Cash flow Arthur J. Gallagher & Co.

Equities

AJG

US3635761097

Multiline Insurance & Brokers

Market Closed - Nyse Other stock markets 04:00:03 2026-03-13 pm EDT			5-day change	1st Jan Change
207.93 ^USD	+1.82%		-8.85%	-19.65%

Mar. 11	Barclays Upgrades Arthur J. Gallagher to Overweight From Underweight, Adjusts Price Target to $262 From $247	MT
Mar. 09	Top Midday Stories: Hims & Hers Health Rises on Novo Nordisk Deal; Microsoft Launches Frontier Suite	MT

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Published financial data: ARTHUR J. GALLAGHER & CO.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	7.97B	8.27B	9.56B	10.93B	13.01B
Other Revenues, Total	500K	700K	-	-	-
Total Revenues	7.97B	8.27B	9.56B	10.93B	13.01B
Cost of Goods Sold, Total	5.03B	4.63B	5.48B	6.3B	7.52B
Gross Profit	2.94B	3.64B	4.08B	4.63B	5.48B
Selling General & Admin Expenses, Total	1.01B	1.21B	1.55B	1.62B	2.01B
Depreciation & Amortization - (IS)	151M	145M	165M	178M	206M
Amortization of Goodwill and Intangible Assets - (IS)	398M	453M	528M	645M	850M
Other Operating Expenses	0	0	-367M	0	0
Other Operating Expenses, Total	1.56B	1.81B	1.88B	2.44B	3.06B
Operating Income	1.38B	1.83B	2.21B	2.19B	2.42B
Interest Expense, Total	-226M	-257M	-297M	-381M	-639M
Interest And Investment Income	83.1M	136M	-	473M	769M
Net Interest Expenses	-143M	-121M	-297M	91.9M	130M
Income (Loss) On Equity Invest.	-	-	-	-	-
EBT, Excl. Unusual Items	1.24B	1.71B	1.91B	2.28B	2.55B
Restructuring Charges	-27.7M	-55.3M	-66.8M	-126M	-196M
Merger & Related Restructuring Charges	-72.5M	-210M	-278M	-232M	-374M
Impairment of Goodwill	-1M	-	-	-	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	18.9M	13M	-	-	-
Asset Writedown	-16.6M	-2M	-3.5M	-19.4M	-66M
Legal Settlements	-	-	-	-	-
Other Unusual Items	-164M	-130M	-377M	-26M	-46M
EBT, Incl. Unusual Items	975M	1.33B	1.19B	1.87B	1.87B
Income Tax Expense	20.1M	211M	219M	404M	368M
Earnings From Continuing Operations	955M	1.12B	966M	1.47B	1.5B
Net Income to Company	955M	1.12B	966M	1.47B	1.5B
Minority Interest	-48.2M	-1.8M	3.5M	-7.7M	-9M
Net Income - (IS)	907M	1.11B	970M	1.46B	1.49B
Net Income to Common Incl Extra Items	907M	1.11B	970M	1.46B	1.49B
Net Income to Common Excl. Extra Items	907M	1.11B	970M	1.46B	1.49B
Per Share Items
Net EPS - Basic	4.47	5.3	4.51	6.63	5.83
Basic EPS - Continuing Operations	4.47	5.3	4.51	6.63	5.83
Basic Weighted Average Shares Outstanding	203M	210M	215M	220M	256M
Net EPS - Diluted	4.37	5.19	4.42	6.5	5.74
Diluted EPS - Continuing Operations	4.37	5.19	4.42	6.5	5.74
Diluted Weighted Average Shares Outstanding	207M	215M	219M	225M	260M
Normalized Basic EPS	3.58	5.08	5.57	6.42	6.2
Normalized Diluted EPS	3.5	4.98	5.46	6.29	6.1
Dividend Per Share	1.92	2.04	2.2	2.4	2.6
Payout Ratio	43.23	38.55	48.85	35.92	44.65
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	1.93B	2.43B	2.9B	3.01B	3.48B
EBITA	1.78B	2.29B	2.74B	2.83B	3.27B
EBIT	1.38B	1.83B	2.21B	2.19B	2.42B
EBITDAR	2.08B	2.61B	3.08B	3.19B	3.68B
Total Revenues (As Reported)	8.21B	8.55B	10.07B	11.55B	13.94B
Effective Tax Rate - (Ratio)	2.06	15.9	18.49	21.57	19.67
Current Domestic Taxes	95.2M	223M	-36.8M	91.3M	81M
Current Foreign Taxes	109M	197M	213M	194M	224M
Total Current Taxes	204M	420M	176M	286M	305M
Deferred Domestic Taxes	-163M	-87M	156M	111M	86M
Deferred Foreign Taxes	-20.7M	-122M	-113M	8M	-23M
Total Deferred Taxes	-184M	-209M	43.1M	119M	63M
Normalized Net Income	725M	1.07B	1.2B	1.42B	1.59B
Non-Cash Pension Expense	-5.4M	-9.9M	1.4M	-3M	17M
Supplemental Operating Expense Items
Net Rental Expense, Total	152M	175M	182M	182M	206M
Imputed Operating Lease Interest Expense	47.36M	55.02M	58.35M	50.7M	77.69M
Imputed Operating Lease Depreciation	105M	120M	124M	131M	128M
Stock-Based Comp., COGS (Total)	110M	126M	165M	179M	189M
Stock-Based Comp., Other (Total)	-	-	-	-	8M
Total Stock-Based Compensation	110M	126M	165M	179M	197M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	403M	342M	972M	14.99B	1.4B
Trading Asset Securities, Total	-	-	-	-	7M
Total Cash And Short Term Investments	403M	342M	972M	14.99B	1.4B
Accounts Receivable, Total	12.39B	16.98B	3.79B	3.9B	5.18B
Notes Receivable	510M	546M	-	-	-
Total Receivables	12.9B	17.53B	3.79B	3.9B	5.18B
Prepaid Expenses	172M	197M	-	-	-
Restricted Cash	4.06B	4.62B	-	-	-
Other Current Assets, Total	130M	144M	27.36B	25.23B	27.78B
Total Current Assets	17.67B	22.83B	32.12B	44.11B	34.36B
Gross Property Plant And Equipment	1.67B	1.81B	2.15B	2.18B	2.87B
Accumulated Depreciation	-808M	-886M	-1.02B	-1.16B	-1.48B
Net Property Plant And Equipment	859M	923M	1.13B	1.03B	1.39B
Long-term Investments	8.9M	56.6M	-	-	-
Goodwill	8.67B	9.49B	11.48B	12.27B	22.59B
Other Intangibles, Total	3.95B	3.37B	4.63B	4.53B	10.68B
Deferred Tax Assets Long-Term	1.23B	1.3B	1.13B	959M	43M
Other Long-Term Assets, Total	958M	933M	1.13B	1.35B	1.6B
Total Assets	33.34B	38.91B	51.62B	64.26B	70.66B
Liabilities
Accounts Payable, Total	13.85B	18.7B	-	-	-
Accrued Expenses, Total	1.81B	1.99B	2.46B	3.49B	3.88B
Short-term Borrowings	228M	242M	295M	225M	234M
Current Portion of Long-Term Debt	246M	310M	670M	200M	640M
Current Portion of Leases	82.7M	82.4M	84.2M	91.8M	131M
Unearned Revenue Current, Total	521M	547M	645M	537M	737M
Other Current Liabilities	1.3M	18.5M	26.91B	24.71B	26.9B
Total Current Liabilities	16.74B	21.89B	31.06B	29.26B	32.52B
Long-Term Debt	5.82B	5.56B	7.01B	12.73B	12.1B
Long-Term Leases	309M	300M	352M	328M	515M
Unearned Revenue Non Current	58.7M	62.6M	61.5M	67.1M	155M
Pension & Other Post Retirement Benefits	-	-	-	-	-
Deferred Tax Liability Non Current	166M	92.4M	130M	106M	319M
Other Non Current Liabilities	1.69B	1.81B	2.19B	1.58B	1.71B
Total Liabilities	24.78B	29.72B	40.8B	44.08B	47.32B
Common Stock, Total	208M	212M	217M	250M	257M
Additional Paid In Capital	6.14B	6.51B	7.3B	16.07B	17.78B
Retained Earnings	2.88B	3.56B	4.05B	4.99B	5.81B
Comprehensive Income and Other	-726M	-1.14B	-792M	-1.15B	-525M
Total Common Equity	8.51B	9.14B	10.78B	20.15B	23.32B
Minority Interest	51.7M	46.6M	40M	26.1M	26M
Total Equity	8.56B	9.19B	10.82B	20.18B	23.35B
Total Liabilities And Equity	33.34B	38.91B	51.62B	64.26B	70.66B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	209M	212M	217M	255M	257M
ECS Total Common Shares Outstanding	208M	212M	217M	250M	257M
Book Value / Share	40.81	43.15	49.72	80.61	90.74
Tangible Book Value	-4.11B	-3.72B	-5.33B	3.35B	-9.96B
Tangible Book Value Per Share	-19.72	-17.55	-24.61	13.41	-38.74
Total Debt	6.69B	6.5B	8.41B	13.58B	13.62B
Net Debt	6.29B	6.16B	7.44B	-1.41B	12.22B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-2.9M	-600K	-12.9M	-16.5M	-17M
Debt Equivalent Oper. Leases	1.22B	1.4B	1.46B	1.46B	1.65B
Minority Interest, Total (Incl. Fin. Div)	51.7M	46.6M	40M	26.1M	26M
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	145M	145M	169M	172M	174M
Machinery, Total	420M	470M	540M	549M	707M
Full Time Employees	39K	44K	52K	56K	72K
Accumulated Allowance for Doubtful Accounts (Supple)	8.3M	11.1M	23M	21.8M	49M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	907M	1.11B	970M	1.46B	1.49B
Depreciation & Amortization - CF	151M	145M	165M	178M	206M
Amortization of Goodwill and Intangible Assets - (CF)	398M	453M	528M	645M	850M
Depreciation & Amortization, Total	549M	598M	693M	823M	1.06B
(Gain) Loss on Sale of Investments - (CF)	-17M	-11M	-8.4M	-22.7M	-23M
Asset Writedown & Restructuring Costs	17.6M	2M	3.5M	19.4M	66M
Stock-Based Compensation (CF)	82.3M	110M	136M	159M	197M
Other Operating Activities, Total	-33.8M	-240M	359M	100M	-321M
Change In Accounts Receivable	133M	-4.79B	-504M	-65M	-278M
Change in Unearned Revenues	23.1M	29.3M	49M	-116M	-56M
Change In Income Taxes	-124M	49.9M	-77.7M	-41.8M	-60M
Change In Deferred Taxes	-	-	-	-	-
Change in Other Net Operating Assets	167M	5.26B	411M	264M	-145M
Cash from Operations	1.7B	2.13B	2.03B	2.58B	1.93B
Capital Expenditure	-129M	-183M	-194M	-142M	-145M
Cash Acquisitions	-3.25B	-765M	-3.04B	-1.46B	-15.77B
Divestitures	15.7M	11M	9.9M	19.7M	17M
Investment in Marketable and Equity Securities, Total	-1.1M	1M	5.5M	6M	2M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-66.8M	-69.2M	-72.9M	-8.9M	16M
Cash from Investing	-3.43B	-1B	-3.29B	-1.59B	-15.88B
Short Term Debt Issued, Total	37M	25.3M	41.7M	-	-
Long-Term Debt Issued, Total	2.96B	2.57B	5.43B	7.22B	2.55B
Total Debt Issued	2.99B	2.6B	5.47B	7.22B	2.55B
Short Term Debt Repaid, Total	-	-	-	-40.9M	-15M
Long-Term Debt Repaid, Total	-1.24B	-2.76B	-3.61B	-1.91B	-2.74B
Total Debt Repaid	-1.24B	-2.76B	-3.61B	-1.95B	-2.76B
Issuance of Common Stock	1.55B	123M	120M	8.51B	1.5B
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-392M	-430M	-474M	-525M	-667M
Common & Preferred Stock Dividends Paid	-392M	-430M	-474M	-525M	-667M
Other Financing Activities, Total	-230M	-55.2M	1.37B	-197M	1.09B
Cash from Financing	2.68B	-523M	2.87B	13.05B	1.71B
Foreign Exchange Rate Adjustments	-64.5M	-99.9M	-33.5M	-123M	303M
Net Change in Cash	892M	498M	1.58B	13.93B	-11.93B
Supplemental Items
Cash Interest Paid	216M	240M	271M	347M	575M
Cash Income Tax Paid (Refund)	325M	318M	226M	331M	341M
Levered Free Cash Flow	819M	1.29B	1.43B	2.65B	1.08B
Unlevered Free Cash Flow	961M	1.46B	1.62B	2.89B	1.47B
Change In Net Working Capital	432M	231M	425M	-662M	1.15B
Net Debt Issued / Repaid	1.76B	-161M	1.86B	5.27B	-212M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	3.1	3.17	3.07	2.36	2.24
Return on Total Capital	6.53	7.42	7.92	5.17	4.29
Return On Equity %	12.91	12.57	9.66	9.49	6.91
Return on Common Equity	12.34	12.62	9.73	9.46	6.87
Margin Analysis
Gross Profit Margin %	36.9	44.06	42.72	42.33	42.16
SG&A Margin	12.7	14.67	16.21	14.79	15.42
EBITDA Margin %	24.19	29.38	30.35	27.54	26.74
EBITA Margin %	22.3	27.63	28.62	25.91	25.16
EBIT Margin %	17.31	22.16	23.1	20	18.63
Income From Continuing Operations Margin %	11.98	13.49	10.11	13.46	11.55
Net Income Margin %	11.37	13.47	10.14	13.39	11.48
Net Avail. For Common Margin %	11.37	13.47	10.14	13.39	11.48
Normalized Net Income Margin	9.1	12.92	12.53	12.96	12.2
Levered Free Cash Flow Margin	10.27	15.65	15	24.25	8.26
Unlevered Free Cash Flow Margin	12.05	17.6	16.94	26.44	11.33
Asset Turnover
Asset Turnover	0.29	0.23	0.21	0.19	0.19
Fixed Assets Turnover	9.47	9.28	9.33	10.14	10.77
Receivables Turnover (Average Receivables)	0.83	0.56	2.85	2.84	2.87
Short Term Liquidity
Current Ratio	1.06	1.04	1.03	1.51	1.06
Quick Ratio	0.76	0.79	0.15	0.65	0.2
Operating Cash Flow to Current Liabilities	0.1	0.1	0.07	0.09	0.06
Days Sales Outstanding (Average Receivables)	441.4	648.24	127.87	128.66	127.25
Average Days Payable Outstanding	784.47	1.28K	-	-	-
Long Term Solvency
Total Debt/Equity	78.13	70.7	77.73	67.28	58.35
Total Debt / Total Capital	43.86	41.42	43.74	40.22	36.85
LT Debt/Equity	71.62	63.8	68.04	64.72	54.05
Long-Term Debt / Total Capital	40.21	37.37	38.28	38.69	34.13
Total Liabilities / Total Assets	74.33	76.38	79.05	68.59	66.96
EBIT / Interest Expense	6.11	7.13	7.44	5.73	3.79
EBITDA / Interest Expense	9.21	10.14	10.39	8.37	5.77
(EBITDA - Capex) / Interest Expense	8.64	9.43	9.74	8	5.54
Total Debt / EBITDA	3.21	2.49	2.73	4.25	3.7
Net Debt / EBITDA	3.02	2.36	2.41	-0.44	3.32
Total Debt / (EBITDA - Capex)	3.43	2.68	2.91	4.45	3.85
Net Debt / (EBITDA - Capex)	3.22	2.54	2.57	-0.46	3.45
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	17.59	3.72	15.59	14.31	19.04
Gross Profit, 1 Yr. Growth %	17.2	23.85	13.56	13.27	18.54
EBITDA, 1 Yr. Growth %	18.2	25.96	14.56	18.76	15.58
EBITA, 1 Yr. Growth %	19.57	28.54	14.58	19.55	15.57
EBIT, 1 Yr. Growth %	23.1	32.74	14.12	18.77	10.84
Earnings From Cont. Operations, 1 Yr. Growth %	11.29	16.86	-13.44	52.22	2.18
Net Income, 1 Yr. Growth %	10.75	22.87	-12.99	50.87	2.12
Normalized Net Income, 1 Yr. Growth %	23.7	47.28	14.44	18.2	12.07
Diluted EPS Before Extra, 1 Yr. Growth %	4.05	18.76	-14.84	47.06	-11.69
Accounts Receivable, 1 Yr. Growth %	79.79	37.03	30.07	2.89	32.83
Net Property, Plant and Equip., 1 Yr. Growth %	4.22	7.39	22.08	-8.75	34.92
Total Assets, 1 Yr. Growth %	49.32	16.68	34.56	24.49	9.98
Tangible Book Value, 1 Yr. Growth %	75.67	-9.58	43.46	-162.87	-396.84
Common Equity, 1 Yr. Growth %	37.54	7.47	17.85	87.03	15.71
Cash From Operations, 1 Yr. Growth %	-5.7	24.72	46.17	27.13	-25.28
Capital Expenditures, 1 Yr. Growth %	29.51	42.07	5.97	-26.7	2.11
Levered Free Cash Flow, 1 Yr. Growth %	-1.69	43.53	-24.76	105.73	-60.81
Unlevered Free Cash Flow, 1 Yr. Growth %	0.46	39.48	-21.64	96.01	-50.54
Dividend Per Share, 1 Yr. Growth %	6.67	6.25	7.84	9.09	8.33
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	7.55	10.43	9.49	14.95	16.66
Gross Profit, 2 Yr. CAGR %	15.6	22.38	19.22	15.83	18.93
EBITDA, 2 Yr. CAGR %	30.48	26.17	23.46	19.23	26.07
EBITA, 2 Yr. CAGR %	33.82	28.62	24.96	19.83	27.16
EBIT, 2 Yr. CAGR %	44.74	34.3	27.67	19.97	27.27
Earnings From Cont. Operations, 2 Yr. CAGR %	15.51	14.04	0.57	14.79	24.74
Net Income, 2 Yr. CAGR %	16.44	16.65	3.4	14.58	24.1
Normalized Net Income, 2 Yr. CAGR %	53.75	43.27	35.02	26.8	27.02
Diluted EPS Before Extra, 2 Yr. CAGR %	11.42	11.16	0.57	11.91	13.96
Accounts Receivable, 2 Yr. CAGR %	45.03	56.96	-44.72	15.68	16.9
Net Property, Plant and Equip., 2 Yr. CAGR %	-0.09	5.79	14.5	5.55	10.95
Total Assets, 2 Yr. CAGR %	30.32	32	24.42	29.43	17.01
Tangible Book Value, 2 Yr. CAGR %	21.58	26.03	13.89	-5.03	36.63
Common Equity, 2 Yr. CAGR %	28.47	21.58	12.54	48.46	47.12
Cash From Operations, 2 Yr. CAGR %	19.61	8.45	20.79	36.32	-2.54
Capital Expenditures, 2 Yr. CAGR %	-3.74	35.64	22.7	-11.87	-13.55
Levered Free Cash Flow, 2 Yr. CAGR %	11.69	29.88	27.22	27.37	0.73
Unlevered Free Cash Flow, 2 Yr. CAGR %	11.76	27.85	25.55	26.89	8.82
Dividend Per Share, 2 Yr. CAGR %	5.65	6.46	7.04	8.47	8.71
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	5.92	6.26	12.12	11.07	16.3
Gross Profit, 3 Yr. CAGR %	16.33	18.28	18.84	17.2	16.74
EBITDA, 3 Yr. CAGR %	25.97	28.95	23.86	16.49	18.02
EBITA, 3 Yr. CAGR %	28.53	32.04	25.57	17.35	18.4
EBIT, 3 Yr. CAGR %	35.35	40.62	29.53	17.3	16.84
Earnings From Cont. Operations, 3 Yr. CAGR %	12.21	15.96	4.03	15.47	10.43
Net Income, 3 Yr. CAGR %	12.7	18.55	5.79	17.28	10.27
Normalized Net Income, 3 Yr. CAGR %	40.15	51.56	32.04	29.16	21.68
Diluted EPS Before Extra, 3 Yr. CAGR %	8.73	13.82	1.72	14.15	3.41
Accounts Receivable, 3 Yr. CAGR %	32.18	42.32	-18.1	-32	21.14
Net Property, Plant and Equip., 3 Yr. CAGR %	25.3	2.35	10.97	6.16	14.54
Total Assets, 3 Yr. CAGR %	26.86	25.6	32.22	24.44	22.59
Tangible Book Value, 3 Yr. CAGR %	29.35	10.15	31.59	-6.57	38.87
Common Equity, 3 Yr. CAGR %	23.67	21.05	20.32	33.3	36.63
Cash From Operations, 3 Yr. CAGR %	30.59	21.29	3.98	22.87	11.56
Capital Expenditures, 3 Yr. CAGR %	1.11	9.59	24.93	3.33	-7.41
Levered Free Cash Flow, 3 Yr. CAGR %	12.98	25.39	23.15	44.1	-13.02
Unlevered Free Cash Flow, 3 Yr. CAGR %	13.64	23.68	22.06	41.15	-6.33
Dividend Per Share, 3 Yr. CAGR %	5.39	5.85	6.92	7.72	8.42
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	7.75	6.45	7.33	9.65	13.91
Gross Profit, 5 Yr. CAGR %	13.19	16.38	16.92	16	17.65
EBITDA, 5 Yr. CAGR %	17.95	21.54	24.62	21.57	17.91
EBITA, 5 Yr. CAGR %	19.11	23.51	26.71	23.32	18.83
EBIT, 5 Yr. CAGR %	22.71	27.84	31.72	27.1	18.98
Earnings From Cont. Operations, 5 Yr. CAGR %	17.29	16.64	7.4	15.49	11.86
Net Income, 5 Yr. CAGR %	17.97	18.28	8.88	16.94	12.78
Normalized Net Income, 5 Yr. CAGR %	24.65	32.78	35.38	35.78	24.98
Diluted EPS Before Extra, 5 Yr. CAGR %	14.51	14.48	5.39	13.05	6.45
Accounts Receivable, 5 Yr. CAGR %	41.84	30.52	-6.73	-7.94	-5.57
Net Property, Plant and Equip., 5 Yr. CAGR %	17.88	17.49	20.86	3.61	10.96
Total Assets, 5 Yr. CAGR %	23.75	21.15	25.87	26.76	25.91
Tangible Book Value, 5 Yr. CAGR %	17.98	18.76	22.93	3.81	33.58
Common Equity, 5 Yr. CAGR %	18.79	16.64	19.09	31.35	30.4
Cash From Operations, 5 Yr. CAGR %	21.27	20	21.57	16.74	1.32
Capital Expenditures, 5 Yr. CAGR %	-10	7.18	9.25	0.44	7.87
Levered Free Cash Flow, 5 Yr. CAGR %	16.19	40.03	20.34	32.18	6.97
Unlevered Free Cash Flow, 5 Yr. CAGR %	16.09	35.54	19.86	30.3	10.62
Dividend Per Share, 5 Yr. CAGR %	4.78	5.51	6.05	6.89	7.63