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AJGArthur J. Gallagher & Co.
$214.06$55.0B
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AJG logoArthur J. Gallagher & Co.(AJG)Earnings, Financials & Key Ratios

AJG•NYSE•Insurance & Managed Care
37.2× P/E·Price updated Jun 19, 2026
SectorFinancial ServicesIndustryInsurance BrokersSub-IndustryCommercial insurance brokerages
AboutArthur 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, India, and the United Kingdom. It operates through Brokerage and Risk Management segments. The Brokerage segment consists of retail and wholesale insurance brokerage operations; assists retail brokers and other non-affiliated brokers in the placement of specialized and hard-to-place insurance; acts as a brokerage wholesaler, managing general agent, and managing general underwriter for distributing specialized insurance coverage's to underwriting enterprises. This segment also performs activities, including marketing, underwriting, issuing policies, collecting premiums, appointing and supervising other agents, paying claims, and negotiating reinsurance; and offers brokerage and consulting services to businesses and organizations, including commercial, not-for-profit, and public entities, as well as individuals in the areas of insurance placement, risk of loss management, and management of employer sponsored benefit programs. The Risk Management segment provides contract claim settlement and administration services to enterprises and public entities; and claims management, loss control consulting, and insurance property appraisal services. The company offers its services through a network of correspondent insurance brokers and consultants. It serves commercial, industrial, public, religious, and not-for-profit entities. The company was incorporated in 1927 and is headquartered in Rolling Meadows, Illinois.Show more
  • Revenue$13.94B+20.7%
  • Combined Ratio81.72%+1.8%
  • Net Income$1.49B+2.1%
  • Return on Equity6.86%-27.3%
  • Medical Cost Ratio45.25%-21.7%
  • Operating Margin18.28%-7.4%
  • Net Margin10.72%-15.4%
  • ROA2.21%-12.3%
  • Equity / Assets33.04%+5.2%

AJG Key Insights

Arthur J. Gallagher & Co. (AJG) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Profitable underwriting: 81.7% combined ratio
  • ✓15 consecutive years of dividend growth
  • ✓Low loss ratio of 45.2%

✗Weaknesses

  • ✗Shares diluted 16.3% in last year
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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AJG Price & Volume

Arthur J. Gallagher & Co. (AJG) stock price & volume — 10-year historical chart

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AJG Growth Metrics

Arthur J. Gallagher & Co. (AJG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years9.96%
5 Years14.74%
3 Years17.7%
TTM20.66%

Profit CAGR

10 Years15.4%
5 Years12.78%
3 Years10.27%
TTM2.13%

EPS CAGR

10 Years10.81%
5 Years6.48%
3 Years3.47%
TTM-11.81%

Return on Capital

10 Years8.24%
5 Years8.86%
3 Years8.36%
Last Year6.97%

AJG Recent Earnings

Arthur J. Gallagher & Co. (AJG) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
Apr 30, 2026
Metric
Actual
Est
EPS
$4.47+0.9%
$4.43
Rev
$4.7B-0.3%
$4.7B
Q1 2026
Jan 29, 2026
Metric
Actual
Est
EPS
$2.38+1.3%
$2.35
Rev
$3.6B-0.3%
$3.6B
Q4 2025
Oct 30, 2025
Metric
Actual
Est
EPS
$2.32-7.6%
$2.51
Rev
$3.4B+0.9%
$3.3B
Q3 2025
Jul 31, 2025
Metric
Actual
Est
EPS
$2.33-1.3%
$2.36
Rev
$3.2B+0.5%
$3.2B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 30, 2026
$4.47vs $4.43+0.9%
$4.7Bvs $4.7B-0.3%
Q1 2026Jan 29, 2026
$2.38vs $2.35+1.3%
$3.6Bvs $3.6B-0.3%
Q4 2025Oct 30, 2025
$2.32vs $2.51-7.6%
$3.4Bvs $3.3B+0.9%
Q3 2025Jul 31, 2025
$2.33vs $2.36-1.3%
$3.2Bvs $3.2B+0.5%
Based on last 12 quarters of dataView full earnings history →

AJG Peer Comparison

Arthur J. Gallagher & Co. (AJG) competitors in Commercial insurance brokerages — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
MMC logoMMCMarsh & McLennan Companies, Inc.Direct Competitor85.27B174.0621.287.57%15.6%26.87%1.62
AON logoAONAon plcDirect Competitor68.08B317.7418.679.45%22.54%44.16%1.73
WTW logoWTWWillis Towers Watson Public Limited CompanyDirect Competitor24.06B255.2015.70-2.24%16.84%20.77%0.86
BRO logoBROBrown & Brown, Inc.Direct Competitor20.12B59.1018.7026.59%17.87%9.33%0.63
RYAN logoRYANRyan Specialty Holdings, Inc.Direct Competitor4.53B34.9774.4021.28%4.17%10.77%2.82
EH logoEHEHang Holdings LimitedProduct Competitor257.75M7.03-6.32-8.37%-66.13%-26.97%0.41
ERIE logoERIEErie Indemnity CompanyProduct Competitor10.21B221.1420.827.17%13.2%25.03%
HIG logoHIGThe Hartford Financial Services Group, Inc.Product Competitor35.27B128.259.637.1%14.13%22.01%0.23

Compare AJG vs Peers

Arthur J. Gallagher & Co. (AJG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MMC

Most directly comparable listed peer for AJG.

Scale Benchmark

vs CB

Larger-name benchmark to compare AJG against a more recognizable public peer.

Peer Set

Compare Top 5

vs MMC, AON, WTW, BRO

AJG Income Statement

Arthur J. Gallagher & Co. (AJG) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue
6.25B6.92B7.12B7.01B8.21B8.55B10.07B11.55B13.94B
Revenue Growth %
9.95%10.86%2.83%-1.55%17.12%4.16%17.79%14.72%20.66%
Medical Costs & Claims
4.52B4.98B4.83B4.5B5.23B4.95B5.83B6.68B6.31B
Medical Cost Ratio %
72.36%71.98%67.85%64.2%63.75%57.93%57.85%57.78%45.25%
Gross Profit
1.73B▲ 0%
1.94B▲ 12.4%
2.29B▲ 18.0%
2.51B▲ 9.6%
2.98B▲ 18.6%
3.6B▲ 20.9%
4.25B▲ 18.0%
4.88B▲ 14.9%
7.63B▲ 56.5%
Gross Margin %
27.64%28.02%32.15%35.8%36.25%42.07%42.15%42.22%54.75%
Gross Profit Growth %
7.72%12.37%17.99%9.63%18.6%20.89%18.01%14.91%56.47%
Operating Expenses
1.21B1.32B1.54B1.47B1.64B1.93B2.39B2.6B5.08B
OpEx / Revenue %
19.45%19.1%21.67%20.96%19.96%22.58%23.69%22.47%36.47%
Depreciation & Amortization
385.8M419M474.4M562.4M566.3M599.6M696.5M842.3M1.12B
Combined Ratio %
91.81%91.09%89.52%85.16%83.71%80.51%81.54%80.25%81.72%
Operating Income
511.4M▲ 0%
617.2M▲ 20.7%
745.9M▲ 20.9%
1.04B▲ 39.5%
1.34B▲ 28.5%
1.67B▲ 24.7%
1.86B▲ 11.5%
2.28B▲ 22.8%
2.55B▲ 11.7%
Operating Margin %
8.19%8.91%10.48%14.84%16.29%19.49%18.46%19.75%18.28%
Operating Income Growth %
7.55%20.69%20.85%39.46%28.53%24.67%11.53%22.75%11.69%
EBITDA
897.2M1.04B1.22B1.6B1.9B2.27B2.56B3.12B3.67B
EBITDA Margin %
14.37%14.97%17.14%22.86%23.18%26.51%25.37%27.04%26.33%
Interest Expense
124.1M138.4M179.8M196.4M226.1M256.9M296.7M381.3M638.8M
Non-Operating Income
27.5M-600K-60M-27.1M135.8M83M377.3M26M10.2M
Pretax Income
359.8M▲ 0%
479.4M▲ 33.2%
626.1M▲ 30.6%
870.9M▲ 39.1%
975.1M▲ 12.0%
1.33B▲ 36.1%
1.19B▼ 10.7%
1.87B▲ 58.2%
1.87B▼ 0.2%
Pretax Margin %
5.76%6.92%8.79%12.42%11.88%15.52%11.77%16.23%13.42%
Income Tax
-157.1M-196.5M-89.7M12.8M20.1M211M219.1M404.4M368.3M
Effective Tax Rate %
-43.66%-40.99%-14.33%1.47%2.06%15.9%18.49%21.57%19.68%
Net Income
481.3M▲ 0%
633.5M▲ 31.6%
668.8M▲ 5.6%
818.8M▲ 22.4%
906.8M▲ 10.7%
1.11B▲ 22.9%
969.5M▼ 13.0%
1.46B▲ 50.9%
1.49B▲ 2.1%
Net Margin %
7.71%9.15%9.39%11.68%11.05%13.03%9.63%12.66%10.72%
Net Income Growth %
21.3%31.62%5.57%22.43%10.75%22.87%-12.99%50.87%2.13%
EPS (Diluted)
2.54▲ 0%
3.40▲ 33.9%
3.52▲ 3.5%
4.20▲ 19.3%
4.37▲ 4.0%
5.19▲ 18.8%
4.42▼ 14.8%
6.53▲ 47.7%
5.75▼ 11.9%
EPS Growth %
9.48%33.86%3.53%19.32%4.05%18.76%-14.84%47.74%-11.94%
EPS (Basic)
2.573.473.604.294.475.304.516.635.83
Diluted Shares Outstanding
182.12M186.16M190.1M195M207.3M214.7M219.3M223.9M260.34M

AJG Balance Sheet

Arthur J. Gallagher & Co. (AJG) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets
12.9B16.33B19.63B22.33B33.34B38.36B51.62B64.26B70.67B
Asset Growth %
12.25%26.65%20.21%13.73%49.32%15.03%34.56%24.49%9.98%
Total Investment Assets
059.5M45.4M22.4M3.4M56.6M3.9M6.2M0
Long-Term Investments
059.5M45.4M22.4M3.4M56.6M000
Short-Term Investments
0000003.9M6.2M0
Total Current Assets
5.17B8.12B9.12B11.12B17.67B22.29B32.12B44.11B34.36B
Cash & Equivalents
681.2M607.2M604.8M664.6M402.6M738.4M971.5M14.99B1.4B
Receivables
4.48B5.37B5.89B6.89B12.39B2.91B3.79B3.9B5.17B
Other Current Assets
1.71B1.72B2.12B3.01B4.19B17.89B27.36B25.23B27.79B
Goodwill & Intangibles
5.84B6.4B7.94B8.53B12.62B12.86B16.11B16.8B33.28B
Goodwill
4.2B4.63B5.62B6.13B8.67B9.49B11.48B12.27B22.59B
Intangible Assets
1.64B1.77B2.32B2.4B3.95B3.37B4.63B4.53B10.68B
PP&E (Net)
412.2M436.9M860.9M824.6M859.4M922.9M1.13B1.03B1.39B
Other Assets
567M514.1M728.2M747.5M963.1M933.2M1.13B1.35B1.65B
Total Liabilities
8.73B11.76B14.42B16.1B24.78B29.17B40.8B44.08B47.32B
Total Debt
3.13B3.61B4.95B4.87B6.59B6.42B8.32B13.49B14B
Net Debt
2.45B3B4.34B4.2B6.19B5.68B7.35B-1.5B12.6B
Long-Term Debt
2.69B3.09B3.82B4.27B5.81B5.56B7.01B12.73B12.62B
Short-Term Debt
441.1M519M790.6M278.6M473.4M551.9M959M425.2M866M
Total Current Liabilities
4.91B7.69B8.92B10.13B16.73B21.34B31.06B29.26B32.52B
Accounts Payable
4.99B5.74B6.35B7.78B13.85B18.7B000
Deferred Revenue
74.8M379.3M434.1M475.6M520.9M546.7M644.7M537.2M0
Other Current Liabilities
-1.46B1.06B1.35B1.6B1.9B1.54B29.46B28.3B27.64B
Deferred Taxes
-1000K00000000
Other Liabilities
1.13B900.9M1.27B1.31B1.87B1.9B2.32B1.69B-14.03B
Total Equity
4.16B▲ 0%
4.57B▲ 9.7%
5.22B▲ 14.1%
6.23B▲ 19.5%
8.56B▲ 37.3%
9.19B▲ 7.4%
10.82B▲ 17.7%
20.18B▲ 86.6%
23.35B▲ 15.7%
Equity Growth %
13.93%9.72%14.13%19.5%37.34%7.36%17.68%86.58%15.7%
Shareholders Equity
4.11B4.5B5.16B6.19B8.51B9.14B10.78B20.15B23.32B
Minority Interest
59.7M70.8M60M46.5M51.7M46.6M40M26.1M26M
Retained Earnings
1.1B1.56B1.9B2.37B2.88B3.56B4.05B4.99B5.81B
Common Stock
181M184M188.1M193.7M208.5M211.9M216.7M250M257M
Accumulated OCI
-559.9M-785.6M-759.6M-643.6M-726.1M-1.14B-792.1M-1.15B-525M
Return on Equity (ROE)
12.31%14.51%13.67%14.3%12.26%12.55%9.69%9.44%6.86%
Return on Assets (ROA)
3.95%4.33%3.72%3.9%3.26%3.11%2.16%2.52%2.21%
Equity / Assets
32.29%27.98%26.56%27.91%25.67%23.96%20.95%31.41%33.04%
Debt / Equity
0.75x0.79x0.95x0.78x0.77x0.70x0.77x0.67x0.60x
Book Value per Share
22.8724.5527.4431.9641.2942.8049.3290.1389.68
Tangible BV per Share
-9.21-9.82-14.32-11.77-19.59-17.10-24.1415.09-38.14

AJG Cash Flow Statement

Arthur J. Gallagher & Co. (AJG) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations
854.2M765.1M1.12B1.75B1.7B1.39B2.03B2.58B1.93B
Operating CF Growth %
37.31%-10.43%46.28%56.59%-2.76%-18.43%46.17%27.13%-25.28%
Operating CF / Revenue %
13.68%11.05%15.72%25%20.76%16.26%20.17%22.35%13.84%
Net Income
499.2M675.9M715.8M858.1M955M1.12B966M1.46B1.49B
Depreciation & Amortization
385.8M419M474.4M562.4M566.3M599.6M696.5M842.3M1.12B
Stock-Based Compensation
17.3M13.7M14M13.6M13.4M24.4M31.4M117.5M0
Deferred Taxes
-183.4M-216M-65.3M9.2M-184M-209M43.1M108.6M0
Other Non-Cash Items
192.6M191.3M45.9M13.5M153.9M-693.7M415.9M10.9M-147M
Working Capital Changes
-57.3M-318.8M-65.6M295.7M199.5M552.7M-121.2M40.9M-539M
Cash from Investing
-511M-910.3M-1.38B-416.8M-3.43B-1B-3.29B-1.59B-15.88B
Capital Expenditures
-129.2M-124.4M-138.8M-99.3M-128.6M-182.7M-193.6M-141.9M-145M
Acquisitions
-372.9M-770.3M-1.19B-316.1M-3.24B-753.9M-3.03B-1.46B-15.75B
Purchase of Investments
00-127.4M-85.8M-40.2M-3.6M00-5M
Sale/Maturity of Investments
00127.4M85.8M40.2M1M002M
Other Investing
-8.9M-15.6M-52M-1.4M-67.9M-65.6M-67.4M16.8M16M
Cash from Financing
-47.8M162M638.4M-505.1M2.68B212.6M2.87B13.05B1.72B
Dividends Paid
-282.7M-301.8M-321.1M-347.4M-392M-429.5M-473.6M-525.4M-667M
Share Repurchases
-17.7M-11.3M0000000
Stock Issued
60.4M81.9M101.2M111.9M1.55B123.1M120.2M8.51B1.5B
Debt Issuance (Net)
1000K1000K1000K-1000K1000K-1000K1000K1000K-1000K
Other Financing
-68.4M-114.7M-140.9M-189.2M-229.6M680.2M1.37B-196.7M1.09B
Net Change in Cash
367.4M▲ 0%
-68.2M▼ 118.6%
387.1M▲ 667.6%
950.4M▲ 145.5%
892M▼ 6.1%
497.9M▼ 44.2%
1.58B▲ 217.2%
13.93B▲ 781.9%
-13.59B▼ 197.6%
Exchange Rate Effect
72M-85M6.1M119.8M-64.5M-99.9M-33.5M-122.9M-1.36B
Cash at Beginning
1.94B2.31B2.24B2.62B3.57B4.47B4.96B6.54B14.99B
Cash at End
2.31B2.24B2.62B3.57B4.47B4.96B6.54B20.47B1.4B
Free Cash Flow
725M▲ 0%
640.7M▼ 11.6%
980.4M▲ 53.0%
1.65B▲ 68.6%
1.58B▼ 4.7%
1.21B▼ 23.4%
1.84B▲ 52.2%
2.44B▲ 32.8%
1.78B▼ 26.9%
FCF Growth %
79.32%-11.63%53.02%68.63%-4.7%-23.37%52.25%32.8%-26.87%
FCF Margin %
11.61%9.25%13.77%23.59%19.19%14.12%18.25%21.13%12.8%
FCF per Share
3.983.445.168.487.65.628.3810.96.86

AJG Key Ratios

Arthur J. Gallagher & Co. (AJG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Combined Ratio
91.63%91.81%91.09%89.52%85.16%83.71%80.51%81.54%80.25%81.72%
Medical Cost Ratio
71.79%72.36%71.98%67.85%64.2%63.75%57.93%57.85%57.78%45.25%
Return on Equity (ROE)
10.81%12.31%14.51%13.67%14.3%12.26%12.55%9.69%9.44%6.86%
Return on Assets (ROA)
3.54%3.95%4.33%3.72%3.9%3.26%3.11%2.16%2.52%2.21%
Equity / Assets
31.82%32.29%27.98%26.56%27.91%25.67%23.96%20.95%31.41%33.04%
Book Value / Share
20.4922.8724.5527.4431.9641.2942.849.3290.1389.68
Debt / Equity
0.78x0.75x0.79x0.95x0.78x0.77x0.70x0.77x0.67x0.60x
Revenue Growth
5.34%9.95%10.86%2.83%-1.55%17.12%4.16%17.79%14.72%20.66%
Related:AJG Dividend History·AJG Revenue History·AJG Price History·AJG P/E History·AJG Financial Ratios·AJG Institutional Holders

AJG SEC Filings & Documents

Arthur J. Gallagher & Co. (AJG) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 30, 2026·SEC

Material company update

Mar 17, 2026·SEC

Material company update

Mar 12, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 17, 2026·SEC

FY 2025

Feb 18, 2025·SEC

10-Q Quarterly Reports

3
FY 2025

Nov 10, 2025·SEC

FY 2025

Aug 1, 2025·SEC

FY 2025

May 2, 2025·SEC

AJG Frequently Asked Questions

Arthur J. Gallagher & Co. (AJG) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Arthur J. Gallagher & Co. (AJG) grew revenue by 20.7% over the past year. This is strong growth.

Yes, Arthur J. Gallagher & Co. (AJG) is profitable, generating $1.49B in net income for fiscal year 2025 (10.7% net margin).

Dividend & Returns

Yes, Arthur J. Gallagher & Co. (AJG) pays a dividend with a yield of 1.20%. This makes it attractive for income-focused investors.

Arthur J. Gallagher & Co. (AJG) has a return on equity (ROE) of 6.9%. This is below average, suggesting room for improvement.

Industry Metrics

Arthur J. Gallagher & Co. (AJG) has a combined ratio of 81.7%. A ratio below 100% indicates underwriting profitability.

What if you invested $1,000 in AJG back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

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