# Arthur J. Gallagher & Co. (AJG)

Informational only - not investment advice.

CIK: 0000354190
SIC: 6411 Insurance Agents, Brokers & Service
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [SIC Major Group 64](/major-group/64/) > [SIC 6411 Insurance Agents, Brokers & Service](/industry/6411/)
Latest 10-K filed: 2026-02-17
SEC page: https://www.sec.gov/edgar/browse/?CIK=354190
Filing source: https://www.sec.gov/Archives/edgar/data/354190/000162828026008662/ajg-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-17 · accession 0001628280-26-008662 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000354190.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 13,942,000,000 USD | 2025 | verified |
| Net income | 1,494,000,000 USD | 2025 | verified |
| Assets | 70,665,000,000 USD | 2025 | verified |
| Free cash flow | 1,785,000,000 USD | 2025 | computed |
| Net margin | 10.72% | 2025 | computed |
| Revenue YoY | +20.66% | 2025 | computed |
| ROE | 6.41% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | AJG | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 10.7% | 10.7% | 50 | 15 |
| Revenue growth | 20.7% | 8.3% | 86 | 15 |
| FCF margin | 12.8% | 14.0% | 42 | 13 |
| ROE | 6.4% | 13.5% | 7 | 15 |
| ROA | 2.1% | 3.8% | 21 | 15 |
| Liabilities / equity | 2.03 | 2.36 | 46 | 14 |
| Current ratio | 1.06 | 1.16 | 17 | 13 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6411 Insurance Agents, Brokers & Service, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 13942000000 | USD | 2025 | 2026-02-17 |
| Net income | 1494000000 | USD | 2025 | 2026-02-17 |
| Assets | 70665000000 | USD | 2025 | 2026-02-17 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-17. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000354190.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 5,680,500,000 | 6,249,000,000 | 6,934,000,000 | 7,195,000,000 | 7,003,600,000 | 8,209,400,000 | 8,550,600,000 | 10,072,000,000 | 11,555,000,000 | 13,942,000,000 |
| Net income | 396,800,000 | 481,300,000 | 633,500,000 | 668,800,000 | 818,800,000 | 906,800,000 | 1,114,200,000 | 970,000,000 | 1,463,000,000 | 1,494,000,000 |
| Diluted EPS | 2.22 | 2.64 | 3.40 | 3.52 | 4.20 | 4.37 | 5.19 | 4.42 | 6.50 | 5.74 |
| Operating cash flow | 649,600,000 | 854,200,000 | 765,100,000 | 1,191,100,000 | 1,807,100,000 | 1,392,400,000 | 1,390,000,000 | 2,032,000,000 | 2,583,000,000 | 1,930,000,000 |
| Capital expenditures | 217,800,000 | 129,200,000 | 124,400,000 | 138,800,000 | 99,300,000 | 128,600,000 | 182,700,000 | 194,000,000 | 142,000,000 | 145,000,000 |
| Dividends paid | 272,200,000 | 282,700,000 | 301,800,000 | 321,100,000 | 347,400,000 | 392,000,000 | 429,500,000 | 474,000,000 | 525,000,000 | 667,000,000 |
| Assets | 13,528,200,000 | 14,909,700,000 | 16,334,000,000 | 19,634,800,000 | 22,331,400,000 | 33,236,100,000 | 38,358,400,000 | 51,616,000,000 | 64,255,000,000 | 70,665,000,000 |
| Liabilities | 7,833,800,000 | 10,610,000,000 | 11,764,300,000 | 14,419,300,000 | 16,098,700,000 | 24,784,900,000 | 29,168,200,000 | 40,800,500,000 | 44,075,000,000 | 47,318,000,000 |
| Stockholders' equity | 3,596,600,000 | 4,235,600,000 | 4,498,900,000 | 5,155,500,000 | 6,186,200,000 | 8,508,400,000 | 9,143,600,000 | 10,775,300,000 | 20,154,000,000 | 23,321,000,000 |
| Free cash flow | 431,800,000 | 725,000,000 | 640,700,000 | 1,052,300,000 | 1,707,800,000 | 1,263,800,000 | 1,207,300,000 | 1,838,000,000 | 2,441,000,000 | 1,785,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 6.99% | 7.70% | 9.14% | 9.30% | 11.69% | 11.05% | 13.03% | 9.63% | 12.66% | 10.72% |
| Return on equity | 11.03% | 11.36% | 14.08% | 12.97% | 13.24% | 10.66% | 12.19% | 9.00% | 7.26% | 6.41% |
| Return on assets | 2.93% | 3.23% | 3.88% | 3.41% | 3.67% | 2.73% | 2.90% | 1.88% | 2.28% | 2.11% |
| Liabilities / equity | 2.18 | 2.50 | 2.61 | 2.80 | 2.60 | 2.91 | 3.19 | 3.79 | 2.19 | 2.03 |
| Current ratio | 0.96 | 1.08 | 1.06 | 1.02 | 1.10 | 1.06 | 1.04 | 1.03 | 1.51 | 1.06 |

## As-reported value updates

12 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/AJG/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000354190.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 1.19 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 2.24 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 1.07 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 2,492,000,000 | 280,700,000 | 1.28 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 2,431,900,000 | -32,200,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 3,256,700,000 | 608,400,000 | 2.74 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 2,775,400,000 | 283,400,000 | 1.27 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 2,806,800,000 | 312,600,000 | 1.39 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 2,716,000,000 | 258,300,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 3,727,400,000 | 704,400,000 | 2.72 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 3,220,800,000 | 365,800,000 | 1.40 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 3,365,600,000 | 272,700,000 | 1.04 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 3,628,200,000 | 151,100,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 4,758,000,000 | 822,000,000 | 3.16 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 4,003,000,000 | 324,000,000 | 1.25 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from AJG's latest 10-K: [/company/AJG/business/](/company/AJG/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from AJG's latest 10-K: [/company/AJG/risk-factors/](/company/AJG/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/354190/000162828026053489/ajg-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

The discussion and analysis that follows relates to our financial condition and results of operations for the six-month period ended June 30, 2026. Readers should review this information in conjunction with the June 30, 2026 unaudited consolidated financial statements and notes included in Item 1 of Part I of this quarterly report on Form 10‑Q and the audited consolidated financial statements and notes, and Management’s Discussion and Analysis of Financial Condition and Results of Operations, contained in our annual report on Form 10-K for the year ended December 31, 2025.

Prior Year Discussion of Results and Comparisons

For Information on fiscal second quarter 2025 results and similar comparisons, see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Form 10-Q for the fiscal six-month period ended June 30, 2025.

Information Regarding Non-GAAP Measures and Other

In the discussion and analysis of our results of operations that follows, in addition to reporting financial results in accordance with GAAP, we provide information regarding EBITDAC, EBITDAC margin, adjusted EBITDAC, adjusted EBITDAC margin, diluted net earnings per share, as adjusted (adjusted EPS), adjusted revenue, adjusted compensation and operating expenses, adjusted compensation expense ratio, adjusted operating expense ratio and organic revenue. These measures are not in accordance with, or an alternative to, the GAAP information provided in this quarterly report on Form 10‑Q. We believe that these presentations provide useful information to management, analysts and investors regarding financial and business trends relating to our results of operations and financial condition or because they provide investors with measures that our chief operating decision makers use when reviewing the Company’s performance. See further below for definitions and additional reasons each of these measures is useful to investors. Our industry peers may provide similar supplemental non-GAAP information with respect to one or more of these measures, although they may not use the same or comparable terminology and may not make identical adjustments. The non-GAAP information we provide should be used in addition to, but not as a substitute for, the GAAP information provided. As disclosed in our most recent Proxy Statement, we make determinations regarding certain elements of executive officer incentive compensation, performance share awards and annual cash incentive awards, partly on the basis of measures related to adjusted EBITDAC.

Adjusted Non-GAAP presentation - We believe that the adjusted non-GAAP presentation of the current and prior period information presented on the following pages provides stockholders and other interested persons with useful information regarding certain financial metrics that may assist such persons in analyzing our operating results as they develop a future earnings outlook for us. The after-tax amounts related to the adjustments were computed using the normalized effective tax rate for each respective period.

•Adjusted measures - Revenues (for the brokerage segment), revenues before reimbursements (for the risk management segment), net earnings, compensation expense and operating expense, respectively, are each adjusted to exclude the following, as applicable:

•Net (gains) losses on divestitures, which are primarily net proceeds received related to sales of books of business and other divestiture transactions, such as the disposal of a business through sale or closure.

•Acquisition integration costs, which include costs related to certain large acquisitions (including the acquisitions of Willis Towers Watson plc treaty reinsurance brokerage operations, Buck, Cadence Insurance, Inc., Eastern Insurance Group, LLC, My Plan Manager Group Pty Ltd, Woodruff Sawyer and AssuredPartners), outside the scope of our usual tuck‑in strategy, are not expected to occur on an ongoing basis in the future once we fully assimilate the applicable acquisition. These costs are typically associated with redundant workforce, compensation expense related to amortization of certain retention bonus arrangements, extra lease space, duplicate services and external costs incurred to assimilate the acquisition into our IT related systems.

•Transaction-related costs, which are associated with completed, future and terminated acquisitions. Costs primarily relate to the acquisitions of AssuredPartners and Woodruff Sawyer, which closed in August 2025 and April 2025, respectively. These include costs related to regulatory filings, legal and accounting services, insurance and incentive compensation.

- 30 -

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•Workforce related charges, which primarily include severance costs (either accrued or paid) related to employee terminations and other costs associated with redundant workforce.

•Lease termination related charges, which primarily include costs related to terminations of real estate leases and abandonment of leased space.

•Acquisition related adjustments principally relate to changes in estimated acquisition earnout payables adjustments and acquisition related compensation charges. In addition, from time to time may include changes in balance sheet estimates arising from conforming accounting principles, purchase-related true-ups and other balance sheet adjustments made after the closing date.

•Amortization of intangible assets, which reflects the amortization of customer/expiration lists, non-compete agreements, trade names and other intangible assets acquired through our merger and acquisition strategy, the impact to amortization expense of acquisition valuation adjustments to these assets as well as non-cash impairment charges.

•The impact of foreign currency translation, as applicable. The amounts excluded with respect to foreign currency translation are calculated by applying current year foreign exchange rates to the same period in the prior year.

•Effective income tax rate impact, which levelizes the prior year for the change in current year tax rates.

•Clean energy-related, which represents the impact of adjustments in first quarter 2026 related to the write-down of a clean energy-related investment.

•Legal and tax related, which represents the impact of adjustments in second quarter 2026 related to costs associated with legal and tax matters.

•Benefit plan related, which represents the impact of adjustments in second quarter 2026 related to costs associated with the termination of the Gallagher US defined pension plan and other benefit plan changes.

Adjusted ratios - Adjusted compensation expense and adjusted operating expense, respectively, each divided by adjusted revenues.

Non-GAAP Earnings Measures

•EBITDAC and EBITDAC Margin - EBITDAC is net earnings before interest, income taxes, depreciation, amortization and the change in estimated acquisition earnout payables and EBITDAC margin is EBITDAC divided by total revenues (for the brokerage segment) and revenues before reimbursements (for the risk management segment). These measures for the brokerage and risk management segments provide a meaningful representation of our operating performance for the overall business and provide a meaningful way to measure our financial performance on an ongoing basis.

•EBITDAC, as Adjusted and EBITDAC Margin, as adjusted - Adjusted EBITDAC is EBITDAC adjusted to exclude net gains on divestitures, acquisition integration costs, workforce related charges, lease termination related charges, acquisition related adjustments, transaction-related costs, and the period-over-period impact of foreign currency translation as applicable, (and for the corporate segment, the clean energy related adjustments described above) and Adjusted EBITDAC margin is Adjusted EBITDAC divided by total adjusted revenues (defined above). These measures for the brokerage and risk management segments provide a meaningful representation of our operating performance, and are also presented to improve the comparability of our results between periods by eliminating the impact of the items that have a high degree of variability.

•EPS, as Adjusted and Net Earnings, as Adjusted - Adjusted net earnings have been adjusted to exclude the after-tax impact of net gains on divestitures, acquisition integration costs, the impact of foreign currency translation, workforce related charges, lease termination related charges, acquisition related adjustments, transaction-related costs, amortization of intangible assets, and effective income tax rate impact, as applicable. Adjusted EPS is Adjusted Net Earnings divided by diluted weighted

- 31 -

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average shares outstanding. This measure provides a meaningful representation of our operating performance (and as such should not be used as a measure of our liquidity), and for the overall business is also presented to improve the comparability of our results between periods by eliminating the impact of the items that have a high degree of variability.

Organic Revenues (a non-GAAP measure) - Organic revenue change measures the year-over-year percentage change in organic revenue. For the brokerage segment, organic revenue consists of base commission and fee revenues, supplemental revenues and contingent revenues and excludes the first twelve months of such revenues generated from acquisitions and such revenues related to divested operations which include disposals of a business through sale or closure, estimate changes, run-off of a business and the restructuring and/or repricing of programs and products in each year presented. Such revenues are excluded from organic revenues in order to help interested persons analyze the revenue growth associated with the operations that were a part of our business in both the current and prior period. In order to improve the comparability of our results between periods, we further exclude the period‑over‑period impact of foreign currency translation; revenue from certain large life product sales within Gallagher’s Executive Life and Benefits practice group (which are typically large, singular transactions with a high degree of variability in amount and timing); and revenue attributable to changes in assumptions used to calculate estimated deferred revenues, which impact the quarterly timing of revenues during the annual contract period. For the risk management segment, organic revenues consists of fee revenues and excludes the first twelve months of such revenues generated from acquisitions and such revenues related to divested operations in each year presented. In order to improve the comparability of our results between periods, we further exclude the period-over-period impact of foreign currency translation.

These revenue items are excluded from organic revenues in order to determine a comparable, but non-GAAP, measurement of revenue growth that is associated with the revenue sources that are expected to continue in the current year and beyond, as well as eliminating the impact of the items that have a high degree of variability. We have historically viewed organic revenue growth as an important indicator when assessing and evaluating the performance of our brokerage and risk management segments. We also believe that using this non‑GAAP measure allows readers of our financial statements to measure, analyze and compare the growth from our brokerage and risk management segments in a meaningful and consistent manner.

Reconciliation of Non-GAAP Information Presented to GAAP Measures - This quarterly report on Form 10‑Q includes tabular reconciliations to the most comparable GAAP measures, as follows: for EBITDAC (on pages 41 and 47) and adjusted EBITDAC margin, (on page 44) , for adjusted revenues, adjusted EBITDAC and adjusted diluted net earnings per share (on page 35), for organic revenue measur

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/354190/000162828026008662/ajg-20251231.htm
Complete FY 2025 MD&A: /company/AJG/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-17
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Introduction

The following discussion and analysis should be read in conjunction with our consolidated financial statements and the related notes included in Item 8 of this annual report. In addition, please see “Information Regarding Non-GAAP Measures and Other” beginning on page 38 for a reconciliation of the non-GAAP measures for adjusted total revenues, organic commission, fee and supplemental revenues and adjusted EBITDAC to the comparable GAAP measures, as well as other important information regarding these measures.

We are engaged in providing insurance brokerage, reinsurance brokerage, consulting services, and third-party property/casualty claims settlement and administration services to entities and individuals around the world. We believe that one of our major strengths is our ability to deliver comprehensively structured insurance and risk management services to our clients. Our brokers, agents and administrators act as intermediaries between underwriting enterprises and our clients and we do not assume net underwriting risks. We are headquartered in Rolling Meadows, Illinois, and provide brokerage, risk management and consulting services in approximately 130 countries around the world through our owned operations and a network of correspondent brokers and consultants and third-party property/casualty claims settlement and administration services through a network of offices located throughout Australia, Canada, New Zealand, the U.K. and the U.S. In 2025, we expanded, and expect to continue to expand, our international operations through both acquisitions and organic growth. We generate approximately 67% of our revenues for the combined brokerage and risk management segments domestically, with the remaining 33% generated internationally, primarily in Australia, Canada, New Zealand and the U.K. (based on 2025 revenues). We have three reportable segments: brokerage, risk management and corporate. Brokerage and risk management contributed approximately 87% and 13%, respectively, to 2025 revenues. Our major sources of operating revenues are commissions, fees and supplemental and contingent revenues from brokerage operations and fees from risk management operations. Interest income, premium finance revenues and other income is generated from invested cash and fiduciary funds and revenue from premium financing.

Prior Year Discussion of Results and Comparisons

For information on fiscal 2024 results and similar comparisons, see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Form 10-K for the fiscal year ended December 31, 2024.

35

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Summary of Financial Results - Year Ended December 31,

See the Reconciliations of Non-GAAP Measures on page 38.

[[GREPCENT_TABLE]]
[["","Year 2025","","Year 2024","","Change"],["","Reported GAAP","","Adjusted Non-GAAP","","Reported GAAP","","Adjusted Non-GAAP","","Reported GAAP","","Adjusted Non-GAAP"],["","(In millions, except per share data)"],["Brokerage Segment"],["Revenues","$","12,192","","","$","12,168","","","$","9,934","","","$","9,941","","","23","%","","22","%"],["Organic revenues","","","$","9,786","","","","","$","9,215","","","","","6","%"],["Net earnings","$","2,052","","","","","$","1,686","","","","","22","%"],["Net earnings margin","16.8","%","","","","17.0","%","","","","- 14 bpts"],["Adjusted EBITDAC","","","$","4,446","","","","","$","3,488","","","","","27","%"],["Adjusted EBITDAC margin","","","36.5","%","","","","35.1","%","","","","+ 145 bpts"],["Diluted net earnings per share","$","7.85","","","$","12.10","","","$","7.46","","","$","10.85","","","5","%","","12","%"],["Risk Management Segment"],["Revenues before reimbursements","$","1,585","","","$","1,583","","","$","1,451","","","$","1,450","","","9","%","","9","%"],["Organic revenues","","","$","1,489","","","","","$","1,404","","","","","6","%"],["Net earnings","$","183","","","","","$","175","","","","","5","%"],["Net earnings margin (before reimbursements)","11.6","%","","","","12.1","%","","","","- 51 bpts"],["Adjusted EBITDAC","","","$","336","","","","","$","300","","","","","12","%"],["Adjusted EBITDAC margin (before reimbursements)","","","21.2","%","","","","20.7","%","","","","+ 54 bpts"],["Diluted net earnings per share","$","0.70","","","$","0.83","","","$","0.78","","","$","0.86","","","(10)","%","","(3)","%"],["Corporate Segment"],["Diluted net loss per share","$","(2.81)","","","$","(2.24)","","","$","(1.74)","","","$","(1.61)"],["Total Company"],["Diluted net earnings per share","$","5.74","","","$","10.69","","","$","6.50","","","$","10.10","","","(12)","%","","6","%"],["Total Brokerage and Risk Management Segment"],["Diluted net earnings per share","$","8.55","","","$","12.93","","","$","8.24","","","$","11.71","","","4","%","","10","%"]]
[[/GREPCENT_TABLE]]

In our corporate segment, net after-tax (loss) earnings from our clean energy investments was $(5) million in both 2025 and 2024. At this time, we anticipate our clean energy investments will produce after-tax losses in 2026.

36

Table of Contents

The following provides information that management believes is helpful when comparing revenues before reimbursements, net earnings, EBITDAC and diluted net earnings per share for 2025 and 2024. In addition, these tables provide reconciliations to the most comparable GAAP measures for adjusted revenues, adjusted EBITDAC and adjusted diluted net earnings per share. Reconciliations of EBITDAC for the brokerage and risk management segments are provided on pages 45 and 51 of this filing.

[[GREPCENT_TABLE]]
[["Year Ended December 31 Reported GAAP to Adjusted Non-GAAP Reconciliation:"],["(In millions, except per share data)"],["","","Revenues Before Reimbursements","","Net Earnings (Loss)","","EBITDAC","","Diluted Net Earnings (Loss) Per Share"],["Segment","","2025","","2024","","2025","","2024","","2025","","2024","","2025","","2024","","Chg"],["Brokerage, as reported","","$","12,192","","","$","9,934","","","$","2,052","","","$","1,686","","","$","3,856","","","$","3,069","","","$","7.85","","","$","7.46","","","5","%"],["Net (gains) on divestitures","","(24)","","","(24)","","","(18)","","","(18)","","","(24)","","","(24)","","","(0.07)","","","(0.08)"],["Acquisition integration","","\u2014","","","\u2014","","","194","","","143","","","257","","","191","","","0.73","","","0.63"],["Workforce and lease termination","","\u2014","","","\u2014","","","136","","","88","","","183","","","118","","","0.53","","","0.39"],["Acquisition related adjustments","","\u2014","","","(26)","","","127","","","63","","","174","","","121","","","0.49","","","0.28"],["Amortization of intangible assets","","\u2014","","","\u2014","","","668","","","486","","","\u2014","","","\u2014","","","2.57","","","2.16"],["Effective income tax rate impact","","\u2014","","","\u2014","","","\u2014","","","(7)","","","\u2014","","","\u2014","","","\u2014","","","(0.03)"],["Levelized foreign currency translation","","\u2014","","","57","","","\u2014","","","8","","","\u2014","","","13","","","\u2014","","","0.04"],["Brokerage, as adjusted *","","12,168","","","9,941","","","3,159","","","2,449","","","4,446","","","3,488","","","12.10","","","10.85","","","12","%"],["Risk Management, as reported","","1,585","","","1,451","","","183","","","175","","","313","","","290","","","0.70","","","0.78","","","(10)","%"],["Net (gains) on divestures","","(2)","","","\u2014","","","(1)","","","\u2014","","","(2)","","","\u2014","","","\u2014","","","\u2014"],["Acquisition integration","","\u2014","","","\u2014","","","7","","","2","","","9","","","3","","","0.03","","","0.01"],["Workforce and lease termination","","\u2014","","","\u2014","","","9","","","6","","","12","","","7","","","0.03","","","0.03"],["Acquisition related adjustments","","\u2014","","","\u2014","","","3","","","\u2014","","","4","","","\u2014","","","0.01","","","\u2014"],["Amortization of intangibles assets","","\u2014","","","\u2014","","","16","","","10","","","\u2014","","","\u2014","","","0.06","","","0.04"],["Levelized foreign currency translation","","\u2014","","","(1)","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","\u2014"],["Risk Management, as adjusted *","","1,583","","","1,450","","","217","","","193","","","336","","","300","","","0.83","","","0.86","","","(3)","%"],["Corporate, as reported","","1","","","16","","","(732)","","","(390)","","","(491)","","","(234)","","","(2.81)","","","(1.74)"],["Transaction-related costs","","\u2014","","","\u2014","","","107","","","26","","","122","","","32","","","0.41","","","0.12"],["Legal, tax and benefit plan related","","\u2014","","","\u2014","","","42","","","3","","","78","","","\u2014","","","0.16","","","0.02"],["Clean energy-related","","\u2014","","","(5)","","","\u2014","","","(2)","","","\u2014","","","(2)","","","\u2014","","","(0.01)"],["Corporate, as adjusted *","","1","","","11","","","(583)","","","(363)","","","(291)","","","(204)","","","(2.24)","","","(1.61)"],["Total Company, as reported","","$","13,778","","","$","11,401","","","$","1,503","","","$","1,471","","","$","3,678","","","$","3,125","","","$","5.74","","","$","6.50","","","(12)","%"],["Total Company, as adjusted *","","$","13,752","","","$","11,402","","","$","2,793","","","$","2,279","","","$","4,491","","","$","3,584","","","$","10.69","","","$","10.10","","","6","%"],["Total Brokerage and Risk"],["Management, as reported","","$","13,777","","","$","11,385","","","$","2,235","","","$","1,861","","","$","4,169","","","$","3,359","","","$","8.55","","","$","8.24","","","4","%"],["Total Brokerage and Risk"],["Management, as adjusted *","","$","13,751","","","$","11,391","","","$","3,376","","","$","2,642","","","$","4,782","","","$","3,788","","","$","12.93","","","$","11.71","","","10","%"]]
[[/GREPCENT_TABLE]]

*For the year ended December 31, 2025, the pretax impact of the brokerage segment adjustments totals $1,482 million, mostly due to non-cash period expenses related to intangible amortization, with a corresponding adjustment to the provision for income taxes of $375 million relating to these items. For the year ended December 31, 2025, the pretax impact of the risk management segment adjustments totals $45 million, with a corresponding adjustment to the provision for income taxes of $11 million relating to these items. For the year ended December 31, 2025, the pretax impact of the corporate segment adjustments totals $200 million, with a corresponding adjustment to the benefit for income taxes of $51 million relating to these items and other tax items noted on page 56. For the corporate segment, the clean energy related adjustments are described on page 56.

37

Table of Contents

Reconciliation of Non-GAAP Measures - Pre-tax Earnings and Diluted Net Earnings per Share

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/AJG/mda/fy2025/
All MD&A years: /company/AJG/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/AJG/mda/fy2024/): filed 2025-02-18; accession 0000950170-25-021775 (https://www.sec.gov/Archives/edgar/data/354190/000095017025021775/ajg-20241231.htm)
- [FY 2023 MD&A](/company/AJG/mda/fy2023/): filed 2024-02-09; accession 0000950170-24-013370 (https://www.sec.gov/Archives/edgar/data/354190/000095017024013370/ajg-20231231.htm)
- [FY 2022 MD&A](/company/AJG/mda/fy2022/): filed 2023-02-10; accession 0000950170-23-002456 (https://www.sec.gov/Archives/edgar/data/354190/000095017023002456/ajg-20221231.htm)
- [FY 2021 MD&A](/company/AJG/mda/fy2021/): filed 2022-02-18; accession 0001564590-22-005714 (https://www.sec.gov/Archives/edgar/data/354190/000156459022005714/ajg-10k_20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6411 Insurance Agents, Brokers & Service) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [M2SL](/indicator/M2SL/): M2
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/AJG.md · JSON record: /company/AJG.json · verified financials: /company/AJG/financials.json / /company/AJG/financials.csv · machine TOC for the whole site: /llms.txt