Arthur J. Gallagher & Co.

NYSE-AJG

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	1,606.9	1,647.4	1,566.6	1,470.4	1,172.6	1,141.7
Net Earnings
Depreciation & Amortization	973.5	907.2	888	842.3	819	780.7
Depreciation and Amortization
Share-Based Compensation Expense	177.7	166.4	163.2	159.4	158.7	155.3
Stock-Based and Other Noncash Compensation Expense
Amortization of Deferred Compensation and Restricted Stock
Other Adjustments	-226.8	-318.5	122.4	69.9	303.7	338
Net Gain on Investments and Other
Change in Estimated Acquisition Earnout Payables
Payments on Acquisition Earnouts in Excess of Original Estimates
Provision for Deferred Income Taxes
Net Change in Deferred Income Taxes
Effect of Changes in Foreign Exchange Rates
Unrealized Foreign Currency Remeasurement Gain
Loss on Extinguishment of Debt
Changes in Trade Receivables	-418.3	-276.9	-251.2	-65	70.7	-240.4
Net Change in Accounts Receivable, Net
Net Change in Premiums and Fees Receivable
Net Change in Premium and Fees Receivable
Net Change in Fees Receivable/Unearned Fees
Changes in Accounts Payable	—	—	—	—	—	—
Net Change in Premiums Payable
Net Change in Premiums Payable to Underwriting Enterprises
Changes in Accrued Expenses	279.5	325.5	435.1	363.3	143.2	353.4
Net Change in Accrued Compensation and Other Accrued Liabilities
Changes in Income Taxes Payable	-115.6	-79.7	-11.1	-41.8	-139.8	-92
Net Change in Income Taxes Payable
Changes in Unearned Revenue	-85.5	-113.4	-118.4	-116.1	5	25.5
Net Change in Deferred Revenue
Changes in Other Operating Activities	-275.1	-138.2	-129.2	-99.5	4.1	37.4
Net Change in Other Current Assets
Net Change in Other Noncurrent Assets and Liabilities
Net Change in Restricted Cash
Cash from Operating Activities	1,916.3	2,119.8	2,665.4	2,582.9	2,537.2	2,499.6
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-149	-148	-140.4	-141.9	-144.3	-166.3
Capital Expenditures
Payments for Business Acquisitions	-16,105.3	-2,605.3	-1,542.9	-1,462.3	-2,527.7	-2,511
Cash Paid for Acquisitions, Net of Cash and Restricted Cash Acquired
Cash Paid for Acquisitions, Net of Cash Acquired
Proceeds from Business Divestments	4	20.2	21.4	19.7	24.9	6.8
Net Proceeds from Sales of Operations/Books of Business
Other Investing Activities	-18	24.8	-9	-2.9	16.6	-57
Net Funding of Investment Transactions
Net Funding of Premium Finance Loans
Cash from Investing Activities	-16,261.8	-2,708.3	-1,670.9	-1,587.4	-2,630.5	-2,727.5
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	—	—	—	1,663.2	—	3,333.2
Borrowings on Line of Credit Facility
Repayments of Short-Term Debt	-1,113.3	-123.3	-731.9	-1,906.9	-2,906.9	-3,746.9
Repayments on Line of Credit Facility
Net Issuance / (Repayments) of Short-Term Debt	-1,113.3	-123.3	-731.9	-243.7	-2,906.9	-413.7
Issuance of Long-Term Debt	4,785.3	4,785.9	4,986	5,552.6	1,559	2,053
Net Borrowings of Corporate Related Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	4,785.3	4,785.9	4,986	5,552.6	1,559	2,053
Issuance of Common Shares	9,850.1	9,791.7	9,789.6	8,506.8	158.2	147.7
Proceeds from Issuance of Common Stock
Tax Impact from Issuance of Common Stock
Repurchases of Common Shares	—	—	—	—	—	—
Repurchases of Common Stock
Net Issuance / (Repurchases) of Common Shares	9,850.1	9,791.7	9,789.6	8,506.8	158.2	147.7
Common Share Dividends Paid	-631.3	-596	-560.7	-525.4	-512.7	-499.7
Dividends Paid
Other Financing Activities	5,033.6	5,308.9	5,044.5	5,315	1,889	1,578.6
Payments on Acquisition Earnouts
Payments to Noncontrolling Interests
Net Change in Fiduciary Assets and Liabilities
Net Borrowings on Premium Financing Debt Facility
Debt Acquisition Costs
Settlements on Terminated Interest Rate Swaps
Net Borrowings of Corporate Related Long-Term Debt
Cash from Financing Activities	14,386.3	14,429.2	14,165.1	13,052.7	1,534.4	254.4
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	1,767.3	1,971.8	2,525	2,441	2,392.9	2,333.3
NOPAT	2,128.8	2,079.2	1,967.5	1,668.8	1,713.8	1,552.6
Levered Free Cash Flow	5,901	7,057.1	6,736.8	7,577.9	511.5	3,718.3
Unlevered Free Cash Flow	2,756.6	2,832.6	2,891.5	2,475.1	2,401	2,491.3
Net Change in Cash	40.8	13,840.7	15,159.6	14,048.2	1,441.1	26.5