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AJG logoArthur J. Gallagher & Co.(AJG)Earnings, Financials & Key Ratios

AJG•NYSE•Insurance & Managed Care
$196.91
$50.63B mkt cap·34.2× P/E·Price updated May 6, 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%
  • Book Value per Share89.68-0.5%
  • Tangible BV/Share-38.14-352.7%
  • Debt/Equity0.60-10.3%
Analysis→Technical→

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
  • ✓12 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.

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
EPS
$4.47
Est $4.43
+0.9%
Revenue
$4.7B
Est $4.7B
-0.3%
Q1 2026
Jan 29, 2026
EPS
$2.38
Est $2.35
+1.3%
Revenue
$3.6B
Est $3.6B
-0.3%
Q4 2025
Oct 30, 2025
EPS
$2.32
Est $2.51
-7.6%
Revenue
$3.4B
Est $3.3B
+0.9%
Q3 2025
Jul 31, 2025
EPS
$2.33
Est $2.36
-1.3%
Revenue
$3.2B
Est $3.2B
+0.5%
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
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 Competitor66.04B308.2218.119.45%22.54%44.16%1.73
WTW logoWTWWillis Towers Watson Public Limited CompanyDirect Competitor23.8B252.4115.52-2.24%16.84%20.77%0.86
BRO logoBROBrown & Brown, Inc.Direct Competitor19.25B56.5617.9026.59%17.87%9.33%0.63
RYAN logoRYANRyan Specialty Holdings, Inc.Direct Competitor3.81B29.3962.5321.28%4.17%10.77%2.82
EH logoEHEHang Holdings LimitedProduct Competitor409.78M10.50-10.46294.02%-66.75%-29.22%0.24
ERIE logoERIEErie Indemnity CompanyProduct Competitor9.86B213.5620.117.17%13.2%25.03%
HIG logoHIGThe Hartford Financial Services Group, Inc.Product Competitor36.71B133.4910.027.1%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
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue6.25B6.92B7.12B7.01B8.21B8.55B10.07B11.55B13.94B
Revenue Growth %9.95%10.86%2.83%-1.55%17.12%4.16%17.79%14.72%20.66%
Medical Costs & Claims4.52B4.98B4.83B4.5B5.23B4.95B5.83B6.68B6.31B
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 Expenses1.21B1.32B1.54B1.47B1.64B1.93B2.39B2.6B5.08B
OpEx / Revenue %19.45%19.1%21.67%20.96%19.96%22.58%23.69%22.47%36.47%
Depreciation & Amortization385.8M419M474.4M562.4M566.3M599.6M696.5M842.3M1.12B
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%
EBITDA897.2M1.04B1.22B1.6B1.9B2.27B2.56B3.12B3.67B
EBITDA Margin %14.37%14.97%17.14%22.86%23.18%26.51%25.37%27.04%26.33%
Interest Expense124.1M138.4M179.8M196.4M226.1M256.9M296.7M381.3M638.8M
Non-Operating Income27.5M-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 Outstanding182.12M186.16M190.1M195M207.3M214.7M219.3M223.9M260.34M

AJG Balance Sheet

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

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets12.9B16.33B19.63B22.33B33.34B38.36B51.62B64.26B70.67B
Asset Growth %12.25%26.65%20.21%13.73%49.32%15.03%34.56%24.49%9.98%
Total Investment Assets059.5M45.4M22.4M3.4M56.6M3.9M6.2M0
Long-Term Investments059.5M45.4M22.4M3.4M56.6M000
Short-Term Investments0000003.9M6.2M0
Total Current Assets5.17B8.12B9.12B11.12B17.67B22.29B32.12B44.11B34.36B
Cash & Equivalents681.2M607.2M604.8M664.6M402.6M738.4M971.5M14.99B1.4B
Receivables4.48B5.37B5.89B6.89B12.39B2.91B3.79B3.9B5.17B
Other Current Assets1.71B1.72B2.12B3.01B4.19B17.89B27.36B25.23B27.79B
Goodwill & Intangibles5.84B6.4B7.94B8.53B12.62B12.86B16.11B16.8B33.28B
Goodwill4.2B4.63B5.62B6.13B8.67B9.49B11.48B12.27B22.59B
Intangible Assets1.64B1.77B2.32B2.4B3.95B3.37B4.63B4.53B10.68B
PP&E (Net)412.2M436.9M860.9M824.6M859.4M922.9M1.13B1.03B1.39B
Other Assets567M514.1M728.2M747.5M963.1M933.2M1.13B1.35B1.65B
Total Liabilities8.73B11.76B14.42B16.1B24.78B29.17B40.8B44.08B47.32B
Total Debt3.13B3.61B4.95B4.87B6.59B6.42B8.32B13.49B14B
Net Debt2.45B3B4.34B4.2B6.19B5.68B7.35B-1.5B12.6B
Long-Term Debt2.69B3.09B3.82B4.27B5.81B5.56B7.01B12.73B12.62B
Short-Term Debt441.1M519M790.6M278.6M473.4M551.9M959M425.2M866M
Total Current Liabilities4.91B7.69B8.92B10.13B16.73B21.34B31.06B29.26B32.52B
Accounts Payable4.99B5.74B6.35B7.78B13.85B18.7B000
Deferred Revenue74.8M379.3M434.1M475.6M520.9M546.7M644.7M537.2M0
Other Current Liabilities-1.46B1.06B1.35B1.6B1.9B1.54B29.46B28.3B27.64B
Deferred Taxes-1000K00000000
Other Liabilities1.13B900.9M1.27B1.31B1.87B1.9B2.32B1.69B-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 Equity4.11B4.5B5.16B6.19B8.51B9.14B10.78B20.15B23.32B
Minority Interest59.7M70.8M60M46.5M51.7M46.6M40M26.1M26M
Retained Earnings1.1B1.56B1.9B2.37B2.88B3.56B4.05B4.99B5.81B
Common Stock181M184M188.1M193.7M208.5M211.9M216.7M250M257M
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 / Assets32.29%27.98%26.56%27.91%25.67%23.96%20.95%31.41%33.04%
Debt / Equity0.75x0.79x0.95x0.78x0.77x0.70x0.77x0.67x0.60x
Book Value per Share22.8724.5527.4431.9641.2942.8049.3290.1389.68
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

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations854.2M765.1M1.12B1.75B1.7B1.39B2.03B2.58B1.93B
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 Income499.2M675.9M715.8M858.1M955M1.12B966M1.46B1.49B
Depreciation & Amortization385.8M419M474.4M562.4M566.3M599.6M696.5M842.3M1.12B
Stock-Based Compensation17.3M13.7M14M13.6M13.4M24.4M31.4M117.5M0
Deferred Taxes-183.4M-216M-65.3M9.2M-184M-209M43.1M108.6M0
Other Non-Cash Items192.6M191.3M45.9M13.5M153.9M-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 Investments00-127.4M-85.8M-40.2M-3.6M00-5M
Sale/Maturity of Investments00127.4M85.8M40.2M1M002M
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 Issued60.4M81.9M101.2M111.9M1.55B123.1M120.2M8.51B1.5B
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 Effect72M-85M6.1M119.8M-64.5M-99.9M-33.5M-122.9M-1.36B
Cash at Beginning1.94B2.31B2.24B2.62B3.57B4.47B4.96B6.54B14.99B
Cash at End2.31B2.24B2.62B3.57B4.47B4.96B6.54B20.47B1.4B
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 Share3.983.445.168.487.65.628.3810.96.86

AJG Key Ratios

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

Metric2016201720182019202020212022202320242025
Combined Ratio91.63%91.81%91.09%89.52%85.16%83.71%80.51%81.54%80.25%81.72%
Medical Cost Ratio71.79%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 / Assets31.82%32.29%27.98%26.56%27.91%25.67%23.96%20.95%31.41%33.04%
Book Value / Share20.4922.8724.5527.4431.9641.2942.849.3290.1389.68
Debt / Equity0.78x0.75x0.79x0.95x0.78x0.77x0.70x0.77x0.67x0.60x
Revenue Growth5.34%9.95%10.86%2.83%-1.55%17.12%4.16%17.79%14.72%20.66%

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 1.30%. 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.

Explore More AJG

Arthur J. Gallagher & Co. (AJG) financial analysis — history, returns, DCA and operating performance tools

Full AJG Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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