AJG · 10-Q · 2026Q3 · Full report

Operating Cash Flow Trends

Arthur J. Gallagher & Co. · 2026-11-05 · Importance 69 · Surprise 64 · From source text

Cash provided by operating activities was $2.310 billion in the nine months ended September 30, 2026, compared with $1.177 billion in the prior-year period, an increase of approximately 96%. Gallagher attributed the increase primarily to lower acquisition earnout payments above initial estimates and higher reported net earnings adjusted for non-cash items. The comparison also reflected timing differences in accounts receivable collections and payments of accrued compensation and other current liabilities; the prior-year period included a $750 million earnout payment related to the 2021 Willis Towers Watson treaty reinsurance brokerage acquisition.

Key facts

• Cash provided by operating activities was $2,310 million in the nine months ended September 30, 2026, compared with $1,177 million in 2025. source
• Consolidated EBITDAC was $3,551 million in the nine months ended September 30, 2026 and $2,969 million in 2025; net earnings attributable to controlling interests were $1,549 million and $1,344 million, respectively. source
• Employee matching contributions to the 401(k) plan funded using common stock were $115 million in the nine months ended September 30, 2026, relating to 2025, and $105 million in the nine months ended September 30, 2025, relating to 2024. source
• The increase in operating cash flow in the nine months ended September 30, 2026 primarily reflected lower acquisition earnout payments above initial estimates and increased reported net earnings adjusted for non-cash items, partly offset by timing differences in receivables, accrued compensation, and other current liabilities. source

Impact estimates