| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net earnings | 823,000 | 154,300 | 273,600 | 366,200 |
| Net gain on investments and other | -2,000 | 19,300 | -8,200 | 6,100 |
| Depreciation and amortization | 339,000 | 361,500 | 276,300 | 230,800 |
| Change in estimated acquisition earnout payables | 17,000 | 6,900 | 28,900 | -5,600 |
| Amortization of deferred compensation and restricted stock | 33,000 | 47,100 | 40,200 | 32,500 |
| Stock-based and other noncash compensation expense | 17,000 | 11,700 | 11,800 | 11,600 |
| Payments on acquisition earnouts in excess of original estimates | -45,000 | -2,100 | -9,000 | -469,900 |
| Provision for deferred income taxes | 97,000 | 7,400 | 26,800 | -28,800 |
| Effect of changes in foreign exchange rates | 4,000 | -5,400 | 1,600 | -25,700 |
| Net change in accounts receivable, net | 869,000 | -185,800 | -217,300 | 23,000 |
| Net change in deferred revenue | 87,000 | -106,000 | -8,000 | -19,800 |
| Net change in other current assets | -84,000 | 156,400 | 61,500 | 18,000 |
| Net change in accrued compensation and other accrued liabilities | -411,000 | -154,400 | -89,900 | 548,100 |
| Net change in income taxes payable | 52,000 | 50,100 | -72,800 | -64,700 |
| Net change in other noncurrent assets and liabilities | 87,000 | -52,200 | 88,800 | -91,100 |
| Net cash provided by operating activities | 957,000 | 753,000 | 731,300 | -426,100 |
| Capital expenditures | 36,000 | 39,600 | 37,800 | 39,400 |
| Cash paid for acquisitions, net of cash and restricted cash acquired | 289,000 | 453,600 | 13,650,800 | 1,329,800 |
| Net proceeds from sales of operations/books of business | 4,000 | 11,500 | 3,300 | 400 |
| Net funding of investment transactions | -1,000 | -1,100 | 0 | -600 |
| Net funding of premium finance loans | -82,000 | -9,000 | 98,600 | -23,100 |
| Net cash used by investing activities | -238,000 | -471,600 | -13,783,900 | -1,345,100 |
| Payments on acquisition earnouts | 115,000 | 69,500 | 22,900 | 338,500 |
| Proceeds from issuance of common stock | 55,000 | 17,700 | 102,900 | 43,600 |
| Payments to noncontrolling interests | NaN | 5,000 | 0 | 0 |
| Repurchases of common stock | 310,000 | NaN | NaN | NaN |
| Dividends paid | 180,000 | 167,500 | 166,900 | 166,600 |
| Net change in fiduciary assets and liabilities | -68,000 | 192,800 | 446,300 | 870,600 |
| Net borrowings on premium financing debt facility | 78,000 | 14,900 | -76,200 | 1,400 |
| Borrowings on line of credit facility | 1,975,000 | 1,342,700 | 1,200,000 | 3,300 |
| Repayments on line of credit facility | 1,690,000 | 1,472,700 | 1,070,000 | 3,300 |
| Net borrowings of corporate related long-term debt | -314,000 | 1,600 | 600 | -199,800 |
| Debt acquisition costs | 2,000 | 1,900 | 2,400 | 4,700 |
| Settlements on terminated interest rate swaps | NaN | 0 | 0 | 0 |
| Net cash (used) provided by financing activities | -723,000 | -172,900 | 568,600 | 210,300 |
| Effect of changes in foreign exchange rates on cash, cash equivalents, restricted cash and fiduciary cash | -52,000 | 89,800 | 17,800 | 127,800 |
| Net (decrease) increase in cash, cash equivalents, restricted cash and fiduciary cash | -56,000 | 198,300 | -12,466,200 | -1,433,100 |
| Cash, cash equivalents, restricted cash and fiduciary cash at beginning of period | 8,538,000 | 8,340,300 | 20,806,500 | 22,239,600 |
| Cash, cash equivalents, restricted cash and fiduciary cash at end of period | 8,482,000 | 8,538,000 | 8,340,300 | 20,806,500 |
Arthur J. Gallagher & Co. (AJG)
Arthur J. Gallagher & Co. (AJG)