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Arthur J. Gallagher vs Brown & Brown: revenue, profit, margins and growth compared

Arthur J. Gallagher brought in $13.9B of revenue in fiscal 2025, Brown & Brown $5.9B in fiscal 2025. Revenue changed by +20.7% at Arthur J. Gallagher and +22.8% at Brown & Brown on the year before, so Brown & Brown grew faster. Arthur J. Gallagher kept 10.7% of its revenue as net profit, Brown & Brown 17.9%. Free cash flow was $1.8B at Arthur J. Gallagher and $1.4B at Brown & Brown.

Side by side, latest fiscal year

AJGBRO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$13.9B$5.9B
Revenue growth+20.7%+22.8%
Net income$1.5B$1.1B
Net margin10.7%17.9%
Free cash flow$1.8B$1.4B
Free cash flow margin12.8%23.4%
Earnings per share (diluted)$5.74$3.16
Cash$1.4B$1.1B
Debt$12.9B$7.6B
Price to earnings40.319.3
Market value$59.2B$20.4B
Dividend yield1.13%1.02%
Rank by revenue in sector#49 of 444 · Finance#91 of 444 · Finance

Over the years

Revenue
AJG FY2018: $6.9BAJG FY2019: $7.2BAJG FY2020: $7BAJG FY2021: $8.2BAJG FY2022: $8.6BAJG FY2023: $10.1BAJG FY2024: $11.6BAJG FY2025: $13.9BBRO FY2018: $2BBRO FY2019: $2.4BBRO FY2020: $2.6BBRO FY2021: $3.1BBRO FY2022: $3.6BBRO FY2023: $4.3BBRO FY2024: $4.8BBRO FY2025: $5.9BFY18FY19FY20FY21FY22FY23FY24FY25
AJG $13.9BBRO $5.9B
Net income
AJG FY2018: $633.5MAJG FY2019: $668.8MAJG FY2020: $818.8MAJG FY2021: $906.8MAJG FY2022: $1.1BAJG FY2023: $970MAJG FY2024: $1.5BAJG FY2025: $1.5BBRO FY2018: $344.3MBRO FY2019: $398.5MBRO FY2020: $480.5MBRO FY2021: $587.1MBRO FY2022: $672MBRO FY2023: $871MBRO FY2024: $993MBRO FY2025: $1.1BFY18FY19FY20FY21FY22FY23FY24FY25
AJG $1.5BBRO $1.1B
Net margin
AJG FY2018: 9.1%AJG FY2019: 9.3%AJG FY2020: 11.7%AJG FY2021: 11.0%AJG FY2022: 13.0%AJG FY2023: 9.6%AJG FY2024: 12.7%AJG FY2025: 10.7%BRO FY2018: 17.1%BRO FY2019: 16.7%BRO FY2020: 18.4%BRO FY2021: 19.2%BRO FY2022: 18.8%BRO FY2023: 20.5%BRO FY2024: 20.7%BRO FY2025: 17.9%FY18FY19FY20FY21FY22FY23FY24FY25
AJG 10.7%BRO 17.9%
Revenue growth
AJG FY2019: +3.8%AJG FY2020: -2.7%AJG FY2021: +17.2%AJG FY2022: +4.2%AJG FY2023: +17.8%AJG FY2024: +14.7%AJG FY2025: +20.7%BRO FY2019: +18.8%BRO FY2020: +9.2%BRO FY2021: +16.8%BRO FY2022: +17.1%BRO FY2023: +19.1%BRO FY2024: +12.9%BRO FY2025: +22.8%FY19FY20FY21FY22FY23FY24FY25
AJG +20.7%BRO +22.8%
Free cash flow
AJG FY2018: $640.7MAJG FY2019: $1.1BAJG FY2020: $1.7BAJG FY2021: $1.3BAJG FY2022: $1.2BAJG FY2023: $1.8BAJG FY2024: $2.4BAJG FY2025: $1.8BBRO FY2018: $526MBRO FY2019: $605.1MBRO FY2020: $642.3MBRO FY2021: $763.8MBRO FY2022: $829MBRO FY2023: $941MBRO FY2024: $1.1BBRO FY2025: $1.4BFY18FY19FY20FY21FY22FY23FY24FY25
AJG $1.8BBRO $1.4B

Fiscal years as each company reports them; the two may end in different months.

Questions about Arthur J. Gallagher and Brown & Brown

Which is bigger by revenue, Arthur J. Gallagher or Brown & Brown?

Arthur J. Gallagher is bigger by revenue: $13.9B in fiscal 2025, against $5.9B for Brown & Brown in fiscal 2025.

Which keeps more of its revenue as profit, Arthur J. Gallagher or Brown & Brown?

Arthur J. Gallagher had a net margin of 10.7% in fiscal 2025; Brown & Brown had 17.9% in fiscal 2025.

Which grew revenue faster, Arthur J. Gallagher or Brown & Brown?

In their latest fiscal years revenue changed by +20.7% at Arthur J. Gallagher and +22.8% at Brown & Brown.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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