What does Arthur J. Gallagher & Co. do?

Gallagher provides insurance brokerage, reinsurance brokerage, consulting and third-party property/casualty claims settlement and administration services, according to its 10-K for 2025. Its brokerage segment earns commissions and fees and does not assume net underwriting risks; its risk management segment provides contract claim settlement and administration services.

Where is Gallagher based?

Its address on the cover of its 10-K for 2025 is 2850 Golf Road, Rolling Meadows, Illinois. It was reincorporated as a Delaware corporation in 1972 and says it was founded in 1927.

Which Gallagher segment is the largest?

Brokerage, with total revenues of $12,192 million in 2025 and earnings before income taxes of $2,759 million, against $1,749 million and $249 million for risk management, according to the segment note in its 10-K for 2025. The corporate segment reported earnings (loss) before income taxes of $(1,137) million.

What is AssuredPartners?

A U.S. insurance broker that Gallagher acquired on August 18, 2025, through its holding company Dolphin TopCo, Inc., for gross consideration of $13.8 billion. The 10-K for 2025 describes it as having client capabilities across commercial property/casualty, specialty, employee benefits and personal lines, with operations in the U.K. and Ireland, and calls it the largest acquisition in Gallagher's history.

What were Gallagher's second-quarter 2026 results?

Its 10-Q reports total revenues of $4,003.0 million for the quarter ended June 30, 2026, against $3,222.0 million a year earlier, and net earnings attributable to controlling interests of $324.0 million, or $1.25 per diluted share, against $368.0 million, or $1.40. In its July 30, 2026 release Gallagher reported diluted net earnings per share, as adjusted (adjusted EPS), a non-GAAP measure, of $2.84, against $2.30.

Does Gallagher pay a dividend?

Yes. It declared dividends of $2.60 per common share for 2025 and paid $667 million of dividends that year (10-K). For the quarter ended June 30, 2026 it declared $0.70 per common share, against $0.65 a year earlier (10-Q).

J. Patrick Gallagher, Jr. is Chairman and Chief Executive Officer, and Douglas K. Howell is Vice President, Chief Financial Officer, according to their certifications in the 10-Q for the quarter ended June 30, 2026. In a Form 8-K filed August 27, 2026 the company said Kyle G. Koreyva would succeed Richard C. Cary as Controller and Chief Accounting Officer effective October 1, 2026.

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Arthur J. Gallagher & Co. $AJG

Financials · Insurance Brokers · NYSE/NASDAQ

Profile updated Oct 14, 2026

S&P 500 Russell 1000 Illinois

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$259.36

+6.35 (+2.51%)

As of Oct 20, 2026, 12:01 PM EDT · cached

Price history

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Today's analyst average Analyst average over timeIndividual analyst targets Analyst history starts Oct 7, 2026, the first target we tracked for AJG.

Key facts

52-week range (closes): $192.00 – $303.73 Lowest close May 13, 2026, highest Oct 14, 2025; 251 daily closes to Oct 13, 2026 from Dalsna Finance's price archive
Next earnings: Oct 29, 2026, after the close · EPS forecast $3.01 Nasdaq earnings calendar, as of Oct 20, 2026
Fiscal year ends: December Fiscal 2025 ended Dec 31, 2025, from SEC filings
In the S&P 500 since: May 31, 2016, replacing Coca-Cola Enterprises (CCE) · Coca-Cola Enterprises merged with European bottlers. · All S&P 500 changes
Analyst coverage: 1 open price target from 1 firm: Cantor Fitzgerald Approved targets tracked here; see the analyst section below

Arthur J. Gallagher & Co. (AJG) is trading up at $259.36 (+2.51%) on NYSE/NASDAQ, as of the latest quote. It is a S&P 500 constituent in the Financials sector.

Analyst price targets on AJG

One firm's current price target on Arthur J. Gallagher & Co.: $280 — 8% above the current $259. Each is tracked to its date and scored the same way a member's call is.

Cantor Fitzgerald $230 → $280 by Oct 2027 Neutral Oct 7, 2026 via Investing.com · Cantor Fitzgerald's track record

Targets published by research firms, extracted from the news, checked against independent reporting, and linked to their source. Where a firm did not state a horizon the target is tracked as 12 months, the industry convention; the rows where the firm set its own horizon are marked. Reported here as facts about what was published — not recommendations from Dalsna Finance, and no firm listed is affiliated with this site.

Arthur J. Gallagher & Co. revenue & net income history (FY2016–FY2025)

RevenueNet incomeNet margin (right axis, %)

Arthur J. Gallagher & Co. annual financial statements
	FY2016Dec 2016	FY2017Dec 2017	FY2018Dec 2018	FY2019Dec 2019	FY2020Dec 2020	FY2021Dec 2021	FY2022Dec 2022	FY2023Dec 2023	FY2024Dec 2024	FY2025Dec 2025
Income statement
Revenue	$5.68B	$6.25B	$6.93B	$7.20B	$7.00B	$8.21B	$8.55B	$10.1B	$11.6B	$13.9B
Growth (year over year)	+5.3%	+10.0%	+11.0%	+3.8%	−2.7%	+17.2%	+4.2%	+17.8%	+14.7%	+20.7%
Gross profit	$4.27B	$4.61B	$5.12B	$5.84B	$6.12B	$7.04B	$8.53B	—	—	—
Gross margin	75.2%	73.8%	73.8%	81.2%	87.4%	85.7%	99.7%	—	—	—
Net income	$396.8M	$481.3M	$633.5M	$668.8M	$818.8M	$906.8M	$1.11B	$970.0M	$1.46B	$1.49B
Net margin	7.0%	7.7%	9.1%	9.3%	11.7%	11.0%	13.0%	9.6%	12.7%	10.7%
EPS (diluted)	$2.22	$2.64	$3.40	$3.52	$4.20	$4.37	$5.19	$4.42	$6.50	$5.74
Balance sheet
Cash and equivalents	$545.5M	$681.2M	$607.2M	$604.8M	$664.6M	$402.6M	$738.4M	$971.0M	$15.0B	$1.40B
Total assets	$13.5B	$14.9B	$16.3B	$19.6B	$22.3B	$33.2B	$38.4B	$51.6B	$64.3B	$70.7B
Total liabilities	$7.83B	$10.6B	$11.8B	$14.4B	$16.1B	$24.8B	$29.2B	$40.8B	$44.1B	$47.3B
Long-term debt	$2.14B	$2.69B	$3.09B	$3.82B	$4.27B	$5.81B	$5.56B	$7.01B	$12.7B	$12.1B
Shareholders' equity	$3.60B	$4.24B	$4.50B	$5.16B	$6.19B	$8.51B	$9.14B	$10.8B	$20.2B	$23.3B
Cash flow
Operating cash flow	$649.6M	$854.2M	$765.1M	$1.19B	$1.81B	$1.39B	$1.39B	$2.03B	$2.58B	$1.93B
Capital expenditure	$217.8M	$129.2M	$124.4M	$138.8M	$99.3M	$128.6M	$182.7M	$194.0M	$142.0M	$145.0M
Free cash flow	$431.8M	$725.0M	$640.7M	$1.05B	$1.71B	$1.26B	$1.21B	$1.84B	$2.44B	$1.78B
Dividends paid	$272.2M	$282.7M	$301.8M	$321.1M	$347.4M	$392.0M	$429.5M	$474.0M	$525.0M	$667.0M
Share buybacks	$101.0M	$17.7M	$11.3M	—	—	—	—	—	—	—

RevenueNet incomeNet margin (right axis, %)

Arthur J. Gallagher & Co. quarterly financial statements
	Q3 FY24Sep 2024	Q4 FY24^†Dec 2024	Q1 FY25Mar 2025	Q2 FY25Jun 2025	Q3 FY25Sep 2025	Q4 FY25^†Dec 2025	Q1 FY26Mar 2026	Q2 FY26Jun 2026
Income statement
Revenue	$2.81B	$2.72B	$3.73B	$3.22B	$3.37B	$3.63B	$4.76B	$4.00B
Growth (year over year)	+12.6%	+11.7%	+14.4%	+16.1%	+19.9%	+33.6%	+27.7%	+24.2%
Net income	$312.6M	$258.6M	$704.0M	$368.0M	$272.7M	$149.3M	$822.0M	$324.0M
Net margin	11.1%	9.5%	18.9%	11.4%	8.1%	4.1%	17.3%	8.1%
EPS (diluted)	$1.39	$1.10	$2.72	$1.40	$1.04	$0.58	$3.16	$1.25
Balance sheet
Cash and equivalents	$2.02B	$15.0B	$16.7B	$14.3B	$1.40B	$1.40B	$1.41B	$1.39B
Total assets	$57.2B	$64.3B	$74.1B	$80.1B	$79.1B	$70.7B	$78.3B	$81.8B
Total liabilities	$45.0B	$44.1B	$51.7B	$57.1B	$55.8B	$47.3B	$54.5B	$58.1B
Long-term debt	$7.79B	$12.7B	$12.4B	$12.1B	$12.1B	$12.1B	$12.1B	$12.0B
Shareholders' equity	$12.2B	$20.2B	$22.3B	$23.0B	$23.2B	$23.3B	$23.8B	$23.7B
Cash flow
Operating cash flow	$934.8M	$739.4M	$872.0M	−$424.0M	$729.0M	$753.0M	$957.0M	$10.0M
Capital expenditure	$36.8M	$43.7M	$28.0M	$40.0M	$37.4M	$39.6M	$36.0M	$51.0M
Free cash flow	$898.0M	$695.7M	$844.0M	−$464.0M	$691.6M	$713.4M	$921.0M	−$41.0M
Dividends paid	$131.6M	$131.4M	$166.0M	$167.0M	$166.5M	$167.5M	$180.0M	$179.0M
Share buybacks	—	—	$0	$0	—	—	$310.0M	$170.0M

From Arthur J. Gallagher & Co.'s 10-K and 10-Q filings with the SEC; its fiscal year ends in December. Each period shows the latest figure the company has reported for it, including restatements. Net margin is our own calculation from those reported figures (net income ÷ revenue); it is left blank where revenue is zero or missing. † Quarter derived from the company's year-to-date or full-year totals. Filings on SEC EDGAR →

Arthur J. Gallagher & Co. vs the Financials sector and the S&P 500

Arthur J. Gallagher & Co.'s latest reported figures next to the median of the other 75 S&P 500 Financials companies and of the other 502 S&P 500 companies; each median is taken over the companies with a comparable figure (counts in the footnote). A median is the middle value, not an average, so one very large company does not move it.

Arthur J. Gallagher & Co. compared with the median Financials company and the median S&P 500 company
Measure	Arthur J. Gallagher & Co.	Financials (75 other S&P 500 companies)	S&P 500 (502 other companies)
Revenue growth, latest fiscal year	+20.7%	+7.2%	+7.0%
Net margin, latest fiscal year	10.7%	19.4%	13.0%
Dividend per share, latest fiscal year	$2.60	$2.35	$2.40
Share price change, 1 year	−9.4%	+6.6%	+5.9%

Arthur J. Gallagher & Co.: fiscal year ended December 2025, from its 10-K and 10-Q filings with the SEC. Medians computed October 20, 2026 from each company's latest annual filing (fiscal years ending between July 2025 and September 2026) and our price archive. Prices for every company, Arthur J. Gallagher & Co. included, are the last regular-session prices of October 19, 2026; the 1-year change compares that price with each company's last close on or before October 20, 2025. Net margin and price change are our calculations from reported figures. Each median counts only the companies with a comparable figure (sector / S&P 500): revenue growth 75/496, net margin 75/496, dividend per share 61/349, 1-year price change 75/490; the reasons below can overlap. 12 are left out of the price figure because our archive holds no comparable close for them; dividend medians are among the 61 sector and 349 S&P 500 companies reporting a per-share dividend. The S&P 500 price figure is the middle company's change, not the index's return.

About Arthur J. Gallagher & Co.

Arthur J. Gallagher & Co. (Gallagher) is an American insurance brokerage and risk management services company based in Rolling Meadows, Illinois, a suburb of Chicago. The company provides insurance brokerage services and risk management services, the latter of which primarily includes the processing of workers compensation and automobile insurance claims through the company's adjusters.

Source: Wikipedia — Arthur J. Gallagher & Co.

Headquarters: Rolling Meadows, Illinois From SEC filings, Oct 2026

Company profile

Arthur J. Gallagher & Co. (Gallagher) provides insurance brokerage, reinsurance brokerage, consulting and third-party property/casualty claims settlement and administration services, according to its annual report for 2025 (Form 10-K). The company says it was founded in 1927 as a one-person insurance agency and was reincorporated as a Delaware corporation in 1972; the 10-K cites Business Insurance as ranking it the world's third largest insurance broker/risk manager based on revenues. Its address on the 10-K cover is 2850 Golf Road, Rolling Meadows, Illinois, its fiscal year ends December 31, and its common stock trades on the New York Stock Exchange as AJG. It offers client service capabilities in approximately 130 countries, and at December 31, 2025 it had approximately 72,000 employees, approximately 47% in the U.S. and 53% outside the U.S. (10-K).

Gallagher reports three segments: brokerage, risk management and corporate. The 10-K says the brokerage segment is primarily its retail and wholesale insurance and reinsurance brokerage operations, earning commissions and fees without assuming net underwriting risks; retail accounted for 75% of brokerage segment revenues in 2025, wholesale for 13% and reinsurance brokerage (which it calls Gallagher Re) for 12%. The risk management segment provides contract claim settlement and administration services and accounted for 13% of revenues in 2025. In 2025 the company generated approximately 33% of its combined brokerage and risk management revenues outside the U.S., primarily in Australia, Canada, New Zealand and the U.K. (10-K).

For 2025 the consolidated statement of earnings reports total revenues of $13,942 million, against $11,555 million in 2024, including commissions of $8,024 million and fees of $4,195 million. Net earnings attributable to controlling interests were $1,494 million, against $1,463 million in 2024, while diluted net earnings per share were $5.74, against $6.50. Net cash provided by operating activities was $1,930 million (2024: $2,583 million), and cash paid for acquisitions, net of cash and restricted cash acquired, was $15,766 million (2024: $1,462 million). At December 31, 2025 total assets were $70,665 million, goodwill - net was $22,593 million and total stockholders' equity was $23,347 million (10-K).

On August 18, 2025 Gallagher acquired Dolphin TopCo, Inc., the holding company of AssuredPartners, for gross consideration of $13.8 billion; the 10-K describes AssuredPartners as a leading U.S. insurance broker with operations in the U.K. and Ireland, and calls it the largest acquisition in Gallagher's history. On April 10, 2025 it acquired Woodruff Sawyer for consideration of $1.2 billion, funded using cash on hand (10-K, Business Combinations note and Item 1A).

According to its 10-Q for the quarter ended June 30, 2026 (unaudited), total revenues were $4,003.0 million for the second quarter, against $3,222.0 million a year earlier, while net earnings attributable to controlling interests were $324.0 million, or $1.25 per diluted share, against $368.0 million, or $1.40. For the first six months, total revenues were $8,761.0 million (2025: $6,949.0 million) and net earnings attributable to controlling interests were $1,146.0 million, or $4.41 per diluted share (2025: $1,072.0 million, or $4.12). In its July 30, 2026 release Gallagher reported diluted net earnings per share, as adjusted (adjusted EPS), a non-GAAP measure, of $2.84, against $2.30. J. Patrick Gallagher, Jr. is Chairman and Chief Executive Officer and Douglas K. Howell is Vice President, Chief Financial Officer (10-Q, Exhibits 31.1 and 31.2). Annual revenue rows below run to 2025, the latest year covered by a filed 10-K.

Summary sources:¹²³⁴⁵⁶⁷⁸⁹¹⁰¹¹¹²

$13,942 million⁴

Total revenues, 2025 (year ended December 31, 2025)

$8,024 million⁴

Commissions, 2025

$4,195 million⁴

Fees, 2025

$1,494 million⁴

Net earnings attributable to controlling interests, 2025

$5.74⁴

Diluted net earnings per share, 2025

$2.60⁴

Dividends declared per common share, 2025

$1,930 million⁵

Net cash provided by operating activities, 2025

$15,766 million⁵

Cash paid for acquisitions, net of cash and restricted cash acquired, 2025

$667 million⁵

Dividends paid, 2025

$70,665 million⁶

Total assets, December 31, 2025

$22,593 million⁶

Goodwill - net, December 31, 2025

$12,104 million⁶

Corporate related borrowings - noncurrent, December 31, 2025

$23,347 million⁶

Total stockholders' equity, December 31, 2025

72,000¹

Employees, December 31, 2025 (approximately)

257.1 million²

Common shares outstanding, January 31, 2026 (10-K cover)

$13.8 billion⁷

AssuredPartners acquisition, gross consideration (completed August 18, 2025)

$4,003.0 million⁸

Total revenues, quarter ended June 30, 2026 (10-Q)

$324.0 million⁸

Net earnings attributable to controlling interests, quarter ended June 30, 2026 (10-Q)

$8,761.0 million⁸

Total revenues, six months ended June 30, 2026 (10-Q)

$2.84⁹

Diluted net earnings per share, as adjusted (adjusted EPS), second quarter of 2026 (non-GAAP, as reported by Gallagher)

$81,808 million¹³

Total assets, June 30, 2026 (10-Q)

$1,520 million¹³

Corporate related borrowings - current, June 30, 2026 (10-Q)

$11,955 million¹³

Corporate related borrowings - noncurrent, June 30, 2026 (10-Q)

Revenue by fiscal year, as reported in 10-K

Fiscal year	Revenue (as reported in 10-K)	Reported as	Filed
2021	$8,209.4 million¹⁴	Form 10-K for fiscal year 2021 (year ended December 31, 2021), total revenues, in millions as filed	Feb 18, 2022
2022	$8,550.6 million¹⁵	Form 10-K for fiscal year 2022 (year ended December 31, 2022), total revenues, in millions as filed	Feb 10, 2023
2023	$10,071.9 million¹⁶	Form 10-K for fiscal year 2023 (year ended December 31, 2023), total revenues, in millions as filed	Feb 9, 2024
2024	$11,554.9 million¹⁷	Form 10-K for fiscal year 2024 (year ended December 31, 2024), total revenues, in millions as filed	Feb 18, 2025
2025	$13,942 million⁴	Form 10-K for fiscal year 2025 (year ended December 31, 2025), total revenues, in millions as filed	Feb 17, 2026

Products

Brokerage segment

Name	Released	What it is
Gallagher Drive	—	A product offering through which Gallagher provides data analysis and other data and benchmarking insights to help its clients make insurance decisions (10-K for 2025).¹
SmartMarket	—	A platform through which Gallagher provides insurance carriers with individualized preference setting and risk identification capabilities, as well as performance data and metrics (10-K for 2025).¹

Risk management segment

Name	Released	What it is
RISX-FACS®	—	Gallagher's proprietary risk management information system, on which its ability to provide clients with insurance claim settlement and administration services is highly dependent (10-K for 2025, risk factors).¹

Segments and products

Brokerage: Primarily retail and wholesale insurance and reinsurance brokerage operations; Gallagher earns commissions and fees and does not assume net underwriting risks. In millions as shown in the segment note of the 10-K for 2025: total revenues of $12,192 in 2025 (2024: $9,934), earnings before income taxes of $2,759 (2024: $2,259) and net earnings attributable to controlling interests of $2,043 (2024: $1,678).³
Risk management: Contract claim settlement and administration services, for commercial, nonprofit, captive and public sector entities among others, paid principally through negotiated per-claim or per-service fees. In millions as shown in the segment note of the 10-K for 2025: total revenues of $1,749 in 2025 (2024: $1,605), earnings before income taxes of $249 (2024: $238) and net earnings attributable to controlling interests of $183 (2024: $175).³
Corporate: Revenues consist of other income related to the run-off of legacy investments; the segment also reports debt, external acquisition-related expenses, other corporate costs, foreign currency remeasurement and clean energy investments. In millions as shown in the segment note of the 10-K for 2025: total revenues of $1 in 2025 (2024: $16), earnings (loss) before income taxes of $(1,137) (2024: $(622)) and net earnings (loss) attributable to controlling interests of $(732) (2024: $(390)).³

Risks

Acquisitions and integration: Gallagher says it has historically acquired large numbers of insurance brokers, benefit consulting firms and, to a lesser extent, third party claims administration and risk management firms, that it may not be able to continue that strategy, and that there are risks in such acquisitions, including integration efforts for larger acquisitions such as AssuredPartners, the largest acquisition in its history (10-K, Item 1A).¹
Insurance premiums and contingent revenues: The 10-K says volatility or declines in premiums or other adverse trends in the insurance industry may seriously undermine its profitability, and that contingent and supplemental revenues from underwriting enterprises are less predictable than standard commission revenues (Item 1A).¹
Operations outside the U.S.: Gallagher says its substantial operations outside the U.S. expose it to operational, regulatory, economic and other risks different from those it faces in the U.S.; it generated approximately 33% of its combined brokerage and risk management revenues outside the U.S. in 2025 (10-K, Item 1A).¹
Debt: The 10-K's risk factor summary says Gallagher has debt outstanding that could adversely affect its financial flexibility and subjects it to restrictions and limitations that could significantly impact its ability to operate its business (Item 1A).¹
Cybersecurity, data and AI: Gallagher lists improper disclosure of confidential, personal or proprietary information and cybersecurity attacks on its systems or those of third-party vendors it relies on, and risks associated with its use of AI, including in services provided to clients, as risks to its business, financial condition and reputation (10-K, Item 1A).¹
Claims administration systems: In its third-party claims administration operations, the 10-K says a disruption affecting RISX-FACS®, its proprietary risk management information system, third-party cloud services or other supporting infrastructure could have a material adverse effect on its operations and cause reputational harm and damage its employee and client relationships (Item 1A).¹

Frequently asked questions

What does Arthur J. Gallagher & Co. do?: Gallagher provides insurance brokerage, reinsurance brokerage, consulting and third-party property/casualty claims settlement and administration services, according to its 10-K for 2025. Its brokerage segment earns commissions and fees and does not assume net underwriting risks; its risk management segment provides contract claim settlement and administration services.
Where is Gallagher based?: Its address on the cover of its 10-K for 2025 is 2850 Golf Road, Rolling Meadows, Illinois. It was reincorporated as a Delaware corporation in 1972 and says it was founded in 1927.
How much revenue did Gallagher make in 2025?: Total revenues were $13,942 million in 2025, compared with $11,555 million in 2024, according to its 10-K. Net earnings attributable to controlling interests were $1,494 million, against $1,463 million, and diluted net earnings per share were $5.74, against $6.50 in 2024.
Which Gallagher segment is the largest?: Brokerage, with total revenues of $12,192 million in 2025 and earnings before income taxes of $2,759 million, against $1,749 million and $249 million for risk management, according to the segment note in its 10-K for 2025. The corporate segment reported earnings (loss) before income taxes of $(1,137) million.
What is AssuredPartners?: A U.S. insurance broker that Gallagher acquired on August 18, 2025, through its holding company Dolphin TopCo, Inc., for gross consideration of $13.8 billion. The 10-K for 2025 describes it as having client capabilities across commercial property/casualty, specialty, employee benefits and personal lines, with operations in the U.K. and Ireland, and calls it the largest acquisition in Gallagher's history.
How much of Gallagher's business is outside the U.S.?: In 2025 it generated approximately 33% of its combined brokerage and risk management revenues outside the U.S., primarily in Australia, Canada, New Zealand and the U.K., according to its 10-K. About 53% of its approximately 72,000 employees were outside the U.S. at December 31, 2025.
What were Gallagher's second-quarter 2026 results?: Its 10-Q reports total revenues of $4,003.0 million for the quarter ended June 30, 2026, against $3,222.0 million a year earlier, and net earnings attributable to controlling interests of $324.0 million, or $1.25 per diluted share, against $368.0 million, or $1.40. In its July 30, 2026 release Gallagher reported diluted net earnings per share, as adjusted (adjusted EPS), a non-GAAP measure, of $2.84, against $2.30.
Does Gallagher pay a dividend?: Yes. It declared dividends of $2.60 per common share for 2025 and paid $667 million of dividends that year (10-K). For the quarter ended June 30, 2026 it declared $0.70 per common share, against $0.65 a year earlier (10-Q).
Who runs Gallagher?: J. Patrick Gallagher, Jr. is Chairman and Chief Executive Officer, and Douglas K. Howell is Vice President, Chief Financial Officer, according to their certifications in the 10-Q for the quarter ended June 30, 2026. In a Form 8-K filed August 27, 2026 the company said Kyle G. Koreyva would succeed Richard C. Cary as Controller and Chief Accounting Officer effective October 1, 2026.