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

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Contingent Revenues

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Interest Income, Premium Finance Revenues and Other Income

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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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Loss on Extinguishment of Debt

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Total Revenues

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Compensation

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Operating

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Interest

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Amortization

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Total Expenses

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Provision for Income Taxes

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Net Earnings

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Net Earnings Attributable to Noncontrolling Interests

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Net Earnings Attributable to Controlling Interests

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Basic Net Earnings per Share

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Cost of Sales

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Gross Profit

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Selling, General & Administrative Expenses

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Depreciation & Amortization Expenses

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Operating Profit

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Interest and Investment Income

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Interest Expense

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Non-Operating Income

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Revenue

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Income Statement	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Total Revenues	13,029.8	12,471	12,025.6	11,554.9	11,270.8	10,956
Total Revenues %Chg	15.6%	13.8%	13.2%	14.7%	16.6%	18.8%
Commissions
Fees
Supplemental Revenues
Contingent Revenues
Revenues from Clean Coal Activities
Other Net Revenues
Cost of Sales	7,345.3	7,035.6	6,848.8	6,830.9	6,553.2	6,509.1
Cost of Revenues from Clean Coal Activities
Compensation
Reimbursements
Reimbursements
Gross Profit	5,684.5	5,435.4	5,176.8	4,724	4,717.6	4,446.9
Gross Profit Margin	43.6%	43.6%	43%	40.9%	41.9%	40.6%
Selling, General & Administrative Expenses	2,029.4	1,902.3	1,808.6	1,753.9	1,765.6	1,734.9
Operating
Depreciation & Amortization Expenses	973.5	907.2	888	842.3	819	780.7
Depreciation
Amortization
Operating Profit	2,681.6	2,625.9	2,480.2	2,127.8	2,133	1,931.3
Operating Margin	20.6%	21.1%	20.6%	18.4%	18.9%	17.6%
Interest and Investment Income	793.1	761.3	627.4	473.2	452.4	418.7
Interest Income, Premium Finance Revenues and Other Income
Interest Expense	-579.7	-511.8	-447.5	-381.3	-357.6	-337.5
Interest
Non-Operating Income	-77.7	-33.5	-57.9	-26	-316	-328.8
Loss on Extinguishment of Debt
Change in Estimated Acquisition Earnout Payables
Net Gains on Divestitures
Total Non-Operating Income	135.7	216	122	65.9	-221.2	-247.6
Income Before Provision for Income Taxes	2,024.2	2,080.6	1,974.8	1,874.8	1,459.4	1,420.2
Earnings Before Income Taxes
Provision for Income Taxes	417.3	433.2	408.2	404.4	286.8	278.5
Provision for Income Taxes
Consolidated Net Income	1,606.9	1,647.4	1,566.6	1,470.4	1,172.6	1,141.7
Net Income Attributable to Minority Interests and Other	5.7	6.3	7.9	7.7	0.4	1.4
Net Earnings Attributable to Noncontrolling Interests
Net Income Attributable to Common Shareholders	1,601.2	1,641.1	1,558.7	1,462.7	1,172.2	1,140.3
Net Earnings Attributable to Controlling Interests
Basic EPS	6.4	6.7	6.6	4.8	5.3	5.3
Diluted EPS	6.3	6.6	6.5	4.7	5.3	5.1
Basic Weighted Average Shares Outstanding	248.5	239.2	229.8	255.8	222.5	217.1
Total Shares Outstanding	256.8	256.4	256.1	250	219.4	219.1
Diluted Weighted Average Shares Outstanding	252.8	243.7	234.3	261	222.5	221.6
EBITDA	3,655.1	3,533.1	3,368.2	2,970.1	2,952	2,712
Effective Tax Rate	20.6%	20.8%	20.7%	21.6%	19.7%	19.6%