Arthur J. Gallagher & Co. (AJG)

Arthur J. Gallagher & Co. Cash Flow Statement

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

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	1,699	1,494	1,463	970	1,114	906.8
Depreciation & Amortization	1,355	1,056	824	693	597.6	548.7
Asset Writedown & Restructuring Costs	52	66	19	4	2	17.6
Loss (Gain) From Sale of Investments	-33	-23	-23	-8	-11	-17
Stock-Based Compensation	235	197	159	136	109.8	82.3
Other Operating Activities	-29	-321	100	359	-239.9	-33.8
Change in Accounts Receivable	-552	-278	-65	-504	-319.6	-172.3
Change in Unearned Revenue	21	-56	-116	49	29.3	23.1
Change in Income Taxes	-34	-60	-42	-78	49.9	-123.8
Change in Other Net Operating Assets	349	-145	264	411	57.7	160.8
Operating Cash Flow	3,063	1,930	2,583	2,032	1,390	1,392
Operating Cash Flow Growth	59.83%	-25.28%	27.12%	46.19%	-0.17%	-22.95%

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Capital Expenditures	-175	-145	-142	-194	-182.7	-128.6
Cash Acquisitions	-1,566	-15,766	-1,462	-3,042	-764.9	-3,251
Divestitures	19	17	20	10	11	15.7
Investment in Securities	-4	2	6	6	1	-1.1
Investing Cash Flow	-1,707	-15,876	-1,587	-3,293	-1,005	-3,432

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
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	8,003	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	-8,165	-2,758	-1,948	-3,610	-2,757	-1,235
Net Debt Issued (Repaid)	-162	-212	5,267	1,861	-161.2	1,759
Issuance of Common Stock	173	1,499	8,507	120	123.1	1,547
Repurchase of Common Stock	-580	-	-	-	-	-
Common Dividends Paid	-707	-667	-525	-474	-429.5	-392
Other Financing Activities	378	1,093	-197	1,367	680.2	82.1
Financing Cash Flow	-898	1,713	13,052	2,874	212.6	2,996

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Foreign Exchange Rate Adjustments	11	303	-123	-34	-99.9	-64.5
Net Cash Flow	469	-11,930	13,925	1,579	497.9	892

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	2,888	1,785	2,441	1,838	1,207	1,264
Free Cash Flow Growth	63.38%	-26.87%	32.81%	52.24%	-4.47%	-26.00%
Free Cash Flow Margin	18.32%	13.72%	22.34%	19.23%	14.60%	15.85%
Free Cash Flow Per Share	11.13	6.86	10.85	8.38	5.62	6.10
Levered Free Cash Flow	2,761	1,075	2,743	1,059	1,634	885.81
Unlevered Free Cash Flow	3,171	1,474	2,981	1,245	1,794	1,027

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	664	575	347	271	240.2	215.7
Cash Income Tax Paid	353	341	331	226	317.6	325.4
Change in Working Capital	-216	-539	41	-122	-182.7	-112.2

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: Nov 5, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Nov 9, 2026

Data Sources Report a data error