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Side-by-side financial comparison of Arthur J. Gallagher & Co. (AJG) and CarMax (KMX). Click either name above to swap in a different company.
CarMax is the larger business by last-quarter revenue ($5.8B vs $3.6B, roughly 1.6× Arthur J. Gallagher & Co.). Arthur J. Gallagher & Co. runs the higher net margin — 4.2% vs 1.1%, a 3.1% gap on every dollar of revenue. On growth, Arthur J. Gallagher & Co. posted the faster year-over-year revenue change (33.6% vs -6.9%). CarMax produced more free cash flow last quarter ($1.1B vs $713.4M). Over the past eight quarters, Arthur J. Gallagher & Co.'s revenue compounded faster (5.5% CAGR vs 1.5%).
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.
CarMax, Inc. is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. The company began as a side business of Circuit City Corporation, Inc., opening its first location in September 1993 in Richmond, Virginia. As of January 2025, CarMax operates 253 locations.
AJG vs KMX — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.6B | $5.8B |
| Net Profit | $151.1M | $62.2M |
| Gross Margin | — | 10.2% |
| Operating Margin | 5.0% | — |
| Net Margin | 4.2% | 1.1% |
| Revenue YoY | 33.6% | -6.9% |
| Net Profit YoY | -41.5% | -50.4% |
| EPS (diluted) | $0.58 | $0.43 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $3.6B | $5.8B | ||
| Q3 25 | $3.4B | $6.6B | ||
| Q2 25 | $3.2B | $7.5B | ||
| Q1 25 | $3.7B | $6.0B | ||
| Q4 24 | $2.7B | $6.2B | ||
| Q3 24 | $2.8B | $7.0B | ||
| Q2 24 | $2.8B | $7.1B | ||
| Q1 24 | $3.3B | $5.6B |
| Q4 25 | $151.1M | $62.2M | ||
| Q3 25 | $272.7M | $95.4M | ||
| Q2 25 | $365.8M | $210.4M | ||
| Q1 25 | $704.4M | $89.9M | ||
| Q4 24 | $258.3M | $125.4M | ||
| Q3 24 | $312.6M | $132.8M | ||
| Q2 24 | $283.4M | $152.4M | ||
| Q1 24 | $608.4M | $50.3M |
| Q4 25 | — | 10.2% | ||
| Q3 25 | — | 10.9% | ||
| Q2 25 | — | 11.8% | ||
| Q1 25 | — | 11.1% | ||
| Q4 24 | — | 10.9% | ||
| Q3 24 | — | 10.8% | ||
| Q2 24 | — | 11.1% | ||
| Q1 24 | — | 10.4% |
| Q4 25 | 5.0% | — | ||
| Q3 25 | 10.3% | — | ||
| Q2 25 | 14.6% | — | ||
| Q1 25 | 23.4% | 2.0% | ||
| Q4 24 | 12.3% | 2.7% | ||
| Q3 24 | 14.4% | 2.5% | ||
| Q2 24 | 13.2% | 2.9% | ||
| Q1 24 | 23.7% | 1.2% |
| Q4 25 | 4.2% | 1.1% | ||
| Q3 25 | 8.1% | 1.4% | ||
| Q2 25 | 11.4% | 2.8% | ||
| Q1 25 | 18.9% | 1.5% | ||
| Q4 24 | 9.5% | 2.0% | ||
| Q3 24 | 11.1% | 1.9% | ||
| Q2 24 | 10.2% | 2.1% | ||
| Q1 24 | 18.7% | 0.9% |
| Q4 25 | $0.58 | $0.43 | ||
| Q3 25 | $1.04 | $0.64 | ||
| Q2 25 | $1.40 | $1.38 | ||
| Q1 25 | $2.72 | $0.58 | ||
| Q4 24 | $1.10 | $0.81 | ||
| Q3 24 | $1.39 | $0.85 | ||
| Q2 24 | $1.27 | $0.97 | ||
| Q1 24 | $2.74 | $0.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $204.9M |
| Total DebtLower is stronger | $12.9B | $16.6B |
| Stockholders' EquityBook value | $23.3B | $6.1B |
| Total Assets | $70.7B | $25.6B |
| Debt / EquityLower = less leverage | 0.55× | 2.74× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $204.9M | ||
| Q3 25 | — | $540.4M | ||
| Q2 25 | — | $262.8M | ||
| Q1 25 | — | $247.0M | ||
| Q4 24 | — | $271.9M | ||
| Q3 24 | — | $524.7M | ||
| Q2 24 | — | $218.9M | ||
| Q1 24 | — | $574.1M |
| Q4 25 | $12.9B | $16.6B | ||
| Q3 25 | — | $17.8B | ||
| Q2 25 | — | $18.0B | ||
| Q1 25 | — | $18.1B | ||
| Q4 24 | $23.0M | $18.1B | ||
| Q3 24 | — | $18.1B | ||
| Q2 24 | — | $18.2B | ||
| Q1 24 | — | $18.0B |
| Q4 25 | $23.3B | $6.1B | ||
| Q3 25 | $23.2B | $6.2B | ||
| Q2 25 | $23.0B | $6.3B | ||
| Q1 25 | $22.3B | $6.2B | ||
| Q4 24 | $20.2B | $6.2B | ||
| Q3 24 | $12.2B | $6.2B | ||
| Q2 24 | $11.6B | $6.2B | ||
| Q1 24 | $11.3B | $6.1B |
| Q4 25 | $70.7B | $25.6B | ||
| Q3 25 | $79.1B | $27.1B | ||
| Q2 25 | $80.1B | $27.4B | ||
| Q1 25 | $74.1B | $27.4B | ||
| Q4 24 | $64.3B | $27.3B | ||
| Q3 24 | $57.2B | $27.3B | ||
| Q2 24 | $63.0B | $27.2B | ||
| Q1 24 | $61.0B | $27.2B |
| Q4 25 | 0.55× | 2.74× | ||
| Q3 25 | — | 2.87× | ||
| Q2 25 | — | 2.86× | ||
| Q1 25 | — | 2.91× | ||
| Q4 24 | 0.00× | 2.92× | ||
| Q3 24 | — | 2.93× | ||
| Q2 24 | — | 2.95× | ||
| Q1 24 | — | 2.96× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $753.0M | $1.3B |
| Free Cash FlowOCF − Capex | $713.4M | $1.1B |
| FCF MarginFCF / Revenue | 19.7% | 19.2% |
| Capex IntensityCapex / Revenue | 1.1% | 2.4% |
| Cash ConversionOCF / Net Profit | 4.98× | 20.14× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $1.9B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $753.0M | $1.3B | ||
| Q3 25 | $731.3M | $785.5M | ||
| Q2 25 | $-426.1M | $299.5M | ||
| Q1 25 | $871.8M | $146.4M | ||
| Q4 24 | $739.3M | $-23.4M | ||
| Q3 24 | $934.8M | $619.1M | ||
| Q2 24 | $119.5M | $-117.7M | ||
| Q1 24 | $789.3M | $309.6M |
| Q4 25 | $713.4M | $1.1B | ||
| Q3 25 | $693.5M | $654.0M | ||
| Q2 25 | $-465.5M | $162.8M | ||
| Q1 25 | $843.6M | $18.8M | ||
| Q4 24 | $695.7M | $-150.6M | ||
| Q3 24 | $898.0M | $509.9M | ||
| Q2 24 | $87.7M | $-221.6M | ||
| Q1 24 | $759.6M | $199.8M |
| Q4 25 | 19.7% | 19.2% | ||
| Q3 25 | 20.6% | 9.9% | ||
| Q2 25 | -14.5% | 2.2% | ||
| Q1 25 | 22.6% | 0.3% | ||
| Q4 24 | 25.6% | -2.4% | ||
| Q3 24 | 32.0% | 7.3% | ||
| Q2 24 | 3.2% | -3.1% | ||
| Q1 24 | 23.3% | 3.6% |
| Q4 25 | 1.1% | 2.4% | ||
| Q3 25 | 1.1% | 2.0% | ||
| Q2 25 | 1.2% | 1.8% | ||
| Q1 25 | 0.8% | 2.1% | ||
| Q4 24 | 1.6% | 2.0% | ||
| Q3 24 | 1.3% | 1.6% | ||
| Q2 24 | 1.1% | 1.5% | ||
| Q1 24 | 0.9% | 2.0% |
| Q4 25 | 4.98× | 20.14× | ||
| Q3 25 | 2.68× | 8.24× | ||
| Q2 25 | -1.16× | 1.42× | ||
| Q1 25 | 1.24× | 1.63× | ||
| Q4 24 | 2.86× | -0.19× | ||
| Q3 24 | 2.99× | 4.66× | ||
| Q2 24 | 0.42× | -0.77× | ||
| Q1 24 | 1.30× | 6.16× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
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% |
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
