Arthur J Gallagher & (AJG) financial statements
Arthur J Gallagher & reported revenue of $13.9B in fiscal 2025, up 10.5% a year over 9 years.
Net income was $1.5B and the operating margin 13.4%, against 5.9% in 2016.
Free cash flow was $1.8B, and the company returned $667M in dividends.
The diluted share count rose 44% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Arthur J Gallagher &'s 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.7B | $6.2B | $6.9B | $7.2B | $7.0B | $8.2B | $8.6B | $10.1B | $11.6B | $13.9B |
| Cost of revenue | $1.4B | $1.6B | $1.8B | $1.4B | $882M | $1.2B | $23M | — | — | — |
| Gross profit | $4.3B | $4.6B | $5.1B | $5.8B | $6.1B | $7.0B | $8.5B | — | — | — |
| Operating income | $334M | $360M | $479M | $626M | $871M | $975M | $1.3B | $1.2B | $1.9B | $1.9B |
| Interest expense | $110M | $124M | $138M | $180M | $196M | $226M | $257M | $297M | $381M | $639M |
| Pre-tax income | $334M | $360M | $479M | $626M | $871M | $975M | $1.3B | $1.2B | $1.9B | $1.9B |
| Income tax | -$97M | -$157M | -$196M | -$90M | $13M | $20M | $211M | $219M | $404M | $368M |
| Net income | $397M | $481M | $634M | $669M | $819M | $907M | $1.1B | $970M | $1.5B | $1.5B |
| EPS (diluted) | $2.22 | $2.64 | $3.40 | $3.52 | $4.20 | $4.37 | $5.19 | $4.42 | $6.50 | $5.74 |
| Diluted shares | 178M | 180M | 183M | 186M | 191M | 203M | 210M | 215M | 220M | 256M |
| Gross margin | 75.2% | 73.8% | 73.8% | 81.2% | 87.4% | 85.7% | 99.7% | — | — | — |
| Operating margin | 5.9% | 5.8% | 6.9% | 8.7% | 12.4% | 11.9% | 15.5% | 11.8% | 16.2% | 13.4% |
| Net margin | 7.0% | 7.7% | 9.1% | 9.3% | 11.7% | 11.0% | 13.0% | 9.6% | 12.7% | 10.7% |
Balance sheet
Fiscal years, from Arthur J Gallagher &'s 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $546M | $681M | $607M | $605M | $665M | $403M | $342M | $971M | $15.0B | $1.4B |
| Receivables | — | — | — | — | — | — | $2.9B | $3.8B | $3.9B | $5.2B |
| Total current assets | $4.4B | $7.3B | $8.1B | $9.1B | $11.1B | $17.7B | $22.3B | $32.1B | $44.1B | $34.4B |
| Property, plant and equipment | $378M | $412M | $437M | $467M | $451M | $501M | $576M | $726M | $650M | $789M |
| Goodwill | $3.8B | $4.2B | $4.6B | $5.6B | $6.1B | $8.7B | $9.5B | $11.5B | $12.3B | $22.6B |
| Total assets | $13.5B | $14.9B | $16.3B | $19.6B | $22.3B | $33.2B | $38.4B | $51.6B | $64.3B | $70.7B |
| Total current liabilities | $4.6B | $6.7B | $7.7B | $8.9B | $10.1B | $16.7B | $21.3B | $31.1B | $29.3B | $32.5B |
| Long-term debt | $2.1B | $2.7B | $3.1B | $3.8B | $4.3B | $5.8B | $5.6B | $7.0B | $12.7B | $12.1B |
| Total liabilities | $7.8B | $10.6B | $11.8B | $14.4B | $16.1B | $24.8B | $29.2B | $40.8B | $44.1B | $47.3B |
| Shareholders' equity | $3.6B | $4.2B | $4.5B | $5.2B | $6.2B | $8.5B | $9.1B | $10.8B | $20.2B | $23.3B |
| Net debt | $1.6B | $2.0B | $2.5B | $3.2B | $3.6B | $5.4B | $5.2B | $6.0B | -$2.3B | $10.7B |
Cash flow
Fiscal years, from Arthur J Gallagher &'s 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $650M | $854M | $765M | $1.2B | $1.8B | $1.4B | $1.4B | $2.0B | $2.6B | $1.9B |
| Capital spending | $218M | $129M | $124M | $139M | $99M | $129M | $183M | $194M | $142M | $145M |
| Free cash flow | $432M | $725M | $641M | $1.1B | $1.7B | $1.3B | $1.2B | $1.8B | $2.4B | $1.8B |
| Stock-based compensation | $15M | $17M | $14M | $14M | $14M | $13M | $24M | $31M | $42M | $49M |
| Dividends paid | $272M | $283M | $302M | $321M | $347M | $392M | $430M | $474M | $525M | $667M |
| Share buybacks (net) | -$101M | -$18M | -$11M | — | — | — | — | — | — | — |
| Net borrowing | $276M | $48M | $400M | $725M | $425M | $1.7B | — | — | — | — |
| Free cash flow margin | 7.6% | 11.6% | 9.2% | 14.6% | 24.4% | 15.4% | 14.1% | 18.2% | 21.1% | 12.8% |
| Dividends per share | $1.53 | $1.57 | $1.65 | $1.73 | $1.82 | $1.93 | $2.04 | $2.21 | $2.38 | $2.60 |
Questions
What was Arthur J Gallagher &'s revenue in 2025?
$13.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Arthur J Gallagher & generate?
$1.8B in fiscal 2025 (operating cash flow minus capital spending).
From Arthur J Gallagher &'s annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.