What is the primary revenue source for Arthur J. Gallagher (AJG)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze AJG's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Arthur J. Gallagher's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Arthur J. Gallagher Makes Money: AJG Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

The largest revenue segment accounts for 88.97% of revenue, indicating concentration.

Revenue: USD 8.76B
Largest revenue segment share (Brokerage): 88.97%
Income tax expense: USD 310.00M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Income tax expenseProvision (benefit) for income taxes · IncomeTaxExpenseBenefit
Largest revenue segment share (Brokerage)Brokerage · segment_value / revenue * 100
RevenueTotal revenues · RevenueFromContractWithCustomerExcludingAssessedTax

Assets

Where is the money tied up, and how is the company financed?

Neutral

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Goodwill: USD 23.03B
Accounts receivable: USD 6.08B
Cash and cash equivalents: USD 1.39B
Total liabilities: USD 58.06B
Shareholder equity: USD 23.75B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

GoodwillGoodwill · Goodwill
Shareholder equityTotal stockholders' equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesTotal liabilities · Liabilities
Accounts receivableAccounts receivable, net · AccountsReceivableNetCurrent
Cash and cash equivalentsCash and cash equivalents · CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 84.38% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 1.15B
Operating cash flow: USD 967.00M
Cash conversion: 84.38%
Free cash flow: USD 880.00M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet earnings attributable to controlling interests · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Steady

Dividends and net buybacks are covered by free cash flow, so cash genuinely reached shareholders.

Cash dividends: USD 359.00M
Share repurchases: USD 480.00M
Stock issuance proceeds: USD 91.00M
Net shareholder return: USD 748.00M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of ordinary dividends, common stock · PaymentsOfDividendsCommonStock · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)
Stock issuance proceedsProceeds from issuance of common stock · ProceedsFromIssuanceOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?