| Cash Flow | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-09-30 |
|---|---|---|---|---|
| Net earnings | 1,348.7 | 1,075.1 | 708.9 | 1,212.2 |
| Net gain on investments and other | 3.7 | 11.9 | 5.8 | 23.9 |
| Depreciation and amortization | 760.5 | 484.2 | 253.4 | 629.3 |
| Change in estimated acquisition earnout payables | 39.1 | 10.2 | 15.8 | -12.6 |
| Amortization of deferred compensation and restricted stock | 100.9 | 60.7 | 28.2 | 87.8 |
| Stock-based and other noncash compensation expense | 37.3 | 25.5 | 13.9 | 32.1 |
| Payments on acquisition earnouts in excess of original estimates | -488.9 | -479.9 | -10 | -36.8 |
| Provision for deferred income taxes | 53.6 | 26.8 | 55.6 | 2.7 |
| Effect of changes in foreign exchange rates | -48.6 | -50.2 | -24.5 | -16 |
| Net change in accounts receivable, net | 463.8 | 681.1 | 658.1 | 110.5 |
| Net change in deferred revenue | 50 | 58 | 77.8 | 19.4 |
| Net change in other current assets | 61.6 | 0.1 | -17.9 | 12.1 |
| Net change in accrued compensation and other accrued liabilities | 42.4 | 132.3 | -415.8 | -41.4 |
| Net change in income taxes payable | -110.1 | -37.3 | 27.4 | -36.3 |
| Net change in other noncurrent assets and liabilities | 91.2 | 2.4 | 93.5 | -34.9 |
| Net cash provided by operating activities | 1,177 | 445.7 | 871.8 | 1,843.6 |
| Capital expenditures | 105.4 | 67.6 | 28.2 | 98.3 |
| Cash paid for acquisitions, net of cash and restricted cash acquired | 15,312.4 | 1,661.6 | 331.8 | 669.4 |
| Net proceeds from sales of operations/books of business | 5.5 | 2.2 | 1.8 | 21.2 |
| Net funding of investment transactions | -0.9 | -0.9 | -0.3 | -0.4 |
| Net funding of premium finance loans | -7 | -105.6 | -82.5 | -16.1 |
| Net cash used by investing activities | -15,404.4 | -1,620.5 | -275.4 | -730 |
| Payments on acquisition earnouts | 372.5 | 349.6 | 11.1 | 130.6 |
| Proceeds from issuance of common stock | 1,481.3 | 1,378.4 | 1,334.8 | 138 |
| Payments to noncontrolling interests | 0 | 0 | - | 3.4 |
| Dividends paid | 499.5 | 332.6 | 166 | 393.6 |
| Net change in fiduciary assets and liabilities | 1,338.2 | 891.9 | 21.3 | 655.6 |
| Net borrowings on premium financing debt facility | 0.1 | 76.3 | 74.9 | 29.7 |
| Borrowings on line of credit facility | 1,203.3 | 3.3 | - | 1,663.2 |
| Repayments on line of credit facility | 1,073.3 | 3.3 | - | 1,906.9 |
| Net borrowings of corporate related long-term debt | -198.6 | -199.2 | 0.6 | 568.7 |
| Debt acquisition costs | 7.1 | 4.7 | 2.3 | -7.6 |
| Settlements on terminated interest rate swaps | 0 | 0 | - | 1.4 |
| Net cash provided by financing activities | 1,885.9 | 1,317.3 | 1,107 | 552.3 |
| Effect of changes in foreign exchange rates on cash, cash equivalents, restricted cash and fiduciary cash | 213.2 | 195.4 | 67.6 | 85.8 |
| Net (decrease) increase in cash, cash equivalents, restricted cash and fiduciary cash | -12,128.3 | 337.9 | 1,771 | 1,751.7 |
| Cash and cash equivalents at beginning of period | 20,468.6 | 20,468.6 | 20,468.6 | 6,543.3 |
| Cash and cash equivalents at end of period | 8,340.3 | 20,806.5 | 22,239.6 | 8,295 |
Arthur J. Gallagher & Co. (AJG)
Arthur J. Gallagher & Co. (AJG)