Filing Flows › Arthur J. Gallagher (AJG) › Q3 2025
Arthur J. Gallagher (AJG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Arthur J. Gallagher (AJG) reported revenue of $3.4B for the third quarter 2025 (Q3 2025), +20% from a year earlier and +4% from the quarter before. Operating margin was 10.3%, net earnings $273M (8.1% of revenue).
Arthur J. Gallagher, Q3 2025: revenue $3.4B (+20% year over year), operating margin 10.3%, net earnings $273M, operating cash flow $729M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.4B | +4% | +20% |
| Operating profit | $346M | -27% | -14% |
| Net earnings | $273M | -26% | -13% |
| Operating cash flow | $729M | — | -22% |
| Free cash flow | $692M | — | -23% |
What changed
Revenue was $3.4B in Q3 2025, up 20% year over year and up 4% from the previous quarter.
Operating profit was $0.35B, a 10.3% margin (down 4.1 points year over year). Operating profit fell $0.06B even though revenue rose $0.56B versus a year earlier, so costs grew faster than sales. Total costs grew 26% against revenue growth of 20%. Net earnings were $0.27B, down 13% year over year. The effective tax rate was 21.1%.
Operating cash flow was $0.73B (down 22% year over year), 267% of net earnings. Non-cash charges added back $0.28B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.17B. Capital expenditures of $0.04B left free cash flow of $0.69B.
Questions
What was Arthur J. Gallagher's revenue in the third quarter 2025?
Arthur J.
Was Arthur J. Gallagher profitable in the third quarter 2025?
Operating profit was $346M (10.3% of revenue) and net earnings $273M.