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	1,494	1,463	970	1,114	906.8
Depreciation & Amortization	1,056	824	693	597.6	548.7
Asset Writedown & Restructuring Costs	66	19	4	2	17.6
Loss (Gain) From Sale of Investments	-23	-23	-8	-11	-17
Stock-Based Compensation	197	159	136	109.8	82.3
Other Operating Activities	-321	100	359	-239.9	-33.8
Change in Accounts Receivable	-278	-65	-504	-319.6	-172.3
Change in Unearned Revenue	-56	-116	49	29.3	23.1
Change in Income Taxes	-60	-42	-78	49.9	-123.8
Change in Other Net Operating Assets	-145	264	411	57.7	160.8
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
Cash Acquisitions	-15,766	-1,462	-3,042	-764.9	-3,251
Divestitures	17	20	10	11	15.7
Investment in Securities	2	6	6	1	-1.1
Investing Cash Flow	-15,876	-1,587	-3,293	-1,005	-3,432
Short-Term Debt Issued	-	-	42	25.3	37
Long-Term Debt Issued	2,546	7,215	5,429	2,570	2,957
Total Debt Issued	2,546	7,215	5,471	2,595	2,994
Short-Term Debt Repaid	-15	-41	-	-	-
Long-Term Debt Repaid	-2,743	-1,907	-3,610	-2,757	-1,235
Total Debt Repaid	-2,758	-1,948	-3,610	-2,757	-1,235
Net Debt Issued (Repaid)	-212	5,267	1,861	-161.2	1,759
Issuance of Common Stock	1,499	8,507	120	123.1	1,547
Common Dividends Paid	-667	-525	-474	-429.5	-392
Other Financing Activities	1,093	-197	1,367	680.2	82.1
Financing Cash Flow	1,713	13,052	2,874	212.6	2,996
Foreign Exchange Rate Adjustments	303	-123	-34	-99.9	-64.5
Net Cash Flow	-11,930	13,925	1,579	497.9	892
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%
Free Cash Flow Margin	13.72%	22.34%	19.23%	14.60%	15.85%
Free Cash Flow Per Share	6.86	10.85	8.38	5.62	6.10
Cash Interest Paid	575	347	271	240.2	215.7
Cash Income Tax Paid	341	331	226	317.6	325.4
Levered Free Cash Flow	1,075	2,743	1,059	1,634	885.81
Unlevered Free Cash Flow	1,474	2,981	1,245	1,794	1,027
Change in Working Capital	-539	41	-122	-182.7	-112.2

Source: S&P Global Market Intelligence. Standard template. Financial Sources.