Arthur J. Gallagher & Co. (AJG) Cash Flow Statement
Where AJG’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.93B −25.3% vs 2024
- Capital expenditures
- $145.0M 1.0% of revenue
- Free cash flow
- $1.78B 12.8% margin
- Returned to shareholders
- $667.0M 37% of free cash flow
- Change in cash
- −$13.59B cash at year-end $1.40B
Cash from operations
$1.93B
Capital expenditures
−$145.0M
Acquisitions & other
−$15.74B
Dividends
−$667.0M
Share buybacks (net)
+$1.50B
Net borrowing (repayment)
−$212.0M
Shares issued
+$1.50B
Other financing
−$401.0M
Currency & other
−$1.36B
Change in cash
−$13.59B
Drawn to scale: where the cash came from and how it was used. Hover for values.
AJG operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
AJG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $622.1M2016 | $1.93B2025 | +13.4%/yr | |
| Capital expenditures | $217.8M2016 | $145.0M2025 | −4.4%/yr | |
| Free cash flow | $404.3M2016 | $1.78B2025 | +17.9%/yr | |
| Free cash flow margin | 7.1%2016 | 12.8%2025 | +5.7 pts | |
| Operating cash flow / net income | 1.402016 | 1.292025 | −0.11 | |
| Stock-based compensation | $14.7M2016 | $197.0M2025 | +33.4%/yr | |
| Dividends paid | $272.2M2016 | $667.0M2025 | +10.5%/yr | |
| Share buybacks (net) | $101.0M2016 | $02025 | −100.0% | |
| Capex / revenue | 3.8%2016 | 1.0%2025 | −2.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AJG cash flow by activity
OperatingInvestingFinancingChange in cash
AJG net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AJG cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.49B | $1.46B | $966.0M | $1.12B | $955.0M | $858.1M | $715.8M | $675.9M | $499.2M | $445.0M |
| Depreciation & amortization | $1.12B | $842.3M | $696.5M | $599.6M | $566.3M | $562.4M | $474.4M | $419.0M | $385.8M | $350.8M |
| Stock-based compensation | $197.0M | $117.5M | $31.4M | $24.4M | $13.4M | $13.6M | $14.0M | $13.7M | $17.3M | $14.7M |
| Change in working capital | −$423.0M | $40.9M | −$121.2M | $552.7M | $199.5M | $295.7M | −$65.6M | −$318.8M | −$57.3M | −$126.8M |
| Other non-cash items | −$460.0M | $119.5M | $459.0M | −$167.3M | −$30.1M | $22.7M | −$19.4M | −$24.7M | $9.2M | −$61.6M |
| Cash from operating activities | $1.93B | $2.58B | $2.03B | $2.13B | $1.70B | $1.75B | $1.12B | $765.1M | $854.2M | $622.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$145.0M | −$141.9M | −$193.6M | −$182.7M | −$128.6M | −$99.3M | −$138.8M | −$124.4M | −$129.2M | −$217.8M |
| Investments (net) | $2.0M | −$1.59B | −$1.84B | −$68.2M | −$67.9M | −$1.4M | −$52.0M | −$15.6M | −$8.9M | −$31.9M |
| Acquisitions & other investing | −$15.74B | $141.9M | −$1.26B | −$753.9M | −$3.24B | −$316.1M | −$1.19B | −$770.3M | −$372.9M | −$319.5M |
| Cash from investing activities | −$15.88B | −$1.59B | −$3.29B | −$1.00B | −$3.43B | −$416.8M | −$1.38B | −$910.3M | −$511.0M | −$569.2M |
| Financing activities | ||||||||||
| Dividends paid | −$667.0M | −$525.4M | −$473.6M | −$429.5M | −$392.0M | −$347.4M | −$321.1M | −$301.8M | −$282.7M | −$272.2M |
| Share repurchases & issuance (net) | $1.50B | $8.51B | $5.47B | $119.5M | $2.99B | $3.07B | $5.06B | −$11.3M | −$17.7M | −$101.0M |
| Net borrowing (repayment) | −$212.0M | $5.27B | $1.86B | $15.0M | $1.70B | −$96.4M | $976.1M | $506.6M | $260.6M | $396.8M |
| Shares issued | $1.50B | $8.51B | $120.9M | $123.1M | $1.55B | $111.9M | $101.2M | $81.9M | $0 | $0 |
| Other financing | −$401.0M | −$8.70B | −$4.10B | −$350.9M | −$3.17B | −$3.24B | −$5.18B | −$113.4M | −$8.0M | $10.3M |
| Cash from financing activities | $1.72B | $13.05B | $2.87B | −$522.8M | $2.68B | −$505.1M | $638.4M | $162.0M | −$47.8M | $33.9M |
| Summary | ||||||||||
| Net change in cash | −$13.59B | $13.93B | $1.58B | $497.9M | $892.0M | $950.4M | $387.1M | −$68.2M | $367.4M | $65.1M |
| Cash at end of period | $1.40B | $20.47B | $6.54B | $4.96B | $4.47B | $3.57B | $2.62B | $2.24B | $2.31B | $545.5M |
| Free cash flow | $1.78B | $2.44B | $1.84B | $1.94B | $1.58B | $1.65B | $980.4M | $640.7M | $725.0M | $404.3M |
| Free cash flow margin | 12.8% | 21.1% | 18.2% | 22.7% | 19.2% | 23.6% | 13.8% | 9.3% | 11.6% | 7.1% |
| Capex / revenue | 1.0% | 1.2% | 1.9% | 2.1% | 1.6% | 1.4% | 1.9% | 1.8% | 2.1% | 3.8% |
| Operating cash flow / net income | 1.29 | 1.77 | 2.10 | 1.90 | 1.78 | 2.04 | 1.56 | 1.13 | 1.71 | 1.40 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $324.0M | $823.0M | $151.0M | $273.6M | $366.2M | $708.9M | $258.2M | $314.1M | $285.4M | $608.4M | −$39.6M | $283.2M |
| Depreciation & amortization | $358.0M | $339.0M | $362.0M | $276.3M | $230.8M | $253.4M | $213.0M | $210.0M | $211.6M | $207.7M | $189.7M | $171.7M |
| Stock-based compensation | $24.0M | $17.0M | $11.7M | $11.8M | $11.6M | $28.2M | $9.8M | $11.0M | $10.0M | $11.1M | $10.4M | $9.1M |
| Change in working capital | −$632.0M | −$322.0M | $180.1M | $76.1M | −$582.5M | −$212.7M | $104.1M | $408.4M | −$374.6M | −$97.0M | $146.4M | $409.1M |
| Other non-cash items | −$64.0M | $100.0M | $48.2M | $93.5M | −$452.2M | $94.0M | $154.2M | −$8.7M | −$12.9M | $59.1M | $386.7M | $24.1M |
| Cash from operating activities | $10.0M | $957.0M | $753.0M | $731.3M | −$426.1M | $871.8M | $739.3M | $934.8M | $119.5M | $789.3M | $693.6M | $897.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$51.0M | −$36.0M | −$39.6M | −$37.8M | −$39.4M | −$28.2M | −$43.6M | −$36.8M | −$31.8M | −$29.7M | −$46.0M | −$58.8M |
| Investments (net) | −$5.0M | $1.0M | $1.1M | −$13.78B | −$1.35B | −$275.4M | −$857.4M | −$230.4M | −$307.7M | −$191.9M | −$1.90B | −$327.4M |
| Acquisitions & other investing | −$297.0M | −$203.0M | −$438.1M | $37.8M | $39.4M | $28.2M | $43.6M | $36.8M | $30.8M | $26.6M | $46.0M | −$1.01B |
| Cash from investing activities | −$353.0M | −$238.0M | −$476.6M | −$13.78B | −$1.35B | −$275.4M | −$857.4M | −$230.4M | −$308.7M | −$195.0M | −$1.90B | −$1.39B |
| Financing activities | ||||||||||||
| Dividends paid | −$179.0M | −$180.0M | −$167.5M | −$166.9M | −$166.6M | −$166.0M | −$131.8M | −$131.6M | −$131.3M | −$130.7M | −$119.1M | −$118.6M |
| Share repurchases & issuance (net) | −$170.0M | −$310.0M | $1.50B | $1.48B | $1.38B | $1.33B | $8.51B | $138.0M | — | — | −$1.74B | $473.3M |
| Net borrowing (repayment) | $732.0M | −$107.0M | −$143.3M | $206.8M | −$201.2M | −$74.3M | $4.97B | −$35.4M | — | — | — | −$393.5M |
| Shares issued | $36.0M | $55.0M | $17.7M | $102.9M | $43.6M | $1.33B | $8.37B | $44.5M | $41.5M | $52.0M | $20.2M | $34.0M |
| Other financing | $832.0M | −$181.0M | −$1.37B | −$1.06B | −$843.9M | −$1.32B | −$9.22B | $596.0M | $36.0M | $76.4M | $2.82B | −$663.7M |
| Cash from financing activities | $1.25B | −$723.0M | −$167.9M | $568.6M | $210.3M | $1.11B | $12.50B | $611.5M | −$53.8M | −$2.3M | $982.1M | −$668.5M |
| Summary | ||||||||||||
| Net change in cash | −$27.0M | −$56.0M | −$3.3M | −$12.47B | −$1.43B | $1.77B | $12.17B | $1.46B | −$243.0M | $537.5M | −$242.1M | −$156.8M |
| Cash at end of period | $1.39B | $8.48B | $1.40B | $8.34B | $20.81B | $22.24B | $20.47B | $8.29B | $6.84B | $7.08B | $6.54B | $6.79B |
| Free cash flow | −$41.0M | $921.0M | $713.4M | $693.5M | −$465.5M | $843.6M | $695.7M | $898.0M | $87.7M | $759.6M | $647.6M | $838.4M |
| Free cash flow margin | −1.0% | 19.4% | 19.7% | 20.6% | −14.5% | 22.6% | 25.6% | 32.0% | 3.2% | 23.3% | 26.6% | 33.6% |
| Capex / revenue | 1.3% | 0.8% | 1.1% | 1.1% | 1.2% | 0.8% | 1.6% | 1.3% | 1.1% | 0.9% | 1.9% | 2.4% |
| Operating cash flow / net income | 0.03 | 1.16 | 4.99 | 2.67 | −1.16 | 1.23 | 2.86 | 2.98 | 0.42 | 1.30 | — | 3.17 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AJG cash generation
In fiscal 2025 (ended December 31, 2025), Arthur J. Gallagher generated $1.9 billion of cash from operations (down 25.3%) and spent $145.0 million on capital expenditures, leaving free cash flow of $1.8 billion, 12.8% of revenue. It returned $667.0 million to shareholders through dividends ($667.0 million) and net share buybacks ($0). Cash and equivalents fell by $13.6 billion over the year.
Related: AJG income statement, AJG balance sheet, AJG dividend history. See the AJG stock overview for the latest quote and news.
AJG cash flow FAQ
What is Arthur J. Gallagher's free cash flow?
Arthur J. Gallagher's free cash flow was $1.8 billion in fiscal 2025: $1.9 billion of operating cash flow minus $145.0 million of capital expenditures It was $2.4 billion a year earlier..
How much cash does Arthur J. Gallagher generate from operations?
Arthur J. Gallagher generated $1.9 billion of cash from operating activities in fiscal 2025, 1.29 times its net income of $1.5 billion.
How much does Arthur J. Gallagher spend on capital expenditures?
Arthur J. Gallagher spent $145.0 million on capital expenditures in fiscal 2025, 1.0% of revenue, compared with $141.9 million the year before.
How much does Arthur J. Gallagher pay in dividends?
Arthur J. Gallagher paid $667.0 million in dividends in fiscal 2025, 37.4% of free cash flow.