Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.68B | $6.25B | $6.93B | $7.20B | $7.00B | $8.21B | $8.55B | $10.1B | $11.6B | $13.9B |
| Revenue growth | — | 10.0% | 11.0% | 3.8% | -2.7% | 17.2% | 4.2% | 17.8% | 14.7% | 20.7% |
| Net income | $397M | $481M | $634M | $669M | $819M | $907M | $1.11B | $970M | $1.46B | $1.49B |
| Net margin | 7.0% | 7.7% | 9.1% | 9.3% | 11.7% | 11.0% | 13.0% | 9.6% | 12.7% | 10.7% |
| EPS (diluted) | $2.22 | $2.64 | $3.40 | $3.52 | $4.20 | $4.37 | $5.19 | $4.42 | $6.50 | $5.74 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $650M | $854M | $765M | $1.19B | $1.81B | $1.39B | $1.39B | $2.03B | $2.58B | $1.93B |
| Capital expenditures | $218M | — | — | — | — | — | — | — | — | — |
| Free cash flow | $432M | — | — | — | — | — | — | — | — | — |
| Share buybacks | $101M | $17.7M | $11.3M | — | — | — | — | — | — | — |
| Dividends paid | $272M | $283M | $302M | $321M | $347M | $392M | $430M | $474M | $525M | $667M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $1.94B | $2.31B | $2.24B | $2.62B | $3.57B | $868M | $738M | $971M | $15.0B | $1.40B |
| Total assets | $13.5B | $14.9B | $16.3B | $19.6B | $22.3B | $33.2B | $38.4B | $51.6B | $64.3B | $70.7B |
| Total liabilities | $7.83B | $10.6B | $11.8B | $14.4B | $16.1B | $24.8B | $29.2B | $40.8B | $44.1B | $47.3B |
| Long-term debt | $2.14B | $2.69B | $3.09B | $3.82B | $4.27B | $5.81B | $5.56B | $7.01B | $12.7B | $12.1B |
| Shareholders' equity | $3.60B | $4.24B | $4.50B | $5.16B | $6.19B | $8.51B | $9.14B | $10.8B | $20.2B | $23.3B |
| Retained earnings | $916M | $1.22B | $1.56B | $1.90B | $2.37B | $2.88B | $3.56B | $4.05B | $4.99B | $5.81B |
| Shares (wtd avg diluted) | 178M | 180M | 183M | 186M | 191M | 203M | 210M | 215M | 221M | 256M |
Every figure is extracted from Arthur J. Gallagher & Co.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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