Arthur J. Gallagher & Co.
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AJG Q3 2025 request
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Income Statement
| Metric | Q3 2025 | Q3 2024 | YoY |
|---|---|---|---|
| Revenue | 3,365.6 | 2,806.8 | +19.9% |
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| Brokerage · AU | 89.6 | 93.8 | -4.5% |
| Brokerage · CA | 88 | 93.7 | -6.1% |
| Brokerage · GB | 484.5 | 497.2 | -2.6% |
| Brokerage · NZ | 54.6 | 53.2 | +2.6% |
| Brokerage · Operating Segments | 2,922.9 | 2,396.4 | +22.0% |
| Brokerage · Other foreign | 185.2 | 141.9 | +30.5% |
| Brokerage · US | 2,021 | 1,516.6 | +33.3% |
| Corporate · Operating Segments | 0.4 | 0.4 | 0.0% |
| Corporate · US | 0.4 | 0.4 | 0.0% |
| Risk Management · AU | 61.6 | 58.2 | +5.8% |
| Risk Management · CA | 2 | 1.6 | +25.0% |
| Risk Management · GB | 28 | 15.7 | +78.3% |
| Risk Management · Operating Segments | 442.3 | 410 | +7.9% |
| Risk Management · Other foreign | 1.9 | — | — |
| Risk Management · US | 348.8 | 332.6 | +4.9% |
Show Geography breakouts |
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| AU | 151.2 | 152 | -0.5% |
| CA | 90 | 95.3 | -5.6% |
| GB | 512.5 | 512.9 | -0.1% |
| NZ | 54.6 | 55.1 | -0.9% |
| Other foreign | 187.1 | 141.9 | +31.9% |
| US | 2,370.2 | 1,849.6 | +28.1% |
| Total Costs & Expenses | 3,018.7 | 2,403.5 | +25.6% |
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| Brokerage · Operating Segments | 2,371.2 | 1,884.5 | +25.8% |
| Corporate · Operating Segments | 272.6 | 169.7 | +60.6% |
| Risk Management · Operating Segments | 374.9 | 349.3 | +7.3% |
| Operating Expenses | 580.8 | 453.7 | +28.0% |
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| Brokerage · Operating Segments | 433.6 | 342 | +26.8% |
| Corporate · Operating Segments | 70.9 | 40.7 | +74.2% |
| Risk Management · Operating Segments | 76.3 | 71 | +7.5% |
| Income Before Taxes | 346.9 | 403.3 | -14.0% |
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| Brokerage · Operating Segments | 551.7 | 511.9 | +7.8% |
| Corporate · Operating Segments | -272.2 | -169.3 | -60.8% |
| Risk Management · Operating Segments | 67.4 | 60.7 | +11.0% |
| Income Tax Expense (Benefit) | 73.3 | 89.2 | -17.8% |
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| Brokerage · Operating Segments | 141.3 | 128.9 | +9.6% |
| Corporate · Operating Segments | -85.9 | -55.8 | -53.9% |
| Risk Management · Operating Segments | 17.9 | 16.1 | +11.2% |
| Net Income | 273.6 | 314.1 | -12.9% |
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| Brokerage · Operating Segments | 410.4 | 383 | +7.2% |
| Corporate · Operating Segments | -186.3 | -113.5 | -64.1% |
| Risk Management · Operating Segments | 49.5 | 44.6 | +11.0% |
Show Equity Components breakouts |
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| Noncontrolling Interest | 0.9 | 1.5 | -40.0% |
| Retained Earnings | 272.7 | 312.6 | -12.8% |
| Net Income | 272.7 | 312.6 | -12.8% |
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| Brokerage · Operating Segments | 409.5 | 381.5 | +7.3% |
| Corporate · Operating Segments | -186.3 | -113.5 | -64.1% |
| Risk Management · Operating Segments | 49.5 | 44.6 | +11.0% |
| Comprehensive Income | 191.7 | 658.4 | -70.9% |
| EPS (Basic) | 1.06 | 1.43 | -25.9% |
| EPS (Diluted) | 1.04 | 1.39 | -25.2% |
| Wtd Avg Shares (Basic) | 256.6 | 219.3 | +17.0% |
| Interest Expense | 160.8 | 92.9 | +73.1% |
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| Corporate · Operating Segments | 160.8 | 92.9 | +73.1% |
| Labor And Related Expense | 1,931.7 | 1,621.9 | +19.1% |
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| Brokerage · Operating Segments | 1,649 | 1,362.9 | +21.0% |
| Corporate · Operating Segments | 38.9 | 34.4 | +13.1% |
| Risk Management · Operating Segments | 243.8 | 224.6 | +8.5% |
| Net Income Loss Attributable To Noncontrolling Interest | 0.9 | 1.5 | -40.0% |
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| Brokerage · Operating Segments | 0.9 | 1.5 | -40.0% |
| Foreign Currency Transaction Gain Loss Before Tax | 1.6 | -15.4 | +110.4% |
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| Brokerage · Operating Segments | -2 | -0.2 | -900.0% |
| Corporate · Operating Segments | 3.4 | -15.2 | +122.4% |
| Risk Management · Operating Segments | 0.2 | — | — |
Balance Sheet
| Metric | Q3 2025 | Q3 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Accounts Receivable | 5,426.3 | 3,988.8 | +36.0% |
| Total Current Assets | 43,007.8 | 37,282.7 | +15.4% |
| Non-Current Assets | |||
| Property, Plant & Equipment | 803.1 | 660.1 | +21.7% |
| Operating Lease Right-of-Use Assets | 630.2 | 374.7 | +68.2% |
| Goodwill | 22,213.3 | 12,193.4 | +82.2% |
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| Brokerage | 21,738.9 | 11,829.3 | +83.8% |
| Brokerage · AU | 577.2 | 539.1 | +7.1% |
| Brokerage · CA | 619.5 | 615.5 | +0.6% |
| Brokerage · GB | 2,780 | 2,643.3 | +5.2% |
| Brokerage · NZ | 221.5 | 204.5 | +8.3% |
| Brokerage · Operating Segments | 21,738.9 | 11,829.3 | +83.8% |
| Brokerage · Other foreign | 1,309.4 | 1,112.8 | +17.7% |
| Brokerage · US | 16,231.3 | 6,714.1 | +141.7% |
| Corporate | 17.8 | 18.9 | -5.8% |
| Corporate · Operating Segments | 17.8 | 18.9 | -5.8% |
| Corporate · Other foreign | 17.8 | 18.9 | -5.8% |
| Risk Management | 456.6 | 345.2 | +32.3% |
| Risk Management · AU | 232 | 241.4 | -3.9% |
| Risk Management · GB | 141 | 19.5 | +623.1% |
| Risk Management · NZ | 8.8 | 9.5 | -7.4% |
| Risk Management · Operating Segments | 456.6 | 345.2 | +32.3% |
| Risk Management · US | 74.8 | 74.8 | 0.0% |
Show Geography breakouts |
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| AU | 809.2 | 780.5 | +3.7% |
| CA | 619.5 | 615.5 | +0.6% |
| GB | 2,921 | 2,662.8 | +9.7% |
| NZ | 230.3 | 214 | +7.6% |
| Other foreign | 1,327.2 | 1,131.7 | +17.3% |
| US | 16,306.1 | 6,788.9 | +140.2% |
| Intangible Assets | 10,754.4 | 4,353.2 | +147.0% |
Show Finite Lived Intangible Assets By Major Class breakouts |
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| Expiration Lists | 10,651.4 | 4,283.1 | +148.7% |
| Noncompete Agreements | 25.3 | 21.8 | +16.1% |
| Trade Names | 77.7 | 48.3 | +60.9% |
| Deferred Tax Assets | 29.4 | 1,016.8 | -97.1% |
| Other Non-Current Assets | 1,629.7 | 1,361.8 | +19.7% |
| Total Assets | 79,067.9 | 57,242.7 | +38.1% |
Show Business Segments breakouts |
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| Brokerage · AU | 1,887.3 | 1,856.9 | +1.6% |
| Brokerage · CA | 1,725.9 | 1,774.4 | -2.7% |
| Brokerage · GB | 21,065.5 | 19,357.5 | +8.8% |
| Brokerage · NZ | 768.1 | 816.9 | -6.0% |
| Brokerage · Operating Segments | 60,089.8 | 52,472.6 | +14.5% |
| Brokerage · Other foreign | 7,907.7 | 6,300.7 | +25.5% |
| Brokerage · US | 26,735.3 | 22,366.2 | +19.5% |
| Corporate · GB | 1.5 | — | — |
| Corporate · Operating Segments | 16,931.1 | 2,984.5 | +467.3% |
| Corporate · Other foreign | 123.1 | 130.7 | -5.8% |
| Corporate · US | 16,806.5 | 2,853.8 | +488.9% |
| Risk Management · AU | 439.8 | 433 | +1.6% |
| Risk Management · CA | 7.3 | 4.8 | +52.1% |
| Risk Management · GB | 419.4 | 140.9 | +197.7% |
| Risk Management · NZ | 9 | 19.5 | -53.8% |
| Risk Management · Operating Segments | 2,047 | 1,785.6 | +14.6% |
| Risk Management · Other foreign | 18.1 | — | — |
| Risk Management · US | 1,153.4 | 1,187.4 | -2.9% |
Show Geography breakouts |
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| AU | 2,327.1 | 2,289.9 | +1.6% |
| CA | 1,733.2 | 1,779.2 | -2.6% |
| GB | 21,486.4 | 19,498.4 | +10.2% |
| NZ | 777.1 | 836.4 | -7.1% |
| Other foreign | 8,048.9 | 6,431.4 | +25.2% |
| US | 44,695.2 | 26,407.4 | +69.3% |
| Current Liabilities | |||
| Deferred Revenue | 767.3 | 680.8 | +12.7% |
| Total Current Liabilities | 40,760.1 | 35,199.5 | +15.8% |
| Non-Current Liabilities | |||
| Long-Term Debt (Q) | — | — | — |
Show Collateral breakouts |
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| Security Deposit · Letter Of Credit | 0.8 | 0.9 | -11.1% |
Show Line Of Credit Facility breakouts |
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| Rent-A-Captive Facility · Letter Of Credit | 13.2 | 13 | +1.5% |
| Self-Insurance Deductibles · Letter Of Credit | 0.3 | 9.2 | -96.7% |
| Long-Term Debt | 12,100.9 | 7,791.9 | +55.3% |
| Operating Lease Liabilities | 577.1 | 326.2 | +76.9% |
| Other Non-Current Liabilities | 2,269.1 | 1,650.2 | +37.5% |
| Total Liabilities | 55,831 | 45,033.1 | +24.0% |
| Stockholders' Equity | |||
| Common Stock | 256.8 | 219.4 | +17.0% |
| Retained Earnings | 5,824.7 | 4,860.6 | +19.8% |
| Accumulated Other Comprehensive Income | -581.3 | -593.4 | +2.0% |
| Total Stockholders' Equity | 23,205.8 | 12,184 | +90.5% |
| Total Liabilities & Equity | 79,067.9 | 57,242.7 | +38.1% |
Cash Flow Statement
| Metric | YTD Q3 2025 | YTD Q3 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Stock-Based Compensation | 37.3 | 32.1 | +16.2% |
| Deferred Income Taxes | 53.6 | 2.7 | +1885.2% |
| Change in Accounts Receivable | -463.8 | -110.5 | -319.7% |
| Change in Deferred Revenue | 50 | 19.4 | +157.7% |
| Net Cash from Operations | 1,177 | 1,843.6 | -36.2% |
| Investing Activities | |||
| Net Cash from Investing | -15,404.4 | -730 | -2010.2% |
| Financing Activities | |||
| Net Cash from Financing | 1,885.9 | 552.3 | +241.5% |
| Supplemental | |||
| Income Taxes Paid | 294.8 | 256.7 | +14.8% |
| Other Cash Flow | |||
| Net Change in Cash | -12,128.3 | 1,751.7 | -792.4% |
Values in millions USD. Source: SEC EDGAR 10-Q filing.