For the twelve months ended Sep 30, 2026, Arthur J. Gallagher & Co. reported $16.36B of revenue and $1.70B of net income.
AJG revenue was $3.98B in fiscal Q3 2026 (ended Sep 30, 2026), up 18.2% from a year earlier and down 0.7% from the prior quarter. For the full fiscal 2025 it was $13.94B, up 20.7% from fiscal 2024. Compound annual growth was +14.8% over 5 years and +10.0% over 10 years. It rose in 9 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.
AJG net income was $403.00M in fiscal Q3 2026 (ended Sep 30, 2026), up 48.2% from a year earlier and up 24.4% from the prior quarter. For the full fiscal 2025 it was $1.49B, up 2.1% from fiscal 2024. Compound annual growth was +12.8% over 5 years and +15.4% over 10 years. It rose in 9 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.
AJG diluted EPS was $1.55 in fiscal Q3 2026 (ended Sep 30, 2026), up 49.0% from a year earlier and up 24.0% from the prior quarter. For the full fiscal 2025 it was $5.74, down 11.7% from fiscal 2024. Compound annual growth was +6.4% over 5 years and +10.8% over 10 years.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.94B | $11.55B | $10.07B | $8.55B | $8.21B | $7.00B | $7.20B | $6.93B | $6.25B | $5.68B |
| Cost of revenue | - | - | - | $22.90M | $1.17B | $882.10M | $1.35B | $1.82B | $1.64B | $1.41B |
| Gross profit | - | - | - | $8.53B | $7.04B | $6.12B | $5.84B | $5.12B | $4.61B | $4.27B |
| Interest expense | $639.00M | $381.00M | $297.00M | $256.90M | $226.10M | $196.40M | $179.80M | $138.40M | $124.10M | $109.80M |
| Pre-tax income | $1.87B | $1.88B | $1.19B | $1.33B | $975.10M | $870.90M | $626.10M | $479.40M | $359.80M | $333.60M |
| Income tax | $368.00M | $404.00M | $219.00M | $211.00M | $20.10M | $12.80M | -$89.70M | -$196.50M | -$157.10M | -$96.70M |
| Net income | $1.49B | $1.46B | $970.00M | $1.11B | $906.80M | $818.80M | $668.80M | $633.50M | $481.30M | $396.80M |
| EPS, basic | $5.83 | $6.63 | $4.51 | $5.30 | $4.47 | $4.29 | $3.60 | $3.47 | $2.67 | $2.23 |
| EPS, diluted | $5.74 | $6.50 | $4.42 | $5.19 | $4.37 | $4.20 | $3.52 | $3.40 | $2.64 | $2.22 |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.40B | $14.99B | $971.00M | $738.40M | $867.70M | $664.60M | $604.80M | $607.20M | $681.20M | $1.94B |
| Receivables | $5.17B | $3.90B | $3.79B | $2.91B | - | - | - | - | - | - |
| Current assets | $34.36B | $44.11B | $32.12B | $22.29B | $17.67B | $11.12B | $9.12B | $8.12B | $7.27B | $4.42B |
| Goodwill | $22.59B | $12.27B | $11.48B | $9.49B | $8.67B | $6.13B | $5.62B | $4.63B | $4.16B | $3.75B |
| Total assets | $70.67B | $64.25B | $51.62B | $38.36B | $33.24B | $22.33B | $19.63B | $16.33B | $14.91B | $13.53B |
| Current liabilities | $32.52B | $29.26B | $31.06B | $21.34B | $16.73B | $10.13B | $8.92B | $7.69B | $6.73B | $4.61B |
| Short-term debt | $640.00M | $200.00M | $670.00M | $310.00M | $245.00M | $75.00M | $620.00M | $365.00M | $290.00M | $578.00M |
| Long-term debt | $12.10B | $12.73B | $7.01B | $5.56B | $5.81B | $4.27B | $3.82B | $3.09B | $2.69B | $2.14B |
| Total debt | $12.74B | $12.93B | $7.68B | $5.87B | $6.06B | $4.34B | $4.44B | $3.46B | $2.98B | $2.72B |
| Total liabilities | $47.32B | $44.08B | $40.80B | $29.17B | $24.78B | $16.10B | $14.42B | $11.76B | $10.61B | $7.83B |
| Shareholders' equity | $23.32B | $20.18B | $10.81B | $9.19B | $8.56B | $6.23B | $5.22B | $4.57B | $4.30B | $3.78B |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.93B | $2.58B | $2.03B | $1.39B | $1.39B | $1.81B | $1.19B | $765.10M | $854.20M | $649.60M |
| Capital expenditures | - | - | - | - | - | - | - | - | - | $217.80M |
| Free cash flow | - | - | - | - | - | - | - | - | - | $431.80M |
| Investing cash flow | -$15.88B | -$1.59B | -$3.29B | -$1.00B | -$3.43B | -$471.40M | -$1.45B | -$910.30M | -$511.00M | -$485.30M |
| Financing cash flow | $1.71B | $13.05B | $2.87B | $212.60M | $3.00B | -$505.10M | $638.40M | $162.00M | -$47.80M | -$11.60M |
| Dividends paid | $667.00M | $525.00M | $474.00M | $429.50M | $392.00M | $347.40M | $321.10M | $301.80M | $282.70M | $272.20M |
| Share repurchases | - | - | - | - | - | - | - | $11.30M | $17.70M | $101.00M |
| Stock-based compensation | $49.00M | $42.00M | $31.00M | $24.40M | $13.40M | $13.60M | $14.00M | $13.70M | $17.30M | $14.70M |
| Depreciation and amortization | $1.12B | $843.00M | $697.00M | $599.60M | $566.30M | $562.40M | $474.40M | $419.00M | $385.80M | $350.80M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 20.7% | 14.7% | 17.8% | 4.2% | 17.2% | -2.7% | 3.8% | 11.0% | 10.0% | 5.3% |
| Net income growth, YoY | 2.1% | 50.8% | -12.9% | 22.9% | 10.7% | 22.4% | 5.6% | 31.6% | 21.3% | 11.2% |
| EPS growth, YoY | -11.7% | 47.1% | -14.8% | 18.8% | 4.0% | 19.3% | 3.5% | 28.8% | 18.9% | 7.8% |
| Gross margin | - | - | - | 99.7% | 85.7% | 87.4% | 81.2% | 73.8% | 73.8% | 75.2% |
| Net margin | 10.7% | 12.7% | 9.6% | 13.0% | 11.0% | 11.7% | 9.3% | 9.1% | 7.7% | 7.0% |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | 7.6% |
| Return on equity | 6.4% | 7.2% | 9.0% | 12.1% | 10.6% | 13.1% | 12.8% | 13.9% | 11.2% | 10.5% |
| Return on assets | 2.1% | 2.3% | 1.9% | 2.9% | 2.7% | 3.7% | 3.4% | 3.9% | 3.2% | 2.9% |
| Current ratio | 1.06 | 1.51 | 1.03 | 1.04 | 1.06 | 1.10 | 1.02 | 1.06 | 1.08 | 0.96 |
| Debt to equity | 0.55 | 0.64 | 0.71 | 0.64 | 0.71 | 0.70 | 0.85 | 0.76 | 0.69 | 0.72 |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.98B | $4.00B | $4.76B | $3.63B | $3.37B | $3.22B | $3.73B | $2.72B | $2.81B | $2.78B | $3.26B | $2.43B |
| Interest expense | $168.00M | $168.00M | $158.00M | $162.00M | $161.00M | $158.00M | $158.00M | $101.60M | $92.90M | $94.30M | $92.20M | $78.50M |
| Pre-tax income | $515.00M | $414.00M | $1.04B | $179.00M | $346.00M | $473.00M | $873.00M | $333.40M | $403.30M | $365.60M | $772.70M | -$82.30M |
| Income tax | $109.00M | $90.00M | $220.00M | $26.00M | $73.00M | $105.00M | $164.00M | $74.60M | $89.20M | $80.20M | $160.00M | -$42.70M |
| Net income | $403.00M | $324.00M | $823.00M | $150.00M | $272.00M | $368.00M | $709.00M | $258.60M | $312.60M | $285.40M | $612.70M | -$31.70M |
| EPS, basic | $1.57 | $1.26 | $3.20 | - | $1.06 | $1.43 | $2.76 | - | $1.43 | $1.30 | $2.80 | - |
| EPS, diluted | $1.55 | $1.25 | $3.16 | - | $1.04 | $1.40 | $2.72 | - | $1.39 | $1.27 | $2.74 | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.21B | $1.39B | $1.41B | $1.40B | $1.40B | $14.30B | $16.69B | $14.99B | $2.02B | $1.42B | $1.76B | $971.00M |
| Receivables | $5.98B | $6.08B | $5.96B | $5.17B | $5.43B | $4.74B | $4.52B | $3.90B | $3.99B | $4.18B | $4.15B | $3.79B |
| Current assets | $42.32B | $45.45B | $42.02B | $34.36B | $43.01B | $57.84B | $53.44B | $44.11B | $37.28B | $43.31B | $41.48B | $32.12B |
| Goodwill | $23.39B | $23.03B | $22.96B | $22.59B | $22.21B | $13.74B | $12.71B | $12.27B | $12.19B | $11.92B | $11.53B | $11.48B |
| Total assets | $79.06B | $81.81B | $78.30B | $70.67B | $79.07B | $80.12B | $74.10B | $64.25B | $57.24B | $63.01B | $60.98B | $51.62B |
| Current liabilities | $40.20B | $43.17B | $39.53B | $32.52B | $40.76B | $42.54B | $37.04B | $29.26B | $35.20B | $41.61B | $39.64B | $31.06B |
| Short-term debt | $1.01B | $1.52B | $640.00M | $640.00M | $770.00M | $640.00M | $515.00M | $200.00M | $200.00M | $280.00M | $108.20M | $670.00M |
| Long-term debt | $11.73B | $11.96B | $12.08B | $12.10B | $12.10B | $12.10B | $12.42B | $12.73B | $7.79B | $7.79B | $7.99B | $7.01B |
| Total debt | $12.74B | $13.47B | $12.72B | $12.74B | $12.87B | $12.74B | $12.93B | $12.93B | $7.99B | $8.07B | $8.10B | $7.68B |
| Total liabilities | $54.99B | $58.06B | $54.50B | $47.32B | $55.83B | $57.07B | $51.74B | $44.08B | $45.03B | $51.41B | $49.63B | $40.80B |
| Shareholders' equity | $24.04B | $23.75B | $23.80B | $23.32B | $23.24B | $23.06B | $22.35B | $20.18B | $12.21B | $11.60B | $11.34B | $10.81B |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.34B | $10.00M | $957.00M | $753.00M | $729.00M | -$424.00M | $872.00M | $739.40M | $934.80M | $119.50M | $789.30M | $693.90M |
| Investing cash flow | -$644.00M | -$353.00M | -$238.00M | -$472.00M | -$13.78B | -$1.35B | -$275.00M | -$857.00M | -$230.40M | -$307.70M | -$191.90M | -$1.90B |
| Financing cash flow | -$1.25B | $1.25B | -$723.00M | -$173.00M | $569.00M | $210.00M | $1.11B | $12.50B | $611.50M | -$53.80M | -$5.40M | $982.20M |
| Dividends paid | $180.00M | $179.00M | $180.00M | $168.00M | $166.00M | $167.00M | $166.00M | $131.40M | $131.60M | $131.30M | $130.70M | $119.50M |
| Share repurchases | $100.00M | $170.00M | $310.00M | - | $0 | $0 | $0 | - | - | - | - | - |
| Stock-based compensation | $14.00M | $24.00M | $17.00M | $12.00M | $12.00M | $11.00M | $14.00M | $9.90M | $11.00M | $10.00M | $11.10M | $10.00M |
| Depreciation and amortization | $349.00M | $358.00M | $339.00M | $361.00M | $276.00M | $230.00M | $255.00M | $213.70M | $210.00M | $211.60M | $207.70M | $190.20M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 18.2% | 24.2% | 27.7% | 33.6% | 19.9% | 16.1% | 14.4% | 11.7% | 12.6% | 13.7% | 20.3% | 19.9% |
| Net income growth, YoY | 48.2% | -12.0% | 16.1% | -42.0% | -13.0% | 28.9% | 15.7% | - | 11.4% | 21.0% | 25.9% | - |
| EPS growth, YoY | 49.0% | -10.7% | 16.2% | - | -25.2% | 10.2% | -0.7% | - | 8.6% | 18.7% | 22.3% | - |
| Net margin | 10.1% | 8.1% | 17.3% | 4.1% | 8.1% | 11.4% | 19.0% | 9.5% | 11.1% | 10.3% | 18.8% | -1.3% |
| Current ratio | 1.05 | 1.05 | 1.06 | 1.06 | 1.06 | 1.36 | 1.44 | 1.51 | 1.06 | 1.04 | 1.05 | 1.03 |
| Debt to equity | 0.53 | 0.57 | 0.53 | 0.55 | 0.55 | 0.55 | 0.58 | 0.64 | 0.65 | 0.70 | 0.71 | 0.71 |
Source: XBRL data Arthur J. Gallagher & Co. files with the SEC, latest filing dated Nov 5, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| AJG | $16.36B | +25.6% | $1.70B | 10.4% | $72.47B |
| MRSH | $28.46B | +7.6% | $4.04B | 14.2% | $98.40B |
| AON | $17.68B | +3.8% | $3.93B | 22.2% | $71.36B |
| WTW | $10.27B | +4.8% | $1.56B | 15.2% | $30.70B |
| BRO | $6.91B | +26.1% | $1.22B | 17.7% | $23.85B |
| EQH | $13.05B | +8.7% | $1.50B | 11.5% | $14.81B |
| ERIE | $4.12B | +2.0% | $576.14M | 14.0% | $12.57B |
| RYAN | $3.25B | +9.8% | $193.64M | 6.0% | $11.87B |
| FNF | $14.91B | +6.4% | $1.05B | 7.0% | $11.84B |