Arthur J. Gallagher (AJG) Q2 2026 earnings summary

Executive summary

• Total revenues for the six months ended June 30, 2026, rose 26% year-over-year to $8.76 billion, driven by acquisitions and 5% organic growth in commissions, fees, supplemental, and contingent revenues.

• Completed the acquisition of AssuredPartners, the largest in company history, with integration underway and expected synergies of $160 million annualized by end of 2026 and $325 million by early 2028.

• Brokerage and Risk Management segments delivered 24% revenue growth in Q2 2026, with 6% organic growth, reflecting robust client retention and new business generation.

• Net earnings attributable to controlling interests for the six months were $1.15 billion, up from $1.07 billion in the prior year period.

• Major acquisitions expanded geographic reach and service offerings, with 16 acquisitions completed in the first half of 2026.

Financial highlights

• Six-month revenues increased to $8.76 billion from $6.95 billion year-over-year; three-month revenues were $4.00 billion, up from $3.22 billion.

• Adjusted EBITDAC for the six months was $2.88 billion, up 17% year-over-year; adjusted EBITDAC margin was 37.0%.

• Brokerage segment reported Q2 2026 net earnings of $450 million and adjusted EBITDAC of $1,163 million, with a 33.3% margin.

• Risk Management segment Q2 2026 net earnings were $57 million, with adjusted EBITDAC of $101 million and a 22.3% margin.

• Cash provided by operating activities was $967 million for the six months, more than doubling from $448 million in the prior year.

Outlook and guidance

• Full-year 2026 organic growth outlook reaffirmed at 6% total, 5.5% Brokerage, and 8–9% Risk Management.

• Brokerage segment adjusted EBITDAC margin guidance for 2026 is 33.6% to 34.2%.

• Effective tax rates are expected to remain in the 24.5%–26.5% range for brokerage and 25.0%–27.0% for risk management.

• Annualized run-rate synergies from AssuredPartners expected at $160 million by end of 2026, up to $325 million by early 2028.

• Sufficient capital and liquidity are anticipated to meet both short- and long-term needs.