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Side-by-side financial comparison of Arthur J. Gallagher & Co. (AJG) and Western Digital (WDC). 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 $3.0B, roughly 1.2× Western Digital). Western Digital runs the higher net margin — 61.1% vs 4.2%, a 56.9% gap on every dollar of revenue. On growth, Arthur J. Gallagher & Co. posted the faster year-over-year revenue change (33.6% vs 31.5%). Over the past eight quarters, Arthur J. Gallagher & Co.'s revenue compounded faster (5.5% CAGR vs -6.6%).
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.
Western Digital Corporation, doing business as WD, is an American data storage company headquartered in San Jose, California. Established in 1970, the company is one of the world's largest manufacturers of hard disk drives (HDDs).
AJG vs WDC — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.6B | $3.0B |
| Net Profit | $151.1M | $1.8B |
| Gross Margin | — | 45.7% |
| Operating Margin | 5.0% | 30.1% |
| Net Margin | 4.2% | 61.1% |
| Revenue YoY | 33.6% | 31.5% |
| Net Profit YoY | -41.5% | 254.2% |
| EPS (diluted) | $0.58 | $4.73 |
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.
| Q1 26 | — | $3.0B | ||
| Q4 25 | $3.6B | $2.8B | ||
| Q3 25 | $3.4B | — | ||
| Q2 25 | $3.2B | $-1.2B | ||
| Q1 25 | $3.7B | $2.3B | ||
| Q4 24 | $2.7B | $4.3B | ||
| Q3 24 | $2.8B | $4.1B | ||
| Q2 24 | $2.8B | $3.8B |
| Q1 26 | — | $1.8B | ||
| Q4 25 | $151.1M | $1.2B | ||
| Q3 25 | $272.7M | — | ||
| Q2 25 | $365.8M | $282.0M | ||
| Q1 25 | $704.4M | $520.0M | ||
| Q4 24 | $258.3M | $594.0M | ||
| Q3 24 | $312.6M | $493.0M | ||
| Q2 24 | $283.4M | $39.0M |
| Q1 26 | — | 45.7% | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 35.4% | ||
| Q3 24 | — | 37.9% | ||
| Q2 24 | — | 35.9% |
| Q1 26 | — | 30.1% | ||
| Q4 25 | 5.0% | 28.1% | ||
| Q3 25 | 10.3% | — | ||
| Q2 25 | 14.6% | — | ||
| Q1 25 | 23.4% | 33.1% | ||
| Q4 24 | 12.3% | 19.9% | ||
| Q3 24 | 14.4% | 18.1% | ||
| Q2 24 | 13.2% | 5.7% |
| Q1 26 | — | 61.1% | ||
| Q4 25 | 4.2% | 41.9% | ||
| Q3 25 | 8.1% | — | ||
| Q2 25 | 11.4% | -24.4% | ||
| Q1 25 | 18.9% | 22.7% | ||
| Q4 24 | 9.5% | 13.9% | ||
| Q3 24 | 11.1% | 12.0% | ||
| Q2 24 | 10.2% | 1.0% |
| Q1 26 | — | $4.73 | ||
| Q4 25 | $0.58 | $3.07 | ||
| Q3 25 | $1.04 | — | ||
| Q2 25 | $1.40 | $0.72 | ||
| Q1 25 | $2.72 | $1.42 | ||
| Q4 24 | $1.10 | $1.63 | ||
| Q3 24 | $1.39 | $1.35 | ||
| Q2 24 | $1.27 | $0.15 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $2.0B |
| Total DebtLower is stronger | $12.9B | $4.7B |
| Stockholders' EquityBook value | $23.3B | $7.1B |
| Total Assets | $70.7B | $15.6B |
| Debt / EquityLower = less leverage | 0.55× | 0.65× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.0B | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $3.5B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.9B |
| Q1 26 | — | $4.7B | ||
| Q4 25 | $12.9B | $4.7B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $4.7B | ||
| Q1 25 | — | $7.3B | ||
| Q4 24 | $23.0M | $7.4B | ||
| Q3 24 | — | $7.4B | ||
| Q2 24 | — | $7.4B |
| Q1 26 | — | $7.1B | ||
| Q4 25 | $23.3B | $5.9B | ||
| Q3 25 | $23.2B | — | ||
| Q2 25 | $23.0B | $5.3B | ||
| Q1 25 | $22.3B | $5.2B | ||
| Q4 24 | $20.2B | $12.1B | ||
| Q3 24 | $12.2B | $11.6B | ||
| Q2 24 | $11.6B | $10.8B |
| Q1 26 | — | $15.6B | ||
| Q4 25 | $70.7B | $14.4B | ||
| Q3 25 | $79.1B | — | ||
| Q2 25 | $80.1B | $14.0B | ||
| Q1 25 | $74.1B | $16.4B | ||
| Q4 24 | $64.3B | $25.5B | ||
| Q3 24 | $57.2B | $24.8B | ||
| Q2 24 | $63.0B | $24.2B |
| Q1 26 | — | 0.65× | ||
| Q4 25 | 0.55× | 0.80× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.89× | ||
| Q1 25 | — | 1.42× | ||
| Q4 24 | 0.00× | 0.61× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.69× |
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 | — |
| Free Cash FlowOCF − Capex | $713.4M | — |
| FCF MarginFCF / Revenue | 19.7% | — |
| Capex IntensityCapex / Revenue | 1.1% | — |
| Cash ConversionOCF / Net Profit | 4.98× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $753.0M | $672.0M | ||
| Q3 25 | $731.3M | — | ||
| Q2 25 | $-426.1M | $746.0M | ||
| Q1 25 | $871.8M | $508.0M | ||
| Q4 24 | $739.3M | $403.0M | ||
| Q3 24 | $934.8M | $34.0M | ||
| Q2 24 | $119.5M | $366.0M |
| Q1 26 | — | — | ||
| Q4 25 | $713.4M | $599.0M | ||
| Q3 25 | $693.5M | — | ||
| Q2 25 | $-465.5M | $675.0M | ||
| Q1 25 | $843.6M | $379.0M | ||
| Q4 24 | $695.7M | $287.0M | ||
| Q3 24 | $898.0M | $-62.0M | ||
| Q2 24 | $87.7M | $250.0M |
| Q1 26 | — | — | ||
| Q4 25 | 19.7% | 21.3% | ||
| Q3 25 | 20.6% | — | ||
| Q2 25 | -14.5% | -58.5% | ||
| Q1 25 | 22.6% | 16.5% | ||
| Q4 24 | 25.6% | 6.7% | ||
| Q3 24 | 32.0% | -1.5% | ||
| Q2 24 | 3.2% | 6.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 2.6% | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | 1.2% | -6.2% | ||
| Q1 25 | 0.8% | 5.6% | ||
| Q4 24 | 1.6% | 2.7% | ||
| Q3 24 | 1.3% | 2.3% | ||
| Q2 24 | 1.1% | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | 4.98× | 0.57× | ||
| Q3 25 | 2.68× | — | ||
| Q2 25 | -1.16× | 2.65× | ||
| Q1 25 | 1.24× | 0.98× | ||
| Q4 24 | 2.86× | 0.68× | ||
| Q3 24 | 2.99× | 0.07× | ||
| Q2 24 | 0.42× | 9.38× |
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% |
WDC
| Cloud | $2.7B | 89% |
| Client Devices | $176.0M | 6% |
| Consumer | $168.0M | 6% |
