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Arthur J. Gallagher Cash Flow Statement

Operating, investing, and financing cash movements

Arthur J. Gallagher generated $3.3B in operating cash flow over the trailing twelve months. After $153.0M in capital expenditures, free cash flow was $3.2B. Free cash flow increased 0.3% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$2.7BNet Cash From Investing (TTM)-$15.8BNet Cash From Financing (TTM)$14.4BCapital Expenditures (TTM)$153.0MDepreciation And Amortization Cf (TTM)$1.2BNet Change In Cash (TTM)$15.4B
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$51.7B
P/E Ratio32.06
ROE6.99%

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from lines of credit—$0$3.3M$1.2B$1.3B$2B
Proceeds from lines of credit—$0$3.3M$1.2B$1.3B$2B
Proceeds from Lines of Credit—$0$3.3M$1.2B$1.3B$2B
Repayments of Lines of Credit$100K$0$3.3M$1.1B$1.5B$1.7B
Dividends paid$131.4M$166M$166.6M$166.9M$167.5M$180M
Debt acquisition costs-$44.4M$2M$2.7M$2.4M$1.9M$2M
Earnout Payments For Acquisitions$12.4M$11M$338.6M$22.9M$69.5M$115M
Net Borrowings Payments On Premium Financing Debt Facility$11.3M$75M$1.3M—$14.9M$78M
Net change in fiduciary assets and liabilities-$656.6M$21M$870.9M$446.3M$192.8M-$68M
Net borrowings of corporate related long-term debt$5B$1M-$200.2M——-$314M
Proceeds from Borrowings on Revolving Credit Facility—$0$3.3M$1.2B$1.3B$2B
Repayments of Lines of Credit$100K$0$3.3M$1.1B$1.5B$1.7B
Net cash from financing activities$12.5B$1.1B$210.3M$568.6M—-$723M
Borrowings Under Acquisition Credit Facilities—$0$3.3M$1.2B$1.3B$2B
Repayments of Acquisition Credit Facilities$100K$0$3.3M$1.1B$1.5B$1.7B
Proceeds from issuance of common stock$8.4B$1.3B$43.4M$102.9M$17.7M$55M
Proceeds from Secured Lines of Credit—$0$3.3M$1.2B$1.3B$2B
Repurchases of common stock—$0———$310M
Repayments of lines of credit$100K$0$3.3M$1.1B$1.5B$1.7B

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts receivable—$658M$23.1M——$869M
Change in deferred revenue-$135.4M$78M——-$106M$87M
Change in income taxes payable/receivable-$5.7M$27M-$64.3M-$72.8M—$52M
Other working capital changes—$94M—$88.8M—$87M
Deferred income taxes$106.3M$56M—$26.8M$7.4M$97M
Depreciation and amortization$213.7M$255M$229.2M$276.3M$361.5M$339M
Unrealized Foreign Currency Transaction Gain (Loss)$16M-$24M-$26.2M$0-$5.4M$4M
Unrealized Foreign Currency Transaction Gain (Loss)$16M-$24M-$26.2M$0-$5.4M$4M
Foreign Currency Transaction Gain (Loss)$16M-$24M-$26.2M$0-$5.4M$4M
Net cash from operating activities$739.4M$872M—$731.3M$753M$957M
Net income$258.8M$709M$366.2M$273.6M$154.3M$823M
Amortization of deferred compensation and restricted stock$29.2M$28M$32.7M$40.2M$47.1M$33M
Contingent consideration fair value adjustments-$6.2M-$10M-$469.9M-$9M-$2.1M-$45M
Change in estimated acquisition earnout payables$38.6M$15M-$5.6M$28.9M$6.9M$17M
Unrealized Gain (Loss), Foreign Currency Transaction, before Tax$16M-$24M-$26.2M$0-$5.4M$4M
Gain (Loss) on Investments—$6M$5.9M—$19.3M-$2M
Increase (Decrease) in Other Operating Assets$101.9M-$18M$18.1M$61.5M$156.4M-$84M
Net Change In Accrued Compensation And Other Accrued Liabilities-$321.6M-$416M$548.3M-$89.9M-$154.4M-$411M
Unrealized Foreign Currency Transaction Gain (Loss)$16M-$24M-$26.2M$0-$5.4M$4M
Unrealized Foreign Currency Gain (Loss)$16M-$24M-$26.2M$0-$5.4M$4M
Stock-based compensation$9.9M$14M$11.5M$11.8M$11.7M$17M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$695.7M$844M—$693.5M$713.4M$921M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$208.8M$67M$128.4M$17.8M$89.8M-$52M
Net increase (decrease) in cash$12.2B$1.8B—-$12.5B—-$56M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net proceeds from sales of operations/books of business$0$2M$200K$3.3M$11.5M$4M
Payments for Capital Improvements$43.7M$28M$39.6M$37.8M$39.6M$36M
Payments for (Proceeds from) Loans Receivable$25.1M-$83M-$22.6M—-$9M-$82M
Payments To Acquire Businesses Net Of Cash And Restricted Cash Acquired$792.6M$332M$1.3B$13.7B$453.6M$289M
Payments for and Proceeds from Loans Receivable$25.1M-$83M-$22.6M—-$9M-$82M
Net cash from investing activities-$857M-$275M-$1.3B-$13.8B-$471.6M-$238M
Net Payments for or Proceeds from Investments-$5.6M$0-$900K$0-$1.1M-$1M