Arthur J. Gallagher & Co., together with its subsidiaries, provides insurance brokerage, consulting, third-party claims settlement, and administration services in the United States, Australia, Bermuda, Canada, the Caribbean, New Zealand, India, and the United Kingdom. It operates through Brokerage and Risk Management segments. The Brokerage segment consists of retail and wholesale insurance brokerage operations; assists retail brokers and other non-affiliated brokers in the placement of specialized and hard-to-place insurance; acts as a brokerage wholesaler, managing general agent, and managing general underwriter for distributing specialized insurance coverage's to underwriting enterprises. This segment also performs activities, including marketing, underwriting, issuing policies, collecting premiums, appointing and supervising other agents, paying claims, and negotiating reinsurance; and offers brokerage and consulting services to businesses and organizations, including commercial, not-for-profit, and public entities, as well as individuals in the areas of insurance placement, risk of loss management, and management of employer sponsored benefit programs. The Risk Management segment provides contract claim settlement and administration services to enterprises and public entities; and claims management, loss control consulting, and insurance property appraisal services. The company offers its services through a network of correspondent insurance brokers and consultants. It serves commercial, industrial, public, religious, and not-for-profit entities. The company was incorporated in 1927 and is headquartered in Rolling Meadows, Illinois.

Arthur J. Gallagher & Co.

Commissions

Commissions %Chg

Commissions Common Size

Fees

Fees %Chg

Fees Common Size

Investment Income - Brokerage and Risk Management

Investment Income - Brokerage and Risk Management %Chg

Investment Income - Brokerage and Risk Management Common Size

Supplemental Revenues

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Contingent Revenues

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Interest Income, Premium Finance Revenues and Other Income

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Interest Income, Premium Finance Revenues and Other Income Common Size

Investment Income - Financial Services

Investment Income - Financial Services %Chg

Investment Income - Financial Services Common Size

Investment Income and Other - Financial Services and Corporate

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Investment Income and Other - Financial Services and Corporate Common Size

Net Gains on Divestitures

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Net Gains on Divestitures Common Size

Revenues from Clean Coal Activities

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Revenues Before Reimbursements

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Reimbursements

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Cost of Revenues from Clean Coal Activities

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Cost of Revenues from Clean Coal Activities Common Size

Loss on Extinguishment of Debt

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Loss on Extinguishment of Debt Common Size

Investment Expenses

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Total Revenues

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Other Net Revenues

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Compensation

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Operating

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Interest

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Litigation Related Matters

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Retail Contingent Commission Related Matters

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Depreciation

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Amortization

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Change in Estimated Acquisition Earnout Payables

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Earnings from Continuing Operations

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Earnings from Discontinued Operations Before Income Taxes

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Gain on Disposal of Operations

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Provision for Income Taxes

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Earnings from Discontinued Operations

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Net Earnings

Cost of Sales

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Gross Profit

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Gross Profit Margin

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Selling, General & Administrative Expenses

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Depreciation & Amortization Expenses

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Other Operating Expenses

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Operating Profit

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Interest and Investment Income

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Non-Operating Income

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Revenue

EBIT

EBITDA

CapEx

Net Interest Income

Assets

Adjusted EBITDA

Adjusted Net Income

Net Revenue

Net Income

Average Assets

Adjusted EBIT

Adjusted Revenue

Adjusted EBT

Adjusted Funds From Operations

Income Statement	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Revenues	13,029.8	11,554.9	10,071.9	8,550.6	8,209.4	7,003.6	7,195	6,934	6,249	5,680.5	5,392.4
Total Revenues %Chg	15.6%	14.7%	17.8%	4.2%	17.2%	-2.7%	3.8%	11%	10%	5.3%	16.6%
Commissions
Fees
Supplemental Revenues
Contingent Revenues
Revenues from Clean Coal Activities
Other Net Revenues
Cost of Sales	7,345.3	6,830.9	5,972	5,083.7	5,366.7	4,652	4,969.5	5,125.5	4,655.3	4,210	3,780.4
Cost of Revenues from Clean Coal Activities
Compensation
Reimbursements
Reimbursements
Gross Profit	5,684.5	4,724	4,099.9	3,466.9	2,842.7	2,351.6	2,225.5	1,808.5	1,593.7	1,470.5	1,612
Gross Profit Margin	43.6%	40.9%	40.7%	40.5%	34.6%	33.6%	30.9%	26.1%	25.5%	25.9%	29.9%
Selling, General & Administrative Expenses	2,029.4	1,753.9	1,689.7	1,330.9	1,072.4	906.5	1,068.5	903.7	829.1	776.3	840.7
Operating
Depreciation & Amortization Expenses	973.5	842.3	696.5	599.6	566.3	562.4	474.4	419	385.8	350.8	334.2
Depreciation
Amortization
Other Operating Expenses	—	—	—	—	—	—	—	—	—	—	—
Litigation Related Matters
Retail Contingent Commission Related Matters
Operating Profit	2,681.6	2,127.8	1,713.7	1,536.4	1,204	882.7	682.6	485.8	378.8	343.4	437.1
Operating Margin	20.6%	18.4%	17%	18%	14.7%	12.6%	9.5%	7%	6.1%	6%	8.1%
Interest and Investment Income	793.1	473.2	367.3	150	102.5	75.9	86.9	70.1	58.7	53.6	54.2
Interest Income, Premium Finance Revenues and Other Income
Investment Income - Financial Services
Investment Income and Other - Financial Services and Corporate
Investment Income - Brokerage and Risk Management
Interest Expense	-579.7	-381.3	-296.7	-256.9	-226.1	-196.4	-179.8	-138.4	-124.1	-109.8	-103
Interest
Non-Operating Income	-77.7	-26	-377.3	-83	-135.8	27.1	60	0.6	-27.5	-25.5	-33.9
Loss on Extinguishment of Debt
Change in Estimated Acquisition Earnout Payables
Investment Expenses
Net Gains on Divestitures
Total Non-Operating Income	135.7	65.9	-306.7	-189.9	-259.4	-93.4	-32.9	-67.7	-92.9	-81.7	-82.7
Income Before Provision for Income Taxes	2,024.2	1,874.8	1,185.1	1,327	975.1	870.9	626.1	479.4	359.8	333.6	293.5
Earnings Before Income Taxes
Provision for Income Taxes	417.3	404.4	219.1	211	20.1	12.8	-89.7	-196.5	-157.1	-96.7	-95.6
Provision for Income Taxes
Consolidated Net Income	1,606.9	1,470.4	966	1,116	955	858.1	715.8	675.9	516.9	430.3	389.1
Earnings from Continuing Operations
Net Income Attributable to Minority Interests and Other	5.7	7.7	-3.5	1.8	48.2	39.3	47	42.4	35.6	33.5	32.3
Net Earnings Attributable to Noncontrolling Interests
Net Income Attributable to Discontinued Operations	—	—	—	—	—	—	—	—	—	—	—
Earnings from Discontinued Operations
Net Income Attributable to Common Shareholders	1,601.2	1,462.7	969.5	1,114.2	906.8	818.8	668.8	633.5	481.3	396.8	356.8
Net Earnings Attributable to Controlling Interests
Basic EPS	6.4	4.8	4.5	5.3	4.5	4.3	3.6	3.5	2.7	2.2	2.1
Diluted EPS	6.3	4.7	4.4	5.2	4.4	4.2	3.5	3.4	2.6	2.2	2.1
Basic Weighted Average Shares Outstanding	248.5	255.8	214.9	210.3	202.7	191	186	182.7	180.1	177.6	172.2
Total Shares Outstanding	256.8	250	216.7	211.9	208.5	193.7	188.1	184	181	178.3	176.9
Diluted Weighted Average Shares Outstanding	252.8	261	219.3	214.7	207.3	195	190.1	186.2	182.1	178.4	173.2
EBITDA	3,655.1	2,970.1	2,410.2	2,136	1,770.3	1,445.1	1,157	904.8	764.6	694.2	771.3
Effective Tax Rate	20.6%	21.6%	18.5%	15.9%	2.1%	1.5%	-14.3%	-41%	-43.7%	-29%	-32.6%