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Arthur J. Gallagher AJG Brokerage — Deferred contract costs

Other segment segments

Risk Management
$208M+21.1%

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Other financials

Income statement

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Revenue$4.8B+27.7%
Gross profit$2.0B+16.3%
Net income$822.0M+16.8%
EPS (diluted)$3.16+16.2%

Balance sheet

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Cash & equivalents$1.4B-91.5%
Total debt$14.0B+5.7%
Total equity$23.8B+6.5%
Total assets$78.3B+5.7%

Cash flow

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Operating cash flow$957.0M+9.7%
CapEx$36.0M+28.6%
Free cash flow$921.0M+9.1%

Valuation

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Market cap$55.98B-31.7%
Enterprise value$68.58B-12.7%
P/E34.7×-17.9×
P/S3.7×-3.1×

Profitability

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Gross margin99.7%+14.0pp
Net margin10.8%-2.2pp
FCF margin21%-0.1pp

Returns & leverage

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Return on equity7%-2.3pp
Debt / equity0.6×0.0×
Current ratio1.1×-0.4×

Where this comes from

Reported directly by Arthur J. Gallagher in its filing.

Tagged under the XBRL concept us-gaap:ContractWithCustomerLiability.

The official record: Arthur J. Gallagher’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Arthur J. Gallagher's brokerage — deferred contract costs?
Arthur J. Gallagher (AJG) reported brokerage — deferred contract costs of $778M in Q1 2026.
How has Arthur J. Gallagher's brokerage — deferred contract costs changed year-over-year?
Arthur J. Gallagher's brokerage — deferred contract costs increased by 48.5% year-over-year, from $523.8M to $778M.
What is the long-term trend for Arthur J. Gallagher's brokerage — deferred contract costs?
Over 4 years (2021 to 2025), Arthur J. Gallagher's brokerage — deferred contract costs has grown at a 11.6% compound annual growth rate (CAGR), from $1.58B to $2.45B.
What does brokerage — deferred contract costs mean?
These are costs incurred to obtain or fulfill a contract with a customer that are capitalized and amortized over the expected benefit period. This metric highlights the upfront investment required to secure brokerage business, which is then matched against the revenue generated over the life of the contract.