Revenue
Cost
Profit
| Item | Category | Value | YoY |
|---|---|---|---|
| Total revenues | revenue | 4.76B | 27.66% |
| Earnings before income taxes | profit | 1.04B | 19.47% |
| Total expenses | cost | 3.71B | 30.17% |
| Net earnings | profit | 823.00M | 16.08% |
| Provision (benefit) for income taxes | cost | 220.00M | 34.15% |
| Compensation | cost | 2.52B | 32.63% |
| Operating | cost | 643.00M | 31.22% |
| Amortization | cost | 278.00M | 32.38% |
| Interest | cost | 158.00M | 0.00% |
| Depreciation | cost | 61.00M | 35.56% |
| Reimbursements | cost | 42.00M | 7.69% |
| Change in estimated acquisition earnout payables | cost | 17.00M | 13.33% |
| Net earnings attributable to controlling interests | profit | 822.00M | 16.76% |
| Net earnings attributable to noncontrolling interests | cost | 1.00M | -80.00% |
| Segment | Value | YoY |
|---|---|---|
| Brokerage | 4.29B | 29.54% |
| Risk Management | 470.00M | 13.80% |
| Segment | Value | YoY |
|---|---|---|
| UNITED STATES | 3.32B | 34.67% |
| UNITED KINGDOM | 775.00M | 11.19% |
| Other Foreign | 385.00M | 27.91% |
| AUSTRALIA | 146.00M | 16.80% |
| CANADA | 93.00M | -7.92% |
| NEW ZEALAND | 42.00M | 5.00% |
| Item | Category | Value | YoY |
|---|---|---|---|
| Fiduciary assets (includes fiduciary cash of $7,069 in 2026 and $7,142 in 2025) | assets | 33.87B | |
| Accounts receivable, net | assets | 5.96B | |
| Cash and cash equivalents | assets | 1.41B | |
| Other current assets | assets | 773.00M | |
| Total current assets | assets | 42.02B | |
| Goodwill | assets | 22.96B | |
| Amortizable intangible assets - net | assets | 10.37B | |
| Other noncurrent assets | assets | 1.57B | |
| Fixed assets - net | assets | 762.00M | |
| Right-of-use assets | assets | 585.00M | |
| Deferred income taxes | assets | 43.00M | |
| Total assets | assets | 78.30B | |
| Total liabilities | liabilities | 54.50B | |
| Total stockholders' equity | liabilities | 23.80B | |
| Total current liabilities | liabilities | 39.53B | |
| Corporate related borrowings - noncurrent | liabilities | 12.08B | |
| Other noncurrent liabilities (includes tax credit carryforwards of $655 in 2026 and $713 in 2025) | liabilities | 2.22B | |
| Lease liabilities - noncurrent | liabilities | 499.00M | |
| Deferred revenue - noncurrent | liabilities | 177.00M | |
| Stockholders' equity attributable to noncontrolling interests | liabilities | 27.00M | |
| Stockholders' equity attributable to controlling interests | equity | 23.77B | |
| Accumulated other comprehensive loss | equity | 566.00M | |
| Fiduciary liabilities | liabilities | 33.87B | |
| Accrued compensation and other current liabilities | liabilities | 4.05B | |
| Deferred revenue - current | liabilities | 809.00M | |
| Corporate related borrowings - current | liabilities | 640.00M | |
| Premium financing debt | liabilities | 156.00M | |
| Aggregate | equity | 24.34B | |
| Capital in excess of par value | equity | 17.64B | |
| Retained earnings | equity | 6.45B | |
| Common stock - issued and outstanding 257 shares in 2026 and 257 shares in 2025 | equity | 257.00M |
| Item | Value |
|---|---|
| Net earnings | 823.00M |
| Net change in accrued compensation and other accrued liabilities | 411.00M |
| Depreciation and amortization | 339.00M |
| Provision for deferred income taxes | 97.00M |
| Net change in deferred revenue | 87.00M |
| Increase (decrease) in other operating assets | 84.00M |
| Net change in income taxes payable | 52.00M |
| Amortization of deferred compensation and restricted stock | 33.00M |
| Change in estimated acquisition earnout payables | 17.00M |
| Stock-based and other noncash compensation expense | 17.00M |
| Gain (loss) on investments | 2.00M |
| Unrealized gain (loss), foreign currency transaction, before tax | -4.00M |
| Payments on acquisition earnouts in excess of original estimates | -45.00M |
| Increase (decrease) in other operating assets and liabilities, net | -87.00M |
| Increase (decrease) in accounts receivable | -869.00M |
| Item | Value |
|---|---|
| Payments for (proceeds from) loans receivable | 82.00M |
| Net proceeds from sales of operations/books of business | 4.00M |
| Payments for (proceeds from) investments | 1.00M |
| Payments for capital improvements | -36.00M |
| Payments to acquire businesses net of cash and restricted cash acquired | -289.00M |
| Item | Value |
|---|---|
| Borrowings on line of credit facility | 1.98B |
| Proceeds from issuance of common stock | 55.00M |
| Debt acquisition costs | 2.00M |
| Net change in fiduciary assets and liabilities | -68.00M |
| Net borrowings payments on premium financing debt facility | -78.00M |
| Earnout payments for acquisitions | -115.00M |
| Payments of ordinary dividends, common stock | -180.00M |
| Payments for repurchase of common stock | -310.00M |
| Net borrowings of corporate related long-term debt | -314.00M |
| Repayments of lines of credit | -1.69B |
| Item | Value |
|---|---|
| Cash and cash equivalents, beginning of period | 1.40B |
| Cash and cash equivalents, end of period | 1.41B |
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