ROLLING MEADOWS, Ill., Jan. 29, 2026 /PRNewswire/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today reported its financial results for the quarter ended December 31, 2025. Management will host a webcast conference call to discuss these results on Thursday, January 29, 2026 at 5:15 p.m. ET/4:15 p.m. CT. To listen to the call, and for printer-friendly formats of this release and the "CFO Commentary" and "Supplemental Quarterly Data," which may also be referenced during the call, please visit ajg.com/IR. These documents contain both GAAP and non-GAAP measures. Investors and other users of this information should read carefully the section entitled "Information Regarding Non-GAAP Measures" beginning on page 9.
Summary of Financial Results - Fourth Quarter
Revenues Before Diluted Net
Earnings
Reimbursements Net Earnings (Loss) EBITDAC (Loss) Per Share
Segment 4th Q 25 4th Q 24 4th Q 25 4th Q 24 4th Q 25 4th Q 24 4th Q 25 4th Q 24
(in millions) (in millions) (in millions)
Brokerage, as reported $3,169 $2,296 $317 $317 $774 $661 $1.21 $1.37
Net losses (gains)
on divestitures (20) 1 (15) 1 (20) 1 (0.06)
Acquisition
integration 79 29 106 39 0.30 0.13
Workforce and
lease termination 80 23 107 31 0.31 0.10
Acquisition
related
adjustments 30 40 48 29 0.12 0.17
Amortization of
intangible assets 223 121 0.86 0.53
Effective income
tax rate impact 1 0.01
Levelized foreign
currency
translation 30 5 8 0.02
Brokerage, as adjusted * 3,149 2,327 714 537 1,015 769 2.74 2.33
Risk Management, as reported 417 369 49 43 84 72 0.19 0.19
Net (gains) on
divestitures (1) (1) (1)
Acquisition
integration 1 2 2
Workforce and
lease termination 1 3 2 2 0.01
Acquisition
related
adjustments 3 3 0.01
Amortization of
intangible assets 4 3 0.02 0.01
Levelized foreign
currency
translation 3 1 1
Risk Management, as adjusted * 416 372 58 50 90 77 0.22 0.21
Corporate, as reported 14 (212) (102) (148) (46) (0.82) (0.44)
Transaction-
related costs 27 14 36 17 0.10 0.06
Legal, tax &
benefit plan
related 34 54 0.14
Clean energy
related (5) (1) (2)
Corporate, as adjusted * 9 (151) (89) (58) (31) (0.58) (0.38)
Total Company, as reported $3,586 $2,679 $154 $258 $710 $687 $0.58 $1.12
Total Company, as adjusted * $3,565 $2,708 $620 $498 $1,047 $815 $2.38 $2.16
Total Brokerage & Risk
Management, as
reported $3,586 $2,665 $366 $360 $858 $733 $1.40 $1.56
Total Brokerage & Risk
Management, as
adjusted * $3,565 $2,699 $772 $587 $1,105 $846 $2.96 $2.54
* For fourth quarter 2025, the pretax impact of the Brokerage segment adjustments totals $533 million, mostly due to non?cash period
expenses related to intangible amortization, with a corresponding adjustment to the provision for income taxes of $136 million
relating to these items. For fourth quarter 2025, the pretax impact of the Risk Management segment adjustments totals $12
million, with a corresponding adjustment to the provision for income taxes of $3 million relating to these items. For fourth
quarter 2025, the pretax impact of the Corporate segment adjustments totals $90 million, with a corresponding adjustment to the
benefit for income taxes of $29 million relating to these items. A detailed reconciliation of the 2025 and 2024 provision
(benefit) for income taxes is shown on pages 14 and 15.
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"We had an excellent fourth quarter and a terrific 2025!" said J. Patrick Gallagher, Jr., Chairman and CEO.
"Our two-pronged revenue growth strategy, that's organic and M&A, drove double-digit top line growth for the 20th straight quarter. Fourth quarter revenue growth for our combined Brokerage and Risk Management segments was in excess of 30% and included organic revenue growth of 5%. Net earnings margin was 10.2%, adjusted EBITDAC margin was 30.8% and adjusted EBITDAC grew 30%.
"We finished 2025 with 21% growth in revenue, 6% organic growth, 26% growth in adjusted EBITDAC and completed 33 mergers with more than $3.5 billion in estimated annualized revenue. Another fantastic year.
"We have excellent momentum entering 2026 and our talented colleagues are executing on our value creation strategy. We are extremely excited about 2026 and believe we are just getting started!"
Summary of Financial Results - Year Ended December 31
Revenues Before Diluted Net
Earnings
Reimbursements Net Earnings
(Loss) EBITDAC (Loss) Per Share
Segment Year 25 Year 24 Year 25 Year 24 Year 25 Year 24 Year 25 Year 24
(in millions) (in millions) (in millions)
Brokerage, as reported $12,192 $9,934 $2,052 $1,686 $3,856 $3,069 $7.85 $7.46
Net (gains) on
divestitures (24) (24) (18) (18) (24) (24) (0.07) (0.08)
Acquisition
integration 194 143 257 191 0.73 0.63
Workforce and
lease termination 136 88 183 118 0.53 0.39
Acquisition
related
adjustments (26) 127 63 174 121 0.49 0.28
Amortization of
intangible assets 668 486 2.57 2.16
Effective income
tax rate impact (7) (0.03)
Levelized foreign
currency
translation 57 8 13 0.04
Brokerage, as adjusted * 12,168 9,941 3,159 2,449 4,446 3,488 12.10 10.85
Risk Management, as reported 1,585 1,451 183 175 313 290 0.70 0.78
Net (gains) on
divestitures (2) (1) (2)
Acquisition
integration 7 2 9 3 0.03 0.01
Workforce and
lease termination 9 6 12 7 0.03 0.03
Acquisition
related
adjustments 3 4 0.01
Amortization of
intangible assets 16 10 0.06 0.04
Levelized foreign
currency
translation (1)
Risk Management, as adjusted * 1,583 1,450 217 193 336 300 0.83 0.86
Corporate, as reported 1 16 (732) (390) (491) (234) (2.81) (1.74)
Transaction-
related costs 107 26 122 32 0.41 0.12
Legal, tax &
benefit plan
related 42 3 78 0.16 0.02
Clean energy-
related (5) (2) (2) (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
Total Company, as adjusted * $13,752 $11,402 $2,793 $2,279 $4,491 $3,584 $10.69 $10.10
Total Brokerage & Risk
Management, as
reported $13,777 $11,385 $2,235 $1,861 $4,169 $3,359 $8.55 $8.24
Total Brokerage & Risk
Management, as
adjusted * $13,751 $11,391 $3,376 $2,642 $4,782 $3,788 $12.93 $11.71
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* 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. A detailed
reconciliation of the 2025 and 2024 provision (benefit) for income taxes is shown on pages 14 and 15.
Brokerage Segment Reported GAAP to Adjusted Non-GAAP Reconciliations(dollars in millions):
See "Information Regarding Non-GAAP Measures" on page 9 of 15.
Organic Revenues (Non-GAAP) 4th Q 2025 4th Q 2024 Year 2025 Year 2024
---
Base Commissions and Fees
---
Commissions and fees, as reported $2,841 $2,024 $10,670 $8,887
Less commissions and fees from acquisitions, divested
operations and other (882) (171) (1,598) (351)
Levelized foreign currency translation 22 48
Organic base commissions and fees $1,959 $1,875 $9,072 $8,584
Organic change in base commissions and fees 4 % 6 %
Supplemental Revenues
---
Supplemental revenues, as reported $132 $98 $466 $359
Less supplemental revenues from acquisitions, divested
operations and other (21) (33)
Levelized foreign currency translation 1 3
Organic supplemental revenues $111 $99 $433 $362
Organic change in supplemental revenues 12 % 20 %
Contingent Revenues
---
Contingent revenues, as reported $83 $52 $324 $268
Less contingent revenues from acquisitions, divested
operations and other (24) (43)
Levelized foreign currency translation 1 1
Organic contingent revenues $59 $53 $281 $269
Organic change in contingent revenues 11 % 5 %
Total reported commissions, fees, supplemental
revenues and contingent revenues $3,056 $2,174 $11,460 $9,514
Less commissions, fees, supplemental revenues
and contingent revenues from acquisitions,
divested operations and other (927) (171) (1,674) (351)
Levelized foreign currency translation 24 52
Total organic commissions, fees, supplemental
revenues and contingent revenues $2,129 $2,027 $9,786 $9,215
Total organic change 5 % 6 %
Acquisition Activity 4th Q 2025 4th Q 2024 Year 2025 Year 2024
---
Number of acquisitions closed * 6 19 31 46
Estimated annualized revenues acquired (in millions) $118 $189 $3,508 $363
* In the fourth quarter of 2025 Gallagher issued 6,000 shares of its common stock directly to sellers in connection with tax-free
exchange acquisitions. No shares were issued in fourth quarter 2024 in connection with tax-free exchange acquisitions.
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Brokerage Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (continued) (dollars in millions):
See "Information Regarding Non-GAAP Measures" on page 9 of 15.
Acquisition of AssuredPartners
As previously disclosed, on August 18, 2025, we acquired AssuredPartners for approximately $13.8 billion. We raised $8.5 billion of cash in our December 11, 2024 follow-on common stock offering and borrowed $5.0 billion of cash in our December 19, 2024 senior notes issuance (collectively, the AssuredPartners Financing) to fund the transaction. On January 7, 2025, we received an additional $1.3 billion of cash due to the exercise by the underwriters of the overallotment provision related to the follow-on common stock offering.
Compensation Expense and Ratios 4th Q 2025 4th Q 2024 Year 2025 Year 2024
---
Compensation expense, as reported $1,868 $1,291 $6,660 $5,502
Acquisition integration (49) (24) (135) (107)
Workforce and lease termination related charges (103) (27) (171) (108)
Acquisition related adjustments (48) (29) (174) (147)
Levelized foreign currency translation 14 30
Compensation expense, as adjusted $1,668 $1,225 $6,180 $5,170
Reported compensation expense ratios using reported
revenues on pages 1 and 2 * 59.0 % 56.2 % 54.6 % 55.4 %
Adjusted compensation expense ratios using adjusted
revenues on pages 1 and 2 ** 53.0 % 52.6 % 50.8 % 52.0 %
* Reported fourth quarter 2025 compensation expense ratio was 2.8 pts higher than fourth quarter 2024. This ratio was primarily
impacted by higher integration and workforce termination costs, as well as the impact of recent acquisitions and . lower
interest income revenues in the quarter, as fourth quarter 2024 included interest income earned on proceeds associated with the
AssuredPartners Financing in December 2024.
** Adjusted fourth quarter 2025 compensation expense ratio was 0.4 pts higher than fourth quarter 2024. This ratio was primarily
impacted by recent acquisitions as well as lower interest income revenues in the quarter, as fourth quarter 2024 included
interest income earned on proceeds associated with the AssuredPartners Financing in December 2024.
Operating Expense and Ratios 4th Q 2025 4th Q 2024 Year 2025 Year 2024
---
Operating expense, as reported $527 $344 $1,676 $1,363
Acquisition integration (57) (15) (122) (84)
Workforce and lease termination related charges (4) (4) (13) (10)
Levelized foreign currency translation 8 14
Operating expense, as adjusted $466 $333 $1,541 $1,283
Reported operating expense ratios using reported
revenues on pages 1 and 2 * 16.6 % 15.0 % 13.8 % 13.7 %
Adjusted operating expense ratios using adjusted
revenues on pages 1 and 2 ** 14.8 % 14.3 % 12.7 % 12.9 %
* Reported fourth quarter 2025 operating expense ratio was 1.6 pts higher than fourth quarter 2024. This ratio was primarily
impacted by higher integration and technology costs, partially offset by savings in professional fees. This ratio was also
impacted by lower interest income revenues in the quarter, as fourth quarter 2024 included interest income earned on proceeds
associated with the AssuredPartners Financing in December 2024.
** Adjusted fourth quarter 2025 operating expense ratio was 0.5 pts higher than fourth quarter 2024. This ratio was primarily
impacted by increased technology costs, partially offset by savings in professional fees. This ratio was also impacted by lower
interest income revenues in the quarter, as fourth quarter 2024 included interest income earned on proceeds associated with the
AssuredPartners Financing in December 2024.
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Brokerage Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (continued) (dollars in millions):
See "Information Regarding Non-GAAP Measures" on page 9 of 15.
Net Earnings to Adjusted EBITDAC (Non-GAAP) 4th Q 2025 4th Q 2024 Year 2025 Year 2024
---
Net earnings, as reported $317 $317 $2,052 $1,686
Provision for income taxes 107 108 707 573
Depreciation 46 34 159 133
Amortization 298 163 894 651
Change in estimated acquisition earnout payables 6 39 44 26
EBITDAC 774 661 3,856 3,069
Net losses (gains) on divestitures (20) 1 (24) (24)
Acquisition integration 106 39 257 191
Workforce and lease termination related charges 107 31 183 118
Acquisition related adjustments 48 29 174 121
Levelized foreign currency translation 8 13
EBITDAC, as adjusted $1,015 $769 $4,446 $3,488
Net earnings margin, as reported using reported
revenues on pages 1 and 2 * 10.0 % 13.8 % 16.8 % 17.0 %
EBITDAC margin, as adjusted using adjusted
revenues on pages 1 and 2 * 32.2 % 33.0 % 36.5 % 35.1 %
* Fourth quarter 2024 adjusted EBITDAC margin includes approximately $20 million of interest income revenues earned on the proceeds
received in December 2024 related to the AssuredPartners Financing. This interest income in the prior period, as well as the
seasonality of AssuredPartners and the roll-in of tuck-in acquisitions, unfavorably impacted the year over year change in
fourth quarter adjusted EBITDAC margin by approximately 1.3%.
Risk Management Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions):
See "Information Regarding Non-GAAP Measures" on page 9 of 15.
Organic Revenues (Non-GAAP) 4th Q 2025 4th Q 2024 Year 2025 Year 2024
---
Fees $403 $357 $1,538 $1,406
International performance bonus fees 5 3 11 8
Fees as reported 408 360 1,549 1,414
Less fees from acquisitions (21) (60)
Less divested operations (2) (9)
Levelized foreign currency translation 3 (1)
Organic fees $387 $361 $1,489 $1,404
Organic change in fees 7 % 6 %
Acquisition Activity 4th Q 2025 4th Q 2024 Year 2025 Year 2024
---
Number of acquisitions closed 1 1 2 2
Estimated annualized revenues acquired (in millions) $16 $10 $54 $24
(5 of 15)
Risk Management Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (continued) (dollars in millions):
See "Information Regarding Non-GAAP Measures" on page 9 of 15.
Compensation Expense and Ratios 4th Q 2025 4th Q 2024 Year 2025 Year 2024
---
Compensation expense, as reported $255 $225 $974 $882
Acquisition integration (1) (1) (3) (2)
Workforce and lease termination related charges (1) (9) (4)
Acquisition related adjustments (2) (4)
Levelized foreign currency translation 1 (2)
Compensation expense, as adjusted $252 $224 $958 $874
Reported compensation expense ratios using reported
revenues (before reimbursements) on pages 1
and 2 * 61.2 % 61.0 % 61.5 % 60.8 %
Adjusted compensation expense ratios using adjusted
revenues (before reimbursements) on pages 1
and 2 * 60.6 % 60.2 % 60.5 % 60.3 %
* Reported fourth quarter 2025 compensation expense ratio was 0.2 pts higher than fourth quarter 2024. Adjusted fourth quarter 2025
compensation ratio was 0.4 pts higher than fourth quarter 2024. Both ratios were primarily impacted by increased incentive
compensation, partially offset by savings related to headcount controls.
Operating Expense and Ratios 4th Q 2025 4th Q 2024 Year 2025 Year 2024
---
Operating expense, as reported $78 $72 $298 $279
Acquisition integration (3) (1) (6) (1)
Workforce and lease termination related charges (1) (1) (3) (3)
Levelized foreign currency translation 1 1
Operating expense, as adjusted $74 $71 $289 $276
Reported operating expense ratios using reported
revenues (before reimbursements) on pages 1
and 2 * 18.7 % 19.5 % 18.8 % 19.2 %
Adjusted operating expense ratios using reported
revenues (before reimbursements) on pages 1
and 2 ** 17.8 % 19.1 % 18.3 % 19.0 %
* Reported fourth quarter 2025 operating expense ratio was 0.8 pts lower than fourth quarter 2024. This ratio was primarily
impacted by savings in client-related expenses and lower business insurance costs, partially offset by increased integration
costs.
** Adjusted fourth quarter 2025 operating expense ratio was 1.3 pts lower than fourth quarter 2024. This ratio was primarily
impacted by savings in client-related expenses and lower business insurance costs.
Net Earnings to Adjusted EBITDAC (Non-GAAP) 4th Q 2025 4th Q 2024 Year 2025 Year 2024
---
Net earnings, as reported $49 $43 $183 $175
Provision for income taxes 18 15 66 63
Depreciation 10 10 40 38
Amortization 6 4 22 14
Change in estimated acquisition earnout payables 1 2
EBITDAC 84 72 313 290
Net (gains) on divestitures (1) (2)
Acquisition integration 2 2 9 3
Workforce and lease termination related charges 2 2 12 7
Acquisition related adjustments 3 4
Levelized foreign currency translation 1
EBITDAC, as adjusted $90 $77 $336 $300
Net earnings margin, as reported using reported
revenues (before reimbursements) on pages 1
and 2 11.8 % 11.7 % 11.6 % 12.1 %
EBITDAC margin, as adjusted using adjusted
revenues (before reimbursements) on pages 1
and 2 21.6 % 20.7 % 21.2 % 20.6 %
(6 of 15)
Corporate Segment Reported GAAP to Adjusted Non-GAAP Reconciliation(dollars in millions):
See "Information Regarding Non-GAAP Measures" on page 9 of 15.
2025 2024
Net Earnings Net Earnings
(Loss) (Loss)
Income Attributable Income Attributable
to to
Pretax Tax Controlling Pretax Tax Controlling
4th Quarter Loss Benefit Interests Loss Benefit Interests
Components of Corporate Segment, as reported
Interest and banking costs $(162) $42 $(120) $(94) $24 $(70)
Clean energy related (2) 1 (1)
Acquisition costs (1) (41) 9 (32) (24) 5 (19)
Corporate (2) (106) 47 (59) (32) 19 (13)
Reported 4th Quarter (311) 99 (212) (150) 48 (102)
Adjustments
Clean energy related (2) (2)
Transaction-related costs (1) 36 (9) 27 17 (2) 15
Legal and tax related (3) 10 (9) 1
Benefit plan related (4) 44 (11) 33
Components of Corporate Segment, as adjusted
Interest and banking costs (162) 42 (120) (94) 24 (70)
Clean energy related (2) 1 (1) (2) (2)
Acquisition costs (5) (5) (7) 3 (4)
Corporate (2) (52) 27 (25) (32) 19 (13)
Adjusted 4th Quarter $(221) $70 $(151) $(135) $46 $(89)
Year Ended December 31,
Components of Corporate Segment, as reported
Interest and banking costs $(642) $167 $(475) $(376) $97 $(279)
Clean energy related (8) 3 (5) (6) 1 (5)
Acquisition costs (1) (139) 17 (122) (51) 10 (41)
Corporate (2) (348) 218 (130) (189) 124 (65)
Reported year (1,137) 405 (732) (622) 232 (390)
Adjustments
Clean energy related (2) (2)
Transaction-related costs (1) 122 (15) 107 32 (6) 26
Legal and tax related (3) 34 (25) 9 3 3
Benefit plan related (4) 44 (11) 33
Components of Corporate Segment, as adjusted
Interest and banking costs (642) 167 (475) (376) 97 (279)
Clean energy related (8) 3 (5) (8) 1 (7)
Acquisition costs (17) 2 (15) (19) 4 (15)
Corporate (2) (270) 182 (88) (189) 127 (62)
Adjusted Year $(937) $354 $(583) $(592) $229 $(363)
(1) Gallagher incurred transaction-related costs, which include legal, consulting, employee compensation and other professional fees
associated with completed, future and terminated acquisitions. Adjustments primarily relate to the acquisition of the Willis
Towers Watson treaty reinsurance brokerage operations, the acquisitions of Buck, Cadence Insurance, Eastern Insurance Group, all
of which closed in 2023, as well as Woodruff Sawyer and AssuredPartners, which closed in April 2025 and August 2025,
respectively.
(2) Corporate pretax loss includes a net unrealized foreign exchange remeasurement loss of $(4) million in fourth quarter 2025 and a
net unrealized foreign exchange remeasurement gain of $16 million in fourth quarter 2024. Corporate pretax loss includes a net
unrealized foreign exchange remeasurement loss of $(47) million in the year ended December 31, 2025 and a net unrealized foreign
exchange remeasurement loss of zero in the year ended December 31, 2024.
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(3)
Adjustments in fourth quarter 2025 and 2024 include costs associated with legal and tax matters.
(4) Adjustments in fourth quarter 2025 include costs associated with the termination of the Gallagher US defined pension plan
and other benefit plan changes.
Interest and banking costs anddebt - At December 31, 2025, Gallagher had $9,550 million of borrowings from public debt, $3,323 million of borrowings from private placements and no borrowings under its line of credit facility. In addition, Gallagher had $226 million outstanding under a revolving loan facility that provides funding for premium finance receivables, which are fully collateralized by the underlying premiums held by insurance carriers, and as such are excluded from its debt covenant computations, as applicable. Interest and banking costs in fourth quarter 2025 are higher than the same period in 2024 primarily due to the debt issuances that occurred in December 2024.
Clean energy related - For 2025, this consists of operating results related to Gallagher's investments in new clean energy projects, primarily fusion and carbon sequestration projects.
Acquisition costs - Consists mostly of external professional fees and other due diligence costs related to acquisitions. On occasion, Gallagher enters into forward currency hedges for the purchase price of committed, but not yet funded, acquisitions with funding requirements in currencies other than the U.S. dollar. The gains or losses, if any, associated with these hedge transactions are also included in acquisition costs.
Corporate - Consists of overhead allocations mostly related to corporate staff compensation, other corporate level activities, and net unrealized foreign exchange remeasurement. In addition, it includes the tax expense related to the partial taxation of foreign earnings, nondeductible executive compensation and entertainment expenses, the tax benefit from the vesting of employee equity awards, as well as other permanent or discrete tax items not reflected in the provision for income taxes in the Brokerage and Risk Management segments.
Income Taxes - Gallagher allocates the provision for income taxes to its Brokerage and Risk Management segments using the local country statutory rates. Gallagher's consolidated effective tax rate for the quarters ended December 31, 2025 and 2024 were 14.3% and 22.5%, respectively. Gallagher's consolidated effective tax rate for the year ended December 31, 2025 and 2024 were 19.7% and 21.5%, respectively
Webcast Conference Call - Gallagher will host a webcast conference call on Thursday, January 29, 2026 at 5:15 p.m. ET/4:15 p.m. CT. To listen to this call, please go to Arthur J. Gallagher & Co. - Events & Presentations (ajg.com). The call will be available for replay at such website for at least 90 days.
About Arthur J. Gallagher & Co.
Arthur J. Gallagher & Co., a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.
Information Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipates," "believes," "contemplates," "see," "should," "could," "will," "estimates," "expects," "intends," "plans" and variations thereof and similar expressions, are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, anticipated future results or performance of any segment or Gallagher as a whole; acquisition rollover revenues, statements regarding changes in its expenses in the next several quarters; future capital structure changes, including debt levels from time to time; the impact of foreign currency on its results; integration costs; workforce and lease termination costs; amortization of intangibles; depreciation; change in estimated earnout payables; effective tax rate; earnings from continuing operations attributable to noncontrolling interests; the premium rate environment and the state of insurance markets; and the economic environment.
Gallagher's actual results may differ materially from those contemplated by the forward-looking statements. Readers are therefore cautioned against relying on any of the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance.
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Important factors that could cause actual results to differ materially from those in the forward-looking statements include global economic and geopolitical events, including, among others, fluctuations in interest and inflation rates; geo-economic fragmentation and protectionism such as tariffs, trade wars or similar governmental actions affecting the flows of goods, services or currency; a U.S. government shutdown; political violence and instability, such as the armed conflicts in Ukraine the Middle East, Latin America and the Caribbean; its actual acquisition opportunities, including closing risks related to pending acquisitions, risks with respect to larger acquisitions such as AssuredPartners, the largest acquisition in our history, including risks related to its ability to successfully integrate operations, the possibility that its assumptions may be inaccurate resulting in unforeseen obligations or liabilities and failure to realize the expected benefits of these acquisitions; damage to its reputation due to its failure to uphold its culture or negative perceptions or publicity, including as a result of amplifying effects that the Internet and social media may have on such perceptions; reputational issues related to its sustainability-related activities, including potential backlash against such activities, and compliance with increasingly complex climate- and other sustainability- related regulations, such as risks related to "greenwashing" and "greenhushing"; cybersecurity-related risks; its ability to apply technology, data analytics and artificial intelligence effectively and potential increased costs resulting from such activities; risks associated with the use of artificial intelligence in its business operations, including regulatory, data privacy, cybersecurity, errors and omissions, intellectual property and competition risks; heightened competition for talent and increased compensation costs; disasters or other business interruptions, including with respect to its operations in India; risks related to its international operations, such as those related to regulatory, tax, sustainability, sanctions and anti-corruption compliance and increased scrutiny of the use of off-shore centers of excellence such as those we operate in India and elsewhere; changes to data privacy and protection laws and regulations; foreign exchange rates; changes in accounting standards; changes in premium rates and in insurance markets generally, including the impact of large or man-made natural events; tax, environmental or other compliance risks related to its legacy clean energy investments; its inability to receive dividends or other distributions from subsidiaries; and changes in the insurance brokerage industry's competitive landscape.
Please refer to Gallagher's filings with the Securities and Exchange Commission, including Item 1A, "Risk Factors," of its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and its subsequently filed Quarterly Reports on Form 10-Q for a more detailed discussion of these and other factors that could impact its forward-looking statements. Any forward-looking statement made by Gallagher in this press release speaks only as of the date on which it is made. Except as required by applicable law, Gallagher does not undertake to update the information included herein or the corresponding earnings release posted on Gallagher's website.
Information Regarding Non-GAAP Measures
In addition to reporting financial results in accordance with GAAP, this press release provides 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 press release. Gallagher's management believes that these presentations provide useful information to management, analysts and investors regarding financial and business trends relating to Gallagher's results of operations and financial condition or because they provide investors with measures that its chief operating decision maker uses when reviewing Gallagher's performance. See further below for definitions and additional reasons each of these measures is useful to investors. Gallagher's 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 provided by Gallagher should be used in addition to, but not as a substitute for, the GAAP information provided. As disclosed in its most recent Proxy Statement, Gallagher makes 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 - Gallagher believes that the adjusted non-GAAP presentations of the current and prior period information presented in this earnings release provide stockholders and other interested persons with useful information regarding certain financial metrics of Gallagher that may assist such persons in analyzing Gallagher's operating results as they develop a future earnings outlook for Gallagher. The after-tax amounts related to the adjustments were computed using the normalized effective tax rate for each respective period. See pages 14 and 15 for a reconciliation of the adjustments made to income taxes.
- Adjusted measures - Revenues (for the Brokerage segment), revenues before reimbursements (for the Risk Management segment), net earnings, compensation expense and operating expense, respectively, 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.
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- Acquisition integration costs, which include costs related to certain large acquisitions (including the acquisitions of the Willis Towers Watson treaty reinsurance brokerage operations, Buck, Cadence Insurance, Eastern Insurance Group, My Plan Manager, Woodruff Sawyer and AssuredPartners), outside the scope of the usual tuck-in strategy, not expected to occur on an ongoing basis in the future once Gallagher fully assimilates 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 its IT related systems.
- Transaction-related costs, which are associated with completed, future and terminated acquisitions. Costs primarily relate to the acquisitions of the Willis Towers Watson treaty reinsurance brokerage operations, Buck, Cadence Insurance, Eastern Insurance Group, all of which closed in 2023, as well as Woodruff Sawyer and AssuredPartners, which closed in April 2025 and August 2025, respectively. These include costs related to regulatory filings, legal and accounting services, insurance and incentive compensation.
- 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; the net impact of these on first quarter 2024 results was approximately $26 million of revenues and approximately $28 million of compensation expense.
- Amortization of intangible assets, which reflects the amortization of customer/expiration lists, non-compete agreements, trade names and other intangible assets acquired through Gallagher's 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.
- Legal and tax related, which represents the impact of adjustments in fourth quarter 2025 and 2024 related to costs associated with legal and tax matters.
- Benefit plan related, which represents the impact of adjustments in fourth quarter 2025 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
- EBITDACand 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 Gallagher's operating performance for the overall business and provide a meaningful way to measure its financial performance on an ongoing basis.
- EBITDAC, as Adjustedand 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 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 Gallagher's operating performance and are also presented to improve the comparability of its 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 average shares outstanding. This measure provides a meaningful representation of Gallagher's operating performance (and as such should not be used as a measure of Gallagher's liquidity), and for the overall business is also presented to improve the comparability of its results between periods by eliminating the impact of the items that have a high degree of variability.
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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, excluding 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 period 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 Gallagher in both the current and prior period. In order to improve the comparability of Gallagher's 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 revenue consists of fee revenues excluding the first twelve months of such revenues generated from acquisitions and such revenues related to divested operations in each period presented. In order to improve the comparability of Gallagher's 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. Gallagher has historically viewed organic revenue growth as an important indicator when assessing and evaluating the performance of its Brokerage and Risk Management segments. Gallagher also believes that using this non-GAAP measure allows readers of its financial statements to measure, analyze and compare the growth from its Brokerage and Risk Management segments in a meaningful and consistent manner.
Reconciliation of Non-GAAP Information Presented to GAAP Measures - This press release includes tabular reconciliations to the most comparable GAAP measures, as follows: for EBITDAC (on pages 12 and 13), for adjusted revenues, adjusted EBITDAC and adjusted diluted net earnings per share (on pages 1 and 2), for organic revenue measures (on pages 3 and 5, respectively, for the Brokerage and Risk Management segments), for adjusted compensation and operating expenses and adjusted EBITDAC margin (on pages 4, 5 and 6 respectively, for the Brokerage and Risk Management segments).
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Arthur J. Gallagher & Co.
Reported Statement of Earnings and EBITDAC - 4th Quarter December 31,
(Unaudited - in millions except per share, percentage and workforce data)
4th Q Ended 4th Q Ended Year Ended Year Ended
Brokerage Segment Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024
Commissions $2,059 $1,501 $8,024 $6,694
Fees 782 523 2,646 2,193
Supplemental revenues 132 98 466 359
Contingent revenues 83 52 324 268
Interest income, premium finance revenues and other income 113 122 732 420
Total revenues 3,169 2,296 12,192 9,934
Compensation 1,868 1,291 6,660 5,502
Operating 527 344 1,676 1,363
Depreciation 46 34 159 133
Amortization 298 163 894 651
Change in estimated acquisition earnout payables 6 39 44 26
Expenses 2,745 1,871 9,433 7,675
Earnings before income taxes 424 425 2,759 2,259
Provision for income taxes 107 108 707 573
Net earnings 317 317 2,052 1,686
Net earnings attributable to noncontrolling interests 3 9 8
Net earnings attributable to controlling interests $314 $317 $2,043 $1,678
EBITDAC
Net earnings $317 $317 $2,052 $1,686
Provision for income taxes 107 108 707 573
Depreciation 46 34 159 133
Amortization 298 163 894 651
Change in estimated acquisition earnout payables 6 39 44 26
EBITDAC $774 $661 $3,856 $3,069
4th Q Ended 4th Q Ended Year Ended Year Ended
Risk Management Segment Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024
Fees $408 $360 $1,549 $1,414
Interest income and other income 9 9 36 37
Revenues before reimbursements 417 369 1,585 1,451
Reimbursements 42 36 164 154
Total revenues 459 405 1,749 1,605
Compensation 255 225 974 882
Operating 78 72 298 279
Reimbursements 42 36 164 154
Depreciation 10 10 40 38
Amortization 6 4 22 14
Change in estimated acquisition earnout payables 1 2 -
Expenses 392 347 1,500 1,367
Earnings before income taxes 67 58 249 238
Provision for income taxes 18 15 66 63
Net earnings 49 43 183 175
Net earnings attributable to noncontrolling interests -
Net earnings attributable to controlling interests $49 $43 $183 $175
EBITDAC
Net earnings $49 $43 $183 $175
Provision for income taxes 18 15 66 63
Depreciation 10 10 40 38
Amortization 6 4 22 14
Change in estimated acquisition earnout payables 1 2 -
EBITDAC $84 $72 $313 $290
See "Information Regarding Non-GAAP Measures" beginning on page 9 of 15.
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Arthur J. Gallagher & Co.
Reported Statement of Earnings and EBITDAC - 4th Quarter December 31,
(Unaudited - in millions except share and per share data)
4th Q Ended 4th Q Ended Year Ended Year Ended
Corporate Segment Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024
Other income
$ - $14 $1 $16
Total revenues 14 1 16
Compensation 86 38 208 138
Operating 62 22 284 112
Interest 161 102 639 381
Depreciation 2 2 7 7
Expenses 311 164 1,138 638
Loss before income taxes (311) (150) (1,137) (622)
Benefit for income taxes (99) (48) (405) (232)
Net loss (212) (102) (732) (390)
Net loss attributable to noncontrolling interests -
Net loss attributable to controlling interests $(212) $(102) $(732) $(390)
EBITDAC
Net loss $(212) $(102) $(732) $(390)
Benefit for income taxes (99) (48) (405) (232)
Interest 161 102 639 381
Depreciation 2 2 7 7
EBITDAC
$148)
$46) $(491)
$234)
4th Q Ended 4th Q Ended Year Ended Year Ended
Total Company Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024
Commissions $2,059 $1,501 $8,024 $6,694
Fees 1,190 883 4,195 3,607
Supplemental revenues 132 98 466 359
Contingent revenues 83 52 324 268
Interest income, premium finance revenues and other income 122 145 769 473
Revenues before reimbursements 3,586 2,679 13,778 11,401
Reimbursements 42 36 164 154
Total revenues 3,628 2,715 13,942 11,555
Compensation 2,209 1,554 7,842 6,522
Operating 667 438 2,258 1,754
Reimbursements 42 36 164 154
Interest 161 102 639 381
Depreciation 58 46 206 178
Amortization 304 167 916 665
Change in estimated acquisition earnout payables 7 39 46 26
Expenses 3,448 2,382 12,071 9,680
Earnings before income taxes 180 333 1,871 1,875
Provision for income taxes 26 75 368 404
Net earnings 154 258 1,503 1,471
Net earnings attributable to noncontrolling interests 3 9 8
Net earnings attributable to controlling interests $151 $258 $1,494 $1,463
Diluted net earnings per share $0.58 $1.12 $5.74 $6.50
Dividends declared per share $0.65 $0.60 $2.60 $2.40
EBITDAC
Net earnings $154 $258 $1,503 $1,471
Provision for income taxes 26 75 368 404
Interest 161 102 639 381
Depreciation 58 46 206 178
Amortization 304 167 916 665
Change in estimated acquisition earnout payables 7 39 46 26
EBITDAC $710 $687 $3,678 $3,125
See "Information Regarding Non-GAAP Measures" beginning on page 9 of 15.
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Arthur J. Gallagher & Co.
Consolidated Balance Sheet
(Unaudited - in millions except per share data)
Dec 31, 2025 Dec 31, 2024
Cash and cash equivalents $1,396 $14,987
Fiduciary assets (includes fiduciary cash of $7,142 in 2025 and $5,481 in 2024) 26,899 24,712
Accounts receivable, net 5,175 3,896
Other current assets 886 518
Total current assets 34,356 44,113
Fixed assets - net 789 650
Deferred income taxes (includes tax credit carryforwards of $772 in 2024) 43 959
Other noncurrent assets 1,602 1,355
Right-of-use assets 598 378
Goodwill 22,593 12,270
Amortizable intangible assets - net 10,684 4,530
Total assets $70,665 $64,255
Fiduciary liabilities $26,899 $24,712
Accrued compensation and other current liabilities 4,017 3,586
Deferred revenue - current 737 537
Premium financing debt 226 225
Corporate related borrowings - current 640 200
Total current liabilities 32,519 29,260
Corporate related borrowings - noncurrent 12,104 12,732
Deferred revenue - noncurrent 155 67
Lease liabilities - noncurrent 515 328
Other noncurrent liabilities (includes tax credit carryforwards of $713 in 2025) 2,025 1,688
Total liabilities 47,318 44,075
Stockholders' equity:
Common stock - issued and outstanding 257 250
Capital in excess of par value 17,783 16,069
Retained earnings 5,806 4,986
Accumulated other comprehensive loss (525) (1,151)
Total controlling interests stockholders' equity 23,321 20,154
Noncontrolling interests 26 26
Total stockholders' equity 23,347 20,180
Total liabilities and stockholders' equity $70,665 $64,255
Arthur J. Gallagher & Co.
Other Information
(Unaudited - data is rounded where indicated)
4th Q Ended 4th Q Ended Year Ended Year Ended
OTHER INFORMATION Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024
Basic weighted average shares outstanding (000s) * 256,901 226,425 256,150 220,502
Diluted weighted average shares outstanding (000s) * 260,258 231,059 260,134 224,966
Number of common shares outstanding at end of period (000s) 256,976 249,999
Workforce at end of period (includes acquisitions):
Brokerage ** 55,561 42,091
Risk Management 10,889 10,339
Total Company ** 71,776 55,977
* Gallagher completed a follow on public offering of 30,357,143 shares of its common stock on December 11, 2024 and 4,553,571 shares of its common stock
on January 7, 2025, to fund a portion of the acquisition of AssuredPartners.
** The acquisition of AssuredPartners added approximately 10,900 employees in August 2025.
Reconciliation of Non-GAAP Measures - Pre-tax Earnings and Diluted Net Earnings per Share (Unaudited)
(Unaudited - in millions except share and per share data)
Net Earnings Net Earnings
Earnings Provision (Loss) (Loss) Diluted Net
(Loss) (Benefit) Attributable Attributable
to to Earnings
Before Income for Income Net Earnings Noncontrolling Controlling (Loss)
Taxes Taxes (Loss) Interests Interests per Share
4th Q Ended December 31, 2025
Brokerage, as reported $424 $107 $317 $3 $314 $1.21
Net (gains) on divestitures (20) (5) (15) (15) (0.06)
Acquisition integration 106 27 79 79 0.30
Workforce and lease termination 106 26 80 80 0.31
Acquisition related adjustments 43 13 30 30 0.12
Amortization of intangible assets 298 75 223 223 0.86
Brokerage, as adjusted $957 $243 $714 $3 $711 $2.74
Risk Management, as reported $67 $18 $49
$ - $49 $0.19
Net (gains) on divestitures (1) (1) (1)
Acquisition integration 2 1 1 1
Workforce and lease termination 2 1 1 1
Acquisition related adjustments 3 3 3 0.01
Amortization of intangible assets 6 2 4 4 0.02
Risk Management, as adjusted $79 $21 $58
$ - $58 $0.22
Corporate, as reported $(311) $(99) $(212)
$ - $(212) $(0.82)
Transaction-related costs 36 9 27 27 0.10
Legal, tax and benefit plan related 54 20 34 34 0.14
Corporate, as adjusted $(221) $(70) $(151)
$ - $(151) $(0.58)
See "Information Regarding Non-GAAP Measures" beginning on page 9 of 15.
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Reconciliation of Non-GAAP Measures - Pre-tax Earnings and Diluted Net Earnings per Share (Unaudited) - Continued
(Unaudited - in millions except share and per share data)
Net Earnings Net Earnings
Earnings Provision (Loss) (Loss) Diluted Net
(Loss) (Benefit) Attributable to Attributable
to Earnings
Before Income for Income Net Earnings Noncontrolling Controlling (Loss)
Taxes Taxes (Loss) Interests Interests per Share
4th Q Ended December 31, 2024
Brokerage, as reported $425 $108 $317
$ - $317 $1.37
Net losses on divestitures 1 1 1
Acquisition integration 39 10 29 29 0.13
Workforce and lease termination 31 8 23 23 0.10
Acquisition related adjustments 53 13 40 40 0.17
Amortization of intangible assets 163 42 121 121 0.53
Effective income tax rate impact (1) 1 1 0.01
Levelized foreign currency translation 7 2 5 5 0.02
Brokerage, as adjusted $719 $182 $537
$ - $537 $2.33
Risk Management, as reported $58 $15 $43
$ - $43 $0.19
Acquisition integration 1 1
Workforce and lease termination 4 1 3 3 0.01
Acquisition related adjustments
Amortization of intangible assets 4 1 3 3 0.01
Levelized foreign currency translation 1 1 1
Risk Management, as adjusted $68 $18 $50
$ - $50 $0.21
Corporate, as reported $(150) $(48) $(102)
$ - $(102) $(0.44)
Transaction-related costs 17 3 14 14 0.06
Clean energy-related (2) (1) (1) (1)
Corporate, as adjusted $(135) $(46) $(89)
$ - $(89) $(0.38)
Net Earnings Net Earnings
Earnings (Loss) (Loss) Diluted Net
(Loss) (Benefit) Attributable to Attributable
to Earnings
Before Income for Income Net Earnings Noncontrolling Controlling (Loss)
Taxes Taxes (Loss) Interests Interests per Share
Year Ended December 31, 2025
Brokerage, as reported $2,759 $707 $2,052 $9 $2,043 $7.85
Net (gains) on divestitures (24) (6) (18) (18) (0.07)
Acquisition integration 257 63 194 194 0.73
Workforce and lease termination 183 47 136 136 0.53
Acquisition related adjustments 172 45 127 127 0.49
Amortization of intangible assets 894 226 668 668 2.57
Brokerage, as adjusted $4,241 $1,082 $3,159 $9 $3,150 $12.10
Risk Management, as reported $249 $66 $183
$ - $183 $0.70
Net (gains) on divestitures (2) (1) (1) (1)
Acquisition integration 9 2 7 7 0.03
Workforce and lease termination 12 3 9 9 0.03
Acquisition related adjustments 4 1 3 3 0.01
Amortization of intangible assets 22 6 16 16 0.06
Risk Management, as adjusted $294 $77 $217
$ - $217 $0.83
Corporate, as reported $(1,137) $(405) $(732)
$ - $(732) $(2.81)
Transaction-related costs 122 15 107 107 0.41
Legal, tax and benefit plan related 78 36 42 42 0.16
Corporate, as adjusted $(937) $(354) $(583)
$ - $(583) $(2.24)
Net Earnings Net Earnings
Earnings Provision (Loss) (Loss) Diluted Net
(Loss) (Benefit) Attributable to Attributable
to Earnings
Before Income for Income Net Earnings Noncontrolling Controlling (Loss)
Taxes Taxes (Loss) Interests Interests per Share
Year Ended December 31, 2024
Brokerage, as reported $2,259 $573 $1,686 $8 $1,678 $7.46
Net (gains) on divestitures (24) (6) (18) (18) (0.08)
Acquisition integration 191 48 143 143 0.63
Workforce and lease termination 118 30 88 88 0.39
Acquisition related adjustments 85 22 63 (3) 66 0.28
Amortization of intangible assets 651 165 486 486 2.16
Effective income tax rate impact 7 (7) (7) (0.03)
Levelized foreign currency translation 13 5 8 8 0.04
Brokerage, as adjusted $3,293 $844 $2,449 $5 $2,444 $10.85
Risk Management, as reported $238 $63 $175
$ - $175 $0.78
Acquisition integration 3 1 2 2 0.01
Workforce and lease termination 8 2 6 6 0.03
Amortization of intangible assets 14 4 10 10 0.04
Risk Management, as adjusted $263 $70 $193
$ - $193 $0.86
Corporate, as reported $(622) $(232) $(390)
$ - $(390) $(1.74)
Transaction-related costs 32 6 26 26 0.12
Legal and tax related (3) 3 3 0.02
Clean energy-related (2) (2) (2) (0.01)
Corporate, as adjusted $(592) $(229) $(363)
$ - $(363) $(1.61)
See "Information Regarding Non-GAAP Measures" on page 9 of 15.
Contact:
Ray Iardella
Vice President - Investor Relations
630-285-3661 or ray_iardella@ajg.com
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See "Information Regarding Non-GAAP Measures" on page 9 of 15.
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SOURCE Arthur J. Gallagher & Co.
