Arthur J. Gallagher & Co.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $1.49B | $1.46B | $970.0M | $1.11B | $906.8M | $818.8M | $668.8M | $633.5M |
| Depreciation & Amortization | $1.12B | $843.0M | $697.0M | $599.6M | $566.3M | $562.4M | $474.4M | $419.0M |
| Depreciation | $206.0M | $178.0M | $165.0M | $144.7M | $151.2M | $145.1M | $140.4M | $127.8M |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $49.0M | $42.0M | $31.0M | $24.4M | $13.4M | $13.6M | $14.0M | $13.7M |
| Net Cash from Operating Activities | $1.93B | $2.58B | $2.03B | $1.39B | $1.39B | $1.81B | $1.19B | $765.1M |
| Investing Activities | ||||||||
| Capital Expenditures | — | — | — | — | — | — | — | — |
| Business Acquisitions | — | — | — | — | — | $398.3M | $1.27B | $792.2M |
| Net Cash from Investing Activities | $-15.88B | $-1.59B | $-3.29B | $-1.00B | $-3.43B | $-471.4M | $-1.45B | $-910.3M |
| Financing Activities | ||||||||
| Dividends Paid | $667.0M | $525.0M | $474.0M | $429.5M | $392.0M | $347.4M | $321.1M | $301.8M |
| Stock Repurchases | — | — | — | — | — | — | — | $11.3M |
| Net Cash from Financing Activities | $1.71B | $13.05B | $2.87B | $212.6M | $3.00B | $-505.1M | $638.4M | $162.0M |
| Net Change in Cash | $-11.93B | $13.93B | $1.58B | $497.9M | $892.0M | $950.4M | $387.1M | $-68.2M |
| Free Cash Flow | — | — | — | — | — | — | — | — |