← Arthur J. Gallagher & Co.
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net Income (Loss) Attributable to Parent | $414.4m | $463.1m | $633.5m | $668.8m | $818.8m | $906.8m | $1.1b | $969.5m | $1.5b | $1.5b | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $445.0m | $499.2m | $675.9m | $715.8m | $858.1m | $955.0m | $1.1b | $966.0m | $1.5b | $1.5b | |
| Net Income (Loss) Attributable to Noncontrolling Interest | $30.6m | $36.1m | $42.4m | $47.0m | $39.3m | $48.2m | $1.8m | ($3.5m) | $7.7m | $9.0m | |
| Amortization | $247.2m | $264.7m | $291.2m | $334.0m | $417.3m | $415.1m | $454.9m | $531.3m | $664.8m | $916.0m | |
| Depreciation | $103.6m | $121.1m | $127.8m | $140.4m | $145.1m | $151.2m | $144.7m | $165.2m | $177.5m | $206.0m | |
| Depreciation, Amortization and Accretion, Net | $350.8m | $385.8m | $419.0m | $474.4m | $562.4m | $566.3m | $599.6m | $696.5m | $842.3m | $1.1b | |
| Deferred Income Tax Expense (Benefit) | — | — | — | — | — | ($184.0m) | ($209.0m) | $43.1m | $108.6m | $61.0m | |
| Share-based Payment Arrangement, Noncash Expense | $14.7m | $17.3m | $13.7m | $14.0m | $13.6m | $13.4m | $24.4m | $31.4m | $41.9m | $49.0m | |
| Impairment of Intangible Assets (Excluding Goodwill) | — | — | — | — | — | — | — | — | — | $66.0m | |
| Impairment of Intangible Assets, Finite-lived | $1.8m | $6.2m | $10.6m | $100k | $51.7m | $17.6m | $2.0m | $3.5m | $19.4m | — | |
| Gain (Loss) on Extinguishment of Debt | — | — | — | — | — | ($16.2m) | — | — | — | — | |
| Income Tax Expense (Benefit) | ($88.1m) | ($121.1m) | ($196.5m) | ($89.7m) | $12.8m | $20.1m | $211.0m | $219.1m | $404.4m | $368.0m | |
| Operating Lease, Expense | — | — | — | — | — | $153.4m | $176.6m | $183.5m | $183.4m | $208.0m | |
| Changes in operating assets and liabilities: | |||||||||||
| Additional Financial Items | |||||||||||
| Increase (Decrease) in Accounts Receivable | — | — | — | — | — | — | — | $503.5m | $65.0m | $278.0m | |
| Foreign Currency Transaction Gain (Loss), before Tax | $3.0m | ($2.8m) | $2.9m | ($6.7m) | ($2.9m) | ($2.3m) | $34.0m | ($10.3m) | ($400k) | ($54.0m) | |
| Foreign Currency Transaction Gain (Loss), Unrealized | $3.0m | ($2.8m) | $2.9m | ($6.7m) | ($2.9m) | ($2.3m) | $34.0m | ($10.3m) | ($400k) | ($54.0m) | |
| Gain (Loss) on Investments | $6.5m | $100k | $8.4m | $72.0m | ($6.3m) | $17.0m | $11.0m | $8.4m | $22.7m | $23.0m | |
| Goodwill | $3.8b | $4.2b | $4.6b | $5.6b | $6.1b | $8.7b | $9.5b | $11.5b | $12.3b | $22.6b | |
| Operating Expenses | $797.7m | $852.5m | $903.7m | $1.1b | $906.5m | $1.1b | $1.3b | $1.7b | $1.8b | $2.3b | |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | — | — | — | — | — | — | — | — | — | ($16.0m) | |
| Gain (Loss) on Derivative Instruments, Net, Pretax | — | $8.3m | — | — | — | — | — | — | — | — | |
| Net Cash Provided by (Used in) Operating Activities | $622.1m | $854.2m | $765.1m | $1.1b | $1.8b | $1.7b | $2.1b | $2.0b | $2.6b | $1.9b | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Property, Plant, and Equipment | $217.8m | ($129.2m) | ($124.4m) | ($138.8m) | ($99.3m) | ($128.6m) | ($182.7m) | ($193.6m) | ($141.9m) | ($145.0m) | |
| Payments to Acquire Businesses, Net of Cash Acquired | $327.3m | — | — | — | — | — | — | — | — | — | |
| Net Cash Provided by (Used in) Investing Activities | ($569.2m) | ($511.0m) | ($910.3m) | ($1.4b) | ($416.8m) | ($3.4b) | ($1.0b) | ($3.3b) | ($1.6b) | ($15.9b) | |
| Cash flows from financing activities: | |||||||||||
| Proceeds from Issuance of Long-term Debt | $376.0m | $648.0m | $400.0m | $725.0m | $424.9m | $1.7b | — | — | — | — | |
| Repayments of Long-term Debt | $50.0m | $300.0m | — | — | — | — | — | — | — | — | |
| Proceeds from Issuance of Common Stock | $45.6m | $60.4m | $81.9m | $101.2m | $111.9m | $1.5b | $123.1m | $120.2m | $8.5b | $1.5b | |
| Payments for Repurchase of Common Stock | $101.0m | $17.6m | $11.3m | — | — | — | — | — | — | — | |
| Payments of Ordinary Dividends, Common Stock | $272.2m | $282.7m | $301.8m | $321.1m | $347.4m | $392.0m | $429.5m | $473.6m | $525.4m | $667.0m | |
| Net Cash Provided by (Used in) Financing Activities | — | — | $162.0m | $638.4m | ($505.1m) | $2.7b | ($522.8m) | $2.9b | $13.1b | $1.7b | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | $72.0m | ($85.0m) | $6.1m | $119.8m | ($64.5m) | ($99.9m) | ($33.5m) | ($122.9m) | $303.0m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | $367.4m | ($68.2m) | $387.1m | $950.4m | $892.0m | $497.9m | $1.6b | $13.9b | ($11.9b) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | $2.3b | $2.2b | $2.6b | $3.6b | $4.5b | $5.0b | $971.5m | $15.0b | $1.4b | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | — | — | $139.2m | — | — | — | — | — | — | — | |
| Income Taxes Paid, Net | — | — | $68.1m | — | $113.0m | $325.4m | $317.6m | $225.8m | $330.6m | $341.0m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.