Arthur J. Gallagher & Co. Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,503	1,471	966	1,116	955
Depreciation & Amortization	1,122	843	697	599.6	566.3
Stock-Based Compensation	197	159	136	109.8	82.3
Other Adjustments	-407	123	355	-252.7	-99
Change in Receivables	-278	-65	-504	-319.6	-172.3
Changes in Accrued Expenses	112	363	463	119	217.3
Changes in Income Taxes Payable	-60	-42	-78	49.9	-123.8
Changes in Unearned Revenue	-56	-116	49	29.3	23.1
Changes in Other Operating Activities	-257	-99	-52	-61.3	-56.5
Operating Cash Flow	1,930	2,583	2,032	1,390	1,392
Operating Cash Flow Growth	-25.28%	27.12%	46.19%	-0.17%	-22.95%
Capital Expenditures	-145	-142	-194	-182.7	-128.6
Payments for Business Acquisitions	-15,766	-1,462	-3,042	-764.9	-3,251
Proceeds from Business Divestments	17	20	10	11	15.7
Other Investing Activities	18	-3	-67	-68.2	-67.9
Investing Cash Flow	-15,876	-1,587	-3,293	-1,005	-3,432
Short-Term Debt Issued	2,546	1,663	3,795	2,570	1,280
Short-Term Debt Repaid	-2,546	-1,907	-3,610	-2,555	-1,235
Net Short-Term Debt Issued (Repaid)	-	-244	185	15	45
Long-Term Debt Issued	-197	5,552	1,634	-201.5	1,677
Net Long-Term Debt Issued (Repaid)	-197	5,552	1,634	-201.5	1,677
Issuance of Common Stock	1,499	8,507	120	123.1	1,547
Net Common Stock Issued (Repurchased)	1,499	8,507	120	123.1	1,547
Common Dividends Paid	-667	-525	-474	-429.5	-392
Other Financing Activities	881	5,314	3,043	504	1,796
Financing Cash Flow	1,713	13,052	2,874	212.6	2,996
Effect of Exchange Rate Changes on Cash and Cash Equivalents	303	-123	-34	-	-
Net Cash Flow	-11,930	13,925	1,579	597.8	956.5
Free Cash Flow	1,785	2,441	1,838	1,207	1,264
Free Cash Flow Growth	-26.87%	32.81%	52.24%	-4.47%	-26.00%
FCF Margin	12.80%	21.13%	18.25%	14.12%	15.39%
Free Cash Flow Per Share	6.86	10.85	8.38	5.62	6.10
Levered Free Cash Flow	2,013	7,578	3,674	1,482	3,127
Unlevered Free Cash Flow	2,769	2,597	2,401	1,846	1,677

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.