Filing Flows

Filing Flows › Companies › Arthur J. Gallagher › Cash flow

Arthur J. Gallagher cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.3B in Q3 2026 · $2.9B over twelve months

Operating cash flow$1.3B
Capital spending−$48.0M
Free cash flow+$1.3B
Cash / net income3.3×

Analysis

In Q3 2026, Arthur J. Gallagher generated $1.3B of operating cash flow and spent $48.0M on capital projects, leaving free cash flow of $1.3B. That is $603M more than in Q3 2025 ($692M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.1B; the largest uses were other investing ($1.5B), other financing ($864M), dividends ($707M); besides operations, cash came from net borrowing (+) / repaid (−) ($500M), shares issued ($173M); the cash balance rose by $469M.

Operating cash flow was $1.3B against net income of $406M — 3.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$349M, receivables +$211M, deferred revenue +$60.0M.

Free cash flow

Arthur J. Gallagher: free cash flow by quarterArthur J. Gallagher: free cash flow by quarter$696MQ4 2024$844MQ1 2025−$464MQ2 2025$692MQ3 2025$713MQ4 2025$921MQ1 2026−$41.0MQ2 2026$1.3BQ3 2026
Operating cash flow less capital spending.
Arthur J. Gallagher: operating cash flow against capital spendingArthur J. Gallagher: operating cash flow against capital spendingOperating cash flowCapital spending$739M$43.7MQ4 2024$872M$28.0MQ1 2025−$424M$40.0MQ2 2025$729M$37.0MQ3 2025$753M$40.0MQ4 2025$957M$36.0MQ1 2026$10.0M$51.0MQ2 2026$1.3B$48.0MQ3 2026
Latest (Q3 2026): Operating cash flow $1.3B, Capital spending $48.0M.

Capital allocation, year by year

Arthur J. Gallagher: where the cash came from (up) and went (down), by fiscal yearArthur J. Gallagher: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingDividendsFY2021: Operating cash flow $1.4BFY2021: Net borrowing $1.7BFY2021: Shares issued $1.5BFY2021: Capital spending −$129MFY2021: Dividends −$392M$4.7BFY2021FY2022: Operating cash flow $1.4BFY2022: Net borrowing $15.0MFY2022: Shares issued $123MFY2022: Capital spending −$183MFY2022: Dividends −$430M$1.5BFY2022FY2023: Operating cash flow $2.0BFY2023: Net borrowing $185MFY2023: Shares issued $120MFY2023: Capital spending −$194MFY2023: Dividends −$474M$2.3BFY2023FY2024: Operating cash flow $2.6BFY2024: Net borrowing −$244MFY2024: Shares issued $8.5BFY2024: Capital spending −$142MFY2024: Dividends −$525M$11.1BFY2024FY2025: Operating cash flow $1.9BFY2025: Shares issued $1.5BFY2025: Capital spending −$145MFY2025: Dividends −$667M$3.4BFY2025
Over these 5 years operating cash flow totalled $9.3B; the largest uses were dividends ($2.5B) and capital spending ($792M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.2B
Debt$13.9B
Net debt$12.7B

Arthur J. Gallagher funds itself: free cash flow was $2.9B over the last twelve months, and $1.2B of cash and investments stands against $13.9B of debt.

Where the cash came from and went

Arthur J. Gallagher: sources (+) and uses (−) of cash, Q3 2026Arthur J. Gallagher: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.3BNet borrowing (+) / repaid (−)−$735MOther investing−$596MCash drawn (+) / kept (−)$524MOther financing−$302MDividends−$180MBuybacks−$100MShares issued$64.0MCapital spending−$48.0MExchange rates$30.0M
Arthur J. Gallagher: sources (+) and uses (−) of cash, TTM to Q3 2026Arthur J. Gallagher: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$3.1BOther investing−$1.5BOther financing−$864MDividends−$707MNet borrowing (+) / repaid (−)$500MCash drawn (+) / kept (−)−$469MCapital spending−$175MShares issued$173MExchange rates$11.0M

From profit to cash

Arthur J. Gallagher: net income to operating cash flow, Q3 2026Arthur J. Gallagher: net income to operating cash flow, Q3 2026Net income$406MDepreciation & amortization$349MStock-based pay$14.0MDeferred taxes−$45.0MGains on investments−$10.0MReceivables$211MDeferred revenue$60.0MPrepaid and other assets$14.0MIncome taxes payable−$20.0MOther operating capital−$22.0MOperating cash flow$1.3B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.3B−$48.0M−$100M−$180M−$735M$64.0M$524M$1.3B
Q2 2026$10.0M−$51.0M−$170M−$179M$1.1B$36.0M−$851M−$41.0M
Q1 2026$957M−$36.0M−$310M−$180M$285M$55.0M$56.0M$921M
Q4 2025$753M−$40.0M—−$168M−$130M$18.0M−$198M$713M
Q3 2025$729M−$37.0M—−$166M$130M$103M$12.5B$692M
Q2 2025−$424M−$40.0M—−$167M—$43.0M$1.4B−$464M
Q1 2025$872M−$28.0M—−$166M—$1.3B−$1.8B$844M
Q4 2024$739M−$43.7M—−$131M−$300K$8.4B−$12.2B$696M

Arthur J. Gallagher: income statement and cash flow

Arthur J. Gallagher, Q3 2026: revenue $4.0B (+18% year over year), operating margin 13.0%. The chart follows the revenue to costs, profit and cash.

Arthur J. Gallagher: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.