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Arthur J. Gallagher & Co.

AJG Clue Score62
United States Fiscal year ends December CIK 0000354190
$232.70 -0.58% Close, 9 Oct 2026
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Price $232.70 +48.29% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue5.68Net income0.40EPS, diluted2.22Fiscal year 2017Revenue6.25 +10.0%Net income0.48 +21.3%EPS, diluted2.64 +18.9%Fiscal year 2018Revenue6.93 +11.0%Net income0.63 +31.6%EPS, diluted3.40 +28.8%Fiscal year 2019Revenue7.20 +3.8%Net income0.67 +5.6%EPS, diluted3.52 +3.5%Fiscal year 2020Revenue7.00 −2.7%Net income0.82 +22.4%EPS, diluted4.20 +19.3%Fiscal year 2021Revenue8.21 +17.2%Net income0.91 +10.7%EPS, diluted4.37 +4.0%Fiscal year 2022Revenue8.55 +4.2%Net income1.11 +22.9%EPS, diluted5.19 +18.8%Fiscal year 2023Revenue10.07 +17.8%Net income0.97 −12.9%EPS, diluted4.42 −14.8%Fiscal year 2024Revenue11.56 +14.7%Net income1.46 +50.8%EPS, diluted6.50 +47.1%Fiscal year 2025Revenue13.94 +20.7%Net income1.49 +2.1%EPS, diluted5.74 −11.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 5.68 6.25 6.93 7.20 7.00 8.21 8.55 10.07 11.56 13.94
Growth +10.0% +11.0% +3.8% −2.7% +17.2% +4.2% +17.8% +14.7% +20.7%
Net income 0.40 0.48 0.63 0.67 0.82 0.91 1.11 0.97 1.46 1.49
Growth +21.3% +31.6% +5.6% +22.4% +10.7% +22.9% −12.9% +50.8% +2.1%
EPS, diluted 2.22 2.64 3.40 3.52 4.20 4.37 5.19 4.42 6.50 5.74
Growth +18.9% +28.8% +3.5% +19.3% +4.0% +18.8% −14.8% +47.1% −11.7%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Net margin7.0%Free cash flow margin7.6%Fiscal year 2017Net margin7.7%Fiscal year 2018Net margin9.1%Fiscal year 2019Net margin9.3%Fiscal year 2020Net margin11.7%Fiscal year 2021Net margin11.0%Fiscal year 2022Net margin13.0%Fiscal year 2023Net margin9.6%Fiscal year 2024Net margin12.7%Fiscal year 2025Net margin10.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin 7.0% 7.7% 9.1% 9.3% 11.7% 11.0% 13.0% 9.6% 12.7% 10.7%
Free cash flow margin 7.6% n/a n/a n/a n/a n/a n/a n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.65Capital expenditure−0.22Free cash flow0.43Buybacks−0.10Dividends paid−0.27Fiscal year 2017Operating cash flow0.85Buybacks−0.02Dividends paid−0.28Fiscal year 2018Operating cash flow0.77Buybacks−0.01Dividends paid−0.30Fiscal year 2019Operating cash flow1.19Dividends paid−0.32Fiscal year 2020Operating cash flow1.81Dividends paid−0.35Fiscal year 2021Operating cash flow1.39Dividends paid−0.39Fiscal year 2022Operating cash flow1.39Dividends paid−0.43Fiscal year 2023Operating cash flow2.03Dividends paid−0.47Fiscal year 2024Operating cash flow2.58Dividends paid−0.53Fiscal year 2025Operating cash flow1.93Dividends paid−0.67
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.65 0.85 0.77 1.19 1.81 1.39 1.39 2.03 2.58 1.93
Capital expenditure −0.22 n/a n/a n/a n/a n/a n/a n/a n/a n/a
Free cash flow 0.43 n/a n/a n/a n/a n/a n/a n/a n/a n/a
Growth
Buybacks −0.10 −0.02 −0.01 n/a n/a n/a n/a n/a n/a n/a
Dividends paid −0.27 −0.28 −0.30 −0.32 −0.35 −0.39 −0.43 −0.47 −0.53 −0.67

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.55Total debt2.14Net cash (debt)−1.60Shareholders’ equity3.60Debt to equity0.60Fiscal year 2017Cash0.68Total debt2.69Net cash (debt)−2.01Shareholders’ equity4.24Debt to equity0.64Fiscal year 2018Cash0.61Total debt3.09Net cash (debt)−2.48Shareholders’ equity4.50Debt to equity0.69Fiscal year 2019Cash0.60Total debt3.82Net cash (debt)−3.21Shareholders’ equity5.16Debt to equity0.74Fiscal year 2020Cash0.66Total debt4.27Net cash (debt)−3.60Shareholders’ equity6.19Debt to equity0.69Fiscal year 2021Cash0.40Total debt5.81Net cash (debt)−5.41Shareholders’ equity8.51Debt to equity0.68Fiscal year 2022Cash0.74Total debt5.56Net cash (debt)−4.82Shareholders’ equity9.14Debt to equity0.61Fiscal year 2023Cash0.97Total debt7.01Net cash (debt)−6.04Shareholders’ equity10.78Debt to equity0.65Fiscal year 2024Cash14.99Total debt12.73Net cash (debt)2.26Shareholders’ equity20.15Debt to equity0.63Fiscal year 2025Cash1.40Total debt12.10Net cash (debt)−10.71Shareholders’ equity23.32Debt to equity0.52
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.55 0.68 0.61 0.60 0.66 0.40 0.74 0.97 14.99 1.40
Total debt 2.14 2.69 3.09 3.82 4.27 5.81 5.56 7.01 12.73 12.10
Net cash (debt) −1.60 −2.01 −2.48 −3.21 −3.60 −5.41 −4.82 −6.04 2.26 −10.71
Shareholders’ equity 3.60 4.24 4.50 5.16 6.19 8.51 9.14 10.78 20.15 23.32
Debt to equity 0.60 0.64 0.69 0.74 0.69 0.68 0.61 0.65 0.63 0.52

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
5.9% 5.8% 6.9% 8.7% 12.4% 11.9% 15.5% 11.8% 16.2% 13.4%
7.0% 7.7% 9.1% 9.3% 11.7% 11.0% 13.0% 9.6% 12.7% 10.7%
7.6% n/a n/a n/a n/a n/a n/a n/a n/a n/a
Spending
3.8% n/a n/a n/a n/a n/a n/a n/a n/a n/a
−29.0% −43.7% −41.0% −14.3% 1.5% 2.1% 15.9% 18.5% 21.5% 19.7%
Returns
11.0% 11.4% 14.1% 13.0% 13.2% 10.7% 12.2% 9.0% 7.3% 6.4%
2.9% 3.2% 3.9% 3.4% 3.7% 2.7% 2.9% 1.9% 2.3% 2.1%
Balance and payout
0.60 0.64 0.69 0.74 0.69 0.68 0.61 0.65 0.63 0.52
57.9% 71.2% 72.0% 73.4% 72.1% 74.6% 76.0% 79.0% 68.6% 67.0%
68.6% 58.7% 47.6% 48.0% 42.4% 43.2% 38.5% 48.9% 35.9% 44.6%
86.4% n/a n/a n/a n/a n/a n/a n/a n/a n/a