Arthur J. Gallagher (AJG) FY2023 results: revenue $10.1 billion, up 17.8% on the year
Arthur J. Gallagher & Co. (AJG) reported revenue of $10.1 billion for fiscal 2023, the year ended 31 December 2023, up 17.8% on the year before. Net income was $970 million, down 13.0%, and diluted earnings per share $4.42. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2024.
Revenue
$10.1 billion
+17.8% on the year
FY2016FY2023
Operating margin
11.8%
15.5% a year earlier
FY2016FY2023
Net income
$970 million
-13.0% on the year
FY2016FY2023
Diluted EPS
$4.42
-14.8% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
2,032
1,390
1,392
+46.2%
Capital expenditure
194
183
129
+6.2%
Free cash flow
1,838
1,207
1,264
+52.2%
Free cash flow margin
18.2%
14.1%
15.4%
Cash from investing
-3,293
-1,005
-3,432
Cash from financing
2,874
213
2,996
+1,251.8%
Depreciation and amortisation
696
600
566
+16.2%
Share-based compensation
31.0
24.4
13.4
+27.0%
Dividends paid
474
430
392
+10.3%
Dividend per share
$2.20
$2.04
$1.92
+7.8%
Diluted shares, weighted
215m
210m
203m
+2.2%
Shares outstanding at period end
217m
212m
208m
+2.3%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
10,775
9,144
8,508
+17.8%
Non-controlling interest
40.0
46.6
51.7
-14.2%
Debt
7,965
6,465
6,284
+23.2%
Operating lease liabilities
352
300
309
+17.2%
Other liabilities
32,483
22,403
18,083
+45.0%
Total liabilities and equity
51,616
38,358
33,236
+34.6%
Fixed assets
726
576
501
+26.1%
Goodwill
11,476
9,489
8,666
+20.9%
Intangible assets
4,633
3,372
3,954
+37.4%
Cash and equivalents
972
738
403
+31.6%
Receivables
3,787
2,911
n/a
+30.1%
Other assets
30,022
21,271
19,712
+41.1%
Total assets
51,616
38,358
33,236
+34.6%
10-K for the year ended 31 December 2023, filed 9 February 2024: the filing.