Arthur J. Gallagher (AJG) Q3 2026 earnings summary

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.