Earnings per Share
The following table sets forth the computation of basic and diluted net earnings per share (in millions, except per share data):
Year Ended December 31,
202520242023
Net earnings attributable to controlling interests$1,494 $1,463 $970 
Weighted average number of common shares outstanding256.1 220.5 214.9 
Dilutive effect of stock options using the treasury stock method4.0 4.5 4.4 
Weighted average number of common and common equivalent shares outstanding260.1 225.0 219.3 
Basic net earnings per share$5.83 $6.63 $4.51 
Diluted net earnings per share$5.74 $6.50 $4.42 
Anti-dilutive stock-based awards of 0.9 million shares were outstanding at December 31, 2025, 2024 and 2023 but were excluded in the computation of the dilutive effect of stock‑based awards for the years then ended. These stock-based
awards were excluded from the computation because the exercise prices on these stock-based awards were greater than the average market price of our common shares during the respective period, and therefore, would be anti‑dilutive to earnings per share under the treasury stock method.
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Historical Timeline

Fiscal YearFiled
2025Feb 17, 2026Showing above
2024Feb 18, 2025
2023Feb 9, 2024
2022Feb 10, 2023
2021Feb 18, 2022
2020Feb 8, 2021
2019Feb 7, 2020
2018Feb 8, 2019
2017Feb 12, 2018
2016Feb 13, 2017
2015Feb 10, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.