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AJG

Latest: FY2025 · Thesis page →
Revenue$13.9B+20.7% YoY
Net income$1.5B+2.1% YoY
Free cash flow—YoY n/a
Gross margin—

Revenue vs Net income

Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.

■ Revenue   ■ Net income
$0$5.0B$10.0B$15.1BFY21FY22FY23FY24FY25

Margin trend

Gross, operating and net margin. Margins are derived from reported dollars.

● Gross margin   ● Operating margin   ● Net margin
9%10%12%14%FY21FY22FY23FY24FY25

Revenue YoY growth

Year-over-year change vs the same quarter (or fiscal year) a year earlier. Shown where the prior-year period is in the 8-quarter snapshot (latest four quarters).

+4%+18%+15%+21%FY21FY22FY23FY24FY25

Income statement

From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.

FY21FY22FY23FY24FY25
Revenue$8.2B$8.6B$10.1B$11.6B$13.9B
YoY—+4.2%+17.8%+14.7%+20.7%
Cost of goods sold—————
YoY—————
Gross profit—————
YoY—————
Research & development—————
YoY—————
Selling, general & administrative—————
YoY—————
Operating income—————
YoY—————
Pretax income$975.1M$1.3B$1.2B$1.9B$1.9B
YoY—+36.1%-10.7%+58.2%-0.2%
Income tax$20.1M$211.0M$219.0M$404.0M$368.0M
YoY—+949.8%+3.8%+84.5%-8.9%
Net income$906.8M$1.1B$970.0M$1.5B$1.5B
YoY—+22.9%-12.9%+50.8%+2.1%
EPS — basic$4.47$5.30$4.51$6.63$5.83
YoY—+18.6%-14.9%+47.0%-12.1%
EPS — diluted$4.37$5.19$4.42$6.50$5.74
YoY—+18.8%-14.8%+47.1%-11.7%
Weighted shares — basic202.7M210.3M214.9M220.5M256.1M
Weighted shares — diluted—————

Balance sheet

Point-in-time values at each quarter (or fiscal year) end.

FY21FY22FY23FY24FY25
Cash & equivalents—————
YoY—————
Marketable securities (current)—————
YoY—————
Accounts receivable—$2.9B$3.8B$3.9B$5.2B
YoY——+30.1%+2.9%+32.8%
Inventory—————
YoY—————
Total current assets$17.7B$22.3B$32.1B$44.1B$34.4B
YoY—+26.1%+44.1%+37.4%-22.1%
Total assets$33.2B$38.4B$51.6B$64.3B$70.7B
YoY—+15.4%+34.6%+24.5%+10.0%
Total current liabilities$16.7B$21.3B$31.1B$29.3B$32.5B
YoY—+27.5%+45.6%-5.8%+11.1%
Total liabilities$24.8B$29.2B$40.8B$44.1B$47.3B
YoY—+17.7%+39.9%+8.0%+7.4%
Total equity$8.5B$9.1B$10.8B$20.2B$23.3B
YoY—+7.5%+17.8%+87.0%+15.7%
Shares outstanding208.5M211.9M216.7M250.0M257.0M
YoY—+1.6%+2.3%+15.4%+2.8%

Cash flow

Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.

FY21FY22FY23FY24FY25
Operating cash flow$1.4B$1.4B$2.0B$2.6B$1.9B
YoY—-0.2%+46.2%+27.1%-25.3%
Capital expenditures—————
YoY—————
Free cash flow—————
YoY—————
Dividends paid—————
YoY—————
Share repurchases—————
YoY—————

Margins & ratios

Derived from the reported dollars above — no separate source.

FY21FY22FY23FY24FY25
Gross margin—————
Operating margin—————
Net margin11.0%13.0%9.6%12.7%10.7%
Free cash flow margin—————
Effective tax rate2.1%15.9%18.5%21.5%19.7%
Current ratio1.06x1.04x1.03x1.51x1.06x
Total liabilities / equity2.91x3.19x3.79x2.19x2.03x

Peer comparison — latest full year

Same sector (Financials), sorted by revenue. All figures from the same EDGAR XBRL snapshot.

TickerRevenueRevenue YoYGross marginOperating marginNet marginFCF margin
AJG FY25 · this stock$13.9B+20.7%——10.7%—
JPM FY25$182.4B+2.8%——31.3%—
BAC FY25$113.1B+6.8%——27.0%—
PGR FY25$87.7B+16.3%——12.9%19.6%
C FY25$85.2B+5.6%——16.8%-87.0%
WFC FY25$83.7B+1.7%——25.5%—
MS FY25$70.6B+14.4%——23.9%—
CB FY25$59.4B+6.5%——17.4%—
GS FY25$58.3B+8.9%——29.5%-81.0%
AXP FY25$41.3B+6.4%——26.2%38.7%
V FY25$40.0B+11.3%—60.0%50.1%—

Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.