安睿嘉尔 2025年度报告

Washington, D.C. 20549________________________________________________________ FORM 10-K________________________________________________________ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2025 Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from__________________toCommission file number 1-09761 ARTHUR J. GALLAGHER & CO. (Exact name of registrant as specified in its charter) 36-2151613(I.R.S. EmployerIdentification Number) Delaware (630) 773-3800(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registered Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.YesNo.Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.YesNo.Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.YesNo. Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).YesNo. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b‑2 of the Exchange Act. Accelerated filerSmaller reporting companyEmerging growth company Large accelerated filerNon-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 726(b)) by the registered publicaccounting firm that prepared or issued its audit reportYesNo. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YesNo. The aggregate market value of the voting common equity held by non-affiliates of the registrant, computed by reference to the last reportedprice at which the registrant’s common equity was sold on June 30,2025(the last day of the registrant’s most recently completed second quarter) was $71,117 million.The number of outstanding shares of the registrant’s Common Stock, $1.00 par value, as of January 31, 2026 was 257.1 million.Documents incorporated by reference:Portions of Arthur J. Gallagher & Co.’s definitive 2026 Proxy Statement are incorporated byreference into this Form 10‑K in response to Part III to the extent described herein. Information Concerning Forward-Looking Statements This report contains certain statements related to future results, or states our intentions, beliefs and expectations or predictions for thefuture of Arthur J. Gallagher & Co. and its subsidiaries, collectively referred to herein as we, our, us, Gallagher or the Company, whichare forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward‑lookingstatements relate to expectations or forecasts of future events. Such statements use words such as “anticipate,” “believe,” “estimate,”“expect,” “contemplate,” “forecast,” “project,” “intend,” “plan,” “potential,” and other similar terms, and future or conditional tenseverbs like “could,” “may,” “might,” “see,” “should,” “will” and “would.” You can also identify forward-looking statements by the factthat they do not relate strictly to historical or current facts. For example, we may use forward-looking statements when addressingtopics such as: the impac