Arthur J. Gallagher & Co. (AJG) FY2025 10-K Annual Report
Arthur J. Gallagher & Co. (AJG) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 17, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Arthur J. Gallagher & Co. FY2025 10-K Analysis
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
Arthur J. Gallagher & Co. FY2025 Key Financial MetricsXBRL
Revenue
$13.9B
▲ +20.7% YoY
Net Income
$1.5B
▲ +2.1% YoY
Net Margin
10.7%
▼ -194bp YoY
ROE
6.4%
▼ -85bp YoY
Total Assets
$70.7B
▲ +10.0% YoY
EPS (Diluted)
$5.74
▼ -11.7% YoY
Operating Cash Flow
$1.9B
▼ -25.3% YoY
Source: XBRL data from Arthur J. Gallagher & Co. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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