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	-	1,463	969.5	1,114	906.8
Depreciation & Amortization	-	822.9	693	597.6	548.7
Asset Writedown & Restructuring Costs	-	19.4	3.5	2	17.6
Loss (Gain) From Sale of Investments	-	-22.7	-8.4	-11	-17
Stock-Based Compensation	-	159.4	136.5	109.8	82.3
Other Operating Activities	-	100.3	358.8	-239.9	-33.8
Change in Accounts Receivable	-	-65	-503.5	-319.6	-172.3
Change in Unearned Revenue	-	-116.1	49	29.3	23.1
Change in Income Taxes	-	-41.8	-77.7	49.9	-123.8
Change in Other Net Operating Assets	-	263.8	411	57.7	160.8
Operating Cash Flow	-	2,583	2,032	1,390	1,392
Operating Cash Flow Growth	-	27.13%	46.16%	-0.17%	-22.95%
Capital Expenditures	-	-141.9	-193.6	-182.7	-128.6
Cash Acquisitions	-	-1,462	-3,042	-764.9	-3,251
Divestitures	-	19.7	9.9	11	15.7
Investment in Securities	-	6	5.5	1	-1.1
Investing Cash Flow	-	-1,587	-3,293	-1,005	-3,432
Short-Term Debt Issued	-	-	41.7	25.3	37
Long-Term Debt Issued	-	7,216	5,429	2,570	2,957
Total Debt Issued	-	7,216	5,471	2,595	2,994
Short-Term Debt Repaid	-	-40.9	-	-	-
Long-Term Debt Repaid	-	-1,907	-3,610	-2,757	-1,235
Total Debt Repaid	-	-1,948	-3,610	-2,757	-1,235
Net Debt Issued (Repaid)	-	5,268	1,861	-161.2	1,759
Issuance of Common Stock	-	8,507	120.2	123.1	1,547
Common Dividends Paid	-	-525.4	-473.6	-429.5	-392
Other Financing Activities	-	-196.7	1,367	680.2	82.1
Financing Cash Flow	-	13,053	2,874	212.6	2,996
Foreign Exchange Rate Adjustments	-	-122.9	-33.5	-99.9	-64.5
Net Cash Flow	-	13,925	1,579	497.9	892
Free Cash Flow	-	2,441	1,838	1,207	1,264
Free Cash Flow Growth	-	32.80%	52.25%	-4.47%	-26.00%
Free Cash Flow Margin	-	22.34%	19.23%	14.60%	15.85%
Free Cash Flow Per Share	-	10.85	8.38	5.62	6.10
Cash Interest Paid	-	346.8	270.8	240.2	215.7
Cash Income Tax Paid	-	330.6	225.8	317.6	325.4
Levered Free Cash Flow	-	2,743	1,332	1,634	885.81
Unlevered Free Cash Flow	-	2,981	1,517	1,794	1,027
Change in Working Capital	-	40.9	-121.2	-182.7	-112.2

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