Arthur J. Gallagher & Co.

AJG 10-K · Q4 2025

AJG Q4 2025 request

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Income Statement

Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 3,628.2 2,716.1 +33.6%
Show Business Segments breakouts
Brokerage · AU 89.2 96.3 -7.4%
Brokerage · CA 95.5 101.9 -6.3%
Brokerage · GB 569 511.4 +11.3%
Brokerage · NZ 55 52.2 +5.4%
Brokerage · Operating Segments 3,168.9 2,296.4 +38.0%
Brokerage · Other foreign 213.7 155.8 +37.2%
Brokerage · US 2,146.5 1,378.8 +55.7%
Corporate · Operating Segments -0.2 14.1 -101.4%
Corporate · US -0.2 14.1 -101.4%
Risk Management · AU 65.3 58.8 +11.1%
Risk Management · CA 2.3 2 +15.0%
Risk Management · GB 27.6 13.3 +107.5%
Risk Management · Operating Segments 459.5 405.6 +13.3%
Risk Management · US 362.6 330.7 +9.6%
Show Geography breakouts
AU 154.5 155.1 -0.4%
CA 97.8 103.9 -5.9%
GB 596.6 524.7 +13.7%
NZ 54.8 53 +3.4%
Other foreign 215.6 155.8 +38.4%
US 2,508.9 1,723.6 +45.6%
Total Costs & Expenses 3,448.2 2,382.7 +44.7%
Show Business Segments breakouts
Brokerage · Operating Segments 2,745.1 1,871.7 +46.7%
Corporate · Operating Segments 311.3 164.1 +89.7%
Risk Management · Operating Segments 391.8 346.9 +12.9%
Operating Expenses 667.5 439 +52.1%
Show Business Segments breakouts
Brokerage · Operating Segments 527.1 343.7 +53.4%
Corporate · Operating Segments 62.4 22.8 +173.7%
Risk Management · Operating Segments 78 72.5 +7.6%
Income Before Taxes 180 333.4 -46.0%
Show Business Segments breakouts
Brokerage · Operating Segments 423.8 424.7 -0.2%
Corporate · Operating Segments -311.5 -150 -107.7%
Risk Management · Operating Segments 67.7 58.7 +15.3%
Income Tax Expense (Benefit) 25.7 74.6 -65.5%
Show Business Segments breakouts
Brokerage · Operating Segments 106.7 107.1 -0.4%
Corporate · Operating Segments -98.9 -47.9 -106.5%
Risk Management · Operating Segments 17.9 15.4 +16.2%
Net Income 154.3 258.8 -40.4%
Show Business Segments breakouts
Brokerage · Operating Segments 317.1 317.6 -0.2%
Corporate · Operating Segments -212.6 -102.1 -108.2%
Risk Management · Operating Segments 49.8 43.3 +15.0%
Net Income 151.1 258.6 -41.6%
Show Business Segments breakouts
Brokerage · Operating Segments 313.9 317.4 -1.1%
Corporate · Operating Segments -212.6 -102.1 -108.2%
Risk Management · Operating Segments 49.8 43.3 +15.0%
Comprehensive Income 207.3 -299 +169.3%
EPS (Basic) 0.58 1.12 -48.2%
EPS (Diluted) 0.58 1.1 -47.3%
Wtd Avg Shares (Basic) 0.2 2 -90.0%
Gain Loss On Investments -19.3 0.9 -2244.4%
Interest Expense 161.2 101.6 +58.7%
Show Business Segments breakouts
Corporate · Operating Segments 161.2 101.6 +58.7%
Labor And Related Expense 2,209.2 1,554.1 +42.2%
Show Business Segments breakouts
Brokerage · Operating Segments 1,867.6 1,292 +44.6%
Corporate · Operating Segments 86.1 37.8 +127.8%
Risk Management · Operating Segments 255.5 224.3 +13.9%
Net Income Loss Attributable To Noncontrolling Interest 3.2 0.2 +1500.0%
Show Business Segments breakouts
Brokerage · Operating Segments 3.2 0.2 +1500.0%
Foreign Currency Transaction Gain Loss Before Tax (Q)
Show Business Segments breakouts
Brokerage · Operating Segments -2.5 -0.2 -1150.0%
Corporate · Operating Segments -2.2 16.2 -113.6%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Accounts Receivable 5,175 3,896 +32.8%
Total Current Assets 34,356 44,113 -22.1%
Non-Current Assets
Property, Plant & Equipment 789 650 +21.4%
Operating Lease Right-of-Use Assets 598 378 +58.2%
Goodwill 22,593 12,270 +84.1%
Show Business Segments breakouts
Brokerage 22,078 11,923 +85.2%
Brokerage · AU 591 509 +16.1%
Brokerage · CA 628 587 +7.0%
Brokerage · GB 2,889 2,591 +11.5%
Brokerage · NZ 225 183 +23.0%
Brokerage · Operating Segments 22,078 11,923 +85.2%
Brokerage · Other foreign 1,317 1,087 +21.2%
Brokerage · US 16,428 6,966 +135.8%
Corporate 18 19 -5.3%
Corporate · Operating Segments 18 19 -5.3%
Corporate · Other foreign 18 19 -5.3%
Risk Management 497 328 +51.5%
Risk Management · AU 238 219 +8.7%
Risk Management · GB 142 26 +446.2%
Risk Management · NZ 8 8 0.0%
Risk Management · Operating Segments 497 328 +51.5%
Risk Management · US 109 75 +45.3%
Show Geography breakouts
AU 829 728 +13.9%
CA 628 587 +7.0%
GB 3,031 2,617 +15.8%
NZ 233 191 +22.0%
Other foreign 1,335 1,106 +20.7%
US 16,537 7,041 +134.9%
Intangible Assets 10,684 4,530 +135.8%
Show Finite Lived Intangible Assets By Major Class breakouts
Expiration lists 10,611 4,451 +138.4%
Noncompete Agreements 27 32 -15.6%
Trade Names 46 47 -2.1%
Deferred Tax Assets 43 959 -95.5%
Other Non-Current Assets 1,602 1,355 +18.2%
Total Assets 70,665 64,255 +10.0%
Show Business Segments breakouts
Brokerage · AU 1,919 1,767 +8.6%
Brokerage · CA 1,731 1,684 +2.8%
Brokerage · GB 15,161 16,051 -5.5%
Brokerage · NZ 776 719 +7.9%
Brokerage · Operating Segments 51,545 46,439 +11.0%
Brokerage · Other foreign 6,755 5,308 +27.3%
Brokerage · US 25,203 20,910 +20.5%
Corporate · Operating Segments 16,846 16,154 +4.3%
Corporate · Other foreign 145 125 +16.0%
Corporate · US 16,701 16,029 +4.2%
Risk Management · AU 460 382 +20.4%
Risk Management · CA 9 6 +50.0%
Risk Management · GB 443 150 +195.3%
Risk Management · NZ 8 14 -42.9%
Risk Management · Operating Segments 2,274 1,662 +36.8%
Risk Management · Other foreign 19
Risk Management · US 1,335 1,110 +20.3%
Show Geography breakouts
AU 2,379 2,149 +10.7%
CA 1,740 1,690 +3.0%
GB 15,604 16,201 -3.7%
NZ 784 733 +7.0%
Other foreign 6,919 5,433 +27.4%
US 43,239 38,049 +13.6%
Current Liabilities
Deferred Revenue 737 537 +37.2%
Total Current Liabilities 32,519 29,260 +11.1%
Non-Current Liabilities
Long-Term Debt 12,873
Show Collateral breakouts
Security Deposit · Letter Of Credit 1
Show Line Of Credit Facility breakouts
Rent-A-Captive Facility · Letter Of Credit 13
Long-Term Debt 12,104 12,732 -4.9%
Operating Lease Liabilities 515 328 +57.0%
Other Non-Current Liabilities 2,025 1,688 +20.0%
Total Liabilities 47,318 44,075 +7.4%
Show Credit Facility breakouts
Standby Letters Of Credit · Credit Agreement 11
Stockholders' Equity
Common Stock 257 250 +2.8%
Retained Earnings 5,806 4,986 +16.4%
Accumulated Other Comprehensive Income -525 -1,151 +54.4%
Total Stockholders' Equity 23,321 20,154 +15.7%
Total Liabilities & Equity 70,665 64,255 +10.0%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Stock-Based Compensation 11.7 9.9 +18.2%
Deferred Income Taxes 7.4 106.3 -93.0%
Change in Accounts Receivable 185.8 45.5 +308.4%
Change in Deferred Revenue -106 -135.4 +21.7%
Net Cash from Operations 753 739.4 +1.8%
Investing Activities
Net Cash from Investing -471.6 -857 +45.0%
Financing Activities
Net Cash from Financing -172.9 12,499.7 -101.4%
Supplemental
Income Taxes Paid 46.2 74.3 -37.8%
Other Cash Flow
Net Change in Cash 198.3 12,173.3 -98.4%

Values in millions USD. Source: SEC EDGAR 10-K filing.

This table is rendered from the same JSON returned by /api/financials.

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