Arthur J. Gallagher & (AJG) 10-K Summary — Year Ended Dec 31, 2025
Arthur J. Gallagher & Co. reported continued revenue growth driven by acquisitions and organic expansion. The company completed two large acquisitions in 2025, contributing to higher total revenue and operating cash flow.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Arthur J. Gallagher & Co. reported continued revenue growth driven by acquisitions and organic expansion. The company completed two large acquisitions in 2025, contributing to higher total revenue and operating cash flow.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$13.9B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$1.5B
Net income reported for the year.
Operating cash flow
$1.9B
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, 2022 | $8.6B | +4.2% |
| Dec 31, 2023 | $10.1B | +17.8% |
| Dec 31, 2024 | $11.6B | +14.7% |
| Dec 31, 2025 | $13.9B | +20.7% |
Business overview
Arthur J. Gallagher & Co. operates as an insurance brokerage and risk management services firm. The company's business is not capital intensive, with historical capital needs focused on dividends, share repurchases, investments, and acquisitions. The filing describes its business overview in Item 1.
Financial performance
Total revenue grew over the prior year, continuing a multi-year upward trend. Net income and operating cash flow were positive for the period. The filing does not provide operating income.
Material risks
The company's future performance may differ materially from forward-looking statements due to factors beyond its control. Forward-looking statements are based on current information and are subject to change. The filing references risk factors but does not detail them in the provided context.
Liquidity and capital
The company generated positive operating cash flow and used it, along with financing, to fund two large acquisitions in 2025. Integration expenses for these acquisitions are expected over three years.
What to watch
The progress and cost of integrating the AssuredPartners and Woodruff Sawyer acquisitions should be monitored.