Arthur J. Gallagher (AJG) FY2015 results: revenue $5.4 billion, up 16.6% on the year
Arthur J. Gallagher & Co. (AJG) reported revenue of $5.4 billion for fiscal 2015, the year ended 31 December 2015, up 16.6% on the year before. Net income was $357 million, up 17.6%, and diluted earnings per share $2.06. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2016.
Revenue
$5.4 billion
+16.6% on the year
FY2008FY2015
Operating margin
5.4%
6.3% a year earlier
FY2008FY2015
Net income
$357 million
+17.6% on the year
FY2008FY2015
Diluted EPS
$2.06
+4.6% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
5,392
4,626
3,180
+16.6%
Cost of revenue
n/a
1,059
437
Gross profit
n/a
3,568
2,742
Gross margin
n/a
77.1%
86.2%
Operating income
294
292
291
+0.7%
Operating margin
5.4%
6.3%
9.2%
Interest expense
103
89.0
50.1
+15.7%
Pre-tax income
294
292
291
+0.7%
Income tax
-95.6
-36.0
6.4
Effective tax rate
-32.6%
-12.3%
2.2%
Net income
357
303
269
+17.6%
Net margin
6.6%
6.6%
8.4%
Diluted EPS
$2.06
$1.97
$2.06
+4.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
n/a
n/a
350
Capital expenditure
99.0
81.5
93.6
+21.5%
Free cash flow
n/a
n/a
256
Free cash flow margin
n/a
n/a
8.1%
Cash from investing
n/a
n/a
-852
Cash from financing
n/a
n/a
503
Depreciation and amortisation
334
259
179
+29.1%
Share-based compensation
11.2
10.6
7.7
+5.7%
Dividends paid
258
223
183
+15.4%
Dividend per share
$1.48
$1.44
$1.40
+2.8%
Diluted shares, weighted
172m
153m
129m
+12.6%
Shares outstanding at period end
177m
165m
134m
+7.5%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
3,638
3,229
2,086
+12.7%
Non-controlling interest
49.9
75.7
29.3
-34.1%
Short-term borrowings
245
140
630
+75.0%
Debt
2,075
2,125
825
-2.4%
Other liabilities
4,906
4,440
3,290
+10.5%
Total liabilities and equity
10,914
10,010
6,860
+9.0%
Fixed assets
249
195
160
+27.4%
Goodwill
3,663
3,450
2,145
+6.2%
Intangible assets
1,699
1,776
1,079
-4.3%
Cash and equivalents
480
314
298
+52.8%
Other assets
4,823
4,275
3,178
+12.8%
Total assets
10,914
10,010
6,860
+9.0%
10-K for the year ended 31 December 2015, filed 10 February 2016: the filing.