AJG

MKT CAP:$55B

Arthur J. Gallagher & Co.

Market Cap

$55B

Financial Services·Insurance - Brokers·🇺🇸 United States·NYSE

Financials·Insurance·🇺🇸·NYSE

Stock Price

$215.21-$40.79 (-15.93%)

Apr 24, 2026

Company Details

Arthur J. Gallagher & Co., together with its subsidiaries, provides insurance brokerage, consulting, third-party claims settlement, and administration services in the United States, Australia, Bermuda, Canada, the Caribbean, New Zealand, In...

CEO

J. Patrick Gallagher Jr.

IPO Date

Jun 20, 1984

Website

www.ajg.com

Key Metrics TTM

Revenue

$12.9B

+19.9% YoY

Net Income

$1.0B

EPS (Diluted)

$4.15

Free Cash Flow

$1.6B

Revenue / Share

$49.67

Gross Margin

53.9%

Operating Margin

15.3%

Net Margin

8.1%

FCF Margin

12.7%

P/S

4.3x

P/E

53.0x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 17, 2026

$13.9B+20.7%EPS $5.75

Q4 2025

Feb 17, 2026

$3.6B+33.6%EPS $0.58

Q3 2025

Nov 7, 2025

$3.4B+19.9%EPS $1.05

Q2 2025

Aug 1, 2025

$3.2BEPS $1.40

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$2.4B	$1.1B	$621M
Q2 22	$2.0B	$845M	$380M
Q3 22	$2.0B	$832M	$365M
Q4 22	$2.0B	$810M	$288M
Q1 23	$2.7B	$1.3B	$716M
Q1 24	$3.3B	$1.5B	$849M
Q3 24	$2.8B	$1.1B	$481M
Q4 24	$2.7B	$1.1B	$474M
Q2 25	$3.2B	$1.4B	$624M
Q3 25	$3.4B	$3.0B	$537M
Q4 25	$3.6B	$1.4B	$341M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	4.8x	36.6x
Q1 23	4.7x	35.7x
Q1 24	5.4x	36.4x
Q3 24	5.9x	41.3x
Q4 24	5.6x	38.7x
Q2 25	6.8x	53.2x
Q3 25	6.5x	64.9x
Q4 25	5.2x	64.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$435M	$397M
Q2 22	-$76M	-$130M
Q3 22	$642M	$593M
Q4 22	$200M	$158M
Q1 23	$429M	$399M
Q1 24	$789M	$760M
Q3 24	$935M	$898M
Q4 24	$739M	$696M
Q2 25	-$426M	-$466M
Q3 25	$731M	$694M
Q4 25	$753M	$713M

Capital Expenditures

Quarter	CapEx
Q1 22	$38M
Q2 22	$53M
Q3 22	$49M
Q4 22	$42M
Q1 23	$30M
Q1 24	$30M
Q3 24	$37M
Q4 24	$44M
Q2 25	$39M
Q3 25	$38M
Q4 25	$40M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+11.2%	+9.8%
Q1 24	+59.6%	+45.1%
Q3 24	+37.2%	+38.4%
Q4 24	+34.6%	+29.6%
Q2 25	+19.0%	+30.4%
Q3 25	+3.3%	+17.5%
Q4 25	+29.3%	+41.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	0.1%
Q2 22	$7M	0.3%
Q3 22	$8M	0.4%
Q4 22	$7M	0.4%
Q1 23	$4M	0.1%
Q1 24	$11M	0.3%
Q3 24	$11M	0.4%
Q4 24	$10M	0.4%
Q2 25	$12M	0.4%
Q3 25	$12M	0.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 22	$1.3B
Q2 22	$1.2B
Q3 22	$1.2B
Q4 22	$4.8B
Q1 23	$1.4B
Q3 24	$1.6B
Q4 24	$6.5B
Q2 25	$1.8B
Q3 25	$2.6B
Q4 25	$667M

Revenue Segments

Quarter	Brokerage Segment	Corporate Segment	Risk Management Segment	Commissions	Contingent Revenue	Investment Performance	Supplemental Revenue Member
Q1 22	$2.1B	$23M	$290M	—	—	—	—
Q2 22	$1.7B	$300.0K	$302M	—	—	—	—
Q3 22	$1.7B	$300.0K	$308M	—	—	—	—
Q4 22	$1.7B	$300.0K	$324M	—	—	—	—
Q1 23	$2.4B	$100.0K	$331M	—	—	—	—
Q1 24	$2.9B	$400.0K	$391M	—	—	—	—
Q3 24	$945M	—	—	$1.5B	$69M	$135M	$79M
Q2 25	$962M	—	—	$1.8B	$73M	$233M	$103M
Q3 25	$1.1B	—	—	$1.9B	$75M	$167M	$118M
Q4 25	$1.2B	—	—	$2.1B	$83M	$122M	$132M

Revenue by Geography

Quarter	Australia	Canada	New Zealand	Other Foreign	United Kingdom	United States
Q1 22	$91M	$89M	$38M	$165M	$451M	$1.6B
Q2 22	$111M	$95M	$51M	$82M	$439M	$1.3B
Q3 22	$103M	$82M	$45M	$87M	$327M	$1.4B
Q4 22	$106M	$96M	$48M	$118M	$372M	$1.3B
Q1 23	$98M	$95M	$42M	$191M	$525M	$1.8B
Q1 24	$121M	$105M	$44M	$253M	$599M	$2.1B
Q3 24	$152M	$95M	$55M	$142M	$513M	$1.8B
Q4 24	$155M	$104M	$53M	$156M	$525M	$1.7B
Q2 25	$156M	$106M	$58M	$182M	$671M	$2.0B
Q3 25	$151M	$90M	$55M	$187M	$513M	$2.4B
Q4 25	$155M	$98M	$55M	$216M	$597M	$2.5B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$529M	$0	$529M
Q2 22	$524M	$0	$524M
Q3 22	$554M	$0	$554M
Q4 22	$738M	$0	$738M
Q1 23	$1.5B	$0	$1.5B
Q2 23	$952M	$0	$952M
Q3 23	$1.0B	$0	$1.0B
Q4 23	$972M	$0	$972M
Q1 24	$1.8B	$3M	$1.8B
Q2 24	$1.4B	$5M	$1.4B
Q3 24	$2.0B	$20M	$2.0B
Q4 24	$15.0B	$6M	$15.0B
Q1 25	$16.7B	$10M	$16.7B
Q2 25	$14.3B	$27M	$14.3B
Q3 25	$1.4B	$12M	$1.4B
Q4 25	$1.4B	$0	$1.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	214M	—	—
Q2 22	214M	+0.4%	—
Q3 22	215M	+0.3%	—
Q4 22	216M	+0.4%	—
Q1 23	217M	+0.5%	+1.6%
Q1 24	222M	+2.3%	+3.6%
Q3 24	224M	+0.9%	+4.1%
Q4 24	231M	+3.2%	+7.1%
Q2 25	260M	+12.7%	+20.0%
Q3 25	260M	-0.0%	+17.3%
Q4 25	260M	-0.0%	+16.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$62.4K	39K
Q2 22	$52.3K	39K
Q3 22	$52.4K	39K
Q4 22	$45.9K	44K
Q1 23	$61.5K	44K
Q1 24	$62.6K	52K
Q3 24	$54.0K	52K
Q4 24	$48.5K	56K
Q2 25	$57.5K	56K
Q3 25	$60.1K	56K
Q4 25	$50.4K	72K

Revenue / Employee