Arthur J. Gallagher & Co.AJG
Arthur J. Gallagher & Co. Financial Overview 2021–2025
Updated Jul 10, 2026Arthur J. Gallagher & Co. recently cemented its status as a relentless consolidation engine by closing a massive $13.8 billion cash acquisition of AssuredPartners in FY2025. This record-setting buyout underscores the core investment thesis for the global insurance broker: an aggressive, debt-and-equity-fueled roll-up strategy that successfully translates rapid inorganic scale into expanding operational profitability. By routinely absorbing dozens of targets annually, the firm continuously deepens its international footprint while pushing margins higher.
The success of this strategy is evident across its long-term financial arc, as diluted earnings per share expanded from $4.37 in FY2021 to $5.74 by the close of FY2025. In FY2025, the company’s primary brokerage unit drove 87% of total revenue and widened its adjusted EBITDAC margin by 145 basis points to reach a highly efficient 36.5%. This robust profitability supported both ongoing acquisitions and direct shareholder returns, including $674 million in dividends paid out over the year. The firm's momentum has only accelerated since, with top-line performance surging 27% year-over-year to reach $4.716 billion in Q1 2026. Investors have aggressively rewarded this execution; at the close of FY2025, the market valued the firm at a $66.5 billion market cap, with shares priced at $258.79 and trading at a premium 45.1x earnings multiple.
Recent Developments (Q4 2025 and Q1 2026)
Arthur J. Gallagher & Co. maintained aggressive momentum in Q1 2026, highlighted by net earnings climbing 17% year-over-year to $822 million, or $3.16 per share. The firm executed nine new acquisitions during the quarter, building on its $1.2 billion buyout of Woodruff Sawyer in 2025. Operational execution remained stout, with consolidated EBITDAC jumping 16% to $1.557 billion and the risk management unit achieving 10% organic fee growth. Meanwhile, the board reduced its size to nine members following the retirement of Sherry Barrat in May 2026.
Bulls champion the firm’s shareholder returns, pointing to $310 million in stock repurchases during Q1 2026. Conversely, bears warn that slower brokerage organic growth of 4% could indicate operational headwinds absent constant buyouts. The stock traded at 35.2x earnings as of May 7, 2026.
What to watch: organic growth sustainability in the primary brokerage segment; cash flow updates regarding the company's clean energy investments.
Rev
$13.94B
FY2025
NI
$1.50B
FY2025
EPS
$5.83
FY2025
OCF
$1.93B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All AJG Financial Metrics(54)
Income Statement
Balance Sheet
Cash Flow
Recent SEC Filings
Arthur J. Gallagher & Co. 8-K Report, Executive Changes (Aug 27, 2026)
This 8-K filing from Arthur J. Gallagher & Co. (AJG) announces a planned leadership transition in its accounting department. Richard C. Cary, who has served as Controller and Chief Accounting Officer since 2001 (and Controller since 1997), has notified the company of his intention to retire in 2028. He will step down from his principal accounting officer roles effective September 30, 2026, but will remain with the company in a Corporate Vice President role to support the transition. Kyle G. Koreyva will succeed Mr. Cary as Controller and Chief Accounting Officer, effective October 1, 2026. Mr. Koreyva joined AJG as part of the AssuredPartners acquisition in August 2025 and most recently served as Vice President, Accounting. His appointment is part of the company's succession planning, and there are no changes to his current compensation arrangements. The filing emphasizes that Mr. Cary's retirement is not related to any disagreements concerning financial matters.
Arthur J. Gallagher & Co. 8-K Report, Financial Results (Jul 30, 2026)
Arthur J. Gallagher & Co. (AJG) has filed an 8-K report on July 30, 2026, to disclose its financial results for the second quarter ended June 30, 2026. The filing primarily references a press release containing the company's earnings, along with supplemental investor materials available on their website. These supplemental materials include "Supplemental Quarterly Data" and "CFO Commentary," the latter of which provides certain forward-looking estimates for 2026 and beyond.
Arthur J. Gallagher & Co. 8-K Report, Corporate Update (Jul 29, 2026)
Arthur J. Gallagher & Co. (AJG) has filed a Form 8-K to announce the passing of Lead Independent Director David Johnson on July 22, 2026. This unfortunate event has led to a reduction in the Board of Directors' size from nine to eight members. The company has promptly addressed the leadership changes, with independent directors electing Ralph Nicoletti as the new Lead Independent Director. Furthermore, John Coldman has been appointed to serve on both the Compensation and Nominating/Governance Committees. These changes, while stemming from a somber event, demonstrate the Board's commitment to maintaining effective governance and oversight. Investors should monitor any potential impact on board dynamics and strategic decision-making processes, although the swift appointment of replacements suggests a focus on continuity.
Arthur J. Gallagher & Co. 8-K Report, Regulation FD Disclosure (Jun 17, 2026)
Arthur J. Gallagher & Co. (AJG) filed an 8-K on June 17, 2026, primarily to disclose information related to an investor meeting held on the same date. The company previously announced plans for this meeting on June 3, 2026. The core of this filing is the availability of presentation materials, including an updated "CFO Commentary," accessible via the investor relations section of AJG's website. Investors should note that this commentary contains forward-looking statements and includes certain estimates related to the Company's 2026 financial results.
Arthur J. Gallagher & Co. 8-K Report, Shareholder Vote Results (May 13, 2026)
Arthur J. Gallagher & Co. (AJG) filed an 8-K report on May 13, 2026, detailing the outcomes of its Annual Meeting of Stockholders held on May 12, 2026. The meeting confirmed strong shareholder support for key corporate governance matters. All nine director nominees were elected to serve until the 2027 Annual Meeting, indicating confidence in the current board's leadership and strategic direction. Furthermore, shareholders overwhelmingly ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026. This broad approval underscores investor trust in the company's financial reporting integrity. The advisory "Say-on-Pay" proposal, regarding executive compensation, also received majority approval, signaling shareholder alignment with the company's compensation philosophy.
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