What is Arthur J. Gallagher's unbilled balances?

Arthur J. Gallagher (AJG) reported unbilled balances of $2.75B in Q1 2026.

What does unbilled balances mean?

Unbilled balances represent revenue recognized for services performed but not yet invoiced to the client. This occurs when the timing of service delivery precedes the contractual billing cycle. It is a key indicator of working capital efficiency and the pace of revenue realization.

Arthur J. Gallagher AJG Unbilled balances

Unbilled balances at other companies

Crawford & CompanyCRD.A

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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$58.99B-27.6%

Enterprise value$71.59B-11.8%

P/E36.6×-13.1×

P/S3.9×-2.6×

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:UnbilledContractsReceivable.

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 unbilled balances?: Arthur J. Gallagher (AJG) reported unbilled balances of $2.75B in Q1 2026.
What does unbilled balances mean?: Unbilled balances represent revenue recognized for services performed but not yet invoiced to the client. This occurs when the timing of service delivery precedes the contractual billing cycle. It is a key indicator of working capital efficiency and the pace of revenue realization.