Arthur J. Gallagher Q3 profit in line, revenue below estimates

Arthur J. Gallagher & Co. (AJG) reported third-quarter 2026 results on Oct. 29, with adjusted diluted earnings of $3.00 per share, up from $2.31 a year earlier.

The result was in line with the $3.03 consensus estimate compiled by Finnhub. Total revenues of $3.976 billion were below the $4.03 billion estimate, according to the same consensus source.

Here's how the company did:

• Adjusted EPS: $3.00 vs. $2.31 a year earlier, against $3.03 expected, according to Finnhub
• Revenues before reimbursements: $3,930 million vs. $3,325 million a year earlier
• Total revenues: $3.976 billion vs. $3.365 billion a year earlier
• Net earnings attributable to controlling interests: $403 million vs. $272 million a year earlier

The insurance brokerage and risk management firm, headquartered in Rolling Meadows, Illinois, operates in approximately 130 countries. Its reported diluted net earnings per share were $1.55, compared with $1.04 a year earlier.

Chairman and CEO J. Patrick Gallagher, Jr. said in the press release, "We delivered another excellent quarter!" He said the combined Brokerage and Risk Management segments delivered revenue growth of 18%, including organic growth of 5%.

He also said net earnings grew 25%, and adjusted EBITDAC also grew 25%, marking the company's 26th consecutive quarter of double-digit adjusted EBITDAC growth.

Segment results

The Brokerage segment reported total revenues of $3,473 million, up from $2,922 million a year earlier. Adjusted revenues were $3,460 million, compared with $2,928 million.

The Risk Management segment reported revenues before reimbursements of $457 million, up from $402 million. Its adjusted EBITDAC was $104 million, compared with $89 million a year earlier.

The company said in its earnings release that the prior-year Brokerage results included approximately $76 million of incremental interest income tied to the AssuredPartners Financing completed in 2024 and closed in 2025.

Capital returns

The company declared dividends of $0.70 per share in the quarter, up from $0.65 a year earlier. Dividends declared for the first nine months were $2.10 per share, compared with $1.95.

In the third quarter, the company repurchased approximately 0.4 million shares of its common stock for approximately $100 million, it said in the release.

Acquisitions

The company closed five acquisitions in the third quarter, with estimated annualized revenues acquired of $102 million, compared with six acquisitions and $3,036 million a year earlier, according to the release.

The company will host a webcast conference call on Oct. 29 at 5:15 p.m. ET.