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AJG

Arthur J. Gallagher & Co.

AJG

Arthur J. Gallagher & Co. • NYSE
$247.62 ▼ -0.36% (-0.90)
Market Cap $63.59 B
52w High $351.23
52w Low $239.47
Dividend Yield 2.55%
P/E 39.56
Volume 748.92K
Outstanding Shares 256.81M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.366B ▲ $2.513B ▲ $272.7M ▼ 8.103% ▼ $1.06 ▼ $812.9M ▼
Q2-2025 $3.221B ▼ $750.1M ▲ $365.8M ▼ 11.357% ▼ $1.43 ▼ $860.8M ▼
Q1-2025 $3.727B ▲ $743.8M ▲ $704.4M ▲ 18.898% ▲ $2.76 ▲ $1.284B ▲
Q4-2024 $2.716B ▼ $651.9M ▼ $258.3M ▼ 9.51% ▼ $1.14 ▼ $660.7M ▼
Q3-2024 $2.807B $663.7M $312.6M 11.137% $1.43 $690.9M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.399B ▼ $79.068B ▼ $55.831B ▼ $23.206B ▲
Q2-2025 $14.3B ▼ $80.123B ▲ $57.066B ▲ $23.023B ▲
Q1-2025 $16.692B ▲ $74.096B ▲ $51.742B ▲ $22.32B ▲
Q4-2024 $14.987B ▲ $64.255B ▲ $44.076B ▼ $20.154B ▲
Q3-2024 $2.042B $57.243B $45.033B $12.184B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $366.2M ▼ $-426.1M ▼ $-1.345B ▼ $210.3M ▼ $-1.433B ▼ $-465.5M ▼
Q1-2025 $708.9M ▲ $871.8M ▲ $-275.4M ▲ $1.107B ▼ $1.771B ▼ $843.6M ▲
Q4-2024 $258.2M ▼ $739.3M ▼ $-857.4M ▼ $12.5B ▲ $12.174B ▲ $695.7M ▼
Q3-2024 $314.1M ▲ $934.8M ▲ $-230.4M ▲ $611.5M ▲ $1.457B ▲ $898M ▲
Q2-2024 $285.4M $119.5M $-308.7M $-53.8M $-243M $87.7M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Brokerage Segment
Brokerage Segment
 $940.00M ▲$-1030.00M ▼$980.00M ▲$960.00M ▼
Commissions
Commissions
 $1.54Bn ▲$3.49Bn ▲$2.25Bn ▼$1.81Bn ▼
Contingent Revenue
Contingent Revenue
 $70.00M ▲$140.00M ▲$90.00M ▼$70.00M ▼
Investment Performance
Investment Performance
 $140.00M ▲$240.00M ▲$250.00M ▲$230.00M ▼
Supplemental Revenue Member
Supplemental Revenue Member
 $80.00M ▲$190.00M ▲$110.00M ▼$100.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Arthur J. Gallagher shows a clear pattern of steady growth. Revenue has climbed each year, and profits have generally risen alongside it, suggesting that expansion is not just driven by size but also by improving efficiency. Operating profits and margins have been trending upward, indicating good cost control and solid pricing power. There was a bit of earnings volatility in the middle of the period, but the latest year points to stronger profitability per share than in the past. Overall, the income statement reflects a mature, growing business with healthy underlying economics rather than a high‑risk, boom‑and‑bust profile.

Balance Sheet

Balance Sheet The balance sheet has scaled up significantly, with total assets and shareholder equity both rising meaningfully over the last five years. Debt has also increased, which means the company is more leveraged than it used to be, but this appears to be tied to growth and acquisitions rather than to plug operating shortfalls. A notable recent change is the sharp increase in reported cash, which gives the company a larger liquidity cushion and more flexibility for deals or downturns. The key balance‑sheet trade‑off is that stronger scale and resources come with higher financial obligations that need to be carefully managed.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has grown over time and closely tracks reported profits, which supports the quality of earnings. Free cash flow has also risen steadily, helped by relatively modest spending on property and equipment. This light capital‑intensity model gives the company room to fund acquisitions, pay dividends, and reduce debt when needed. From a sustainability standpoint, the cash flow profile looks robust, with no obvious signs that growth is being bought at the expense of cash discipline.

Competitive Edge

Competitive Edge AJG operates in a scale‑driven, relationship‑heavy business where trust and expertise really matter, and it appears well‑positioned on both fronts. Its culture—codified as “The Gallagher Way”—and repeated recognition for ethical behavior reinforce client loyalty and help attract and retain talent. The decentralized model gives local offices autonomy while still leveraging a global platform, which is attractive to mid‑sized clients that want both personal service and broad capabilities. A long history of targeted acquisitions has deepened its industry specialization and geographic reach, strengthening its moat. The main competitive risks are ongoing integration of many acquired firms and intense rivalry from other large global brokers and emerging digital players.

Innovation and R&D

Innovation and R&D While it does not run traditional lab‑style R&D, AJG invests heavily in practical innovation around data, analytics, and digital tools. Platforms like Gallagher Drive, Luminos, and mobile apps for claims give clients better insight and control over risk and benefits, which can increase switching costs and deepen relationships. The migration to Oracle’s cloud infrastructure and the push toward AI‑enabled analytics and automation show a commitment to modernizing operations, not just maintaining legacy systems. The opportunity is to turn this technology stack into a clear service advantage; the risk is execution—ensuring complex systems, acquisitions, and global operations all work seamlessly together and keep up with rapid tech change.

Summary

Arthur J. Gallagher today looks like a scaled, steadily growing insurance broker with improving profitability, strong cash generation, and a culture‑based competitive edge. Growth has been driven by a mix of organic expansion and a long string of acquisitions, supported by a larger balance sheet and rising leverage, but also by stronger cash flows and more liquidity. Its differentiation rests on ethics, industry specialization, and practical use of data and technology rather than on proprietary insurance products. Key things to watch include how well it continues to integrate acquisitions, manages its higher debt load, and executes on its digital and AI ambitions in a market where client expectations and competitive dynamics are evolving quickly.

NEWS

November 4, 2025 · 9:00 AM UTC

Arthur J. Gallagher & Co. Acquires Surescape Insurance Services, LLC

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November 3, 2025 · 9:00 AM UTC

Arthur J. Gallagher & Co. Acquires Tompkins Insurance Agencies, Inc.

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November 3, 2025 · 9:00 AM UTC

Tompkins Financial Corporation Announces Sale of Tompkins Insurance Agencies, Inc. to Arthur J. Gallagher & Co.

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October 30, 2025 · 4:15 PM UTC

Arthur J. Gallagher & Co. Announces Third Quarter 2025 Financial Results

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October 29, 2025 · 9:00 AM UTC

Arthur J. Gallagher & Co. Acquires Safe T Professionals LLC

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