Arthur J. Gallagher & Co.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Arthur J. Gallagher & Co. reported revenue of $13.9B (+20.7% year on year) and net income of $1.5B (+2.2% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenues before reimbursements | $13.8B | $11.4B | $9.9B | $8.4B |
| Total revenues | $13.9B | $11.6B | $10.1B | $8.6B |
| Compensation | $7.8B | $6.5B | $5.7B | $4.8B |
| Operating | $2.3B | $1.8B | $1.7B | $1.3B |
| Reimbursements | $164.0M | $154.3M | $145.4M | $130.5M |
| Interest | $639.0M | $381.3M | $296.7M | $256.9M |
| Depreciation | $206.0M | $177.5M | $165.2M | $144.7M |
| Amortization | $916.0M | $664.8M | $531.3M | $454.9M |
| Change in estimated acquisition earnout payables | $46.0M | $26.0M | $377.3M | $83.0M |
| Total expenses | $12.1B | $9.7B | $8.9B | $7.2B |
| Total earnings before income taxes | $1.9B | $1.9B | $1.2B | $1.3B |
| Provision for income taxes | $368.0M | $404.4M | $219.1M | $211.0M |
| Net earnings | $1.5B | $1.5B | $966.0M | $1.1B |
| Net earnings (loss) attributable to noncontrolling interests | $9.0M | $7.7M | ($3.5M) | $1.8M |
| Net earnings attributable to controlling interests | $1.5B | $1.5B | $969.5M | $1.1B |
| Basic net earnings per share (in dollars per share) | $5.83 | $6.63 | $4.51 | $5.30 |
| Diluted net earnings per share (in dollars per share) | $5.74 | $6.50 | $4.42 | $5.19 |
| Dividends declared per common share (in dollars per share) | $2.60 | $2.40 | $2.20 | $2.04 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Revenues before reimbursements | $4.0B | $4.7B | $3.3B | $3.2B |
| Total revenues | $4.0B | $4.8B | $3.4B | $3.2B |
| Compensation | $2.3B | $2.5B | $1.9B | $1.8B |
| Operating | $679.0M | $643.0M | $580.8M | $519.3M |
| Reimbursements | $48.0M | $42.0M | $40.2M | $42.9M |
| Interest | $168.0M | $158.0M | $160.8M | $158.6M |
| Depreciation | $57.0M | $61.0M | $54.1M | $49.7M |
| Amortization | $301.0M | $278.0M | $222.2M | $181.1M |
| Change in estimated acquisition earnout payables | $6.0M | $17.0M | $28.9M | ($5.6M) |
| Total expenses | $3.6B | $3.7B | $3.0B | $2.7B |
| Earnings before income taxes | $414.0M | $1.0B | $346.9M | $471.4M |
| Provision for income taxes | $90.0M | $220.0M | $73.3M | $105.2M |
| Net earnings | $324.0M | $823.0M | $273.6M | $366.2M |
| Net earnings attributable to noncontrolling interests | $0 | $1.0M | $900.0K | $400.0K |
| Net earnings attributable to controlling interests | $324.0M | $822.0M | $272.7M | $365.8M |
| Basic net earnings per share (in dollars per share) | $1.26 | $3.20 | $1.06 | $1.43 |
| Diluted net earnings per share (in dollars per share) | $1.25 | $3.16 | $1.04 | $1.40 |
| Dividends declared per common share (in dollars per share) | $0.70 | $0.70 | $0.65 | $0.65 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $1.4B | $15.0B | $971.5M | $342.3M |
| Fiduciary assets (includes fiduciary cash of $7,142 in 2025 and $5,481 in 2024) | $26.9B | $24.7B | $26.9B | — |
| Accounts receivable, net | $5.2B | $3.9B | $3.8B | — |
| Other current assets | $886.0M | $518.0M | $450.1M | $1.5B |
| Total current assets | $34.4B | $44.1B | $32.1B | $22.8B |
| Fixed assets - net | $789.0M | $650.3M | $726.4M | $576.2M |
| Deferred income taxes (includes tax credit carryforwards of $772 in 2024) | $43.0M | $959.1M | $1.1B | $1.3B |
| Other noncurrent assets | $1.6B | $1.4B | $1.1B | $989.8M |
| Right-of-use assets | $598.0M | $377.8M | $400.3M | $346.7M |
| Goodwill - net | $22.6B | $12.3B | $11.5B | $9.5B |
| Amortizable intangible assets - net | $10.7B | $4.5B | $4.6B | $3.4B |
| Total assets | $70.7B | $64.3B | $51.6B | $38.9B |
| Fiduciary liabilities | $26.9B | $24.7B | $26.9B | — |
| Accrued compensation and other current liabilities | $4.0B | $3.6B | $2.6B | — |
| Deferred revenue - current | $737.0M | $537.2M | $644.7M | $546.7M |
| Premium financing debt | $226.0M | $225.2M | $289.0M | $241.9M |
| Corporate related borrowings - current | $640.0M | $200.0M | $670.0M | $310.0M |
| Total current liabilities | $32.5B | $29.3B | $31.1B | $21.9B |
| Corporate related borrowings - noncurrent | $12.1B | $12.7B | $7.0B | $5.6B |
| Deferred revenue - noncurrent | $155.0M | $67.1M | $61.5M | $62.6M |
| Lease liabilities - noncurrent | $515.0M | $328.1M | $352.2M | $300.4M |
| Other noncurrent liabilities (includes tax credit carryforwards of $713 in 2025) | $2.0B | $1.7B | $2.3B | $1.9B |
| Total liabilities | $47.3B | $44.1B | $40.8B | $29.7B |
| Common stock - authorized 400 shares; issued and outstanding 257 shares in 2025 and 250 shares in 2024 | 257.0M | 250.0M | 216.7M | 211.9M |
| Capital in excess of par value | $17.8B | $16.1B | $7.3B | $6.5B |
| Retained earnings | $5.8B | $5.0B | $4.1B | $3.6B |
| Accumulated other comprehensive loss | ($525.0M) | ($1.2B) | ($792.1M) | ($1.1B) |
| Stockholders' equity attributable to controlling interests | $23.3B | $20.2B | $10.8B | $9.1B |
| Stockholders' equity attributable to noncontrolling interests | $26.0M | $26.1M | $40.0M | $46.6M |
| Total stockholders' equity | $23.3B | $20.2B | $10.8B | $9.2B |
| Total liabilities and stockholders' equity | $70.7B | $64.3B | $51.6B | $38.9B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $1.4B | $1.4B | $1.4B | $14.3B |
| Fiduciary assets (includes fiduciary cash of $7,947 in 2026 and $7,142 in 2025) | $37.2B | $33.9B | $35.5B | $38.3B |
| Accounts receivable, net | $6.1B | $6.0B | $5.4B | $4.7B |
| Other current assets | $807.0M | $773.0M | $711.0M | $505.1M |
| Total current assets | $45.5B | $42.0B | $43.0B | $57.8B |
| Fixed assets - net | $765.0M | $762.0M | $803.1M | $690.8M |
| Deferred income taxes | $43.0M | $43.0M | $29.4M | $691.6M |
| Other noncurrent assets | $1.7B | $1.6B | $1.6B | $1.6B |
| Right-of-use assets | $578.0M | $585.0M | $630.2M | $456.6M |
| Goodwill | $23.0B | $23.0B | $22.2B | $13.7B |
| Amortizable intangible assets - net | $10.2B | $10.4B | $10.8B | $5.1B |
| Total assets | $81.8B | $78.3B | $79.1B | $80.1B |
| Fiduciary liabilities | $37.2B | $33.9B | $35.5B | $38.3B |
| Accrued compensation and other current liabilities | $3.5B | $4.1B | $3.5B | $2.8B |
| Deferred revenue - current | $788.0M | $809.0M | $767.3M | $627.7M |
| Premium financing debt | $134.0M | $156.0M | $237.4M | $157.2M |
| Corporate related borrowings - current | $1.5B | $640.0M | $770.0M | $640.0M |
| Total current liabilities | $43.2B | $39.5B | $40.8B | $42.5B |
| Corporate related borrowings - noncurrent | $12.0B | $12.1B | $12.1B | $12.1B |
| Deferred revenue - noncurrent | $177.0M | $177.0M | $123.8M | $66.8M |
| Lease liabilities - noncurrent | $497.0M | $499.0M | $577.1M | $402.0M |
| Other noncurrent liabilities (includes tax credit carryforwards of $628 in 2026 and $713 in 2025) | $2.3B | $2.2B | $2.3B | $2.0B |
| Total liabilities | $58.1B | $54.5B | $55.8B | $57.1B |
| Common stock - issued and outstanding 256 shares in 2026 and 257 shares in 2025 | 256.0M | 257.0M | 256.8M | 256.4M |
| Capital in excess of par value | $17.6B | $17.6B | $17.7B | $17.5B |
| Retained earnings | $6.6B | $6.4B | $5.8B | $5.7B |
| Accumulated other comprehensive loss | ($694.0M) | ($566.0M) | ($581.3M) | ($500.3M) |
| Stockholders' equity attributable to controlling interests | $23.7B | $23.8B | $23.2B | $23.0B |
| Stockholders' equity attributable to noncontrolling interests | $30.0M | $27.0M | $31.1M | $33.2M |
| Total stockholders' equity | $23.7B | $23.8B | $23.2B | $23.1B |
| Total liabilities and stockholders' equity | $81.8B | $78.3B | $79.1B | $80.1B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net earnings | $1.5B | $1.5B | $966.0M | $1.1B |
| Net gain on investments and other | ($23.0M) | ($22.7M) | ($8.4M) | ($11.0M) |
| Depreciation and amortization | $1.1B | $842.3M | $696.5M | $599.6M |
| Change in estimated acquisition earnout payables | $46.0M | $26.0M | $377.3M | $83.0M |
| Amortization of deferred compensation and restricted stock | $148.0M | $117.5M | $105.1M | $85.4M |
| Stock-based and other noncash compensation expense | $49.0M | $41.9M | $31.4M | $24.4M |
| Payments on acquisition earnouts in excess of original estimates | ($491.0M) | ($42.4M) | ($68.4M) | ($81.7M) |
| Provision for deferred income taxes | $61.0M | $108.6M | $43.1M | ($209.0M) |
| Effect of changes in foreign exchange rates | $54.0M | $400.0K | $10.3M | ($34.0M) |
| Net change in accounts receivable, net | ($278.0M) | ($65.0M) | ($503.5M) | — |
| Net change in deferred revenue | ($56.0M) | ($116.1M) | $49.0M | $29.3M |
| Net change in other current assets | ($218.0M) | ($114.3M) | ($107.3M) | ($47.1M) |
| Net change in accrued compensation and other accrued liabilities | $112.0M | $363.3M | $462.9M | $215.3M |
| Net change in income taxes payable | ($60.0M) | ($41.8M) | ($77.7M) | $49.9M |
| Net change in other noncurrent assets and liabilities | ($39.0M) | $14.8M | $55.4M | $10.4M |
| Net cash provided by operating activities | $1.9B | $2.6B | $2.0B | $2.1B |
| Capital expenditures | ($145.0M) | ($141.9M) | ($193.6M) | ($182.7M) |
| Cash paid for acquisitions, net of cash and restricted cash acquired | ($15.8B) | ($1.5B) | ($3.0B) | ($764.9M) |
| Net proceeds from sales of operations/books of business | $17.0M | $19.7M | $9.9M | $11.0M |
| Net funding of investment transactions | $2.0M | $6.0M | $5.5M | $1.0M |
| Net funding of premium finance loans | $16.0M | ($8.9M) | ($72.9M) | ($69.2M) |
| Net cash used by investing activities | ($15.9B) | ($1.6B) | ($3.3B) | ($1.0B) |
| Payments on acquisition earnouts | ($442.0M) | ($142.8M) | ($97.8M) | ($106.5M) |
| Proceeds from issuance of common stock | $1.5B | $8.5B | $120.2M | $123.1M |
| Payments to noncontrolling interests | ($5.0M) | ($3.7M) | ($2.4M) | ($3.6M) |
| Dividends paid | ($667.0M) | ($525.4M) | ($473.6M) | ($429.5M) |
| Net change in fiduciary assets and liabilities | $1.5B | ($1.4M) | $1.3B | — |
| Net borrowings on premium financing debt facility | ($15.0M) | ($40.9M) | $41.7M | $25.3M |
| Borrowings on line of credit facility | $2.5B | $1.7B | $3.8B | $2.6B |
| Repayments on line of credit facility | ($2.5B) | ($1.9B) | ($3.6B) | ($2.6B) |
| Net borrowings of corporate related long-term debt | ($197.0M) | $5.6B | $1.6B | ($201.5M) |
| Debt acquisition costs | $9.0M | ($51.6M) | ($17.7M) | $2.2M |
| Settlements on terminated interest rate swaps | $0 | $2.8M | $188.0M | $52.7M |
| Net cash provided by financing activities | $1.7B | $13.1B | $2.9B | ($522.8M) |
| Effect of changes in foreign exchange rates on cash, cash equivalents, restricted cash and fiduciary cash | $303.0M | ($122.9M) | ($33.5M) | ($99.9M) |
| Net (decrease) increase in cash, cash equivalents, restricted cash and fiduciary cash | ($11.9B) | $13.9B | $1.6B | $497.9M |
| Cash, cash equivalents, restricted cash and fiduciary cash at beginning of year | $20.5B | $6.5B | $5.0B | $4.5B |
| Cash, cash equivalents, restricted cash and fiduciary cash at end of year | $8.5B | $20.5B | $6.5B | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net earnings | $1.1B | $823.0M | $1.3B | $1.1B |
| Net gain on investments and other | ($4.0M) | $2.0M | ($3.7M) | ($11.9M) |
| Depreciation and amortization | $697.0M | $339.0M | $760.5M | $484.2M |
| Change in estimated acquisition earnout payables | $23.0M | $17.0M | $39.1M | $10.2M |
| Amortization of deferred compensation and restricted stock | $74.0M | $33.0M | $100.9M | $60.7M |
| Stock-based and other noncash compensation expense | $41.0M | $17.0M | $37.3M | $25.5M |
| Payments on acquisition earnouts in excess of original estimates | ($141.0M) | ($45.0M) | ($488.9M) | ($479.9M) |
| Provision for deferred income taxes | $86.0M | $97.0M | $53.6M | $26.8M |
| Effect of changes in foreign exchange rates | ($2.0M) | ($4.0M) | $48.6M | $50.2M |
| Net change in accounts receivable, net | ($949.0M) | ($869.0M) | ($463.8M) | ($681.1M) |
| Net change in deferred revenue | $67.0M | $87.0M | $50.0M | $58.0M |
| Net change in other current assets | $36.0M | $84.0M | ($61.6M) | ($100.0K) |
| Net change in accrued compensation and other accrued liabilities | ($124.0M) | $411.0M | ($42.4M) | ($132.3M) |
| Net change in income taxes payable | ($64.0M) | $52.0M | ($110.1M) | ($37.3M) |
| Net change in other noncurrent assets and liabilities | $80.0M | ($87.0M) | ($91.2M) | ($2.4M) |
| Net cash provided by operating activities | $967.0M | $957.0M | $1.2B | $445.7M |
| Capital expenditures | ($87.0M) | ($36.0M) | ($105.4M) | ($67.6M) |
| Cash paid for acquisitions, net of cash and restricted cash acquired | ($616.0M) | ($289.0M) | ($15.3B) | ($1.7B) |
| Net proceeds from sales of operations/books of business | $6.0M | $4.0M | $5.5M | $2.2M |
| Net funding of investment transactions | ($4.0M) | $1.0M | $900.0K | $900.0K |
| Net funding of premium finance loans | $110.0M | $82.0M | $7.0M | $105.6M |
| Net cash used by investing activities | ($591.0M) | ($238.0M) | ($15.4B) | ($1.6B) |
| Payments on acquisition earnouts | ($206.0M) | ($115.0M) | ($372.5M) | ($349.6M) |
| Proceeds from issuance of common stock | $91.0M | $55.0M | $1.5B | $1.4B |
| Repurchases of common stock | ($480.0M) | ($310.0M) | — | — |
| Dividends paid | ($359.0M) | ($180.0M) | ($499.5M) | ($332.6M) |
| Net change in fiduciary assets and liabilities | $841.0M | ($68.0M) | $1.3B | $891.9M |
| Net borrowings on premium financing debt facility | ($101.0M) | ($78.0M) | ($100.0K) | ($76.3M) |
| Borrowings on line of credit facility | $5.0B | $2.0B | $1.2B | $3.3M |
| Repayments on line of credit facility | ($3.6B) | ($1.7B) | ($1.1B) | ($3.3M) |
| Net borrowings of corporate related long-term debt | ($639.0M) | ($314.0M) | ($198.6M) | ($199.2M) |
| Debt acquisition costs | $5.0M | $2.0M | $7.1M | $4.7M |
| Settlements on terminated interest rate swaps | $11.0M | — | $0 | $0 |
| Net cash provided by financing activities | $528.0M | ($723.0M) | $1.9B | $1.3B |
| Effect of changes in foreign exchange rates on cash, cash equivalents, restricted cash and fiduciary cash | ($109.0M) | ($52.0M) | $213.2M | $195.4M |
| Net increase in cash, cash equivalents, restricted cash and fiduciary cash | $795.0M | ($56.0M) | ($12.1B) | $337.9M |
| Cash, cash equivalents, restricted cash and fiduciary cash at beginning of period | $8.5B | $8.5B | $20.5B | $20.5B |
| Cash, cash equivalents, restricted cash and fiduciary cash at end of period | $9.3B | $8.5B | $8.3B | $20.8B |
Arthur J. Gallagher & Co. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.