Arthur J. Gallagher & Co. (AJG) Income Statement
AJG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAJG revenue and net income
Where AJG's revenue goes
2025Each bar shows an amount and its share of revenue. AJG kept 10.7% of revenue as net income.
AJG profit margins
AJG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +20.7% | +17.7% | +14.8% | +10.0% |
| Gross profit | +56.5% | +28.5% | +25.0% | +16.8% |
| Operating income | +11.7% | +13.4% | +20.5% | +19.3% |
| Net income | +2.1% | +10.3% | +12.8% | +15.4% |
| EPS (diluted) | +5.5% | +11.3% | +17.7% | +15.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AJG quarterly EPS vs estimates
Arthur J. Gallagher beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 29, 2026 (estimate $3.01).
AJG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.94B | $11.55B | $10.07B | $8.55B | $8.21B | $7.00B | $7.12B | $6.92B | $6.25B | $5.68B |
| Cost of revenue | $6.31B | $6.68B | $5.83B | $4.95B | $5.23B | $4.50B | $4.83B | $4.98B | $4.52B | $4.08B |
| Gross profit | $7.63B | $4.88B | $4.25B | $3.60B | $2.98B | $2.50B | $2.29B | $1.94B | $1.73B | $1.60B |
| Research & development | — | — | $0 | $0 | $0 | $0 | — | $0 | $0 | $0 |
| Sales, general & admin | $7.00B | $6.52B | $5.68B | $4.80B | $3.93B | $3.47B | $3.34B | $3.03B | $2.75B | $2.54B |
| Total operating expenses | $5.08B | $2.60B | $2.39B | $1.93B | $1.64B | $1.47B | $1.54B | $1.32B | $1.21B | $1.13B |
| Operating income | $2.55B | $2.28B | $1.86B | $1.75B | $1.47B | $1.00B | $745.9M | $617.2M | $511.4M | $475.5M |
| Interest income | $639.0M | $381.4M | $306.5M | $256.9M | $226.1M | $196.4M | $179.8M | $138.4M | $124.1M | $109.8M |
| Interest expense | $638.8M | $381.3M | $296.7M | $256.9M | $226.1M | $196.4M | $179.8M | $138.4M | $124.1M | $109.8M |
| Income before taxes | $1.87B | $1.87B | $1.19B | $1.33B | $975.1M | $870.9M | $626.1M | $479.4M | $359.8M | $333.6M |
| Income taxes | $368.3M | $404.4M | $219.1M | $211.0M | $20.1M | $12.8M | −$89.7M | −$196.5M | −$157.1M | −$96.7M |
| Net income | $1.49B | $1.46B | $969.5M | $1.11B | $906.8M | $818.8M | $668.8M | $633.5M | $481.3M | $396.8M |
| EBITDA | $3.66B | $3.10B | $2.18B | $2.35B | $2.04B | $1.56B | $1.28B | $1.04B | $869.7M | $794.2M |
| EPS (diluted) | $10.70 | $10.14 | $8.78 | $7.77 | $5.50 | $4.73 | $3.66 | $3.45 | $3.06 | $2.74 |
| Gross margin | 54.8% | 42.2% | 42.1% | 42.1% | 36.2% | 35.7% | 32.1% | 28.0% | 27.6% | 28.2% |
| Operating margin | 18.3% | 19.8% | 18.5% | 20.5% | 17.9% | 14.3% | 10.5% | 8.9% | 8.2% | 8.4% |
| Net margin | 10.7% | 12.7% | 9.6% | 13.0% | 11.0% | 11.7% | 9.4% | 9.1% | 7.7% | 7.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.00B | $4.76B | $3.63B | $3.37B | $3.22B | $3.73B | $2.72B | $2.81B | $2.78B | $3.26B | $2.44B | $2.49B |
| Cost of revenue | $764.0M | $720.0M | $2.21B | $316.5M | $1.85B | $1.94B | $1.59B | $1.66B | $1.66B | $1.76B | $1.47B | $1.46B |
| Gross profit | $3.24B | $4.04B | $1.42B | $3.05B | $1.37B | $1.79B | $1.13B | $1.14B | $1.12B | $1.49B | $970.8M | $1.03B |
| Sales, general & admin | $2.33B | — | $667.0M | $2.63B | $1.80B | $1.90B | $6.52B | $1.62B | $1.62B | $3.24B | $1.43B | $1.42B |
| Total operating expenses | $2.65B | $2.82B | $1.08B | $2.51B | $750.1M | $743.8M | $651.9M | $663.7M | $637.2M | $643.4M | $640.3M | $594.7M |
| Operating income | $588.0M | $1.22B | $341.0M | $536.6M | $624.4M | $1.05B | $473.7M | $480.9M | $478.7M | $848.8M | $330.5M | $434.4M |
| Interest income | — | — | $161.0M | $166.2M | $183.8M | $181.4M | $118.5M | $78.0M | — | — | — | $72.8M |
| Interest expense | $168.0M | $158.0M | $161.0M | $160.8M | $158.6M | $158.4M | $101.9M | $92.9M | $94.3M | $92.2M | $78.2M | $72.8M |
| Income before taxes | $414.0M | $1.04B | $180.0M | $346.9M | $471.4M | $872.7M | $333.2M | $403.3M | $365.6M | $772.7M | −$82.2M | $364.1M |
| Income taxes | $90.0M | $220.0M | $26.0M | $73.3M | $105.2M | $163.8M | $75.0M | $89.2M | $80.2M | $160.0M | −$42.6M | $80.9M |
| Net income | $323.0M | $822.0M | $151.0M | $272.7M | $365.8M | $704.4M | $258.3M | $312.6M | $283.4M | $608.4M | −$32.2M | $280.7M |
| EBITDA | $940.0M | $1.54B | $703.0M | $784.0M | $860.8M | $1.28B | $660.7M | $706.2M | $671.5M | $1.07B | $185.7M | $606.1M |
| EPS (diluted) | $2.84 | $4.47 | $2.38 | $2.32 | $2.33 | $3.67 | $2.13 | $2.26 | $2.26 | $3.49 | $1.85 | $2.00 |
| Gross margin | 80.9% | 84.9% | 39.1% | 90.6% | 42.7% | 48.0% | 41.4% | 40.8% | 40.2% | 45.8% | 39.8% | 41.3% |
| Operating margin | 14.7% | 25.6% | 9.4% | 15.9% | 19.4% | 28.1% | 17.4% | 17.1% | 17.2% | 26.1% | 13.6% | 17.4% |
| Net margin | 8.1% | 17.3% | 4.2% | 8.1% | 11.4% | 18.9% | 9.5% | 11.1% | 10.2% | 18.7% | −1.3% | 11.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AJG's financial statements (latest annual report filed February 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AJG financial results
In fiscal year 2025 (ended December 31, 2025), Arthur J. Gallagher reported revenue of $13.9 billion, up 20.7% from the year before. It had net income of $1.5 billion (up 2.1%), a net profit margin of 10.7%. Diluted earnings per share came to $10.70. Over five years revenue grew at an average rate of 14.8% a year.
See the AJG stock overview for the latest quote and news, or the AJG chart for price history and technical indicators.
AJG income statement FAQ
What is Arthur J. Gallagher's annual revenue?
Arthur J. Gallagher reported total revenue of $13.9 billion for fiscal year 2025, which ended on December 31, 2025. That was up 20.7% from $11.6 billion the previous year.
Is Arthur J. Gallagher profitable?
Yes. Arthur J. Gallagher reported net income of $1.5 billion in fiscal 2025, a net profit margin of 10.7%; its operating margin was 18.3%.
What is Arthur J. Gallagher's gross margin?
Arthur J. Gallagher's gross margin was 54.8% in fiscal 2025: for every $100 of revenue, Arthur J. Gallagher kept $55 after the direct cost of its products and services.
How fast is Arthur J. Gallagher growing?
Revenue grew 14.8% a year on average over the last five fiscal years, from $7.0 billion to $13.9 billion.
What are Arthur J. Gallagher's earnings per share?
Arthur J. Gallagher earned $10.70 per diluted share in fiscal 2025, compared with $10.14 a year earlier.
When will Arthur J. Gallagher report its next earnings?
Arthur J. Gallagher is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 after the market closes.
When does Arthur J. Gallagher's fiscal year end?
Arthur J. Gallagher's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 17, 2026.