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Arthur J. Gallagher vs Willis Towers Watson: revenue, profit, margins and growth compared

Arthur J. Gallagher brought in $13.9B of revenue in fiscal 2025, Willis Towers Watson $9.7B in fiscal 2025. Revenue changed by +20.7% at Arthur J. Gallagher and -2.2% at Willis Towers Watson on the year before, so Arthur J. Gallagher grew faster. Arthur J. Gallagher kept 10.7% of its revenue as net profit, Willis Towers Watson 16.5%. Free cash flow was $1.8B at Arthur J. Gallagher and $1.5B at Willis Towers Watson.

Side by side, latest fiscal year

AJGWTW
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$13.9B$9.7B
Revenue growth+20.7%-2.2%
Net income$1.5B$1.6B
Net margin10.7%16.5%
Free cash flow$1.8B$1.5B
Free cash flow margin12.8%15.9%
Earnings per share (diluted)$5.74$16.26
Cash$1.4B$3.1B
Debt$12.9B$9.7B
Price to earnings40.318.1
Market value$59.2B$27.3B
Dividend yield1.13%1.25%
Rank by revenue in sector#49 of 444 · Finance#62 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: $13.9BWTW FY2018: $8.5BWTW FY2019: $8.4BWTW FY2020: $8.6BWTW FY2021: $9BWTW FY2021: $8.9BWTW FY2023: $9.5BWTW FY2024: $9.9BWTW FY2025: $9.7BFY18FY19FY20FY21FY22FY23FY24FY25
AJG $13.9BWTW $9.7B
Net income
AJG FY2018: $633.5MAJG FY2019: $668.8MAJG FY2020: $818.8MAJG FY2021: $906.8MAJG FY2022: $1.1BAJG FY2023: $970MAJG FY2024: $1.5BAJG FY2025: $1.5BWTW FY2018: $695MWTW FY2019: $1BWTW FY2020: $996MWTW FY2021: $4.2BWTW FY2021: $1BWTW FY2023: $1.1BWTW FY2024: -$98MWTW FY2025: $1.6BFY18FY19FY20FY21FY22FY23FY24FY25
AJG $1.5BWTW $1.6B
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%WTW FY2018: 8.2%WTW FY2019: 12.5%WTW FY2020: 11.6%WTW FY2021: 46.9%WTW FY2021: 11.4%WTW FY2023: 11.1%WTW FY2024: -1.0%WTW FY2025: 16.5%FY18FY19FY20FY21FY22FY23FY24FY25
AJG 10.7%WTW 16.5%
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%WTW FY2019: -1.7%WTW FY2020: +2.9%WTW FY2021: +4.4%WTW FY2021: -1.5%WTW FY2023: +7.0%WTW FY2024: +4.7%WTW FY2025: -2.2%FY19FY20FY21FY22FY23FY24FY25
AJG +20.7%WTW -2.2%
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: $1.8BWTW FY2018: $1BWTW FY2023: $1.1BWTW FY2024: $1.3BWTW FY2025: $1.5BFY18FY19FY20FY21FY22FY23FY24FY25
AJG $1.8BWTW $1.5B

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

Questions about Arthur J. Gallagher and Willis Towers Watson

Which is bigger by revenue, Arthur J. Gallagher or Willis Towers Watson?

Arthur J. Gallagher is bigger by revenue: $13.9B in fiscal 2025, against $9.7B for Willis Towers Watson in fiscal 2025.

Which keeps more of its revenue as profit, Arthur J. Gallagher or Willis Towers Watson?

Arthur J. Gallagher had a net margin of 10.7% in fiscal 2025; Willis Towers Watson had 16.5% in fiscal 2025.

Which grew revenue faster, Arthur J. Gallagher or Willis Towers Watson?

In their latest fiscal years revenue changed by +20.7% at Arthur J. Gallagher and -2.2% at Willis Towers Watson.

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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