Item 16. Form 10-K Summary.

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Item 16. Form 10-K Summary.

None.

Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on the 17****th day of February, 2026.


			ARTHUR J. GALLAGHER & CO.
			By			/S/ J. PATRICK GALLAGHER, JR.
						J. Patrick Gallagher, Jr.
						Chairman and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on the 17****th day of February, 2026 by the following persons on behalf of the Registrant in the capacities indicated.


Name						Title
/S/ J. PATRICK GALLAGHER, JR.						Chairman, Chief Executive Officer and Director (Principal Executive Officer)
J. Patrick Gallagher, Jr.

/S/ DOUGLAS K. HOWELL						Vice President and Chief Financial Officer (Principal Financial Officer)
Douglas K. Howell

/S/ RICHARD C. CARY						Controller (Principal Accounting Officer)
Richard C. Cary

*SHERRY BARRAT						Director
Sherry Barrat

*DEBORAH CAPLAN						Director
Deborah Caplan

*TERESA CLARKE						Director
Teresa Clarke

* JOHN COLDMAN						Director
John Coldman

* RICHARD HARRIES						Director
Richard Harries

						Director
David Johnson

*CHRIS.MISKEL						Director
Chris Miskel

* RALPH NICOLETTI						Director
Ralph Nicoletti

*NORMAN ROSENTHAL						Director
Norman Rosenthal


*By:						/S/ WALTER D. BAY
						Walter D. Bay, Attorney-in-Fact

Schedule II

Arthur J. Gallagher & Co.

Valuation and Qualifying Accounts


	Balance at Beginning of Year		Amounts Recorded in Earnings		Adjustments			Balance at End of Year

	(In millions)
Year ended December 31, 2025
Allowance for credit losses on trade receivables and accounts receivables	$	22	$	15	$	12	(1)	$	49
Allowance for estimated policy cancellations	13		6		4		(2)	23
Valuation allowance for deferred tax assets	177		87		—			264
Accumulated amortization of expiration
lists, non-compete agreements and trade names	4,472		916		181		(3)	5,569
Year ended December 31, 2024
Allowance for credit losses on trade receivables and accounts receivables	$	23	$	12	$	(13)	(1)	$	22
Allowance for estimated policy cancellations	10		3		—		(2)	13
Valuation allowance for deferred tax assets	196		(19)		—			177
Accumulated amortization of expiration
lists, non-compete agreements and trade names	3,874		665		(67)		(3)	4,472
Year ended December 31, 2023
Allowance for credit losses on trade receivables and accounts receivables	$	11	$	26	$	(14)	(1)	$	23
Allowance for estimated policy cancellations	9		—		1		(2)	10
Valuation allowance for deferred tax assets	135		61		—			196
Accumulated amortization of expiration
lists, non-compete agreements and trade names	3,300		532		42		(3)	3,874

(1)Net activity of receivable write offs and recoveries and allowances from acquired businesses.

(2)Net activity to allowance related to acquired businesses.

(3)Elimination of fully amortized expiration lists, non-compete agreements and trade names, intangible asset/amortization reclassifications and disposal of acquired businesses.

Previous: Item 15. Exhibits and Financial Statement Schedules.