Short answer
Arthur J. Gallagher & Co. (AJG) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $13.9B (+20.7% year over year) and net income of $1.5B.
- Top risk flagged: Regulatory/legal risk: Violations of FCPA or U.K. Bribery Act in acquisitions exposing to legal liabilities and regulatory scrutiny
FY2025 key financial metrics · XBRL
- Revenue
- $13.9B
- +20.7% YoY
- Net income
- $1.5B
- +2.1% YoY
- EPS (diluted)
- $5.74
- −11.7% YoY
- ROE
- 6.4%
- −0.9 pp YoY
- Operating cash flow
- $1.9B
- −25.3% YoY
Source: XBRL data from the Arthur J. Gallagher & Co. (AJG) FY2025 10-K on SEC EDGAR. USD.
Arthur J. Gallagher & Co. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business insurance and risk solutions brokerage and administration services globally with 87% revenue from brokerage, 13% risk management
- Completed large tuck-in acquisitions Woodruff Sawyer and AssuredPartners in 2025 to expand brokerage segment
- Geographic footprint includes 1,050+ offices across U.S., Australia, Canada, New Zealand, U.K., Bermuda, plus 130 countries coverage
- Employee base grew to approximately 72,000, with 53% outside U.S., total compensation expense $7.63B up with segment revenue growth
- Market capitalization approx. $67 billion at Dec 31, 2025, ranked world’s 3rd largest insurance broker by revenue per 2025 Business Insurance data
Management Discussion & Analysis
- Revenue $13.8B total, up 21% YoY from $11.4B; Brokerage up 23% to $12.2B, Risk Management up 9% to $1.6B (both GAAP)
- Adjusted net earnings $2.8B up 23% YoY; Brokerage adjusted EBITDAC margin 36.5% vs 35.1% in 2024, Risk adjusted EBITDAC margin 21.2% vs 20.7%
- Best performer Brokerage Segment: revenue $12.2B, net earnings $2.0B; Worst performer Corporate Segment: net loss $(583)M adjusted
- Capital allocation: $8.5B equity and $5.0B notes raised in 2024 for AssuredPartners acquisition ($13.8B total); Woodruff Sawyer bought for $1.2B cash; no dividend/buyback details
- 2026 outlook: management expects continued organic growth; risks include insurance market rate pressure, inflation, and clean energy investment losses expected to continue
Risk Factors
- Regulatory/legal risk: Violations of FCPA or U.K. Bribery Act in acquisitions exposing to legal liabilities and regulatory scrutiny
- Geopolitical risk: Exposure to instability in Ukraine, Middle East, Latin America impacting client insurance and consulting demand
- Operational risk: Integration complexities and cultural risks from large acquisitions like AssuredPartners potentially reducing benefits and increasing costs
- Competitive risk: Technology disruption from Insurtech startups and AI-enabled competitors could erode client relationships and growth
- Financial risk: Significant receivables concentration from underwriting enterprises facing liquidity issues could delay payments and trigger E&O claims
Generated from the filing text; verify against the original. How to read a 10-K
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