Arthur J. Gallagher & Co. (AJG) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 957M | 753M | 731.3M | -426.1M | 871.8M | 739.3M | 934.8M | 119.5M | 789.3M | 693.6M | 897.2M | 12.4M | 428.5M | 200.4M | 641.7M | -76.2M | 434.6M | 562.9M | 452.9M | 402M |
| Operating CF Growth % | 9.77% | 1.85% | -21.77% | -456.57% | 10.45% | 6.59% | 4.19% | 863.71% | 84.2% | 246.11% | 39.82% | 116.27% | -1.4% | -64.4% | 41.69% | -118.96% | 51.8% | 54.26% | -22.63% | -42.04% |
| Operating CF / Revenue % | 20.11% | 20.76% | 21.73% | -13.23% | 23.39% | 27.22% | 33.3% | 4.31% | 24.24% | 28.45% | 36% | 0.51% | 15.83% | 9.93% | 31.37% | -3.73% | 17.86% | 28.68% | 21.22% | 20.8% |
| Net Income | 823M | 151M | 273.6M | 366.2M | 708.9M | 258.2M | 314.1M | 285.4M | 608.4M | -39.6M | 283.2M | 235.8M | 486.6M | 135.5M | 256.3M | 285.1M | 439.1M | 120.9M | 238.6M | 201.8M |
| Depreciation & Amortization | 339M | 362M | 276.3M | 230.8M | 253.4M | 213M | 210M | 211.6M | 207.7M | 189.7M | 171.7M | 175.7M | 159.4M | 154M | 145.5M | 140.3M | 159.8M | 146.5M | 131.3M | 145.2M |
| Stock-Based Compensation | 17M | 0 | 11.8M | 11.6M | 28.2M | 9.8M | 11M | 10M | 11.1M | 10.4M | 9.1M | 8.1M | 3.8M | 7.4M | 7.5M | 7.1M | 2.4M | 4.3M | 900K | 4.5M |
| Deferred Taxes | 97M | 0 | 26.8M | -28.8M | 55.6M | 105.9M | -2.9M | -50.1M | 55.7M | 34.6M | 9.4M | -32.8M | 31.9M | -188.1M | -10.9M | -38.1M | 28.1M | -184M | 3M | 1.5M |
| Other Non-Cash Items | 3M | 59.9M | 66.7M | -423.4M | 38.4M | 48.3M | -5.8M | 37.2M | 3.4M | 352.1M | 14.7M | 19.4M | 29.7M | 114.3M | -530.9M | -472.8M | 6.2M | 68.1M | 46.3M | 12.7M |
| Working Capital Changes | -322M | 180.1M | 76.1M | -582.5M | -212.7M | 104.1M | 408.4M | -374.6M | -97M | 146.4M | 409.1M | -393.8M | -282.9M | -22.7M | 774.2M | 2.2M | -201M | 407.1M | 32.8M | 36.3M |
| Cash from Investing | -238M | -476.6M | -13.78B | -1.35B | -275.4M | -857.4M | -230.4M | -308.7M | -195M | -1.9B | -327.4M | -808.5M | -256.6M | -442.7M | -192.2M | -275.6M | -94.3M | -2.71B | -119.6M | -184.2M |
| Capital Expenditures | -36M | -39.6M | -37.8M | -39.4M | -28.2M | -43.6M | -36.8M | -31.8M | -29.7M | -46M | -58.8M | -59.1M | -29.7M | -42.4M | -49.2M | -53.4M | -37.7M | -25.4M | -44M | -32M |
| Acquisitions | -289M | -442.1M | -13.65B | -1.33B | -331.8M | -794.4M | -131.3M | -265.8M | -251.1M | -1.85B | -132.7M | -733.4M | -311.3M | -340.2M | -96.1M | -196.9M | -120.7M | -2.62B | -75.1M | -151.9M |
| Purchase of Investments | 0 | -5M | 0 | 0 | 0 | 0 | 700K | -1M | -3.1M | -1.6M | 400K | -500K | -700K | 100K | -600K | -700K | -100K | -10.3M | -7.6M | -11.5M |
| Sale/Maturity of Investments | 0 | 1.1M | 0 | 0 | 0 | 0 | 0 | 700K | 100K | 600K | 400K | 4.1M | 400K | 100K | 900K | 700K | 0 | 0 | 0 | 0 |
| Other Investing | 87M | 9M | -98.6M | 23.7M | 84.6M | -19.4M | -63M | -10.8M | 88.8M | 1.1M | -136.7M | -19.6M | 84.7M | -60.3M | -47.2M | -25.3M | 64.2M | -66.7M | 7.1M | 11.2M |
| Cash from Financing | -723M | -167.9M | 568.6M | 210.3M | 1.11B | 12.5B | 611.5M | -53.8M | -2.3M | 982.1M | -668.5M | 1.6B | 958.1M | -253.1M | 245.8M | 609.7M | -200.3M | 682.5M | -662.8M | 2.78B |
| Dividends Paid | -180M | -167.5M | -166.9M | -166.6M | -166M | -131.8M | -131.6M | -131.3M | -130.7M | -119.1M | -118.6M | -118.5M | -117.4M | -108M | -107.5M | -107.3M | -106.7M | -99.8M | -89.8M | -105M |
| Share Repurchases | -310M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 55M | 17.7M | 102.9M | 43.6M | 1.33B | 8.37B | 44.5M | 41.5M | 52M | 20.2M | 34M | 35.7M | 30.3M | 20.9M | 33.1M | 23.2M | 45.9M | 22.1M | 22.6M | 1.46B |
| Debt Issuance (Net) | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K |
| Other Financing | -181M | 123.3M | 423.4M | 534.5M | 12.5M | -709.3M | 733.2M | 43.3M | -261.6M | -147.7M | -190.9M | 1.41B | 304.5M | -24.8M | 590.6M | 417.1M | -33M | -23.9M | -22.1M | -155.6M |
| Net Change in Cash | -56M | -3.3M | -12.47B | -1.43B | 1.77B | 12.17B | 1.46B | -243M | 537.5M | -242.1M | -156.8M | 851.2M | 1.13B | -312.6M | 487.1M | 151M | 172.4M | -1.55B | -362.7M | 3.01B |
| Exchange Rate Effect | -52M | -111.8M | 17.8M | 127.8M | 67.6M | -208.7M | 141.3M | -1M | -54.5M | -17.3M | -58.1M | 45.1M | -3.2M | 182.8M | -208.2M | -106.9M | 32.4M | -81.4M | -33.2M | 13.8M |
| Cash at Beginning | 8.54B | 1.4B | 20.81B | 22.24B | 20.47B | 8.29B | 6.84B | 7.08B | 6.54B | 6.79B | 6.94B | 6.09B | 4.96B | 5.28B | 4.79B | 4.64B | 4.47B | 6.01B | 6.38B | 3.36B |
| Cash at End | 8.48B | 1.4B | 8.34B | 20.81B | 22.24B | 20.47B | 8.29B | 6.84B | 7.08B | 6.54B | 6.79B | 6.94B | 6.09B | 4.96B | 5.28B | 4.79B | 4.64B | 4.47B | 6.01B | 6.38B |
| Free Cash Flow | 921M | 713.4M | 693.5M | -465.5M | 843.6M | 695.7M | 898M | 87.7M | 759.6M | 647.6M | 838.4M | -46.7M | 398.8M | 158M | 592.5M | -129.6M | 396.9M | 537.5M | 408.9M | 370M |
| FCF Growth % | 9.18% | 2.54% | -22.77% | -630.79% | 11.06% | 7.43% | 7.11% | 287.79% | 90.47% | 309.87% | 41.5% | 63.97% | 0.48% | -70.6% | 44.9% | -135.03% | 53.18% | 55.75% | -27.59% | -44.3% |
| FCF Margin % | 19.36% | 19.66% | 20.61% | -14.45% | 22.63% | 25.61% | 31.99% | 3.16% | 23.32% | 26.56% | 33.64% | -1.91% | 14.74% | 7.83% | 28.97% | -6.35% | 16.31% | 27.38% | 19.16% | 19.14% |
| FCF per Share | 3.54 | 2.74 | 2.66 | -1.79 | 3.25 | 3.01 | 4.01 | 0.39 | 3.42 | 2.99 | 3.81 | -0.21 | 1.84 | 0.73 | 2.76 | -0.6 | 1.86 | 2.53 | 1.93 | 1.8 |