Key Highlights

  • Third quarter Revenue before reimbursements rose to $3,930 million from $3,325 million.
  • Reported diluted EPS was $1.55, against $1.04 a year earlier, and adjusted EPS was $3.00 versus $2.31.
  • Adjusted EBITDAC grew 25% to $1,253 million.
  • Combined Brokerage and Risk Management revenue grew 18%, with organic growth of 5%.
  • Brokerage revenue reached $3,473 million, up from $2,922 million.

Revenue and Earnings step up across the quarter

Arthur J. Gallagher (NYSE:AJG), an insurance brokerage and risk management firm based in Rolling Meadows, Illinois, reported third quarter 2026 results on October 29, 2026. Total company revenue before reimbursements was $3,930 million, up from $3,325 million a year earlier.

Reported net earnings were $406 million, compared with $273 million, and reported diluted EPS rose to $1.55 from $1.04. Adjusted net earnings were $782 million versus $604 million, and adjusted EPS was $3.00 versus $2.31.

Chairman and CEO J. Patrick Gallagher, Jr. said combined Brokerage and Risk Management segment revenue grew 18%, including organic growth of 5%, while net earnings grew 25% and adjusted EBITDAC also grew 25%.

Brokerage segment reports $515 million of net earnings

The Brokerage segment reported revenue of $3,473 million, up from $2,922 million, with net earnings of $515 million versus $409 million and diluted EPS of $1.97 versus $1.57. On an adjusted basis, Brokerage revenue was $3,460 million, adjusted net earnings were $871 million and adjusted EPS was $3.34, against $2.64.

Brokerage EBITDAC was $1,036 million, compared with $839 million, and adjusted EBITDAC was $1,222 million versus $975 million.

The release notes that third quarter 2025 Brokerage results included about $76 million of incremental interest income, or roughly 22 cents per share after tax, earned on cash proceeds from the AssuredPartners financing in December 2024. That makes the prior-year comparison harder than the headline figures suggest.

Risk Management and Corporate segments

Risk Management revenue was $457 million, up from $402 million, with net earnings of $61 million versus $50 million and EPS of $0.24 versus $0.19. Adjusted EBITDAC for the segment was $104 million, up from $89 million.

The Corporate segment reported a net loss of $170 million, compared with a loss of $186 million, and an adjusted loss of $157 million versus $142 million. Transaction-related costs in the segment fell to $14 million from $36 million.

Adjustments in the quarter included $212 million of intangible amortization in Brokerage, $77 million of Acquisition integration costs and $27 million of workforce and Lease termination costs. Pretax adjustments across the three segments totaled $477 million, $10 million and $16 million.

Nine-month figures and what the CEO said about retention

For the nine months, Brokerage revenue was $11,268 million versus $9,023 million, with net earnings of $1,878 million versus $1,735 million and EPS of $7.22 versus $6.65.

Mr. Gallagher said the quarter marked the company's 26th consecutive quarter of double-digit adjusted EBITDAC growth, along with another quarter of Margin expansion, and cited strong client retention. He said the results show the strength of the company's diversified model as market conditions evolve.

A webcast conference call was scheduled for 5:15 p.m. Eastern Time on October 29, 2026. Readers tracking the name will likely focus on how organic growth compares with the 5% reported here.

The company's release includes a full reconciliation of reported to adjusted figures and points readers to a CFO commentary and supplemental quarterly data on its website. Adjusted measures exclude items such as acquisition integration costs, divestiture gains and losses, and amortization of intangible assets.