Arthur J. Gallagher & Co. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Arthur J. Gallagher & Co. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,681	6,249	6,934	7,195	7,004	8,209	8,551	10,072	11,555	13,942
Cost of revenue	1,409	1,636	1,816	1,353	882	1,173	22.9
Gross profit	4,272	4,613	5,118	5,842	6,122	7,036	8,528
Operating expenses	776	829	904	1,069	907	1,072	1,331	1,689	1,754	2,258
Interest expense	110	124	138	180	196	226	257	297	381	639
Pre-tax income	334	360	479	626	871	975	1,327	1,185	1,875	1,871
Income tax	-96.7	-157	-197	-89.7	12.8	20.1	211	219	404	368
Net income to minority interests	33.5	35.6	42.4	47	39.3	48.2	1.8	-4	8	9
Net income	397	481	634	669	819	907	1,114	970	1,463	1,494
EPS, basic	2.23	2.67	3.47	3.60	4.29	4.47	5.30	4.51	6.63	5.83
EPS, diluted	2.22	2.64	3.40	3.52	4.20	4.37	5.19	4.42	6.50	5.74
Shares, basic (weighted)	178	180	183	186	191	203	210	215	221	256
Shares, diluted (weighted)	178	180	183	186	191	203	210	215	221	256
Dividend per share	1.52	1.56	1.64	1.72	1.80	1.92	2.04	2.20	2.40	2.60

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	546	681	607	605	665	403	738	971	14,987	1,396
Receivables							2,911	3,787	3,896	5,175
Other current assets	634	882	1,024	1,074	1,114	1,451	399	450	518	886
Total current assets	4,416	7,269	8,119	9,118	11,124	17,670	22,285	32,116	44,113	34,356
Property, plant and equipment	378	412	437	467	451	501	576	726	650	789
Lease right-of-use assets				394	374	359	347	400	378	598
Goodwill	3,753	4,165	4,626	5,619	6,127	8,666	9,489	11,476	12,270	22,593
Intangible assets	1,627	1,645	1,773	2,319	2,400	3,954	3,372	4,633	4,530	10,684
Other non-current assets	504	567	574	774	770	967	990	1,132	1,355	1,602
Total assets	13,528	14,910	16,334	19,635	22,331	33,236	38,358	51,616	64,255	70,665
Deferred revenue		355	379	434	476	521	547	645	537	737
Short-term debt	578	290	365	620	75	245	310	670	200	640
Total current liabilities	4,612	6,730	7,694	8,921	10,135	16,735	21,339	31,065	29,260	32,519
Long-term debt	2,145	2,692	3,091	3,816	4,266	5,810	5,563	7,006	12,732	12,104
Lease liabilities				341	321	309	300	352	328	515
Other non-current liabilities	1,078	1,113	901	1,272	1,311	1,872	1,904	2,316	1,688	2,025
Total liabilities	7,834	10,610	11,764	14,419	16,099	24,785	29,168	40,801	44,075	47,318
Total debt	26.9	19.7	19.9	18.5	19.6	22.6	16.8	23.6	23	12,873
Paid-in capital	3,266	3,388	3,542	3,826	4,264	6,144	6,510	7,298	16,069	17,783
Retained earnings	916	1,222	1,559	1,901	2,372	2,882	3,562	4,053	4,986	5,806
Other comprehensive income	-764	-555	-786	-760	-644	-726	-1,140	-792	-1,151	-525
Shareholders' equity	3,597	4,236	4,499	5,156	6,186	8,508	9,144	10,775	20,154	23,321
Minority interests	59.2	64.1	70.8	60	46.5	51.7	46.6	40	26	26
Total equity	3,776	4,300	4,570	5,216	6,233	8,560	9,190	10,815	20,180	23,347
Total liabilities and equity	11,490	14,910	16,334	19,635	22,331	33,345	38,358	51,616	64,255	70,665
Shares outstanding	178	181	184	188	194	209	212	217	250	257

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	430	517	676	716	858	955	1,116	966	1,471	1,503
Depreciation and amortization	351	386	419	474	562	566	600	697	843	1,122
Stock-based compensation	14.7	17.3	13.7	14	13.6	13.4	24.4	31	42	49
Deferred income tax				-171	-162	-184	-209	43	109	61
Change in receivables						-172	-320	-504	-65	-278
Cash from operations	650	854	765	1,191	1,807	1,392	1,390	2,032	2,583	1,930
Capital expenditures	-218	-129	-124	-139	-99.3	-129	-183	-194	-142	-145
Acquisitions	-327	-372	-792	-1,275	-398
Cash from investing	-485	-511	-910	-1,449	-471	-3,432	-1,005	-3,293	-1,587	-15,876
Debt issued	326	348	400	725	425	1,677
Debt repaid	-50	-300
Stock issued	45.6	60.4	81.9	101	112	1,547	123	120	8,507	1,499
Share buybacks	-101	-17.7	-11.3
Dividends paid	-272	-283	-302	-321	-347	-392	-430	-474	-525	-667
Cash from financing	-11.6	-47.8	162	638	-505	2,996	213	2,874	13,052	1,713
Exchange rate effect	-108	72	-85	6.1
Net change in cash	45.1	367	-68.2	387	950	892	498	1,579	13,925	-11,930
Free cash flow	432	725	641	1,052	1,708	1,264	1,207	1,838	2,441	1,785
Interest paid	113	125	139	169	189	216	240	271	347	575
Income taxes paid	66.1	55.8	68.1	22.2	113	325	318	226	331	341

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $231.10 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	12.6%	Pre-tax income / revenue.
Net margin	10.0%	Net income / revenue.
FCF margin	14.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.5%	Cash from operations / revenue.
Effective tax rate	20.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.9%	Net income / average total assets.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.0%	Capital expenditures / revenue.
D&A / revenue	5.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	20.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	17.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	2.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	10.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	12.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-11.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	3.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	6.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-25.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	11.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	1.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-26.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	13.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	0.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	8.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	15.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	36.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	30.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	22.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	25.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	16.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	6.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.05x	Current assets / current liabilities.
Quick ratio	0.17x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.03x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.50x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	14.6%	Total debt / total assets.
Liabilities / assets	71.0%	Total liabilities / total assets.
Net debt	$10.57B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$2.28B	Current assets - current liabilities.
Goodwill and intangibles / assets	40.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$9.52B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.19x	Revenue / average total assets.
Fixed asset turnover	20.6x	Revenue / average property, plant and equipment.
Receivables turnover	2.59x	Revenue / average receivables.
Days sales outstanding	141 days	365 x average receivables / revenue.
FCF conversion	145.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	6.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.11	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$61.37	Revenue / diluted weighted shares.
FCF per share	$8.90	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.54	Cash from operations / diluted weighted shares.
Book value per share	$92.54	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$37.15	Tangible book value / shares outstanding.
Cash per share	$5.41	(Cash + short-term investments) / shares outstanding.
Payout ratio	44.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	30.3%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$59.23B	Share price x shares outstanding.
Enterprise value	$69.80B	Market cap + total debt - cash - short-term investments.
P/E	37.8x	Market cap / net income. Only when net income is positive.
P/S	3.76x	Market cap / revenue.
P/B	2.50x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	25.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	24.2x	Market cap / cash from operations, when positive.
EV/Sales	4.43x	Enterprise value / revenue.
EV/FCF	30.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.9%	Free cash flow / market cap.
Earnings yield	2.6%	Net income / market cap (the inverse of P/E).
Dividend yield	1.2%	Dividends paid over the period / market cap.
Shareholder yield	1.2%	(Dividends paid + share buybacks) / market cap.
PEG	11.1x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Arthur J. Gallagher & Co.'s revenue in fiscal 2025?

Arthur J. Gallagher & Co. reported revenue of $13.94B for fiscal 2025, 20.7% higher than the year before.

Was Arthur J. Gallagher & Co. profitable in fiscal 2025?

Yes. Net income was $1.49B, a net margin of 10.7%.

How much free cash flow did Arthur J. Gallagher & Co. generate in fiscal 2025?

Cash from operations of $1.93B minus capital expenditures of $145.0M left free cash flow of $1.79B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Arthur J. Gallagher & Co.