AJG · 10-Q · 2026Q2 · Full report
Operating Cash Flow Trends
Arthur J. Gallagher & Co. · 2026-08-05 · Importance 69 · Surprise 64 · From source text
Cash provided by operating activities rose to $967 million in the six months ended June 30, 2026 from $448 million in the comparable 2025 period, an increase of $519 million. The improvement primarily reflected lower payments on acquisition earnouts and higher reported net earnings adjusted for non-cash items. Consolidated EBITDAC increased to $2.503 billion from $2.157 billion, while net earnings attributable to controlling interests increased to $1.146 billion from $1.072 billion. Gallagher funded the prior-year $750 million Willis Towers Watson treaty reinsurance operations earnout in April 2025, which reduced the prior-year operating cash flow comparison.
Key facts
- Cash provided by operating activities was $967 million and $448 million for six-month periods ended June 30, 2026 and 2025, respectively. source
- Consolidated EBITDAC was $2,503 million and $2,157 million for the six-month periods ended June 30, 2026 and 2025, respectively. source
- In the six-month period ended June 30, 2026, employee matching contributions to the 401(k) plan of $115 million relating to 2025 were funded using common stock; in the six-month period ended June 30, 2025 employee matching contributions of $105 million relating to 2024 were funded using common stock. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +8.6% | Consolidated EBITDAC was $2,503 million and $2,157 million for the six-month periods ended June 30, 2026 and 2025, respectively. |
| cash | positive | realized | +0.6% | Cash provided by operating activities was $967 million and $448 million for six-month periods ended June 30, 2026 and 2025, respectively. |