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Side-by-side financial comparison of Arthur J. Gallagher & Co. (AJG) and Erie Indemnity (ERIE), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Arthur J. Gallagher & Co. is the larger business by last-quarter revenue ($3.6B vs $951.0M, roughly 3.8× Erie Indemnity). Erie Indemnity runs the higher net margin — 4.2% vs 6.7%, a 2.5% gap on every dollar of revenue. On growth, Arthur J. Gallagher & Co. posted the faster year-over-year revenue change (33.6% vs 2.9%). Arthur J. Gallagher & Co. produced more free cash flow last quarter ($713.4M vs $140.8M). Over the past eight quarters, Arthur J. Gallagher & Co.'s revenue compounded faster (5.5% CAGR vs 3.9%).
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 and risk management services, which primarily includes processing of workers compensation and automobile insurance claims via the company's adjusters.
Erie Insurance Group, based in Erie, Pennsylvania, is a property and casualty insurance company offering auto, home, business and life insurance through a network of independent insurance agents. As of 2021, Erie Insurance Group is ranked 347th on the 2021 Fortune 500 list of largest American corporations, based on total revenue for the 2020 fiscal year.
AJG vs ERIE — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.6B | $951.0M |
| Net Profit | $151.1M | $63.4M |
| Gross Margin | — | — |
| Operating Margin | 5.0% | 16.6% |
| Net Margin | 4.2% | 6.7% |
| Revenue YoY | 33.6% | 2.9% |
| Net Profit YoY | -41.5% | -58.3% |
| EPS (diluted) | $0.58 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $3.6B | $951.0M | ||
| Q3 25 | $3.4B | $1.1B | ||
| Q2 25 | $3.2B | $1.1B | ||
| Q1 25 | $3.7B | $989.4M | ||
| Q4 24 | $2.7B | $924.1M | ||
| Q3 24 | $2.8B | $999.9M | ||
| Q2 24 | $2.8B | $990.4M | ||
| Q1 24 | $3.3B | $880.7M |
| Q4 25 | $151.1M | $63.4M | ||
| Q3 25 | $272.7M | $182.9M | ||
| Q2 25 | $365.8M | $174.7M | ||
| Q1 25 | $704.4M | $138.4M | ||
| Q4 24 | $258.3M | $152.0M | ||
| Q3 24 | $312.6M | $159.8M | ||
| Q2 24 | $283.4M | $163.9M | ||
| Q1 24 | $608.4M | $124.6M |
| Q4 25 | 5.0% | 16.6% | ||
| Q3 25 | 10.3% | 19.6% | ||
| Q2 25 | 14.6% | 18.8% | ||
| Q1 25 | 23.4% | 15.3% | ||
| Q4 24 | 12.3% | 18.1% | ||
| Q3 24 | 14.4% | 18.0% | ||
| Q2 24 | 13.2% | 19.2% | ||
| Q1 24 | 23.7% | 15.8% |
| Q4 25 | 4.2% | 6.7% | ||
| Q3 25 | 8.1% | 17.1% | ||
| Q2 25 | 11.4% | 16.5% | ||
| Q1 25 | 18.9% | 14.0% | ||
| Q4 24 | 9.5% | 16.5% | ||
| Q3 24 | 11.1% | 16.0% | ||
| Q2 24 | 10.2% | 16.5% | ||
| Q1 24 | 18.7% | 14.1% |
| Q4 25 | $0.58 | — | ||
| Q3 25 | $1.04 | — | ||
| Q2 25 | $1.40 | — | ||
| Q1 25 | $2.72 | — | ||
| Q4 24 | $1.10 | — | ||
| Q3 24 | $1.39 | — | ||
| Q2 24 | $1.27 | — | ||
| Q1 24 | $2.74 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | $12.9B | — |
| Stockholders' EquityBook value | $23.3B | $2.3B |
| Total Assets | $70.7B | $3.4B |
| Debt / EquityLower = less leverage | 0.55× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $12.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $23.0M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $23.3B | $2.3B | ||
| Q3 25 | $23.2B | $2.3B | ||
| Q2 25 | $23.0B | $2.2B | ||
| Q1 25 | $22.3B | $2.1B | ||
| Q4 24 | $20.2B | $2.0B | ||
| Q3 24 | $12.2B | $1.9B | ||
| Q2 24 | $11.6B | $1.8B | ||
| Q1 24 | $11.3B | $1.7B |
| Q4 25 | $70.7B | $3.4B | ||
| Q3 25 | $79.1B | $3.3B | ||
| Q2 25 | $80.1B | $3.1B | ||
| Q1 25 | $74.1B | $3.0B | ||
| Q4 24 | $64.3B | $2.9B | ||
| Q3 24 | $57.2B | $2.9B | ||
| Q2 24 | $63.0B | $2.7B | ||
| Q1 24 | $61.0B | $2.6B |
| Q4 25 | 0.55× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $753.0M | $171.6M |
| Free Cash FlowOCF − Capex | $713.4M | $140.8M |
| FCF MarginFCF / Revenue | 19.7% | 14.8% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 1.1% | 3.2% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 4.98× | 2.71× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $571.0M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $753.0M | $171.6M | ||
| Q3 25 | $731.3M | $219.4M | ||
| Q2 25 | $-426.1M | $177.6M | ||
| Q1 25 | $871.8M | $118.1M | ||
| Q4 24 | $739.3M | $193.5M | ||
| Q3 24 | $934.8M | $199.2M | ||
| Q2 24 | $119.5M | $131.4M | ||
| Q1 24 | $789.3M | $87.2M |
| Q4 25 | $713.4M | $140.8M | ||
| Q3 25 | $693.5M | $184.4M | ||
| Q2 25 | $-465.5M | $157.3M | ||
| Q1 25 | $843.6M | $88.4M | ||
| Q4 24 | $695.7M | $146.8M | ||
| Q3 24 | $898.0M | $171.5M | ||
| Q2 24 | $87.7M | $103.4M | ||
| Q1 24 | $759.6M | $64.7M |
| Q4 25 | 19.7% | 14.8% | ||
| Q3 25 | 20.6% | 17.3% | ||
| Q2 25 | -14.5% | 14.8% | ||
| Q1 25 | 22.6% | 8.9% | ||
| Q4 24 | 25.6% | 15.9% | ||
| Q3 24 | 32.0% | 17.1% | ||
| Q2 24 | 3.2% | 10.4% | ||
| Q1 24 | 23.3% | 7.4% |
| Q4 25 | 1.1% | 3.2% | ||
| Q3 25 | 1.1% | 3.3% | ||
| Q2 25 | 1.2% | 1.9% | ||
| Q1 25 | 0.8% | 3.0% | ||
| Q4 24 | 1.6% | 5.0% | ||
| Q3 24 | 1.3% | 2.8% | ||
| Q2 24 | 1.1% | 2.8% | ||
| Q1 24 | 0.9% | 2.5% |
| Q4 25 | 4.98× | 2.71× | ||
| Q3 25 | 2.68× | 1.20× | ||
| Q2 25 | -1.16× | 1.02× | ||
| Q1 25 | 1.24× | 0.85× | ||
| Q4 24 | 2.86× | 1.27× | ||
| Q3 24 | 2.99× | 1.25× | ||
| Q2 24 | 0.42× | 0.80× | ||
| Q1 24 | 1.30× | 0.70× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
AJG
| Commissions | $2.1B | 57% |
| Broker Fees | $1.2B | 33% |
| Supplemental Revenue | $131.7M | 4% |
| Investment Performance | $121.8M | 3% |
| Contingent Revenue | $83.0M | 2% |
ERIE
| Policy Issuanceand Renewal Services | $727.6M | 77% |
| Administrative Services Reimbursements | $198.0M | 21% |
| Administrative Services Management Fee | $19.3M | 2% |
| Service Agreement | $6.1M | 1% |
