02	4.29	4.47	3.10	2.84
	EV/Sales	1.67	1.85	2.07	2.63	3.47	4.35	5.17	5.40	5.22	5.52
	EV/FCF	21.97	15.98	22.35	17.97	14.24	28.28	36.61	29.59	24.72	43.13
Cash, $m
Cash, $m	Operating cash flow	650	854	765	1,191	1,807	1,392	1,390	2,032	2,583	1,930
	Capex	(218)	(129)	(124)	(139)	(99)	(129)	(183)	(194)	(142)	(145)
	Free cash flow	432	725	641	1,052	1,708	1,264	1,207	1,838	2,441	1,785
Balance, $m
Balance, $m	Working capital	(196)	539	425	197	989	935	947	1,051	14,853	1,837
	Total debt	2,145	2,692	3,091	3,816	4,266	5,810	5,563	7,006	12,732	12,104
	Net debt	207	387	855	1,192	692	1,344	4,824	6,035	(2,255)	10,708
	Shareholders’ equity	3,656	4,300	4,570	5,216	6,233	8,560	9,190	10,815	20,180	23,347
Returns, %
Returns, %	ROA	3.54	3.65	4.06	3.72	3.90	3.26	3.11	2.16	2.53	2.21
	ROIC	7.17	6.45	7.12	7.86	9.63	7.58	7.06	5.50	7.87	4.61
	ROE	10.81	12.10	14.29	13.67	14.30	12.26	12.55	9.70	9.44	6.86

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
MRSH Marsh	$89.0B	22.4×	19.2×	+8.06% (above 0%: growing)	+12.23% (above 0%: growing)	−9.99% (below 0%: shrinking)	100.00%	17.70%	Compare
AJG Arthur J. Gallagher & Co.	$64.1B	41.6×	23.0×	+24.24% (above 0%: growing)	−11.89% (below 0%: shrinking)	+91.16% (above 0%: growing)	41.79%	14.54%
AON Aon plc	$60.8B	16.0×	21.1×	+2.19% (above 0%: growing)	−3.73% (below 0%: shrinking)	−34.02% (below 0%: shrinking)	46.51%	21.55%	Compare
WTW Willis Towers Watson Public Limited Company	$28.8B	19.3×	15.3×	+9.07% (above 0%: growing)	−27.25% (below 0%: shrinking)	+42.76% (above 0%: growing)	100.00%	14.76%	Compare
BRO Brown & Brown, Inc.	$22.8B	19.3×	17.6×	+30.43% (above 0%: growing)	+8.86% (above 0%: growing)	+6.75% (above 0%: growing)	50.00%	28.82%	Compare
ERIE Erie Indemnity Company	$11.1B	19.7×	18.0×	+2.80% (above 0%: growing)	+3.20% (above 0%: growing)	+10.22% (above 0%: growing)	18.73%	18.73%	Compare
BWIN Baldwin Insurance Group, Inc.	$4.5B	— (loss-making)	— (loss-making)	+30.13% (above 0%: growing)	n/m	+208.10% (above 0%: growing)	31.81%	(1.69%)	Compare
ARX Accelerant Holdings	$4.3B	— (loss-making)	143×	+62.89% (above 0%: growing)	+620.00% (above 0%: growing)	−139.56% (below 0%: shrinking)	100.00%	30.96%	Compare
CRVL CorVel Corp.	$4.1B	35.4×	—	+10.74% (above 0%: growing)	+18.87% (above 0%: growing)	+8.94% (above 0%: growing)	26.08%	16.67%	Compare
Median of peers	$16.9B	19.5×	18.6×	+9.91%	+8.86%	+7.84%	48.26%	18.21%

All 22 Insurance Brokers stocks →