Key Highlights

  • Revenue before reimbursements in the third quarter climbed to $3,930 million from $3,325 million.
  • Reported diluted EPS came in at $1.55, against $1.04 a year earlier, while adjusted EPS was $3.00 compared with $2.31.
  • Adjusted EBITDAC increased 25% to $1,253 million.
  • Brokerage and Risk Management Revenue combined grew 18%, and organic growth reached 5%.
  • Brokerage revenue reached $3,473 million, up from $2,922 million.

Revenue and Earnings rise through the quarter

Arthur J. Gallagher (NYSE:AJG), an insurance brokerage and risk management firm headquartered in Rolling Meadows, Illinois, released its 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 reached $406 million, compared with $273 million, and reported diluted EPS climbed to $1.55 from $1.04. On an adjusted basis, net earnings were $782 million against $604 million, and adjusted EPS was $3.00 versus $2.31.

Chairman and CEO J. Patrick Gallagher, Jr. noted that combined Brokerage and Risk Management segment revenue increased 18%, including organic growth of 5%. Over the same period, net earnings rose 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. Diluted EPS for the segment was $1.97 against $1.57. On an adjusted basis, Brokerage revenue came to $3,460 million, adjusted net earnings were $871 million and adjusted EPS was $3.34, against $2.64 a year before.

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 additional interest income, or roughly 22 cents per share after tax. That income was earned on cash proceeds from the AssuredPartners financing in December 2024. As a result, the prior-year comparison is tougher than the headline figures suggest.

Risk Management and Corporate segments

Risk Management revenue was $457 million, up from $402 million. Its net earnings were $61 million versus $50 million, and EPS was $0.24 compared with $0.19. Adjusted EBITDAC for the segment rose to $104 million 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 against $142 million. Transaction-related costs in the segment fell to $14 million from $36 million.

Adjustments recorded 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 compared with $1,735 million. EPS for the period was $7.22, against $6.65.

Mr. Gallagher described the quarter as the company's 26th consecutive quarter of double-digit adjusted EBITDAC growth, adding that it brought another quarter of Margin expansion. He cited strong client retention and said the results show the strength of the company's diversified model as market conditions change.

A webcast conference call was set for 5:15 p.m. Eastern Time on October 29, 2026. Investors will likely focus on how the 5% organic growth figure compares with the headline growth rate.

The company's release includes a full reconciliation of reported and adjusted figures, and it 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.