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Arthur J. Gallagher vs Ryan Specialty: revenue, profit, margins and growth compared

Arthur J. Gallagher brought in $13.9B of revenue in fiscal 2025, Ryan Specialty $3.1B in fiscal 2025. Revenue changed by +20.7% at Arthur J. Gallagher and +21.3% at Ryan Specialty on the year before, so Ryan Specialty grew faster. Arthur J. Gallagher kept 10.7% of its revenue as net profit, Ryan Specialty 2.1%. Free cash flow was $1.8B at Arthur J. Gallagher and $640.7M at Ryan Specialty.

Side by side, latest fiscal year

AJGRYAN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$13.9B$3.1B
Revenue growth+20.7%+21.3%
Net income$1.5B$63.4M
Net margin10.7%2.1%
Free cash flow$1.8B$640.7M
Free cash flow margin12.8%21.0%
Earnings per share (diluted)$5.74n/a
Cash$1.4B$158.3M
Debt$12.9B$3.3B
Price to earnings40.3n/a
Market value$59.2B$9.7B
Dividend yield1.13%n/a
Rank by revenue in sector#49 of 444 · Finance#122 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: $13.9BRYAN FY2019: $765.1MRYAN FY2021: $1BRYAN FY2021: $1.4BRYAN FY2022: $1.7BRYAN FY2023: $2.1BRYAN FY2024: $2.5BRYAN FY2025: $3.1BFY18FY19FY20FY21FY22FY23FY24FY25
AJG $13.9BRYAN $3.1B
Net income
AJG FY2018: $633.5MAJG FY2019: $668.8MAJG FY2020: $818.8MAJG FY2021: $906.8MAJG FY2022: $1.1BAJG FY2023: $970MAJG FY2024: $1.5BAJG FY2025: $1.5BRYAN FY2019: $64.2MRYAN FY2021: $68.1MRYAN FY2021: $65.9MRYAN FY2022: $61.1MRYAN FY2023: $61MRYAN FY2024: $94.7MRYAN FY2025: $63.4MFY18FY19FY20FY21FY22FY23FY24FY25
AJG $1.5BRYAN $63.4M
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%RYAN FY2019: 8.4%RYAN FY2021: 6.7%RYAN FY2021: 4.6%RYAN FY2022: 3.5%RYAN FY2023: 2.9%RYAN FY2024: 3.8%RYAN FY2025: 2.1%FY18FY19FY20FY21FY22FY23FY24FY25
AJG 10.7%RYAN 2.1%
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%RYAN FY2021: +33.1%RYAN FY2021: +40.7%RYAN FY2022: +20.4%RYAN FY2023: +20.4%RYAN FY2024: +21.1%RYAN FY2025: +21.3%FY19FY20FY21FY22FY23FY24FY25
AJG +20.7%RYAN +21.3%
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: $1.8BRYAN FY2019: $149.4MRYAN FY2021: $130.2MRYAN FY2021: -$69.7MRYAN FY2022: $327.8MRYAN FY2023: $477.2MRYAN FY2024: $514.9MRYAN FY2025: $640.7MFY18FY19FY20FY21FY22FY23FY24FY25
AJG $1.8BRYAN $640.7M

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

Questions about Arthur J. Gallagher and Ryan Specialty

Which is bigger by revenue, Arthur J. Gallagher or Ryan Specialty?

Arthur J. Gallagher is bigger by revenue: $13.9B in fiscal 2025, against $3.1B for Ryan Specialty in fiscal 2025.

Which keeps more of its revenue as profit, Arthur J. Gallagher or Ryan Specialty?

Arthur J. Gallagher had a net margin of 10.7% in fiscal 2025; Ryan Specialty had 2.1% in fiscal 2025.

Which grew revenue faster, Arthur J. Gallagher or Ryan Specialty?

In their latest fiscal years revenue changed by +20.7% at Arthur J. Gallagher and +21.3% at Ryan Specialty.

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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