Arthur J. Gallagher & Co. debt and dilution—

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$13,609M

Cash & equivalents

USD millions

—

Net debt

USD millions

—

Debt / equity

0.57×

Debt / assets

16.64%

Net debt / EBITDA

× · TTM

—

Cash and cash equivalents is unavailable in the extracted statements for this period.

Debt / FCF

× · TTM

5.95×

Interest coverage

× · TTM

—

Operating income is unavailable in the extracted statements for this period.

Current ratio

1.05×

Diluted shares

Million shares

—

The reported inputs required for this metric are unavailable in the extracted statements for this period.

Basic shares

Million shares

256.7M shares

Share count growth

0.2%

Share repurchases

USD millions

$170M

Quarterly data

Arthur J. Gallagher & Co. capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jun 30, 2026	13,609	—	—	0.57×	16.64%	—	5.95×	—	1.05×	—	256.7	0.2%	170
FY 2026 Q1	Mar 31, 2026	12,873	—	—	0.54×	16.44%	—	—	—	1.06×	—	257.1	0.9%	310
FY 2025 Q4	Dec 31, 2025	12,970	—	—	0.56×	18.35%	—	7.27×	—	1.06×	—	256.69	13.35%	—
FY 2025 Q3	Sep 30, 2025	13,108.3	—	—	0.56×	16.58%	—	—	—	1.06×	—	256.6	17.01%	—
FY 2025 Q2	Jun 30, 2025	12,895.1	—	—	0.56×	16.09%	—	—	—	1.36×	—	256.2	17.09%	0
FY 2025 Q1	Mar 31, 2025	13,087.6	—	—	0.59×	17.66%	—	—	—	1.44×	—	254.8	17.15%	0
FY 2024 Q4	Dec 31, 2024	13,157.1	—	—	0.65×	20.48%	—	5.39×	—	1.51×	—	226.46	4.8%	—
FY 2024 Q3	Sep 30, 2024	8,251.9	—	—	0.68×	14.42%	—	—	—	1.06×	—	219.3	1.67%	—
FY 2024 Q2	Jun 30, 2024	8,278.7	—	—	0.71×	13.14%	—	—	—	1.04×	—	218.8	1.81%	—
FY 2024 Q1	Mar 31, 2024	8,282.1	—	—	0.73×	13.58%	—	—	—	1.05×	—	217.5	2.21%	—
FY 2023 Q4	Dec 31, 2023	7,965	—	—	0.74×	15.43%	—	4.33×	—	1.03×	—	216.09	2.32%	—
FY 2023 Q3	Sep 30, 2023	6,727.6	857.6	5,870	0.64×	12.64%	—	—	—	1.04×	—	215.7	2.37%	—
FY 2023 Q2	Jun 30, 2023	7,134.1	777.9	6,356.2	0.68×	13.12%	—	—	—	1.04×	—	214.9	2.24%	—
FY 2023 Q1	Mar 31, 2023	6,856.8	1,345.7	5,511.1	0.7×	15.21%	—	—	—	1.06×	—	212.8	1.82%	—
FY 2022 Q4	Dec 31, 2022	6,114.7	342.3	5,772.4	0.67×	15.72%	—	3.15×	—	1.04×	—	211.19	1.66%	—
FY 2022 Q3	Sep 30, 2022	6,247.5	553.7	5,693.8	0.72×	16.16%	—	—	—	1.06×	—	210.7	1.79%	—
FY 2022 Q2	Jun 30, 2022	6,448.7	523.6	5,925.1	0.73×	16.13%	—	—	—	1.05×	—	210.2	4.42%	—
FY 2022 Q1	Mar 31, 2022	6,184.3	528.6	5,655.7	0.68×	14.33%	—	—	—	1.05×	—	209	7.4%	—
FY 2021 Q4	Dec 31, 2021	6,283.6	402.6	5,881	0.73×	18.84%	—	3.99×	—	1.06×	—	207.74	7.76%	—
FY 2021 Q3	Sep 30, 2021	5,506.5	2,735.1	2,771.4	0.65×	20.46%	—	—	—	1.3×	—	207	7.87%	—
FY 2021 Q2	Jun 30, 2021	6,078.3	3,204.1	2,874.2	0.73×	21.85%	—	—	—	1.33×	—	201.3	5.67%	—
FY 2021 Q1	Mar 31, 2021	4,517.6	526.3	3,991.3	0.67×	18.5%	—	—	—	1.1×	—	194.6	3.13%	—
FY 2020 Q4	Dec 31, 2020	4,544.6	664.6	3,880	0.73×	20.35%	—	—	—	1.1×	—	192.79	2.83%	—
FY 2020 Q3	Sep 30, 2020	—	629.9	—	—	—	—	—	—	1.11×	—	191.9	3.01%	—
FY 2020 Q2	Jun 30, 2020	—	349.7	—	—	—	—	—	—	1.09×	—	190.5	2.53%	—
FY 2020 Q1	Mar 31, 2020	—	352.8	—	—	—	—	—	—	1.07×	—	188.7	2.28%	—
FY 2019 Q4	Dec 31, 2019	638.5	604.8	33.7	0.12×	3.25%	—	—	—	1.02×	—	187.48	2.12%	—
FY 2019 Q3	Sep 30, 2019	—	578.9	—	—	—	—	—	—	1.05×	—	186.3	1.64%	—
FY 2019 Q2	Jun 30, 2019	—	512.3	—	—	—	—	—	—	1.07×	—	185.8	1.86%	—
FY 2019 Q1	Mar 31, 2019	—	871.5	—	—	—	—	—	—	1.12×	—	184.5	1.65%	—
FY 2018 Q4	Dec 31, 2018	384.9	607.2	-222.3	0.08×	2.36%	—	—	—	1.06×	—	183.59	1.44%	0
FY 2018 Q3	Sep 30, 2018	—	605	—	—	—	—	—	—	1.09×	—	183.3	1.55%	0
FY 2018 Q2	Jun 30, 2018	—	652.2	—	—	—	—	—	—	1.11×	—	182.4	1.39%	0
FY 2018 Q1	Mar 31, 2018	—	697.9	—	—	—	—	—	—	1.1×	—	181.5	1.45%	11.3
FY 2017 Q4	Dec 31, 2017	309.7	681.2	-371.5	0.07×	2.4%	—	—	—	1.05×	—	180.99	1.57%	—
FY 2017 Q3	Sep 30, 2017	—	564.9	—	—	—	—	—	—	1.08×	—	180.5	1.63%	—
FY 2017 Q2	Jun 30, 2017	—	587.8	—	—	—	—	—	—	1.05×	—	179.9	1.41%	—
FY 2017 Q1	Mar 31, 2017	—	564	—	—	—	—	—	—	0.94×	—	178.9	1.07%	—
FY 2016 Q4	Dec 31, 2016	604.9	545.5	59.4	0.17×	5.26%	—	1.5×	—	0.96×	—	178.2	0.87%	0
FY 2016 Q3	Sep 30, 2016	—	531.8	—	—	—	—	—	—	0.96×	—	177.6	0.91%	0
FY 2016 Q2	Jun 30, 2016	—	411.1	—	—	—	—	—	—	1.02×	—	177.4	3.99%	70.6
FY 2016 Q1	Mar 31, 2016	—	425.4	—	—	—	—	—	—	0.98×	—	177	6.88%	30.4
FY 2015 Q4	Dec 31, 2015	307.8	480.4	-172.6	0.08×	2.82%	—	0.56×	—	1.03×	—	176.65	8.58%	—
FY 2015 Q3	Sep 30, 2015	—	369.7	—	—	—	—	—	—	1.08×	—	176	9.86%	—
FY 2015 Q2	Jun 30, 2015	—	321.7	—	—	—	—	—	—	1.09×	—	170.6	10.56%	—
FY 2015 Q1	Mar 31, 2015	—	276.8	—	—	—	—	—	—	1.05×	—	165.6	23.4%	—
FY 2014 Q4	Dec 31, 2014	186.1	314.4	-128.3	0.06×	1.86%	—	0.58×	—	1.05×	—	162.69	22.82%	—
FY 2014 Q3	Sep 30, 2014	—	290.5	—	—	—	—	—	—	1.05×	—	160.2	23.42%	—
FY 2014 Q2	Jun 30, 2014	—	973.5	—	—	—	—	—	—	1.15×	—	154.3	21.21%	—
FY 2014 Q1	Mar 31, 2014	—	739.2	—	—	—	—	—	—	1.05×	—	134.2	6.42%	—
FY 2013 Q4	Dec 31, 2013	667	298.1	368.9	0.32×	9.72%	—	2.6×	—	0.88×	—	132.46	6.08%	—
FY 2013 Q3	Sep 30, 2013	—	286.9	—	—	—	—	—	—	0.99×	—	129.8	5.44%	—
FY 2013 Q2	Jun 30, 2013	—	240	—	—	—	—	—	—	1.11×	—	127.3	6.35%	—
FY 2013 Q1	Mar 31, 2013	—	224	—	—	—	—	—	—	1.04×	—	126.1	8.33%	—
FY 2012 Q4	Dec 31, 2012	161.4	302.1	-140.7	0.1×	3.02%	—	0.55×	—	1.03×	—	124.87	9.75%	—
FY 2012 Q3	Sep 30, 2012	—	305.2	—	—	—	—	—	—	1.11×	—	123.1	9.33%	—
FY 2012 Q2	Jun 30, 2012	—	282.1	—	—	—	—	—	—	1.08×	—	119.7	7.84%	—
FY 2012 Q1	Mar 31, 2012	—	301.8	—	—	—	—	—	—	1.09×	—	116.4	6.5%	—
FY 2011 Q4	Dec 31, 2011	27.4	291.2	-263.8	0.02×	0.61%	—	0.11×	—	1.06×	—	113.78	6.75%	0.1
FY 2011 Q3	Sep 30, 2011	—	241.4	—	—	—	—	—	—	1.07×	—	112.6	6.73%	0
FY 2011 Q2	Jun 30, 2011	—	263.2	—	—	—	—	—	—	1.06×	—	111	6.32%	0.8
FY 2011 Q1	Mar 31, 2011	—	333.2	—	—	—	—	—	—	1.18×	—	109.3	—	0.3
FY 2010 Q4	Dec 31, 2010	—	249.8	—	—	—	—	—	—	1.09×	—	106.58	—	0.2
FY 2010 Q3	Sep 30, 2010	—	296.3	—	—	—	—	—	—	1.1×	—	105.5	—	0.3
FY 2010 Q2	Jun 30, 2010	—	230	—	—	—	—	—	—	1.08×	—	104.4	—	0.1

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · AJG, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.