Arthur J. Gallagher & Co.

Listed Company

AJGCIK 0000354190NYSELarge AcceleratedInsurance Agents, Brokers & ServiceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$13.94B

Net Income

$1.49B

Total Assets

$70.67B

Equity

$23.32B

Shares Out

257.10M

Op. Cash Flow

$1.93B

+ 13F Filer

Business

Arthur J. Gallagher & Co. provides insurance brokerage, reinsurance brokerage, consulting, and third‑party property/casualty claims settlement and administration services globally. It offers insurance and reinsurance placements, risk‑of‑loss management, employer‑sponsored benefit program management, third‑party claims administration, captive and rent‑a‑captive management, specialized wholesale and program distribution, and capital markets services through Gallagher Re and Gallagher Securities. The company reports operations in three segments — brokerage, risk management and corporate — with brokerage and risk management as primary business units. It serves clients through a network of domestic and international offices and correspondent brokers across roughly 130 countries, with principal operations in the U.S., Australia, Canada, New Zealand, the U.K. and Bermuda.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues before reimbursements	13,778	11,401	9,927	8,420	8,076
Reimbursements	164	154	145	131	133
Total revenues	13,942	11,555	10,072	8,551	8,209
Compensation	7,842	6,522	5,681	4,800	3,928
Operating	2,258	1,754	1,689	1,331	1,072
Reimbursements	164	154	145	131	133
Interest	639	381	297	257	226
Depreciation	206	178	165	145	151
Amortization	916	665	532	455	415
Change in estimated acquisition earnout payables	46	26	378	83	120
Total expenses	12,071	9,680	8,887	7,224	7,234
Total earnings before income taxes	1,871	1,875	1,185	1,327	975
Provision for income taxes	368	404	219	211	20
Net earnings	1,503	1,471	966	1,116	955
Net earnings (loss) attributable to noncontrolling interests	9	8	−4	2	48
Net earnings attributable to controlling interests	1,494	1,463	970	1,114	907
Basic net earnings per share (in dollars per share)	5.83	6.63	4.51	5.3	4.47
Diluted net earnings per share (in dollars per share)	5.74	6.5	4.42	5.19	4.37
Dividends declared per common share (in dollars per share)	2.6	2.4	2.2	2.04	1.92

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,396	14,987	971	738	868
Fiduciary assets (includes fiduciary cash of $7,142 in 2025 and $5,481 in 2024)	26,899	24,712	26,908	18,237	—
Accounts receivable, net	5,175	3,896	3,787	2,911	—
Other current assets	886	518	450	399	1,451
Total current assets	34,356	44,113	32,116	22,285	17,670
Fixed assets - net	789	650	726	576	501
Deferred income taxes (includes tax credit carryforwards of $772 in 2024)	43	959	1,132	1,299	1,229
Other noncurrent assets	1,602	1,355	1,132	990	967
Right-of-use assets	598	378	400	347	359
Goodwill - net	22,593	12,270	11,476	9,489	8,666
Amortizable intangible assets - net	10,684	4,530	4,633	3,372	3,954
Total assets	70,665	64,255	51,616	38,358	33,236
Fiduciary liabilities	26,899	24,712	26,908	18,237	—
Accrued compensation and other current liabilities	4,017	3,586	2,553	—	—
Deferred revenue - current	737	537	645	547	521
Premium financing debt	226	225	289	242	228
Corporate related borrowings - current	640	200	670	310	245
Total current liabilities	32,519	29,260	31,065	21,339	16,735
Corporate related borrowings - noncurrent	12,104	12,732	7,006	5,563	5,810
Deferred revenue - noncurrent	155	67	62	63	59
Lease liabilities - noncurrent	515	328	352	300	309
Other noncurrent liabilities (includes tax credit carryforwards of $713 in 2025)	2,025	1,688	2,316	1,904	1,872
Total liabilities	47,318	44,075	40,801	29,168	24,785
Common stock - authorized 400 shares; issued and outstanding 257 shares in 2025 and 250 shares in 2024	257	250	217	212	209
Capital in excess of par value	17,783	16,069	7,298	6,510	6,144
Retained earnings	5,806	4,986	4,053	3,562	2,882
Accumulated other comprehensive loss	−525	−1,151	−792	−1,140	−726
Stockholders' equity attributable to controlling interests	23,321	20,154	10,775	9,144	8,508
Stockholders' equity attributable to noncontrolling interests	26	26	40	47	52
Total stockholders' equity	23,347	20,180	10,815	9,190	8,560
Total liabilities and stockholders' equity	70,665	64,255	51,616	38,358	33,345

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net gain on investments and other	−23	−23	−8	−11	−17
Depreciation and amortization	1,122	843	697	600	566
Amortization of deferred compensation and restricted stock	148	117	105	85	69
Stock-based and other noncash compensation expense	49	42	31	24	13
Payments on acquisition earnouts in excess of original estimates	−491	−43	−68	−82	−30
Provision for deferred income taxes	61	109	43	−209	−184
Effect of changes in foreign exchange rates	54	0	10	−34	2
Net change in accounts receivable, net	−278	−65	−504	−320	−172
Net change in deferred revenue	−56	−116	49	29	23
Net change in other current assets	−218	−114	−107	−72	−103
Net change in accrued compensation and other accrued liabilities	112	363	463	119	217
Net change in income taxes payable	−60	−42	−78	50	−124
Net change in other noncurrent assets and liabilities	−39	15	55	10	46
Net cash provided by operating activities	1,930	2,583	2,032	1,390	1,392
Capital expenditures	−145	−142	−194	−183	−129
Cash paid for acquisitions, net of cash and restricted cash acquired	−15,766	−1,462	−3,042	−765	−3,251
Net proceeds from sales of operations/books of business	17	20	10	11	16
Net funding of investment transactions	2	6	6	1	−1
Net funding of premium finance loans	16	−9	−73	−69	−67
Net cash used by investing activities	−15,876	−1,587	−3,293	−1,005	−3,432
Payments on acquisition earnouts	−442	−143	−98	−107	−137
Proceeds from issuance of common stock	1,499	8,507	120	123	1,547
Payments to noncontrolling interests	−5	−4	−2	−4	−39
Dividends paid	−667	−525	−474	−430	−392
Net change in fiduciary assets and liabilities	1,531	−1	1,297	735	312
Net borrowings on premium financing debt facility	−15	−41	42	25	37
Borrowings on line of credit facility	2,546	1,663	3,795	2,570	1,280
Repayments on line of credit facility	−2,546	−1,907	−3,610	−2,555	−1,235
Net borrowings of corporate related long-term debt	−197	5,552	1,634	−202	1,677
Debt acquisition costs	9	−52	−18	—	—
Settlements on terminated interest rate swaps	0	3	188	53	−32
Net cash provided by financing activities	1,713	13,052	2,874	213	2,996
Effect of changes in foreign exchange rates on cash, cash equivalents, restricted cash and fiduciary cash	303	−123	−34	−100	−65
Net (decrease) increase in cash, cash equivalents, restricted cash and fiduciary cash	−11,930	13,925	1,579	498	892

Filings

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Holdings (13F)

Portfolio as of 2013-09-30 · 3 positions

Reported AUM

$221.37M

Holdings

Top sector

$221.37M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$221.37M	100.0%

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