Balance Sheet Arthur J. Gallagher & Co.

Equities

AJG

US3635761097

Multiline Insurance & Brokers

Market Closed - Nyse Other stock markets 04:00:03 2026-02-13 pm EST			5-day change	1st Jan Change
208.45 ^USD	+1.79%		-13.71%	-19.45%

Feb. 13	S&P 500 Posts Weekly Decline Led by Financials, Communication Services	MT
Feb. 13	From software to real estate, U.S. sectors under the grip of AI scare trade	RE

35a2a4e01c127f9768b5e42fce48.e0PnNPvvsGviPgp9ysXPz98BTpW2YeZlkpQnPgPh63I.FRG9RI-Lwii7e15Mo4SB_I9gBa31FIFW8-xBfECMrDohLLR-1oX1HJpZeQ

Published financial data: ARTHUR J. GALLAGHER & CO.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	6.78B	7.97B	8.27B	9.56B	10.93B
Other Revenues, Total	-400K	500K	700K	-	-
Total Revenues	6.78B	7.97B	8.27B	9.56B	10.93B
Cost of Goods Sold, Total	4.27B	5.03B	4.63B	5.41B	6.15B
Gross Profit	2.51B	2.94B	3.64B	4.15B	4.77B
Selling General & Admin Expenses, Total	878M	1.01B	1.21B	1.55B	1.62B
Depreciation & Amortization - (IS)	145M	151M	145M	165M	178M
Amortization of Goodwill and Intangible Assets - (IS)	366M	398M	453M	528M	645M
Other Operating Expenses	0	0	0	-367M	0
Other Operating Expenses, Total	1.39B	1.56B	1.81B	1.88B	2.44B
Operating Income	1.12B	1.38B	1.83B	2.28B	2.33B
Interest Expense, Total	-196M	-226M	-257M	-297M	-381M
Interest And Investment Income	75.9M	83.1M	136M	-	473M
Net Interest Expenses	-120M	-143M	-121M	-297M	91.9M
Income (Loss) On Equity Invest.	-	-	-	-	-
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	1B	1.24B	1.71B	1.98B	2.43B
Restructuring Charges	-51.8M	-27.7M	-55.3M	-66.8M	-126M
Merger & Related Restructuring Charges	-34.5M	-72.5M	-210M	-278M	-232M
Impairment of Goodwill	-	-1M	-	-	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-5.8M	18.9M	13M	-	-
Asset Writedown	-51.7M	-16.6M	-2M	-3.5M	-19.4M
Legal Settlements	-	-	-	-	-
Other Unusual Items	13.7M	-164M	-130M	-447M	-174M
EBT, Incl. Unusual Items	871M	975M	1.33B	1.19B	1.87B
Income Tax Expense	12.8M	20.1M	211M	219M	404M
Earnings From Continuing Operations	858M	955M	1.12B	966M	1.47B
Net Income to Company	858M	955M	1.12B	966M	1.47B
Minority Interest	-39.3M	-48.2M	-1.8M	3.5M	-7.7M
Net Income - (IS)	819M	907M	1.11B	970M	1.46B
Net Income to Common Incl Extra Items	819M	907M	1.11B	970M	1.46B
Net Income to Common Excl. Extra Items	819M	907M	1.11B	970M	1.46B
Per Share Items
Net EPS - Basic	4.29	4.47	5.3	4.51	6.63
Basic EPS - Continuing Operations	4.29	4.47	5.3	4.51	6.63
Basic Weighted Average Shares Outstanding	191M	203M	210M	215M	220M
Net EPS - Diluted	4.2	4.37	5.19	4.42	6.5
Diluted EPS - Continuing Operations	4.2	4.37	5.19	4.42	6.5
Diluted Weighted Average Shares Outstanding	195M	207M	215M	219M	225M
Normalized Basic EPS	3.07	3.58	5.08	5.78	6.84
Normalized Diluted EPS	3.01	3.5	4.98	5.66	6.7
Dividend Per Share	1.8	1.92	2.04	2.2	2.4
Payout Ratio	42.43	43.23	38.55	48.85	35.92
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	1.63B	1.93B	2.43B	2.97B	3.16B
EBITA	1.49B	1.78B	2.29B	2.81B	2.98B
EBIT	1.12B	1.38B	1.83B	2.28B	2.33B
EBITDAR	1.79B	2.08B	2.61B	3.15B	3.34B
Total Revenues (As Reported)	7B	8.21B	8.55B	10.07B	11.55B
Effective Tax Rate - (Ratio)	1.47	2.06	15.9	18.49	21.57
Current Domestic Taxes	80.2M	95.2M	223M	-36.8M	91.3M
Current Foreign Taxes	94.6M	109M	197M	213M	194M
Total Current Taxes	175M	204M	420M	176M	286M
Deferred Domestic Taxes	-132M	-163M	-87M	156M	111M
Deferred Foreign Taxes	-30.3M	-20.7M	-122M	-113M	8M
Total Deferred Taxes	-162M	-184M	-209M	43.1M	119M
Normalized Net Income	586M	725M	1.07B	1.24B	1.51B
Non-Cash Pension Expense	-2.2M	-5.4M	-9.9M	1.4M	-3M
Supplemental Operating Expense Items
Net Rental Expense, Total	153M	152M	175M	182M	182M
Imputed Operating Lease Interest Expense	47.97M	47.36M	55.02M	58.35M	50.7M
Imputed Operating Lease Depreciation	105M	105M	120M	124M	131M
Stock-Based Comp., COGS (Total)	82.6M	110M	126M	165M	179M
Total Stock-Based Compensation	82.6M	110M	126M	165M	179M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	665M	403M	342M	972M	14.99B
Total Cash And Short Term Investments	665M	403M	342M	972M	14.99B
Accounts Receivable, Total	6.89B	12.39B	16.98B	3.79B	3.9B
Notes Receivable	443M	510M	546M	-	-
Total Receivables	7.34B	12.9B	17.53B	3.79B	3.9B
Prepaid Expenses	112M	172M	197M	-	-
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	2.91B	4.06B	4.62B	-	-
Other Current Assets, Total	102M	130M	144M	27.36B	25.23B
Total Current Assets	11.12B	17.67B	22.83B	32.12B	44.11B
Gross Property Plant And Equipment	1.55B	1.67B	1.81B	2.15B	2.18B
Accumulated Depreciation	-729M	-808M	-886M	-1.02B	-1.16B
Net Property Plant And Equipment	825M	859M	923M	1.13B	1.03B
Long-term Investments	22.4M	8.9M	56.6M	-	-
Goodwill	6.13B	8.67B	9.49B	11.48B	12.27B
Other Intangibles, Total	2.4B	3.95B	3.37B	4.63B	4.53B
Deferred Tax Assets Long-Term	1.09B	1.23B	1.3B	1.13B	959M
Other Long-Term Assets, Total	748M	958M	933M	1.13B	1.35B
Total Assets	22.33B	33.34B	38.91B	51.62B	64.26B
Liabilities
Accounts Payable, Total	7.78B	13.85B	18.7B	-	-
Accrued Expenses, Total	1.45B	1.81B	1.99B	2.46B	3.49B
Short-term Borrowings	204M	228M	242M	295M	225M
Current Portion of Long-Term Debt	130M	246M	310M	670M	200M
Current Portion of Leases	88.8M	82.7M	82.4M	84.2M	91.8M
Unearned Revenue Current, Total	476M	521M	547M	645M	537M
Deferred Tax Liability Current	-	-	-	-	-
Other Current Liabilities	600K	1.3M	18.5M	26.91B	24.71B
Total Current Liabilities	10.14B	16.74B	21.89B	31.06B	29.26B
Long-Term Debt	4.28B	5.82B	5.56B	7.01B	12.73B
Long-Term Leases	321M	309M	300M	352M	328M
Unearned Revenue Non Current	65.7M	58.7M	62.6M	61.5M	67.1M
Pension & Other Post Retirement Benefits	27.8M	-	-	-	-
Deferred Tax Liability Non Current	107M	166M	92.4M	130M	106M
Other Non Current Liabilities	1.17B	1.69B	1.81B	2.19B	1.58B
Total Liabilities	16.1B	24.78B	29.72B	40.8B	44.08B
Common Stock, Total	194M	208M	212M	217M	250M
Additional Paid In Capital	4.26B	6.14B	6.51B	7.3B	16.07B
Retained Earnings	2.37B	2.88B	3.56B	4.05B	4.99B
Comprehensive Income and Other	-644M	-726M	-1.14B	-792M	-1.15B
Total Common Equity	6.19B	8.51B	9.14B	10.78B	20.15B
Minority Interest	46.5M	51.7M	46.6M	40M	26.1M
Total Equity	6.23B	8.56B	9.19B	10.82B	20.18B
Total Liabilities And Equity	22.33B	33.34B	38.91B	51.62B	64.26B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	194M	209M	212M	217M	255M
ECS Total Common Shares Outstanding	194M	208M	212M	217M	250M
Book Value / Share	31.94	40.81	43.15	49.72	80.61
Tangible Book Value	-2.34B	-4.11B	-3.72B	-5.33B	3.35B
Tangible Book Value Per Share	-12.08	-19.72	-17.55	-24.61	13.41
Total Debt	5.02B	6.69B	6.5B	8.41B	13.58B
Net Debt	4.36B	6.29B	6.16B	7.44B	-1.41B
Debt Equivalent of Unfunded Proj. Benefit Obligation	27.8M	-2.9M	-600K	-12.9M	-16.5M
Debt Equivalent Oper. Leases	1.22B	1.22B	1.4B	1.46B	1.46B
Minority Interest, Total (Incl. Fin. Div)	46.5M	51.7M	46.6M	40M	26.1M
Equity Method Investments, Total	6M	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	145M	145M	145M	169M	172M
Machinery, Total	386M	420M	470M	540M	549M
Full Time Employees	32.4K	39K	44K	52K	56K
Accumulated Allowance for Doubtful Accounts (Supple)	10.1M	8.3M	11.1M	23M	21.8M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	819M	907M	1.11B	970M	1.46B
Depreciation & Amortization - CF	145M	151M	145M	165M	178M
Amortization of Goodwill and Intangible Assets - (CF)	366M	398M	453M	528M	645M
Depreciation & Amortization, Total	511M	549M	598M	693M	823M
Minority Interest in Earnings - (CF)	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	6.3M	-17M	-11M	-8.4M	-22.7M
Asset Writedown & Restructuring Costs	51.7M	17.6M	2M	3.5M	19.4M
Stock-Based Compensation (CF)	74.5M	82.3M	110M	136M	159M
Other Operating Activities, Total	-5.2M	-33.8M	-240M	359M	100M
Change In Accounts Receivable	-796M	133M	-4.79B	-504M	-65M
Change in Unearned Revenues	18.5M	23.1M	29.3M	49M	-116M
Change In Income Taxes	51.8M	-124M	49.9M	-77.7M	-41.8M
Change In Deferred Taxes	-176M	-	-	-	-
Change in Other Net Operating Assets	1.2B	167M	5.26B	411M	264M
Cash from Operations	1.75B	1.7B	2.13B	2.03B	2.58B
Capital Expenditure	-99.3M	-129M	-183M	-194M	-142M
Cash Acquisitions	-324M	-3.25B	-765M	-3.04B	-1.46B
Divestitures	8.2M	15.7M	11M	9.9M	19.7M
Investment in Marketable and Equity Securities, Total	-1.4M	-1.1M	1M	5.5M	6M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-66.8M	-69.2M	-72.9M	-8.9M
Cash from Investing	-417M	-3.43B	-1B	-3.29B	-1.59B
Short Term Debt Issued, Total	16M	37M	25.3M	41.7M	-
Long-Term Debt Issued, Total	3.05B	2.96B	2.57B	5.43B	7.22B
Total Debt Issued	3.07B	2.99B	2.6B	5.47B	7.22B
Short Term Debt Repaid, Total	-	-	-	-	-40.9M
Long-Term Debt Repaid, Total	-3.15B	-1.24B	-2.76B	-3.61B	-1.91B
Total Debt Repaid	-3.15B	-1.24B	-2.76B	-3.61B	-1.95B
Issuance of Common Stock	112M	1.55B	123M	120M	8.51B
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-347M	-392M	-430M	-474M	-525M
Common & Preferred Stock Dividends Paid	-347M	-392M	-430M	-474M	-525M
Other Financing Activities, Total	-190M	-230M	-55.2M	1.37B	-197M
Cash from Financing	-505M	2.68B	-523M	2.87B	13.05B
Foreign Exchange Rate Adjustments	120M	-64.5M	-99.9M	-33.5M	-123M
Net Change in Cash	950M	892M	498M	1.58B	13.93B
Supplemental Items
Cash Interest Paid	189M	216M	240M	271M	347M
Cash Income Tax Paid (Refund)	113M	325M	318M	226M	331M
Levered Free Cash Flow	733M	819M	1.29B	1.48B	2.74B
Unlevered Free Cash Flow	856M	961M	1.46B	1.66B	2.98B
Change In Net Working Capital	339M	432M	231M	425M	-662M
Net Debt Issued / Repaid	-79.1M	1.76B	-161M	1.86B	5.27B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	3.34	3.1	3.17	3.16	2.52
Return on Total Capital	6.53	6.53	7.42	8.17	5.51
Return On Equity %	14.99	12.91	12.57	9.66	9.49
Return on Common Equity	14.44	12.34	12.62	9.73	9.46
Margin Analysis
Gross Profit Margin %	37.02	36.9	44.06	43.45	43.68
SG&A Margin	12.95	12.7	14.67	16.21	14.79
EBITDA Margin %	24.07	24.19	29.38	31.08	28.89
EBITA Margin %	21.93	22.3	27.63	29.35	27.26
EBIT Margin %	16.54	17.31	22.16	23.83	21.35
Income From Continuing Operations Margin %	12.65	11.98	13.49	10.11	13.46
Net Income Margin %	12.07	11.37	13.47	10.14	13.39
Net Avail. For Common Margin %	12.07	11.37	13.47	10.14	13.39
Normalized Net Income Margin	8.65	9.1	12.92	12.99	13.8
Levered Free Cash Flow Margin	10.81	10.27	15.65	15.45	25.1
Unlevered Free Cash Flow Margin	12.62	12.05	17.6	17.39	27.28
Asset Turnover
Asset Turnover	0.32	0.29	0.23	0.21	0.19
Fixed Assets Turnover	8.05	9.47	9.28	9.33	10.14
Receivables Turnover (Average Receivables)	1.06	0.83	0.56	2.85	2.84
Short Term Liquidity
Current Ratio	1.1	1.06	1.04	1.03	1.51
Quick Ratio	0.75	0.76	0.79	0.15	0.65
Operating Cash Flow to Current Liabilities	0.17	0.1	0.1	0.07	0.09
Days Sales Outstanding (Average Receivables)	344.96	441.4	648.24	127.87	128.66
Average Days Payable Outstanding	605.52	784.47	1.28K	-	-
Long Term Solvency
Total Debt/Equity	80.54	78.13	70.7	77.73	67.28
Total Debt / Total Capital	44.61	43.86	41.42	43.74	40.22
LT Debt/Equity	73.77	71.62	63.8	68.04	64.72
Long-Term Debt / Total Capital	40.86	40.21	37.37	38.28	38.69
Total Liabilities / Total Assets	72.09	74.33	76.38	79.05	68.59
EBIT / Interest Expense	5.71	6.11	7.13	7.68	6.12
EBITDA / Interest Expense	9.09	9.21	10.14	10.63	8.76
(EBITDA - Capex) / Interest Expense	8.58	8.64	9.43	9.97	8.38
Total Debt / EBITDA	2.81	3.21	2.49	2.67	4.07
Net Debt / EBITDA	2.44	3.02	2.36	2.36	-0.42
Total Debt / (EBITDA - Capex)	2.98	3.43	2.68	2.84	4.25
Net Debt / (EBITDA - Capex)	2.58	3.22	2.54	2.51	-0.44
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-1.67	17.59	3.72	15.59	14.31
Gross Profit, 1 Yr. Growth %	10.35	17.2	23.85	14	14.92
EBITDA, 1 Yr. Growth %	31.25	18.2	25.96	15.17	21.24
EBITA, 1 Yr. Growth %	34.8	19.57	28.54	15.22	22.18
EBIT, 1 Yr. Growth %	45.78	23.1	32.74	14.92	22.15
Earnings From Cont. Operations, 1 Yr. Growth %	19.88	11.29	16.86	-13.44	52.22
Net Income, 1 Yr. Growth %	22.43	10.75	22.87	-12.99	50.87
Normalized Net Income, 1 Yr. Growth %	56.8	23.7	47.28	15.36	21.47
Diluted EPS Before Extra, 1 Yr. Growth %	19.32	4.05	18.76	-14.84	47.06
Accounts Receivable, 1 Yr. Growth %	17	79.79	37.03	30.07	2.89
Net Property, Plant and Equip., 1 Yr. Growth %	-4.22	4.22	7.39	22.08	-8.75
Total Assets, 1 Yr. Growth %	13.73	49.32	16.68	34.56	24.49
Tangible Book Value, 1 Yr. Growth %	-15.85	75.67	-9.58	43.46	-162.87
Common Equity, 1 Yr. Growth %	19.99	37.54	7.47	17.85	87.03
Cash From Operations, 1 Yr. Growth %	56.58	-5.7	24.72	46.17	27.13
Capital Expenditures, 1 Yr. Growth %	-28.46	29.51	42.07	5.97	-26.7
Levered Free Cash Flow, 1 Yr. Growth %	1.17	-1.69	43.53	-23.66	105.91
Unlevered Free Cash Flow, 1 Yr. Growth %	2.25	0.46	39.48	-20.66	96.45
Dividend Per Share, 1 Yr. Growth %	4.65	6.67	6.25	7.84	9.09
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	0.52	7.55	10.43	9.49	14.95
Gross Profit, 2 Yr. CAGR %	15.9	15.6	22.38	20.23	17.67
EBITDA, 2 Yr. CAGR %	30.04	30.48	26.17	24.93	22.12
EBITA, 2 Yr. CAGR %	33.26	33.82	28.62	26.54	22.91
EBIT, 2 Yr. CAGR %	41.92	44.74	34.3	29.67	23.95
Earnings From Cont. Operations, 2 Yr. CAGR %	12.68	15.51	14.04	0.57	14.79
Net Income, 2 Yr. CAGR %	13.69	16.44	16.65	3.4	14.58
Normalized Net Income, 2 Yr. CAGR %	49.18	53.75	43.27	37.46	30.86
Diluted EPS Before Extra, 2 Yr. CAGR %	11.14	11.42	11.16	0.57	11.91
Accounts Receivable, 2 Yr. CAGR %	13.34	45.03	56.96	-44.72	15.68
Net Property, Plant and Equip., 2 Yr. CAGR %	37.38	-0.09	5.79	14.5	5.55
Total Assets, 2 Yr. CAGR %	16.93	30.32	32	24.42	29.43
Tangible Book Value, 2 Yr. CAGR %	11	21.58	26.03	13.89	-5.03
Common Equity, 2 Yr. CAGR %	17.26	28.47	21.58	12.54	48.46
Cash From Operations, 2 Yr. CAGR %	51.35	19.61	8.45	20.79	36.32
Capital Expenditures, 2 Yr. CAGR %	-10.66	-3.74	35.64	22.7	-11.87
Levered Free Cash Flow, 2 Yr. CAGR %	13.59	11.69	29.88	29.14	29.57
Unlevered Free Cash Flow, 2 Yr. CAGR %	14.34	11.76	27.85	27.23	28.9
Dividend Per Share, 2 Yr. CAGR %	4.76	5.65	6.46	7.04	8.47
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	3.87	5.92	6.26	12.12	11.07
Gross Profit, 3 Yr. CAGR %	13.73	16.33	18.28	19.51	18.43
EBITDA, 3 Yr. CAGR %	21.23	25.97	28.95	24.84	18.37
EBITA, 3 Yr. CAGR %	23.21	28.53	32.04	26.63	19.35
EBIT, 3 Yr. CAGR %	27.85	35.35	40.62	30.88	19.88
Earnings From Cont. Operations, 3 Yr. CAGR %	18.41	12.21	15.96	4.03	15.47
Net Income, 3 Yr. CAGR %	19.38	12.7	18.55	5.79	17.28
Normalized Net Income, 3 Yr. CAGR %	31.34	40.15	51.56	33.62	31.91
Diluted EPS Before Extra, 3 Yr. CAGR %	16.74	8.73	13.82	1.72	14.15
Accounts Receivable, 3 Yr. CAGR %	15.41	32.18	42.32	-18.1	-32
Net Property, Plant and Equip., 3 Yr. CAGR %	26	25.3	2.35	10.97	6.16
Total Assets, 3 Yr. CAGR %	14.41	26.86	25.6	32.22	24.44
Tangible Book Value, 3 Yr. CAGR %	14.15	29.35	10.15	31.59	-6.57
Common Equity, 3 Yr. CAGR %	13.46	23.67	21.05	20.32	33.3
Cash From Operations, 3 Yr. CAGR %	27.07	30.59	21.29	3.98	22.87
Capital Expenditures, 3 Yr. CAGR %	-8.4	1.11	9.59	24.93	3.33
Levered Free Cash Flow, 3 Yr. CAGR %	44.98	12.98	25.39	24.39	45.75
Unlevered Free Cash Flow, 3 Yr. CAGR %	39.08	13.64	23.68	23.15	42.64
Dividend Per Share, 3 Yr. CAGR %	4.89	5.39	5.85	6.92	7.72
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	5.05	7.75	6.45	7.33	9.65
Gross Profit, 5 Yr. CAGR %	9.64	13.19	16.38	17.32	16.73
EBITDA, 5 Yr. CAGR %	14.88	17.95	21.54	25.21	22.74
EBITA, 5 Yr. CAGR %	15.55	19.11	23.51	27.35	24.57
EBIT, 5 Yr. CAGR %	17.87	22.71	27.84	32.54	28.77
Earnings From Cont. Operations, 5 Yr. CAGR %	17.14	17.29	16.64	7.4	15.49
Net Income, 5 Yr. CAGR %	18.07	17.97	18.28	8.88	16.94
Normalized Net Income, 5 Yr. CAGR %	19.08	24.65	32.78	36.35	37.5
Diluted EPS Before Extra, 5 Yr. CAGR %	15.31	14.51	14.48	5.39	13.05
Accounts Receivable, 5 Yr. CAGR %	27.78	41.84	30.52	-6.73	-7.94
Net Property, Plant and Equip., 5 Yr. CAGR %	27.06	17.88	17.49	20.86	3.61
Total Assets, 5 Yr. CAGR %	15.4	23.75	21.15	25.87	26.76
Tangible Book Value, 5 Yr. CAGR %	6.31	17.98	18.76	22.93	3.81
Common Equity, 5 Yr. CAGR %	11.2	18.79	16.64	19.09	31.35
Cash From Operations, 5 Yr. CAGR %	20.63	21.27	20	21.57	16.74
Capital Expenditures, 5 Yr. CAGR %	0.06	-10	7.18	9.25	0.44
Levered Free Cash Flow, 5 Yr. CAGR %	0.92	16.19	40.03	21.06	33.09
Unlevered Free Cash Flow, 5 Yr. CAGR %	2.28	16.09	35.54	20.5	31.12
Dividend Per Share, 5 Yr. CAGR %	3.99	4.78	5.51	6.05	6.89