Filing Flows › Arthur J. Gallagher (AJG) › Q4 2025
Arthur J. Gallagher (AJG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 17, 2026
Arthur J. Gallagher (AJG) reported revenue of $3.6B for the fourth quarter 2025 (Q4 2025), +34% from a year earlier and +8% from the quarter before. Operating margin was 4.9%, net earnings $153M (4.2% of revenue).
Arthur J. Gallagher, Q4 2025: revenue $3.6B (+34% year over year), operating margin 4.9%, net earnings $153M, operating cash flow $753M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.6B | +8% | +34% |
| Operating profit | $179M | -48% | -46% |
| Net earnings | $153M | -44% | -41% |
| Operating cash flow | $753M | +3% | +2% |
| Free cash flow | $713M | +3% | +2% |
What changed
Revenue was $3.6B in Q4 2025, up 34% year over year and up 8% from the previous quarter.
Operating profit was $0.18B, a 4.9% margin (down 7.3 points year over year). Operating profit fell $0.15B even though revenue rose $0.91B versus a year earlier, so costs grew faster than sales. Total costs grew 45% against revenue growth of 34%. Net earnings were $0.15B, down 42% year over year. The effective tax rate was 14.5%.
Operating cash flow was $0.75B (up 2% year over year), 492% of net earnings. Non-cash charges added back $0.36B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.23B. Capital expenditures of $0.04B left free cash flow of $0.71B.
Questions
What was Arthur J. Gallagher's revenue in the fourth quarter 2025?
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Was Arthur J. Gallagher profitable in the fourth quarter 2025?
Operating profit was $179M (4.9% of revenue) and net earnings $153M.