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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Arthur J. Gallagher
Arthur J. Gallagher (AJG) investor relations material
Arthur J. Gallagher Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Brokerage and Risk Management revenue grew 18%, including 5% organic growth; combined adjusted EBITDAC rose 25%, extending double-digit growth to 26 consecutive quarters.
Strong retention, new business, client growth and acquisitions supported results.
Financial highlights
Q3 reported revenue before reimbursements was $3,930M; reported net earnings were $406M and diluted EPS was $1.55.
Q3 adjusted revenue before reimbursements was $3,917M; adjusted net earnings were $782M and adjusted EPS was $3.00.
Excluding $76M of Q3 2025 interest income related to AssuredPartners financing, adjusted revenue grew 20%, adjusted EBITDA 34%, adjusted EPS 37% and adjusted EBITDA per share 35%.
Nine-month results on the same levelized basis: adjusted revenue +27%, adjusted EBITDA +32%, adjusted EPS +34% and adjusted EBITDA per share +33%.
Outlook and guidance
FY2026 combined organic growth outlook remained ~6%; Q4 and FY brokerage organic growth were each expected near 5%.
FY2026 adjusted brokerage EBITDAC margin guidance was 35.5%–36.1%; Risk Management adjusted margin was expected above 22%.
AssuredPartners annualized synergies remained on track for $160M by year-end 2026 and were expected to reach $325M by early 2028.
At 5% brokerage organic growth, 2027 margin expansion could reach 50–75 bps before further AssuredPartners synergies.
Early 2027 view: legacy brokerage organic growth could resemble 2026; AssuredPartners could reduce reported brokerage organic growth by 40–50 bps.
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Latest events from Arthur J. Gallagher
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- First-half 2026 revenues up 26% to $8.76B, with 6% Q2 organic growth and strong margin gains.AJGQ2 2026
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- Q4 and FY25 delivered record growth, with AssuredPartners integration and strong 2026 outlook.AJGQ4 2025
- Q3 2025 saw 20% revenue growth, strong margins, and the transformative AssuredPartners acquisition.AJGQ3 2025
- AssuredPartners integration accelerates synergy targets, driving growth and margin expansion.AJGInvestor meeting
- Q2 2025 saw 16% revenue growth, margin expansion, and strong M&A momentum.AJGQ2 2025
- Q4 saw double-digit revenue growth, margin expansion, and a major $13.45B acquisition set to close in Q1.AJGQ4 2024
Next Arthur J. Gallagher earnings date
Q4 202628 Jan, 2027
Arthur J. Gallagher
Next Arthur J. Gallagher earnings date
Q4 202628 Jan, 2027
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Frequently asked questions
Arthur J. Gallagher & Co. is an international insurance brokerage and risk management services firm, providing clients with insurance, risk management, and benefit consulting solutions. They offer global expertise in risk management and employee benefits consultation through their array of insurance offerings and provide leading-edge technology to deliver cost-effective solutions. The company was incorporated in 1927 and is headquartered in Rolling Meadows, Illinois.