AJG Arthur J. Gallagher & Co. Common Stock
$254.74
Price · Aug 18, 2026
Fundamentals as of Aug 5, 2026
52W Range
$191–$314
52% of range
Analyst Rating
BUY
29 analysts
Price Target
$290
+14% upside
P/E (TTM)
44.4
ROE
6.9%
Net Profit Margin
10.7%
About Arthur J. Gallagher & Co. Common Stock Company overview from Wikipedia
Arthur J. Gallagher & Co. (Gallagher) is an American insurance brokerage and risk management services company based in Rolling Meadows, Illinois, a suburb of Chicago. The company provides insurance brokerage services and risk management services, the latter of which primarily includes the processing of workers compensation and automobile insurance claims through the company's adjusters.
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Arthur J. Gallagher & Co. (Gallagher) is an American insurance brokerage and risk management services company based in Rolling Meadows, Illinois, a suburb of Chicago. The company provides insurance brokerage services (87% of 2025 revenues) and risk management services (13% of 2025 revenues), the latter of which primarily includes the processing of workers compensation and automobile insurance claims through the company's adjusters.
The company is ranked 367th on the Fortune 500 and 192nd on the Forbes Global 2000.
Founded in 1927, the company ranks among the world's largest insurance brokers.
History
Early years
The company that would become Gallagher was established in 1927 as an insurance agency by Arthur Gallagher in Chicago.
In 1938, Gallagher contributed to the development of The Hartford Group’s Retrospective Rating Program, a plan designed to provide financial incentives to policyholders who maintained lower loss records. He also authored what is noted as Chicago’s first large-deductible fire insurance policy, issued to Bowman Dairy Co. At the time, both initiatives were regarded as innovative within the insurance industry.
After World War II, in 1945, Arthur Gallagher’s three sons—Jim, Bob, and John—joined the business.
In 1950, the company was formally incorporated, and each of the three sons was granted an equity stake in the firm.
1980s-present
During the 1980s and 1990s, the company faced significant competitive pressures within the crowded domestic insurance market in the United States.
From 1990 through 2000, the company reported double-digit growth in all but three years, indicating a period of substantial expansion.
In 2000, Gallagher acquired 16 smaller insurance brokerages, which expanded its presence across the United States, eventually leading to operations in all 50 states.
The company began international expansion in 2002 with entry into India and Asia.
In February 2010, Gallagher acquired Securitas Re, a reinsurance brokerage firm based in São Paulo, Brazil, from Estater Gestão de Investimentos Ltda.
In March 2010, Gallagher announced an agreement to acquire substantially all of the insurance brokerage operations of FirstCity Partnership, a London-based firm.
In 2011, Gallagher established operations in Singapore.
In December 2013, Gallagher acquired Bergvall Marine, an insurance brokerage firm based in Oslo, Norway.
The company expanded to Australia in 2014.
In December 2014, Gallagher announced the expansion of its brand presence in Australia through the rebranding of OAMPS Insurance Brokers, following its acquisition of the firm in June of the same year.
In November 2015, Gallagher announced the acquisition of insurance brokers Christie Phoenix (Victoria) and its affiliate Discovery Insurance Services, both based in Victoria, British Columbia.
In December 2015, Gallagher, through its New Zealand subsidiary Crombie Lockwood, acquired Reid Manson, an insurance brokerage based in the central region of the South Island.
In June 2016, Gallagher announced that several Canadian brokerages operating under the Noraxis group would rebrand to Gallagher.
In July 2016, Gallagher acquired an 85% stake in Brim AB, a Stockholm-based specialty insurance and reinsurance brokerage firm.
In August 2017, Gallagher acquired Ballard Benefit Works, a Michigan-based employee benefits brokerage.
In February 2020, Gallagher acquired Affiliated Benefit Consultants, a benefits consulting firm headquartered in Oak Brook, Illinois.
In September 2020, Gallagher reported a ransomware incident affecting certain internal systems. In response to the security event, the company implemented precautionary measures including taking all global systems offline, initiating response protocols, launching an investigation, engaging external cybersecurity professionals, and activating business continuity plans to minimize disruption to customers. By September 28, 2020, the company indicated that it had restarted or was in the process of restarting most of its business systems.
In July 2022, Gallagher acquired Four Corners Group, an executive search firm based in Toronto, Canada.
In December 2022, Gallagher announced the acquisition of Interbrok Group, a retail insurance brokerage firm based in São Paulo, Brazil.
In April 2023, Gallagher acquired BCHR Holdings, operating as Buck, an organization specializing in human resources, pension, and employee benefits consulting services, for $660 million.
In September 2023, Gallagher acquired Eastern Insurance Group, a Massachusetts-based insurance provider that operates as a subsidiary of Eastern Bank.
Also in September 2023, Gallagher announced the acquisition of Lifesure Group Limited, a United Kingdom-based personal lines insurance broking service.
In October 2023, Gallagher acquired Cadence Bank's insurance brokerage unit for $904 million.
In January 2024, Gallagher acquired Köberich Financial Lines, an insurance broker based in Cologne.
In October 2025, Gallagher acquired Meadowbrook Insurance Agency, a retail insurance broker headquartered in Southfield, Michigan.
In August 2025, Gallagher acquired AssuredPartners, a U.S. insurance broker, for $13.45 billion ($12.45 billion net of tax benefits) in the largest sale of a U.S. insurance broker to a strategic acquirer in industry history.
In February 2026, Gallagher Bassett acquired Reck & Co GmbH, a specialist provider of global transport and marine claims services based in Bremen. Reck & Co offers surveying, claim handling, recovery, and loss prevention services.
In February 2026, Gallagher acquired Krose GmbH & Co KG, a commercial insurance and reinsurance broker based in Bremen.
In media
Robert E. Gallagher and Alison Kittrell, The Gallagher Way, released jointly by Marketing Counsel and iUniverse in 2005.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
AJG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$254.74
Market Cap
$65.47B
P/E (TTM)
44.4
EPS (TTM)
$5.74
Revenue (TTM)
$13.94B
Div Yield
1.0%
ROE
6.9%
Debt/Equity
0.5
52W Range
$191 – $314
AJG Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$13.94B
2023-12-31
→
2025-12-31
EPS
$5.74
2023-12-31
→
2025-12-31
Free Cash Flow
—
Margins
10.7%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
AJG
Peer Median
P/E (TTM)
44.4
40.4
P/S (TTM)
4.7
3.7
P/B
2.8
5.3
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
AJG
Peer Median
Net Profit Margin
10.7%
6.4%
ROA
2.2%
3.2%
ROE
6.9%
10.1%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
AJG
Peer Median
Debt / Equity
0.5
—
Current Ratio
1.1
1.1
Quick Ratio
0.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
AJG
Peer Median
Revenue YoY
20.7%
—
Revenue CAGR 3Y
17.7%
—
Revenue CAGR 5Y
14.8%
—
EPS YoY
-11.7%
—
Net Income YoY
2.1%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
AJG
Peer Median
Payout Ratio
44.6%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
1.0%
Payout Ratio
44.6%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 5, 2026 | $0.7000 |
| March 6, 2026 | $0.7000 |
| Dec. 5, 2025 | $0.6500 |
| Sept. 5, 2025 | $0.6500 |
| June 6, 2025 | $0.6500 |
| March 7, 2025 | $0.6500 |
| Dec. 6, 2024 | $0.6000 |
| Sept. 6, 2024 | $0.6000 |
| June 7, 2024 | $0.6000 |
| Feb. 29, 2024 | $0.6000 |
| Nov. 30, 2023 | $0.5500 |
| Aug. 31, 2023 | $0.5500 |
| June 1, 2023 | $0.5500 |
| March 2, 2023 | $0.5500 |
| Dec. 1, 2022 | $0.5100 |
| Sept. 1, 2022 | $0.5100 |
| June 2, 2022 | $0.5100 |
| March 3, 2022 | $0.5100 |
| Dec. 2, 2021 | $0.4800 |
| Sept. 2, 2021 | $0.4800 |
AJG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
29 analysts
- Strong Buy 6 20.7%
- Buy 17 58.6%
- Hold 6 20.7%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
18 analysts · 2026-08-16
Median
$286.00
Now
$254.74
Low
$250.00
High
$388.00
Median target
$286.00
+12.3%
Mean target
$290.44
+14.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.04%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $2.84 | $2.84 | -0.00% |
| March 31, 2026 | $4.47 | $4.47 | -0.00% |
| Dec. 31, 2025 | $2.38 | $2.37 | 0.01% |
| Sept. 30, 2025 | $2.32 | $2.57 | -0.25% |
| June 30, 2025 | $2.33 | $2.39 | -0.06% |
| March 31, 2025 | $3.67 | $3.62 | 0.05% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| AJG | $66.51B | 45.1 | 20.7% | 10.7% | 6.9% | — |
| MRSH | $89.98B | 22.0 | 10.3% | 15.4% | 28.1% | — |
| BRO | $26.78B | 25.2 | 22.8% | 17.9% | 8.7% | — |
| RYAN | — | — | 21.3% | 2.1% | 9.9% | — |
| BWIN | — | -48.1 | 8.3% | -2.2% | -5.7% | — |
| HGTY | — | — | 17.3% | 10.2% | 80.3% | — |
| GSHD | — | 70.8 | 16.2% | 7.6% | -107.8% | — |
| LIFE | — | — | 52.0% | 18.4% | -108.4% | — |
| TWFG | — | 54.3 | 22.0% | — | — | — |
| ABX | $833M | 23.8 | 110.2% | 15.5% | 8.8% | 87.7% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.94B | $11.55B | $10.07B | $8.55B | $8.21B | $7.00B | $7.20B | $6.93B | $6.16B | $5.59B | $5.39B | $4.63B | |
| Cost of Revenue | · | · | · | $23M | $1.17B | $882M | $1.35B | $1.82B | $1.64B | $1.41B | · | $1.06B | |
| Operating Expenses | $2.26B | $1.75B | $1.69B | $1.33B | $1.07B | $906M | $1.07B | $904M | $829M | $776M | $841M | $743M | |
| Interest Expense | $639M | $381M | $297M | $257M | $226M | $196M | $180M | $138M | $124M | $110M | $103M | $89M | |
| Pretax Income | $1.87B | $1.88B | $1.19B | $1.33B | $975M | $871M | $626M | $479M | $360M | $334M | $294M | $292M | |
| Income Tax | $368M | $404M | $219M | $211M | $20M | $13M | $-90M | $-196M | $-157M | $-97M | $-96M | $-36M | |
| Net Income | $1.49B | $1.46B | $970M | $1.11B | $907M | $819M | $669M | $634M | $481M | $397M | $357M | $303M | |
| EPS (Basic) | $5.83 | $6.63 | $4.51 | $5.30 | $4.47 | $4.29 | $3.60 | $3.47 | $2.67 | $2.23 | $2.07 | $1.98 | |
| EPS (Diluted) | $5.74 | $6.50 | $4.42 | $5.19 | $4.37 | $4.20 | $3.52 | $3.40 | $2.64 | $2.22 | $2.06 | $1.97 | |
| Shares (Basic) | 256,100,000 | 220,500,000 | 214,900,000 | 210,300,000 | 202,700,000 | 191,000,000 | 186,000,000 | 182,700,000 | 180,100,000 | 177,600,000 | 172,200,000 | 152,900,000 | |
| EBITDA | $1.12B | $842M | $696M | $600M | $566M | $562M | $474M | $419M | $386M | $351M | $334M | $259M |
Balance Sheet 25
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | · | · | · | $738M | $403M | $665M | $605M | $607M | $681M | $546M | $480M | $314M | |
| Receivables | $5.17B | $3.90B | $3.79B | $2.91B | · | · | · | · | · | · | · | · | |
| Prepaid Expense | · | · | · | $197M | $172M | $112M | $116M | $108M | $92M | $78M | $78M | $72M | |
| Other Current Assets | $886M | $518M | $450M | $399M | $1.45B | $1.11B | $1.07B | $1.02B | $882M | $634M | $587M | $667M | |
| Current Assets | $34.36B | $44.11B | $32.12B | $22.29B | $17.67B | $11.12B | $9.12B | $8.12B | $7.27B | $4.42B | $4.21B | $3.81B | |
| PP&E (Net) | $789M | $650M | $726M | $576M | $501M | $451M | $467M | $437M | $412M | $378M | $249M | $195M | |
| PP&E (Gross) | $2.27B | $1.81B | $1.75B | $1.46B | $1.31B | $1.18B | $1.06B | $942M | $881M | $789M | $648M | $549M | |
| Accum. Depreciation | $1.48B | $1.16B | $1.02B | $886M | $808M | $729M | $592M | $505M | $468M | $412M | $399M | $353M | |
| Goodwill | $22.59B | $12.27B | $11.48B | $9.49B | $8.67B | $6.13B | $5.62B | $4.63B | $4.16B | $3.75B | $3.66B | $3.45B | |
| Intangibles | $10.68B | $4.53B | $4.63B | $3.37B | $3.95B | $2.40B | $2.32B | $1.77B | $1.64B | $1.63B | $1.70B | $1.78B | |
| Other Non-current Assets | $1.60B | $1.35B | $1.13B | $990M | $966M | $770M | $774M | $574M | $567M | $504M | $443M | $385M | |
| Total Assets | $70.67B | $64.25B | $51.62B | $38.36B | $33.24B | $22.33B | $19.63B | $16.33B | $14.91B | $13.53B | $10.91B | $10.01B | |
| Short-term Debt | $640M | $200M | $670M | $310M | $245M | $75M | $620M | $365M | $290M | $578M | $245M | $140M | |
| Current Liabilities | $32.52B | $29.26B | $31.06B | $21.34B | $16.73B | $10.13B | $8.92B | $7.69B | $6.73B | $4.61B | $4.19B | $3.64B | |
| Capital Leases | $515M | $328M | $352M | $300M | $309M | $321M | $341M | · | · | · | · | · | |
| Other Non-current Liabilities | $2.02B | $1.69B | $2.32B | $1.90B | $1.87B | $1.31B | $1.27B | $901M | $1.11B | $1.08B | $964M | $937M | |
| Total Liabilities | $47.32B | $44.08B | $40.80B | $29.17B | $24.78B | $16.10B | $14.42B | $11.76B | $10.61B | $7.83B | $7.22B | $6.70B | |
| Long-term Debt | $12.87B | $23M | $24M | $17M | $23M | $20M | $18M | $20M | $20M | $27M | $63M | $46M | |
| Total Debt | $12.74B | $12.93B | $7.68B | $5.87B | $6.06B | $4.34B | $4.44B | $3.46B | $2.98B | $2.72B | $2.32B | $2.27B | |
| Common Stock | $257M | $250M | $217M | $212M | $208M | $194M | $188M | $184M | $181M | $178M | $177M | $165M | |
| Retained Earnings | $5.81B | $4.99B | $4.05B | $3.56B | $2.88B | $2.37B | $1.90B | $1.56B | $1.22B | $916M | $774M | $676M | |
| AOCI | $-525M | $-1.15B | $-792M | $-1.14B | $-726M | $-644M | $-760M | $-786M | $-555M | $-764M | $-522M | $-261M | |
| Stockholders' Equity | $23.32B | $20.15B | $10.78B | $9.14B | $8.51B | $6.19B | $5.16B | $4.50B | $4.24B | $3.60B | $3.64B | $3.23B | |
| Liabilities + Equity | $70.67B | $64.25B | $51.62B | $38.36B | $33.34B | $22.33B | $19.63B | $16.33B | $14.91B | $11.49B | $10.91B | $10.01B | |
| Shares Outstanding | 257,000,000 | 250,000,000 | 216,700,000 | 211,900,000 | 208,500,000 | 193,700,000 | 188,100,000 | 184,000,000 | 181,000,000 | 178,300,000 | 176,900,000 | 164,600,000 |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1.12B | $843M | $697M | $600M | $566M | $562M | $474M | $419M | $386M | $351M | $334M | $259M | |
| Stock-based Comp | $49M | $42M | $31M | $24M | $13M | $14M | $14M | $14M | $17M | $15M | $11M | $11M | |
| Deferred Tax | $61M | $109M | $43M | $-209M | $-184M | $-162M | $-171M | · | · | · | · | · | |
| Other Non-cash | $-796M | $127M | $291M | $596M | $402M | $358M | $-38M | $-301M | $-12M | $-158M | $-50M | $-171M | |
| Operating Cash Flow | $1.93B | $2.58B | $2.03B | $1.39B | $1.39B | $1.81B | $1.19B | $765M | $854M | $650M | $686M | $437M | |
| CapEx | · | · | · | · | · | · | · | · | · | $218M | $99M | $82M | |
| Investing Cash Flow | $-15.88B | $-1.59B | $-3.29B | $-1.00B | $-3.43B | $-471M | $-1.45B | $-910M | $-511M | $-485M | · | · | |
| Debt Issued | · | · | · | · | $1.68B | $425M | $725M | $400M | $348M | $326M | · | $1.30B | |
| Net Debt Issued | · | · | · | · | $1.68B | $425M | $725M | $400M | $348M | $326M | · | $1.20B | |
| Stock Issued | $1.50B | $8.51B | $120M | $123M | $1.55B | $112M | $101M | $82M | $60M | $46M | $203M | $997M | |
| Stock Repurchased | · | · | · | · | · | · | · | $11M | $18M | $101M | · | · | |
| Net Stock Activity | $1.50B | $8.51B | $120M | $123M | $1.55B | $112M | $101M | $71M | $43M | $-55M | $203M | $997M | |
| Dividends Paid | $667M | $525M | $474M | $430M | $392M | $347M | $321M | $302M | $283M | $272M | $258M | $223M | |
| Financing Cash Flow | $1.71B | $13.05B | $2.87B | $213M | $3.00B | $-505M | $638M | $162M | $-48M | $-12M | · | · | |
| Net Change in Cash | $-11.93B | $13.93B | $1.58B | $498M | $892M | $950M | $387M | $-68M | $367M | $45M | $210M | $16M | |
| Taxes Paid | $341M | $331M | $226M | $318M | $325M | $113M | $22M | $68M | $56M | $66M | · | · | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | $404M | $554M | $321M | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $267M | $417M | $220M |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 10.7% | 12.7% | 9.6% | 13.0% | 11.1% | 11.7% | · | · | 7.5% | 7.4% | 6.6% | 6.6% | |
| Pretax Margin | 13.4% | 16.2% | 11.8% | 15.5% | 11.9% | 12.4% | · | · | 6.1% | 6.4% | 5.4% | 5.8% | |
| EBITDA Margin | 8.1% | 7.3% | 6.9% | 7.0% | 6.9% | 8.0% | · | · | 6.3% | 6.3% | 6.2% | 5.6% | |
| ROA | 2.2% | 2.4% | 1.8% | 2.9% | 3.0% | 3.7% | 3.5% | 3.9% | 3.5% | 3.7% | 3.4% | 3.6% | |
| ROE | 6.9% | 9.5% | 9.7% | 12.6% | 12.3% | 14.4% | 13.9% | 14.5% | 12.0% | 11.5% | 10.4% | 11.4% |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.5 | 1.0 | 1.0 | 1.1 | 1.1 | 1.0 | 1.1 | 1.1 | 1.0 | 1.0 | 1.0 | |
| Quick Ratio | 0.2 | 0.1 | 0.1 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |
| Debt / Equity | 0.5 | 0.6 | 0.7 | 0.6 | 0.7 | 0.7 | 0.9 | 0.8 | 0.7 | 0.8 | 0.6 | 0.7 | |
| LT Debt / Equity | 0.5 | 0.6 | 0.7 | 0.6 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.6 | 0.6 | 0.7 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | · | · | 0.5 | 0.5 | 0.5 | 0.5 | |
| Receivables Turnover | 3.1 | 3.0 | 3.0 | · | · | · | · | · | · | · | · | · |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 20.7% | 14.7% | 17.8% | 4.2% | 17.2% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 17.7% | 12.1% | 12.9% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 14.8% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -11.7% | 47.1% | -14.8% | 18.8% | 4.0% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 3.4% | 14.1% | 1.7% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 6.5% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 2.1% | 50.8% | -12.9% | 22.9% | 10.8% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 10.3% | 17.3% | 5.8% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 12.8% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 13.9% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $13.94B | $11.55B | $10.07B | $8.55B | $8.21B | $7.00B | $7.20B | $6.93B | $6.16B | $5.59B | $5.39B | $4.63B | |
| Net Income TTM | $1.49B | $1.46B | $970M | $1.11B | $907M | $819M | $669M | $634M | $481M | $397M | $357M | $303M | |
| Market Cap | $66.51B | $70.96B | $48.73B | $39.95B | $35.38B | $23.96B | $17.91B | $13.56B | $11.45B | $9.26B | $7.24B | $7.75B | |
| Enterprise Value | · | · | · | $45.48B | $41.03B | $27.64B | $21.74B | $16.41B | $13.75B | $11.44B | $9.08B | $9.70B | |
| P/E | 45.1 | 43.7 | 50.9 | 36.3 | 38.8 | 29.5 | 27.1 | 21.7 | 24.0 | 23.4 | 19.9 | 23.9 | |
| P/S | 4.8 | 6.1 | 4.8 | 4.7 | 4.3 | 3.4 | 2.5 | 2.0 | 1.9 | 1.7 | 1.3 | 1.7 | |
| P/B | 2.9 | 3.5 | 4.5 | 4.4 | 4.2 | 3.9 | 3.5 | 3.0 | 2.8 | 2.6 | 2.0 | 2.4 | |
| P / Tangible Book | · | 21.2 | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | 34.5 | 27.5 | 24.0 | 18.8 | 20.8 | 13.7 | 16.0 | 17.7 | 13.4 | 14.9 | 11.1 | 19.3 | |
| P / FCF | · | · | · | · | · | · | · | · | · | 22.9 | 13.1 | 24.2 | |
| EV / EBITDA | · | · | · | 75.9 | 72.5 | 49.1 | 45.8 | 39.2 | 35.7 | 32.6 | 27.2 | 37.5 | |
| EV / FCF | · | · | · | · | · | · | · | · | · | 28.3 | 16.4 | 30.2 | |
| EV / Revenue | · | · | · | 5.3 | 5.0 | 3.9 | 3.0 | 2.4 | 2.2 | 2.0 | 1.7 | 2.1 | |
| Dividend Yield | 1.0% | 0.74% | 0.97% | 1.1% | 1.1% | 1.5% | 1.8% | 2.2% | 2.5% | 2.9% | 3.6% | 2.9% | |
| Earnings Yield | 2.2% | 2.3% | 2.0% | 2.8% | 2.6% | 3.4% | 3.7% | 4.6% | 4.2% | 4.3% | 5.0% | 4.2% | |
| Payout Ratio | 44.6% | 35.9% | 48.9% | 38.6% | 43.2% | 42.4% | 48.0% | 47.6% | 61.1% | 65.7% | 72.2% | 73.5% | |
| Annual Payout | $667M | $525M | $474M | $430M | $392M | $347M | $321M | $302M | $283M | $272M | $258M | $223M |
Income Statement 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.00B | $4.76B | $3.63B | $3.37B | $3.22B | $3.73B | $2.72B | $2.81B | $2.78B | $3.26B | $2.43B | $2.49B | $2.44B | $2.71B | $2.03B | $2.04B | |
| Cost of Revenue | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | |
| Operating Expenses | $679M | $643M | $668M | $581M | $519M | $490M | $439M | $454M | $426M | $436M | $450M | $423M | $434M | $382M | $368M | $322M | |
| Interest Expense | $168M | $158M | $161M | $161M | $158M | $158M | $102M | $93M | $94M | $92M | $78M | $73M | $78M | $68M | $64M | $64M | |
| Pretax Income | $414M | $1.04B | $180M | $347M | $473M | $873M | $333M | $403M | $366M | $773M | $-82M | $364M | $297M | $606M | $122M | $315M | |
| Income Tax | $90M | $220M | $26M | $73M | $105M | $164M | $75M | $89M | $80M | $160M | $-43M | $81M | $62M | $119M | $-14M | $59M | |
| Net Income | $324M | $822M | $151M | $273M | $368M | $704M | $259M | $313M | $283M | $608M | $-32M | $281M | $234M | $486M | $136M | $256M | |
| EPS (Basic) | $1.26 | $3.20 | $0.58 | $1.06 | $1.43 | $2.76 | $1.10 | $1.43 | $1.30 | $2.80 | $-0.17 | $1.30 | $1.09 | $2.29 | $0.64 | $1.21 | |
| EPS (Diluted) | $1.25 | $3.16 | $0.58 | $1.04 | $1.40 | $2.72 | $1.10 | $1.39 | $1.27 | $2.74 | $-0.17 | $1.28 | $1.07 | $2.24 | $0.62 | $1.19 | |
| Shares (Basic) | 256,700,000 | 257,100,000 | -511,500,000 | 256,600,000 | 256,200,000 | 254,800,000 | -435,100,000 | 219,300,000 | 218,800,000 | 217,500,000 | -428,500,000 | 215,700,000 | 214,900,000 | 212,800,000 | -419,600,000 | 210,700,000 | |
| EBITDA | · | $339M | · | · | · | $253M | · | · | · | $208M | · | · | · | $159M | · | · |
Balance Sheet 25
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | · | · | · | · | · | · | · | · | · | · | · | $858M | $778M | $1.35B | · | $554M | |
| Receivables | $6.08B | $5.96B | $5.17B | $5.43B | $4.74B | $4.52B | $3.90B | $3.99B | $4.18B | $4.15B | · | $3.77B | $3.72B | $3.53B | · | · | |
| Prepaid Expense | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $174M | |
| Other Current Assets | $807M | $773M | $886M | $711M | $505M | $458M | $518M | $435M | $403M | $412M | · | $436M | $418M | $298M | · | $1.56B | |
| Current Assets | $45.45B | $42.02B | $34.36B | $43.01B | $57.84B | $53.44B | $44.11B | $37.28B | $43.31B | $41.48B | · | $35.94B | $36.85B | $28.78B | · | $23.80B | |
| PP&E (Net) | $765M | $762M | $789M | $803M | $691M | $647M | $650M | $660M | $655M | $705M | · | $649M | $640M | $581M | · | $561M | |
| PP&E (Gross) | · | · | $2.27B | · | · | · | $1.81B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $1.48B | · | · | · | $1.16B | · | · | · | · | · | · | · | · | · | |
| Goodwill | $23.03B | $22.96B | $22.59B | $22.21B | $13.74B | $12.71B | $12.27B | $12.19B | $11.92B | $11.53B | $11.48B | $10.47B | $10.51B | $9.70B | $9.49B | $8.84B | |
| Intangibles | $10.21B | $10.37B | $10.68B | $10.75B | $5.13B | $4.53B | $4.53B | $4.35B | $4.39B | $4.62B | $4.63B | $3.58B | $3.72B | $3.40B | $3.37B | $3.05B | |
| Other Non-current Assets | $1.73B | $1.57B | $1.60B | $1.63B | $1.57B | $1.49B | $1.35B | $1.36B | $1.31B | $1.20B | · | $1.09B | $1.11B | $1.03B | · | $934M | |
| Total Assets | $81.81B | $78.30B | $70.67B | $79.07B | $80.12B | $74.10B | $64.25B | $57.24B | $63.01B | $60.98B | $51.62B | $53.20B | $54.37B | $45.09B | $38.36B | $38.67B | |
| Short-term Debt | $1.52B | $640M | $640M | $770M | $640M | $515M | $200M | $200M | $280M | $108M | · | $425M | $920M | $675M | · | $440M | |
| Current Liabilities | $43.17B | $39.53B | $32.52B | $40.76B | $42.54B | $37.04B | $29.26B | $35.20B | $41.61B | $39.64B | · | $34.47B | $35.59B | $27.10B | · | $22.46B | |
| Capital Leases | $497M | $499M | $515M | $577M | $402M | $326M | $328M | $326M | $335M | $338M | · | $322M | $332M | $311M | · | $302M | |
| Other Non-current Liabilities | $2.26B | $2.22B | $2.02B | $2.27B | $1.96B | $1.89B | $1.69B | $1.65B | $1.61B | $1.60B | · | $1.81B | $1.92B | $1.74B | · | $1.66B | |
| Total Liabilities | $58.06B | $54.50B | $47.32B | $55.83B | $57.07B | $51.74B | $44.08B | $45.03B | $51.41B | $49.63B | · | $42.69B | $43.93B | $35.24B | · | $30.04B | |
| Long-term Debt | · | · | $12.87B | · | · | · | · | · | · | · | · | · | · | · | · | $9M | |
| Total Debt | $13.47B | $12.72B | · | $12.87B | $12.74B | $12.93B | · | $7.99B | $8.07B | $8.10B | · | $6.45B | $6.94B | $6.70B | · | $6.00B | |
| Common Stock | $256M | $257M | $257M | $257M | $256M | $256M | $250M | $219M | $219M | $218M | · | $216M | $216M | $214M | · | $211M | |
| Retained Earnings | $6.59B | $6.45B | $5.81B | $5.82B | $5.72B | $5.52B | $4.99B | $4.86B | $4.68B | $4.53B | · | $4.21B | $4.05B | $3.93B | · | $3.54B | |
| AOCI | $-694M | $-566M | $-525M | $-581M | $-500M | $-934M | $-1.15B | $-593M | $-939M | $-949M | · | $-1.06B | $-883M | $-1.10B | · | $-1.48B | |
| Stockholders' Equity | $23.72B | $23.77B | $23.32B | $23.21B | $23.02B | $22.32B | $20.15B | $12.18B | $11.57B | $11.30B | · | $10.46B | $10.40B | $9.82B | · | $8.57B | |
| Liabilities + Equity | $81.81B | $78.30B | $70.67B | $79.07B | $80.12B | $74.10B | $64.25B | $57.24B | $63.01B | $60.98B | · | $53.20B | $54.37B | $45.09B | · | $38.67B | |
| Shares Outstanding | 256,300,000 | 256,900,000 | 257,000,000 | 256,800,000 | 256,400,000 | 256,100,000 | 250,000,000 | 219,400,000 | 219,100,000 | 218,500,000 | · | 215,900,000 | 215,500,000 | 214,200,000 | · | 210,800,000 |
Cash Flow 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $358M | $339M | $362M | $276M | $231M | $255M | $214M | $210M | $212M | $208M | $190M | $172M | $176M | $159M | $154M | $146M | |
| Stock-based Comp | $24M | $17M | $12M | $12M | $12M | $14M | $10M | $11M | $10M | $11M | $10M | $9M | $8M | $4M | $7M | $8M | |
| Deferred Tax | $-11M | $97M | $7M | $27M | $-29M | $56M | $106M | $-3M | $-50M | $56M | $34M | $9M | $-33M | $32M | $-188M | $-11M | |
| Other Non-cash | · | $-318M | · | · | · | $-156M | · | · | · | $-94M | · | · | · | $-253M | · | · | |
| Operating Cash Flow | $10M | $957M | $753M | $731M | $-426M | $872M | $739M | $935M | $120M | $789M | $694M | $897M | $12M | $428M | $608M | $14M | |
| Investing Cash Flow | $-353M | $-238M | $-472M | $-13.78B | $-1.35B | $-275M | $-857M | $-230M | $-308M | $-192M | $-1.90B | $-327M | $-808M | $-257M | $-443M | $-192M | |
| Stock Issued | $36M | $55M | $18M | $103M | $44M | $1.33B | $8.37B | $44M | $42M | $52M | $20M | $34M | $36M | $30M | $21M | $33M | |
| Stock Repurchased | $170M | $310M | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Net Stock Activity | · | $-255M | · | · | · | $1.33B | · | · | · | $52M | · | · | · | $30M | · | · | |
| Dividends Paid | $179M | $180M | $168M | $167M | $167M | $166M | $131M | $132M | $131M | $131M | $120M | $119M | $118M | $117M | $108M | $108M | |
| Financing Cash Flow | $1.25B | $-723M | $-173M | $569M | $210M | $1.11B | $12.50B | $612M | $-54M | $-5M | $982M | $-668M | $1.60B | $958M | $-661M | $874M | |
| Net Change in Cash | $851M | $-56M | $198M | $-12.47B | $-1.43B | $1.77B | $12.17B | $1.46B | $-243M | $538M | $-242M | $-157M | $851M | $1.13B | $-313M | $487M | |
| Taxes Paid | $145M | $72M | $46M | $89M | $139M | $67M | $74M | $89M | $96M | $72M | $60M | $49M | $63M | $54M | $114M | $62M |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 8.1% | 17.3% | · | 8.1% | 11.4% | 18.9% | · | 11.1% | 10.2% | 18.7% | · | 11.3% | 9.6% | 18.0% | · | 12.5% | |
| Pretax Margin | 10.3% | 21.9% | · | 10.3% | 14.6% | 23.4% | · | 14.4% | 13.2% | 23.7% | · | 14.6% | 12.2% | 22.4% | · | 15.4% | |
| EBITDA Margin | · | 7.1% | · | · | · | 6.8% | · | · | · | 6.4% | · | · | · | 5.9% | · | · | |
| ROA | 0.40% | 1.1% | · | 0.40% | 0.51% | 1.0% | · | 0.57% | 0.48% | 1.1% | · | 0.61% | 0.50% | 1.1% | · | 0.78% | |
| ROE | 1.4% | 3.6% | · | 1.5% | 2.1% | 4.2% | · | 2.8% | 2.6% | 5.8% | · | 2.9% | 2.4% | 5.2% | · | 3.0% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | 1.1 | · | 1.1 | 1.4 | 1.4 | · | 1.1 | 1.0 | 1.0 | · | 1.0 | 1.0 | 1.1 | · | 1.1 | |
| Quick Ratio | 0.1 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.2 | · | 0.0 | |
| Debt / Equity | 0.6 | 0.5 | · | 0.6 | 0.6 | 0.6 | · | 0.7 | 0.7 | 0.7 | · | 0.6 | 0.7 | 0.7 | · | 0.7 | |
| LT Debt / Equity | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.6 | · | 0.6 | 0.7 | 0.7 | · | 0.6 | 0.6 | 0.6 | · | 0.6 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.1 | · | 0.0 | 0.0 | 0.1 | · | 0.1 | 0.0 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 0.7 | 0.9 | · | 0.7 | 0.7 | 0.9 | · | 0.7 | 0.7 | 0.8 | · | 1.3 | 1.3 | 1.5 | · | · |
Valuation (TTM) 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $15.35B | $15.07B | · | $13.12B | $12.53B | $12.57B | · | $11.33B | $10.97B | $10.90B | · | $9.68B | $9.23B | $9.23B | · | $8.66B | |
| Net Income TTM | $1.79B | $2.16B | · | $1.66B | $1.67B | $1.91B | · | $1.49B | $1.41B | $1.61B | · | $1.26B | $1.26B | $1.47B | · | $1.20B | |
| Market Cap | $58.84B | $55.64B | · | $79.54B | $82.08B | $88.42B | · | $61.73B | $56.81B | $54.63B | · | $49.21B | $47.32B | $40.98B | · | $36.09B | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | $54.80B | $53.48B | $46.33B | · | $41.54B | |
| P/E | 33.5 | 26.0 | · | 47.3 | 47.2 | 42.5 | · | 42.1 | 40.8 | 34.1 | · | 39.4 | 37.7 | 28.1 | · | 30.4 | |
| P/S | 3.8 | 3.7 | · | 6.1 | 6.6 | 7.0 | · | 5.4 | 5.2 | 5.0 | · | 5.1 | 5.1 | 4.4 | · | 4.2 | |
| P/B | 2.5 | 2.3 | · | 3.4 | 3.6 | 4.0 | · | 5.1 | 4.9 | 4.8 | · | 4.7 | 4.6 | 4.2 | · | 4.2 | |
| P / Tangible Book | · | · | · | · | 19.8 | 17.4 | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | · | 58.1 | · | · | · | 101.4 | · | · | · | 69.2 | · | · | · | 95.6 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | · | · | 290.7 | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | 5.7 | 5.8 | 5.0 | · | 4.8 | |
| Earnings Yield | 3.0% | 3.8% | · | 2.1% | 2.1% | 2.4% | · | 2.4% | 2.5% | 2.9% | · | 2.5% | 2.7% | 3.6% | · | 3.3% | |
| Payout Ratio | · | 21.9% | · | · | · | 23.6% | · | · | · | 21.5% | · | · | · | 24.1% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Revenue | $13.94B | — | — | $11.55B | — |
| Net Income | $1.49B | — | — | $1.46B | — |
| Diluted EPS | $5.74 | — | — | $6.50 | — |
Balance Sheet
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.5 | — | — | 0.6 | — |
| Current Ratio | 1.1 | — | — | 1.5 | — |
| Quick Ratio | 0.2 | — | — | 0.1 | — |
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Institutional owners (13F) 1,407 filers · $37.7B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 160 (-4 vs prior Q) | 104 (-65 vs prior Q) | 452 (+19 vs prior Q) | 458 (+2 vs prior Q) | +42.6M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $3,851,537,901 | 16,777,183 | 10.22% | Shares |
| FMR LLC | $2,894,114,399 | 12,606,675 | 7.68% | Shares |
| Capital World Investors | $2,872,235,049 | 12,511,991 | 7.62% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,859,231,218 | 12,454,725 | 7.59% | Shares |
| STATE STREET CORP | $2,595,011,070 | 11,303,790 | 6.89% | Shares |
| Dodge & Cox | $2,149,609,457 | 9,363,634 | 5.71% | Shares |
| NORGES BANK | $1,545,876,170 | 6,733,790 | 4.10% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,252,770,154 | 5,454,300 | 3.32% | Shares |
| EAGLE CAPITAL MANAGEMENT LLC | $1,122,737,692 | 4,890,612 | 2.98% | Shares |
| Capital Research Global Investors | $593,625,531 | 2,585,853 | 1.58% | Shares |
| WCM INVESTMENT MANAGEMENT, LLC | $550,893,700 | 2,425,562 | 1.46% | Shares |
| GTCR LLC | $544,947,068 | 2,373,773 | 1.45% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $488,779,039 | 2,129,107 | 1.30% | Shares |
| Capital International Investors | $459,536,264 | 2,002,580 | 1.22% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $440,226,807 | 1,917,615 | 1.17% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $331,153,348 | 1,442,494 | 0.88% | Shares |
| First Pacific Advisors, LP | $306,772,095 | 1,336,290 | 0.81% | Shares |
| Brave Warrior Advisors, LLC | $295,002,501 | 1,285,022 | 0.78% | Shares |
| GOLDMAN SACHS GROUP INC | $287,969,456 | 1,254,386 | 0.76% | Shares |
| BROWN ADVISORY INC | $276,339,603 | 1,203,710 | 0.73% | Shares |
| JANUS HENDERSON GROUP PLC | $248,137,976 | 1,145,703 | 0.66% | Shares |
| FIL Ltd | $246,752,855 | 1,074,848 | 0.65% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $245,446,832 | 1,069,159 | 0.65% | Shares |
| BECK MACK & OLIVER LLC | $243,781,531 | 1,061,905 | 0.65% | Shares |
| BROWN BROTHERS HARRIMAN & CO | $229,786,848 | 1,000,945 | 0.61% | Shares |
| Guinness Asset Management LTD | $194,729,830 | 851,348 | 0.52% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $191,284,684 | 833,230 | 0.51% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $183,427,119 | 799,003 | 0.49% | Shares |
| Focus Partners Wealth | $177,050,457 | 771,225 | 0.47% | Shares |
| BANK OF AMERICA CORP /DE/ | $166,491,510 | 725,232 | 0.44% | Shares |
| Swiss National Bank | $166,452,024 | 725,060 | 0.44% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $164,469,458 | 716,424 | 0.44% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $153,021,986 | 666,561 | 0.41% | Shares |
| BLS Capital Fondsmaeglerselskab A/S | $151,495,080 | 659,908 | 0.40% | Shares |
| Unisphere Establishment | $146,855,929 | 639,700 | 0.39% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $144,167,435 | 627,989 | 0.38% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $143,485,382 | 625,018 | 0.38% | Shares |
| Stonehage Fleming Financial Services Holdings Ltd | $137,471,796 | 598,823 | 0.36% | Shares |
| Woodline Partners LP | $136,929,781 | 596,462 | 0.36% | Shares |
| COOKE & BIELER LP | $136,278,032 | 593,623 | 0.36% | Shares |
| Fenimore Asset Management Inc | $132,498,210 | 577,158 | 0.35% | Shares |
| Vanguard Global Advisers, LLC | $131,074,139 | 570,955 | 0.35% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $127,427,649 | 555,071 | 0.34% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $125,945,866 | 559,087 | 0.33% | Shares |
| BlackRock, Inc. | $122,238,449 | 532,467 | 0.32% | Shares |
| National Pension Service | $118,532,271 | 516,323 | 0.31% | Shares |
| Mawer Investment Management Ltd. | $117,086,439 | 510,025 | 0.31% | Shares |
| Legal & General Group Plc | $115,636,935 | 503,711 | 0.31% | Shares |
| Bank Julius Baer & Co. Ltd, Zurich | $115,129,287 | 502,345 | 0.31% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $115,122,697 | 501,471 | 0.31% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $110,267,292 | 480,321 | 0.29% | Shares |
| Global Retirement Partners, LLC | $101,291,977 | 441,225 | 0.27% | Shares |
| RHUMBLINE ADVISERS | $96,644,262 | 420,980 | 0.26% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $95,851,012 | 424,101 | 0.25% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $95,624,174 | 416,536 | 0.25% | Shares |
| VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V. | $95,487,575 | 415,941 | 0.25% | Shares |
| CHILTON INVESTMENT CO INC. | $94,835,367 | 413,100 | 0.25% | Shares |
| MILFORD FUNDS LTD | $93,599,821 | 407,718 | 0.25% | Shares |
| RAYMOND JAMES FINANCIAL INC | $91,184,601 | 397,197 | 0.24% | Shares |
| NZS Capital, LLC | $89,443,456 | 389,613 | 0.24% | Shares |
| Bowie Capital Management, LLC | $86,817,405 | 378,174 | 0.23% | Shares |
| APG Asset Management N.V. | $85,369,399 | 425,155 | 0.23% | Shares |
| Artisan Partners Limited Partnership | $83,255,376 | 362,658 | 0.22% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $79,934,047 | 369,074 | 0.21% | Shares |
| TD Asset Management Inc | $75,711,956 | 329,799 | 0.20% | Shares |
| MAIRS & POWER INC | $71,520,008 | 311,539 | 0.19% | Shares |
| California Public Employees Retirement System | $69,128,348 | 301,121 | 0.18% | Shares |
| Welch & Forbes LLC | $66,548,641 | 289,883 | 0.18% | Shares |
| ZACKS INVESTMENT MANAGEMENT | $66,124,754 | 288,036 | 0.18% | Shares |
| BARCLAYS PLC | $65,932,274 | 287,199 | 0.17% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $63,582,396 | 276,963 | 0.17% | Shares |
| Balyasny Asset Management L.P. | $61,334,217 | 267,170 | 0.16% | Shares |
| Welch Group, LLC | $60,202,672 | 262,241 | 0.16% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $60,111,201 | 261,632 | 0.16% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $59,985,952 | 261,297 | 0.16% | Shares |
| FORT WASHINGTON INVESTMENT ADVISORS INC /OH/ | $59,101,649 | 257,445 | 0.16% | Shares |
| Central Securities Corp | $58,540,350 | 255,000 | 0.16% | Shares |
| ALLIANCEBERNSTEIN L.P. | $57,251,624 | 264,344 | 0.15% | Shares |
| KORNITZER CAPITAL MANAGEMENT INC /KS | $54,919,113 | 239,226 | 0.15% | Shares |
| CINCINNATI FINANCIAL CORP | $53,319,699 | 232,259 | 0.14% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $52,778,143 | 229,900 | 0.14% | Call option |
| Gotham Asset Management, LLC | $52,315,789 | 227,886 | 0.14% | Shares |
| Prana Capital Management, LP | $51,486,353 | 224,273 | 0.14% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $49,581,840 | 215,977 | 0.13% | Shares |
| FIFTH THIRD BANCORP | $48,838,401 | 212,739 | 0.13% | Shares |
| AVIVA PLC | $48,595,607 | 211,681 | 0.13% | Shares |
| Quantinno Capital Management LP | $48,095,308 | 209,501 | 0.13% | Shares |
| Retirement Systems of Alabama | $45,996,186 | 200,358 | 0.12% | Shares |
| Zurich Insurance Group Ltd/FI | $45,970,704 | 200,247 | 0.12% | Shares |
| Capital International, Inc./CA/ | $44,844,663 | 195,342 | 0.12% | Shares |
| NISSAY ASSET MANAGEMENT CORP /JAPAN | $44,432,585 | 193,547 | 0.12% | Shares |
| AMERIPRISE FINANCIAL INC | $43,315,266 | 188,680 | 0.11% | Shares |
| Fisher Funds Management LTD | $41,553,548 | 181,006 | 0.11% | Shares |
| COMERICA BANK | $41,337,210 | 159,733 | 0.11% | Shares |
| LPL Financial LLC | $41,123,050 | 179,131 | 0.11% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $40,427,277 | 176,100 | 0.11% | Put option |
| FIRST TRUST ADVISORS LP | $39,389,313 | 171,579 | 0.10% | Shares |
| ASSETMARK, INC | $39,065,379 | 170,168 | 0.10% | Shares |
| WOODLEY FARRA MANION PORTFOLIO MANAGEMENT INC | $36,195,385 | 157,666 | 0.10% | Shares |
| CINCINNATI INSURANCE CO | $36,128,349 | 157,374 | 0.10% | Shares |
Company insiders 41 insiders · 22 officers · 21 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Patrick J Gallagher JR | CEO | May 26, 2026 G | 109,417 | 0 | 1 | $-6,322,010 |
| Douglas K Howell | VP & Chief Financial Officer | June 22, 2026 I | 106,710 | 0 | 6 | $-6,381,558 |
| Thomas Joseph Gallagher | President | July 1, 2026 M | 323,743 | 0 | 0 | $0 |
| Mark H. Bloom | Vice President | Aug. 16, 2026 M | 4,417 | 0 | 0 | $0 |
| Michael Robert Pesch | Vice President | July 1, 2026 M | 44,833 | 4 | 0 | $988,489 |
| Vishal Jain | VICE PRESIDENT | July 1, 2026 M | 68,903 | 0 | 0 | $0 |
| Richard C Cary | Controller, CAO | June 2, 2026 S | 47,819 | 0 | 3 | $-3,408,000 |
| William F Ziebell | VICE PRESIDENT | March 31, 2026 M | 48,685 | 0 | 0 | $0 |
| Scott R Hudson | Vice President | March 31, 2026 M | 90,262 | 0 | 3 | $-4,690,413 |
| Walter D. Bay | General Counsel | March 31, 2026 M | 83,292 | 0 | 1 | $-4,041,750 |
| Christopher E Mead | VICE PRESIDENT | March 16, 2026 F | 22,113 | 0 | 3 | $-2,254,345 |
| Susan E Pietrucha | Chief Human Resources Officer | March 15, 2026 F | 16,397 | 0 | 0 | $0 |
| Joel D Cavaness | Vice President | April 29, 2024 M | 159,581 | 0 | 0 | $0 |
| James W Durkin JR | Vice President | Jan. 29, 2018 M | 303,317 | 0 | 0 | $0 |
| James S Gault | Vice President | Nov. 30, 2017 M | 129,637 | 0 | 0 | $0 |
| David E Mcgurn JR | Vice President | June 10, 2015 M | 15,466 | 0 | 0 | $0 |
| Richard J Mckenna | Vice President | Aug. 11, 2009 J | 66,785 | 0 | 0 | $0 |
| John C Rosengren | VP, Gen. Counsel & Secretary | May 15, 2007 A | 262 | 0 | 0 | $0 |
| Elizabeth Brinkerhoff | Vice President | June 14, 2006 M | 20,996 | 0 | 0 | $0 |
| Robert E Gallagher | Chairman | March 14, 2006 A | 16,951 | 0 | 0 | $0 |
| Nicholas M Elsberg | Vice President | July 21, 2005 A | 23,723 | 0 | 0 | $0 |
| James J Braniff III | Vice President | Nov. 26, 2003 M | 157,056 | 0 | 0 | $0 |
| Christopher C. Miskel | Director | June 1, 2026 A | 10,642 | 0 | 0 | $0 |
| David S Johnson | Director | June 1, 2026 A | 47,387 | 0 | 0 | $0 |
| Richard De Winton Wilkin Harries | Director | May 12, 2026 A | 2,413 | 0 | 0 | $0 |
| Teresa Hillary Clarke | Director | May 12, 2026 A | 5,567 | 0 | 0 | $0 |
| David John Coldman | Director | May 12, 2026 A | 16,344 | 0 | 0 | $0 |
| Deborah H Caplan | Director | May 12, 2026 A | 2,650 | 0 | 0 | $0 |
| Ralph J Nicoletti | Director | May 12, 2026 A | 18,414 | 0 | 0 | $0 |
| Norman L Rosenthal | Director | May 12, 2026 A | 43,327 | 0 | 0 | $0 |
| Sherry S Barrat | Director | May 13, 2025 A | 18,073 | 0 | 0 | $0 |
| William L Bax | Director | May 7, 2024 M | 47,904 | 0 | 0 | $0 |
| Kay W Mccurdy | Director | May 9, 2023 M | 30,621 | 0 | 0 | $0 |
| Frank E. English Jr. | Director | Nov. 4, 2020 S | 5,500 | 0 | 0 | $0 |
| Elbert O Hand | Director | May 16, 2018 M | 33,200 | 0 | 0 | $0 |
| James R Wimmer | Director | May 21, 2014 M | 27,743 | 0 | 0 | $0 |
| Ilene S Gordon | Director | May 7, 2013 M | 21,745 | 0 | 0 | $0 |
| Kimball T Brooker | Director | Jan. 27, 2010 M | 188,040 | 0 | 0 | $0 |
| COUGHLAN GARY P/PA | Director | May 15, 2007 A | 8,000 | 0 | 0 | $0 |
| Bernard L Hengesbaugh | Director | Dec. 9, 2004 P | 1,000 | 0 | 0 | $0 |
| Patrick Murphy Gallagher | — | Aug. 5, 2026 G | 53,262 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 166 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| KBWP · Invesco Exchange-Traded Fund Trust … | 4.18% | 45,553 SH | Aug. 8, 2026 | Daily |
| GFGF · EA Series Trust | 2.12% | 3,904 NS | May 29, 2026 | N-PORT |
| SOVF · Elevation Series Trust | 1.94% | 8,866 NS | April 30, 2026 | N-PORT |
| RUNN · Strategic Trust | 1.74% | 29,933 NS | May 31, 2026 | N-PORT |
| RSPF · Invesco Exchange-Traded Fund Trust | 1.34% | 16,627 SH | Aug. 8, 2026 | Daily |
| VOE · VANGUARD INDEX FUNDS | 1.02% | 1,650,247 SH | Aug. 8, 2026 | Daily |
| IYF · iShares Trust | 0.96% | 167,708 SH | Aug. 8, 2026 | Daily |
| CGMM · Capital Group Equity ETF Trust I | 0.71% | 98,307 NS | May 31, 2026 | N-PORT |
| VFH · VANGUARD WORLD FUND | 0.69% | 418,822 SH | Aug. 8, 2026 | Daily |
| ESLG · Strategy Shares | 0.68% | 638 NS | April 30, 2026 | N-PORT |
| ESLV · Strategy Shares | 0.64% | 363 NS | April 30, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 0.63% | 67,160 NS | April 30, 2026 | N-PORT |
| ESUM · Strategy Shares | 0.58% | 4,305 NS | April 30, 2026 | N-PORT |
| VO · VANGUARD INDEX FUNDS | 0.57% | 5,567,393 SH | Aug. 8, 2026 | Daily |
| IMCG · iShares Trust | 0.52% | 83,791 SH | Aug. 8, 2026 | Daily |
| FAS · Direxion Shares ETF Trust | 0.52% | 49,167 NS | April 30, 2026 | N-PORT |
| UPSD · ETF Series Solutions | 0.50% | 2,469 NS | April 30, 2026 | N-PORT |
| HELO · J.P. Morgan Exchange-Traded Fund Tr… | 0.49% | 95,415 NS | April 30, 2026 | N-PORT |
| FFLC · FIDELITY COVINGTON TRUST | 0.48% | 26,187 NS | April 30, 2026 | N-PORT |
| UYG · ProShares Trust | 0.46% | 15,842 NS | May 31, 2026 | N-PORT |
| ABCS · EA Series Trust | 0.45% | 256 NS | May 29, 2026 | N-PORT |
| IMCB · iShares Trust | 0.44% | 29,275 SH | Aug. 8, 2026 | Daily |
| FDLO · FIDELITY COVINGTON TRUST | 0.43% | 28,952 NS | April 30, 2026 | N-PORT |
| IXG · iShares Trust | 0.40% | 11,205 SH | Aug. 8, 2026 | Daily |
| PABU · iShares Trust | 0.40% | 39,702 SH | Aug. 8, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | 0.38% | 13,998 SH | Aug. 8, 2026 | Daily |
| LQAI · Exchange Listed Funds Trust | 0.36% | 37 NS | April 30, 2026 | N-PORT |
| XOEF · iShares Trust | 0.36% | 324 SH | Aug. 8, 2026 | Daily |
| IMCV · iShares Trust | 0.35% | 16,038 SH | Aug. 8, 2026 | Daily |
| USMV · iShares Trust | 0.34% | 323,853 SH | Aug. 8, 2026 | Daily |
| CGGE · Capital Group Global Equity ETF | 0.27% | 38,110 NS | May 31, 2026 | N-PORT |
| VIG · VANGUARD SPECIALIZED FUNDS | 0.26% | 1,451,347 SH | Aug. 8, 2026 | Daily |
| USXF · iShares Trust | 0.25% | 14,978 SH | Aug. 8, 2026 | Daily |
| IWX · iShares Trust | 0.24% | 37,720 SH | Aug. 8, 2026 | Daily |
| DFVE · DoubleLine ETF Trust | 0.24% | 297 NS | March 31, 2026 | N-PORT |
| JOYT · J.P. Morgan Exchange-Traded Fund Tr… | 0.23% | 949 NS | April 30, 2026 | N-PORT |
| PFM · Invesco Exchange-Traded Fund Trust | 0.22% | 7,312 SH | Aug. 8, 2026 | Daily |
| EUSA · iShares, Inc. | 0.22% | 16,731 SH | Aug. 8, 2026 | Daily |
| VTV · VANGUARD INDEX FUNDS | 0.22% | 2,446,303 SH | Aug. 8, 2026 | Daily |
| SIZE · iShares Trust | 0.22% | 3,821 SH | Aug. 8, 2026 | Daily |
| IVE · iShares Trust | 0.22% | 426,053 SH | Aug. 8, 2026 | Daily |
| RSP · Invesco Exchange-Traded Fund Trust | 0.21% | 842,464 SH | Aug. 8, 2026 | Daily |
| IUSV · iShares Trust | 0.20% | 223,451 SH | Aug. 8, 2026 | Daily |
| VOOV · VANGUARD ADMIRAL FUNDS | 0.20% | 59,163 SH | Aug. 8, 2026 | Daily |
| GSEW · Goldman Sachs ETF Trust | 0.20% | 17,284 NS | May 31, 2026 | N-PORT |
| VEGN · ETF Series Solutions | 0.19% | 1,427 NS | April 30, 2026 | N-PORT |
| DSI · iShares Trust | 0.18% | 39,613 SH | Aug. 8, 2026 | Daily |
| DGRO · iShares Trust | 0.18% | 310,242 SH | Aug. 8, 2026 | Daily |
| BSCT · Invesco Exchange-Traded Self-Indexe… | 0.18% | 5,142,000 | Aug. 8, 2026 | Daily |
| BSCR · Invesco Exchange-Traded Self-Indexe… | 0.17% | 7,797,000 | Aug. 8, 2026 | Daily |