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Arthur J. Gallagher & Co. (AJG) stock

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NYSE: AJG NYSE Insurance Brokers Next results ~January 28, 2027

B Fundamentals grade

Arthur J. Gallagher & Co., known as Gallagher, is an insurance and reinsurance broker that provides risk-management consulting and third-party claims administration to organisations and individuals worldwide. It arranges cover across lines including property and casualty, health and welfare, cyber, professional and directors' and officers' liability, and workers' compensation. Gallagher assumes virtually no underwriting risk itself; the capital to meet losses comes from the insurers and reinsurers it places business with.

Its clients range from commercial, nonprofit and public-sector bodies to insurers and reinsurers, and the base is highly diversified, with no single client dominant. The brokerage operations earn commissions, fees, supplemental and contingent payments, interest and premium-finance income; the risk-management operations, which settle and administer claims for self-insuring employers and carriers, are paid fees, including performance-based ones.

Gallagher reports three segments — brokerage, risk management and corporate — and sells in the United States and internationally, mainly Australia, Canada, New Zealand and the UK, serving clients in about 130 countries. Founded in 1927 as a one-person agency, it employs roughly 72,000 people and has completed some 780 acquisitions since 2002. Its shares trade on the New York Stock Exchange as AJG.

Based on Arthur J. Gallagher & Co.'s 10-K filed February 17, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$430

Cash-flow model

Base case. Range ~$320–$580 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 59% above it.

Price used: $273.11, November 3, 2026

Arthur J. Gallagher & Co. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Arthur J. Gallagher & files

Where Arthur J. Gallagher & Co. stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $15.8bn, up 26.3% on a year earlier, faster than 24.5% a quarter earlier. Free-cash-flow margin fell to 14.5% from 15.8% a year earlier. The diluted share count is up 7.4% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 6 financial-health checks. Our cash-flow model value is $416 a share, against a share price of $258. At that price, our model says the market is pricing in about 12.3% a year of cash-flow growth for five years, close to the 13.9% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Arthur J. Gallagher & Co.'s trailing-twelve-month revenue grew 26.3% year on year, with a free-cash-flow margin of 14.5%. Where it stands out: long-term debt as % of assets of 14.6% ranks 1 of 5 insurance brokers companies we cover. Where it lags: free-cash-flow margin of 14.5% ranks 5 of 6 insurance brokers companies we cover.

Our discounted-cash-flow model values the business at ~$430 per share in the base case (~$320–$580 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 15.8% while net income fell 4.5%: a 20pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $278.89 is 56% below our value per share of $430.
  • Fast growth. Revenue grew 26.3% over the last 12 months, against a median of 7.6% for insurance brokers companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Share dilution. Diluted shares rose 7.4% in a year.
  • High earnings multiple. The shares trade at 46 times the last 12 months' earnings, so expectations are demanding.
  • Below peers: free-cash-flow margin. Free-cash-flow margin of 14.5% ranks 5 of 6 insurance brokers companies we cover (median 17.0%).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$3.00 against an average estimate of $2.99: beat by 0.5%
Revenue
$4.00bn, up 24.2% on a year earlier
Share reaction
+6.0% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
January 28, 2027; average EPS estimate $2.80

Arthur J. Gallagher &'s figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.1%
  • 1 week+5.4%
  • 1 month+20.8%
  • This year+8.7%
  • 1 year+13.7%
  • 5 years+78.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$15.8B
Net margin
10.0%
EPS (TTM, diluted)
$6.11

Growth

Revenue growth
+26.3%
Change in growth rate
+1.8 pts
Share count change
+7.4%

Cash

Free cash flow (TTM)
$2.3B
FCF margin
14.5%
Stock pay % of revenue
0.4%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Dividend
  4. Deal
  5. Deal
  6. Announcement
  7. Deal
  8. Deal
  9. Deal
  10. Announcement
  11. Insider trade
  12. Leadership
  13. Insider trade
  14. Results
  15. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Arthur J. Gallagher & Co. valuation models and calculator

What the price is pricing in

The share price implies about 10.4% a year of cash-flow growth for five years.That is close to the 13.9% a year revenue growth Arthur J. Gallagher & has delivered.

  • Priced in10.4%
  • Last 12 months26.3%
  • 3 years a year19.6%
  • 5 years a year13.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($273.02, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$430
Price used
$273.02close November 3, 2026
Implied change
▲ +59%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Arthur J. Gallagher & Co.'s free cash flow after stock-based pay with after-tax interest added back ($3.1B, FY2026 Q2 TTM), growing 14.3% and 15.8% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$320–~$580 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Arthur J. Gallagher & Co.'s free cash flow after stock-based pay ( $3.1B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Arthur J. Gallagher & Co. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 7.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.54 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$430 ~$320–$580 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$280 ~$230–$330 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$130 ~$89–$200 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$150 ~$120–$190 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$21 ~$30–$410 Left out: out of range vs price (0.08x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$150 ~$120–$200 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$260 ~$130–$430 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Arthur J. Gallagher & Co. with insurance brokers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −6%
  • Last year's free-cash-flow margin change, if it persists ▼ −8%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $125$187$268$376$517$698
8.5% $84$129$188$265$365$494
10% $60$94$140$199$275$373

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$34.17$44.80$56.02$66.76$87.98$116.25$161.61$181.71$218.98$278.85$256.46$278.89
Market value$5.9bn$8.0bn$10.1bn$12.2bn$16.4bn$22.2bn$32.8bn$38.2bn$47.1bn$61.5bn$65.7bn$71.6bn
+ Net debt (− = net cash)$1.8bn$2.2bn$2.3bn$2.8bn$4.0bn$3.9bn$5.9bn$5.7bn$7.0bn−$1.8bn$12.1bn$12.2bn
Enterprise value$7.7bn$10.1bn$12.4bn$15.0bn$20.4bn$26.1bn$38.6bn$43.9bn$54.1bn$59.7bn$77.8bn$83.8bn
Multiples
Price / sales 1.1x1.4x1.6x1.8x2.3x3.2x4.0x4.5x4.7x5.3x4.7x4.5x
Price / earnings 16.5x20.1x21.0x19.3x24.5x27.1x36.1x34.3x48.5x42.0x44.0x45.6x
Price / free cash flow 10.0x18.4x13.9x19.0x15.6x13.0x25.9x31.7x25.6x25.2x36.8x31.3x
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

55 /100

Moderate moat

How hard Arthur J. Gallagher &'s competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 2.8% of total assets over 10 years.

  • Durability 12 / 20

    Net margin has been a median 10.4%; its worst year was 8.1%.

  • Discipline 10 / 20

    The diluted share count rose 31.6% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (70 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 28, 2027, after the close. Analysts expect revenue of $3.8bn and EPS of $2.80 (range $2.68 to $2.93) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $13.10 +23% $16.6bn +21%
Next $14.78 +13% $18.1bn +9%

Next year's EPS estimate has moved −0.6% in 90 days, across 23 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.8% on 90 days ago. In the last 30 days, 0 analysts raised Arthur J. Gallagher & Co.'s forecast and 17 cut it.

Consensus EPS forecast Arthur J. Gallagher & Co., last 90 days
$13.00 $13.50 $14.00 $14.50 $15.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $13.21 Current fiscal year, 60 days ago: $13.18 Current fiscal year, 30 days ago: $13.12 Current fiscal year, 7 days ago: $13.10 Current fiscal year, Now: $13.10 $13.10 Next fiscal year, 90 days ago: $14.86 Next fiscal year, 60 days ago: $14.89 Next fiscal year, 30 days ago: $14.86 Next fiscal year, 7 days ago: $14.81 Next fiscal year, Now: $14.78 $14.78

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $13.21$14.86
60 days ago $13.18$14.89
30 days ago $13.12$14.86
7 days ago $13.10$14.81
Now $13.10$14.78

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.99 $3.00 +0.5%
Jun 2026 $2.81 $2.84 +0.9%
Mar 2026 $4.43 $4.47 +1.0%
Dec 2025 $2.35 $2.38 +1.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026

No numeric guidance in Arthur J. Gallagher & Co.'s latest earnings release (filed October 29, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Arthur J. Gallagher & Co.'s revenue by +14.3% next year and +15.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+11.7%, weight 69%) and the company's own record (+20.0%, weight 31%) . How the weights are set.

Analyst recommendations

23 analysts, Oct 2026
Buy1670%
Hold730%
Sell00%

Monthly trend

  1. Oct 2026412723
  2. Sep 2026412622
  3. Aug 2026412622
  4. Jul 2026412622

Counts of recommendations published by analysts covering Arthur J. Gallagher & Co., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.8%
of tradable shares
Days to cover
4.9
at average volume
Short interest, 1 month
+12%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
0.9%
of shares
Employees
67,456
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +13.1%

$246.59 on October 31, 2025 to $278.89

ThenNowEffect
Revenue (last 12 months) $12.5bn $15.8bn +26.3%
Net margin 13.2% 10.0% −24.4%
P/E multiple 35.9x 45.6x +27.1%
Share count 239m 257m −6.9%

Biggest factor: net margin.

Last 3 years +18.5%

$235.44 on November 3, 2023 to $278.89

ThenNowEffect
Revenue (last 12 months) $9.2bn $15.8bn +70.9%
Net margin 12.1% 10.0% −17.4%
P/E multiple 45.0x 45.6x +1.5%
Share count 212m 257m −17.3%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AJG+39%+12%+21%+27%−8%+9%
Industry peers (median)+6%−27%+16%+25%−21%−2%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AJG67%58%58%67%58%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AJG−9%−19%−13%−12%−31%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 44% from June 2, 2025 to May 13, 2026. Getting back needed a 80% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$190.85 – $278.89
From 52-week high
0.0%
vs 50-day average
+12.2%
vs 200-day average
+20.6%
Volatility (1 year)
32%
Beta vs S&P 500
-0.41

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±3.2%
After a week
6 up, 5 down
typical move ±4.0%
After a month
7 up, 4 down
typical move ±5.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +6.0% −2.1% — —
July 30, 2026 −7.2% +2.4% −6.4% −0.5%
April 30, 2026 −1.7% +1.3% −4.7% −2.7%
January 29, 2026 +2.9% −0.5% +0.2% −5.4%
October 30, 2025 −4.8% −0.8% −6.4% −6.1%
July 31, 2025 −0.6% −2.0% +1.5% +5.9%
May 1, 2025 +3.2% +2.2% +5.5% +8.8%
January 30, 2025 +2.6% 0.0% +8.8% +16.2%
October 24, 2024 −2.1% +0.2% −2.7% +5.3%
July 25, 2024 +3.4% +0.6% +4.7% +4.9%
April 25, 2024 −1.1% +0.6% +0.7% +6.4%
January 25, 2024 −2.5% +0.4% −2.9% +2.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Arthur J. Gallagher & Co.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.04× the last 60 days’ realised volatility , richer than 22% of the 175 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Arthur J. Gallagher & Co. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Arthur J. Gallagher & Co.
$8B $10B $12B $14B $16B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $9.7B Revenue (TTM), FY23 Q4: $10.1B Revenue (TTM), FY24 Q1: $10.6B Revenue (TTM), FY24 Q2: $11B Revenue (TTM), FY24 Q3: $11.3B Revenue (TTM), FY24 Q4: $11.6B Revenue (TTM), FY25 Q1: $12B Revenue (TTM), FY25 Q2: $12.5B Revenue (TTM), FY25 Q3: $13B Revenue (TTM), FY25 Q4: $13.9B Revenue (TTM), FY26 Q1: $15B Revenue (TTM), FY26 Q2: $15.8B $15.8B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $9.7B
FY23 Q4 $10.1B
FY24 Q1 $10.6B
FY24 Q2 $11B
FY24 Q3 $11.3B
FY24 Q4 $11.6B
FY25 Q1 $12B
FY25 Q2 $12.5B
FY25 Q3 $13B
FY25 Q4 $13.9B
FY26 Q1 $15B
FY26 Q2 $15.8B
Revenue growth, TTM YoY Arthur J. Gallagher & Co.
10% 15% 20% 25% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 13.8% Revenue growth, TTM YoY, FY23 Q4: 17.8% Revenue growth, TTM YoY, FY24 Q1: 20.4% Revenue growth, TTM YoY, FY24 Q2: 18.8% Revenue growth, TTM YoY, FY24 Q3: 16.6% Revenue growth, TTM YoY, FY24 Q4: 14.7% Revenue growth, TTM YoY, FY25 Q1: 13.2% Revenue growth, TTM YoY, FY25 Q2: 13.8% Revenue growth, TTM YoY, FY25 Q3: 15.6% Revenue growth, TTM YoY, FY25 Q4: 20.7% Revenue growth, TTM YoY, FY26 Q1: 24.5% Revenue growth, TTM YoY, FY26 Q2: 26.3% 26.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 13.8%
FY23 Q4 17.8%
FY24 Q1 20.4%
FY24 Q2 18.8%
FY24 Q3 16.6%
FY24 Q4 14.7%
FY25 Q1 13.2%
FY25 Q2 13.8%
FY25 Q3 15.6%
FY25 Q4 20.7%
FY26 Q1 24.5%
FY26 Q2 26.3%
FCF margin (TTM) Arthur J. Gallagher & Co.
10% 15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 18.2% FCF margin (TTM), FY23 Q4: 18.2% FCF margin (TTM), FY24 Q1: 20.7% FCF margin (TTM), FY24 Q2: 21.3% FCF margin (TTM), FY24 Q3: 21.2% FCF margin (TTM), FY24 Q4: 21.1% FCF margin (TTM), FY25 Q1: 21.0% FCF margin (TTM), FY25 Q2: 15.8% FCF margin (TTM), FY25 Q3: 13.6% FCF margin (TTM), FY25 Q4: 12.8% FCF margin (TTM), FY26 Q1: 12.4% FCF margin (TTM), FY26 Q2: 14.5% 14.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 18.2%
FY23 Q4 18.2%
FY24 Q1 20.7%
FY24 Q2 21.3%
FY24 Q3 21.2%
FY24 Q4 21.1%
FY25 Q1 21.0%
FY25 Q2 15.8%
FY25 Q3 13.6%
FY25 Q4 12.8%
FY26 Q1 12.4%
FY26 Q2 14.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1.7 1.9 2.1 2.5 3.2 4.6 5.4 5.6 6.2 6.9 7.2 7.0 8.2 8.6 10.1 11.6 13.9 15.8
Gross profit — 1.8 2.1 2.4 2.7 3.6 — 4.2 4.5 5.1 5.8 6.1 7.0 8.5 — — — —
Net income 0.1 0.2 0.1 0.2 0.3 0.3 0.4 0.4 0.5 0.6 0.7 0.8 0.9 1.1 1.0 1.5 1.5 1.6
Diluted EPS $1.28 $1.66 $1.28 $1.59 $2.06 $1.97 $2.06 $2.22 $2.64 $3.40 $3.52 $4.20 $4.37 $5.19 $4.42 $6.50 $5.74 $6.11
Growth (year on year)
Revenue +5.1% +7.8% +14.5% +18.1% +26.2% +45.5% +16.6% +3.8% +10.1% +12.6% +3.8% −2.7% +17.2% +4.2% +17.8% +14.7% +20.7% +26.3%
Net income +66.4% +35.4% −17.2% +35.3% +37.7% +13.0% +17.6% +11.2% +21.3% +31.6% +5.6% +22.4% +10.7% +22.9% −12.9% +50.8% +2.1% −4.5%
Diluted EPS +56.1% +29.7% −22.9% +24.2% +29.6% −4.4% +4.6% +7.8% +18.9% +28.8% +3.5% +19.3% +4.0% +18.8% −14.8% +47.1% −11.7% −11.0%
Margins
Gross margin — 96.6% 98.5% 95.6% 86.2% 77.1% — 74.8% 73.4% 73.8% 81.2% 87.4% 85.7% 99.7% — — — —
Net margin 7.4% 9.3% 6.8% 7.7% 8.4% 6.6% 6.6% 7.1% 7.8% 9.1% 9.3% 11.7% 11.0% 13.0% 9.6% 12.7% 10.7% 10.0%
Free-cash-flow margin 10.9% 11.0% 11.2% 11.6% 8.1% 7.7% 10.9% 7.7% 11.8% 9.2% 14.6% 24.4% 15.4% 14.1% 18.2% 21.1% 12.8% 14.5%
Cash flow
Cash from operations 0.2 0.2 0.3 0.3 0.3 0.4 0.7 0.6 0.9 0.8 1.2 1.8 1.4 1.4 2.0 2.6 1.9 2.4
Capital spending 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.1 0.1 0.2
Free cash flow 0.2 0.2 0.2 0.3 0.3 0.4 0.6 0.4 0.7 0.6 1.1 1.7 1.3 1.2 1.8 2.4 1.8 2.3
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1
Free cash flow after stock pay 0.2 0.2 0.2 0.3 0.2 0.3 0.6 0.4 0.7 0.6 1.0 1.7 1.3 1.2 1.8 2.4 1.7 2.2
Balance sheet
Cash 0.2 0.2 0.3 0.3 0.3 0.3 0.5 0.5 0.7 0.6 0.6 0.7 0.4 0.7 1.0 15.0 1.4 1.4
Total debt 0.6 0.6 0.7 0.9 1.5 2.3 2.3 2.7 3.0 3.5 4.6 4.5 6.3 6.5 8.0 13.2 13.5 13.6
Net debt (negative = net cash) 0.3 0.3 0.4 0.6 1.2 2.0 1.8 2.2 2.3 2.8 4.0 3.9 5.9 5.7 7.0 −1.8 12.1 12.2
Diluted shares 101m 105m 112m 121m 129m 153m 172m 178m 180m 183m 186m 191m 203m 210m 215m 221m 256m 257m
Returned to shareholders
Dividends 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.5 0.5 0.7 0.7
Buybacks 0.0 0.0 0.0 0.0 — — — 0.1 0.0 0.0 — — — — — — — —
Total returned 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.4 0.3 0.3 0.3 0.3 0.4 0.4 0.5 0.5 0.7 0.7

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $81.8bn
Short-term assets $45.5bnLonger-term assets $36.4bn
What it owes, and who funded it · $81.8bn
Short-term liabilities $43.2bnLonger-term liabilities $14.9bnShareholders' equity $23.7bn
  • Short-term assets cover short-term liabilities $45.5bn of assets due within a year against $43.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $45.5bn short-term assets against $14.9bn of longer-dated liabilities.
  • More cash than debt $1.4bn of cash against $13.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 57% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 68% to 57% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.4bn of operating cash flow against $13.5bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Arthur J. Gallagher & Co.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$693M
Diluted share count
+7.4%
year over year
Total shareholder yield
1.0%
dividends 1.0% + buybacks 0.0% of market value
Dividend payout ratio
44%
of net income paid out
Days sales outstanding
141 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in insurance brokers
Last 12 months unless stated AJG AON WTW MRSH BRO ERIE Median
Revenue, last 12 months $15.8bn $17.7bn $10.3bn $28.5bn $6.9bn $4.1bn $1.6bn
Revenue growth, last 12 months 26.3% 3.8% 4.8% 7.6% 26.1% 2.0% 7.6%
Revenue growth, 3-year average 19.6% 10.4% 3.4% 8.6% 18.7% 9.4% 13.8%
Revenue growth, latest quarter 24.2% 2.6% 7.5% 8.1% 7.4% 0.3% 4.7%
Operating margin — 26.3% 22.0% 21.4% — 17.9% 9.4%
Operating margin, 3-year average — 24.9% 16.2% 22.9% — 17.7% 4.9%
Net margin 10.0% 22.2% 15.2% 14.2% 17.6% 14.0% 4.9%
Cash from operations / revenue 15.5% 20.2% 19.3% 15.7% 22.9% 16.8% 15.5%
Free-cash-flow margin 14.5% 18.5% 17.0% 14.6% 21.5% 13.4% 13.4%
Free-cash-flow margin, 3-year average 17.2% 18.5% 14.0% 16.2% 22.4% 13.5% 13.7%
Stock pay / revenue 0.4% 2.1% 2.2% 1.5% 1.3% — 1.4%
Change in share count 7.4% −1.3% −4.3% −2.0% 12.3% — 5.7%

Median of all 17 companies we cover in insurance brokers. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 insurance brokers companies
Measure Company Peer median Rank
Revenue growth Growth 26.3% 7.6% 4 of 17
Change in growth rate Growth +1.8pp -0.7pp 5 of 17
Net margin Profitability 10.0% 4.9% 6 of 17
Free-cash-flow margin Cash generation 14.5% 17.0% 5 of 6
Stock pay as % of revenue Cash generation 0.4% 1.5% 2 of 16
Long-term debt as % of assets Balance sheet 14.6% 24.9% 1 of 5
Change in share count Balance sheet 7.4% 7.4% 7 of 12

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $9.4B 67.4% ▲ 26.4%
United Kingdom $2.5B 17.8% ▲ 11.3%
Other Foreign $886M 6.4% ▲ 26.4%
Australia $586M 4.2% ▲ 1.9%
Canada $395M 2.8% ▼ 5.0%
NZ $207M 1.5% ▼ 1.4%

From Arthur J. Gallagher & Co.'s 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$54.7B
Institutions reporting
1,283
Shares held vs prior quarter
▲ 3.9%
Positions opened / closed
142 / 107

Top buyers and sellers, Q2 2026: 603 institutions bought and 585 sold ; the biggest buyer was FMR LLC (+4.0M shares) and the biggest seller Jpmorgan Chase & Co (−5.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $4.6B 19.8M 8.3% ▲ 2.7%
FMR LLC $4.3B 18.6M 7.8% ▲ 27.5%
Vanguard Capital Management LLC $3.9B 16.8M 7.0% ▲ 0.5%
Jpmorgan Chase & Co $3.3B 14.4M 6.0% ▼ 26.6%
Capital World Investors $2.9B 12.5M 5.2% ▼ 9.4%
Vanguard Portfolio Management LLC $2.9B 12.5M 5.2% ▲ 0.3%
State Street Corp $2.6B 11.3M 4.7% ▲ 3.0%
Dodge & Cox $2.1B 9.4M 3.9% ▲ 27.3%
Norges Bank $1.5B 6.7M 2.8% —
Geode Capital Management, LLC $1.4B 6.3M 2.6% ▲ 0.9%
Eagle Capital Management LLC $1.1B 4.9M 2.1% ▲ 83.5%
Principal Financial Group Inc $802M 3.5M 1.5% ▲ 7.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Arthur J. Gallagher & Co.'s complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $988,488 4 trades by 1 insider, last 12 months Insider sales History → $24.5M 13 trades by 6 insiders · 0% under pre-set plans
Net ▼ $23.5M net selling
Insider Date Trade Shares Price Value
Cary Richard C Controller, CAO September 15, 2026 Sell 1,000 $252.86 $252,858
Hudson Scott R Vice President September 2, 2026 Sell 12,000 $264.13 $3.2M
Bay Walter D. General Counsel August 24, 2026 Sell 12,000 $270.08 $3.2M
Mead Christopher E VICE PRESIDENT August 19, 2026 Sell 3,500 $257.02 $899,587
Cary Richard C Controller, CAO June 2, 2026 Sell 3,000 $206.00 $618,000
Hudson Scott R Vice President March 6, 2026 Sell 3,800 $227.57 $864,766
Mead Christopher E VICE PRESIDENT March 5, 2026 Sell 4,000 $227.12 $908,472
Gallagher J Patrick Jr CEO March 2, 2026 Sell 27,450 $230.31 $6.3M
Mead Christopher E VICE PRESIDENT December 23, 2025 Sell 4,000 $258.11 $1M
Howell Douglas K VP & Chief Financial Officer December 22, 2025 Sell 5,000 $258.05 $1.3M
Bay Walter D. General Counsel December 19, 2025 Sell 15,850 $255.00 $4M
Mead Christopher E VICE PRESIDENT November 21, 2025 Sell 1,250 $250.74 $313,425

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 24 trades and filings

In the last 12 months, 3 members of Congress disclosed 1 purchase and 6 sales of Arthur J. Gallagher & Co. shares.

  • Kelly Morrison(D-MN 3):Sale (full), $15,001 - $50,000, traded March 8, 2026, filed March 10, 2026
  • Kelly Morrison(D-MN 3):Sale (full), $1,001 - $15,000, traded March 8, 2026, filed March 10, 2026
  • Kelly Morrison(D-MN 3):Sale (full), $1,001 - $15,000, traded March 8, 2026, filed March 10, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • January 29, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Arthur J. Gallagher & Co. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Arthur J. Gallagher & Co. in brief

What does Arthur J. Gallagher & Co. do?
Arthur J. Gallagher & Co. is a US-listed company in the insurance brokers industry. Its financial year ends in December.
What is Arthur J. Gallagher & Co.'s stock ticker?
Arthur J. Gallagher & Co. trades under the ticker AJG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Arthur J. Gallagher & Co.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Arthur J. Gallagher & Co. reported revenue of $15.8B, 26.3% higher than a year earlier, according to its SEC filings.
What is Arthur J. Gallagher & Co.'s free cash flow?
Arthur J. Gallagher & Co.'s free-cash-flow margin is 14.5% of revenue over the trailing twelve months, ranking 5 of the 6 insurance brokers companies we cover.
What is Arthur J. Gallagher & Co.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Arthur J. Gallagher & Co.'s free cash flow after stock-based pay gives ~$430 per share in the base case, and ~$320–$580 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Arthur J. Gallagher & Co.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Arthur J. Gallagher & Co.'s market cap?
On November 2, 2026, Arthur J. Gallagher & Co.'s market capitalisation was about $71.6B, with a price-to-earnings ratio of 45.6 and net debt of $12.2B. Market figures come from third-party market data and may be delayed.
Does Arthur J. Gallagher & Co. pay a dividend?
Yes: Arthur J. Gallagher & Co. paid $693M in dividends over the trailing twelve months, a dividend yield of 0.97% and a payout ratio of 44.1%.
How much debt does Arthur J. Gallagher & Co. have?
Arthur J. Gallagher & Co.'s debt-to-equity ratio is 56.8%, from its latest balance sheet (68.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Arthur J. Gallagher & Co.'s competitors?
In our Insurance Brokers peer group, the companies closest to Arthur J. Gallagher & Co. are Aon plc, Willis Towers Watson, Marsh McLennan, Brown & Brown and Erie Indemnity. The side-by-side comparison below sets their revenue, margins and growth against Arthur J. Gallagher & Co.'s.
Are insiders buying or selling Arthur J. Gallagher & Co. stock?
Over the last 12 months, Arthur J. Gallagher & Co.'s directors and officers reported 4 open-market purchases and 13 sales on Form 4. The insider trading page charts every trade.
When is Arthur J. Gallagher & Co.'s next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Arthur J. Gallagher & Co. announces its own schedule.