Arthur J. Gallagher & (AJG) 10-K Summary — Year Ended Dec 31, 2023
Arthur J. Gallagher & Co. operates as an insurance brokerage and risk management firm. In the most recent annual period, the company reported higher revenue and net income compared to the prior year, with operating cash flows supporting its capital activities.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Arthur J. Gallagher & Co. operates as an insurance brokerage and risk management firm. In the most recent annual period, the company reported higher revenue and net income compared to the prior year, with operating cash flows supporting its capital activities.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$10.1B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$970M
Net income reported for the year.
Operating cash flow
$2B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $8.2B | n/a |
| Dec 31, 2022 | $8.6B | +4.2% |
| Dec 31, 2023 | $10.1B | +17.8% |
Business overview
The company provides insurance brokerage and risk management services. Its operations are not capital intensive, and it historically uses cash flows for dividends, share repurchases, investments, and acquisitions of brokerage and risk management operations.
Financial performance
Revenue increased from the prior year, and net income also rose. Operating cash flow was substantial, reflecting the company's ability to generate cash from its brokerage and risk management activities.
Material risks
The company's forward-looking statements are subject to factors beyond its control, and actual results may differ materially. Sustainability-related statements are based on evolving standards and assumptions that may change. Detailed risk factors are discussed in the company's SEC filings.
Liquidity and capital
The company funded two acquisitions in the period using free cash flow and proceeds from a senior notes offering. Capital requirements have historically included dividends, share repurchases, investments, and acquisitions.
What to watch
Monitor the company's acquisition activity and how it funds future transactions, given the use of both free cash flow and debt in recent deals.