$AJG · Arthur J. Gallagher & Co.
Arthur J. Gallagher reported Q3 2026 results with total revenues before reimbursements of $3.93B (+18% YoY), GAAP diluted EPS of $1.55, and adjusted diluted EPS of $3.00. The Brokerage segment posted 5% organic revenue growth, while combined Brokerage & Risk Management adjusted EBITDAC rose 25% — the 26th consecutive quarter of double-digit adjusted EBITDAC growth. The company also provided CFO Commentary with 2026 estimates via its website.
- Total revenues before reimbursements hit $3.93B, up 18% YoY from $3.325B.
- GAAP diluted EPS of $1.55 vs $1.04 in Q3 2025; adjusted EPS of $3.00 vs $2.31.
- Brokerage segment organic revenue growth was 5% for the quarter.
- Combined Brokerage & Risk Management adjusted EBITDAC grew 25% YoY to $1.326B.
- Nine-month adjusted diluted EPS reached $10.32 vs $8.35 in the prior-year period.
Stock essentially flat in extended hours at $268.20 (+0.08% vs filing-time price), suggesting results were largely in line with expectations despite strong headline growth. The $68.75B market cap limits dramatic percentage moves on a routine earnings beat.
Gallagher extends its streak to 26 consecutive quarters of double-digit adjusted EBITDAC growth while integrating the massive AssuredPartners acquisition — a rare combination of scale and consistency in insurance brokerage.
Gallagher's 5% organic growth and 25% adjusted EBITDAC expansion continue to outpace the broader insurance brokerage peer group, reinforcing its position as the sector's most consistent compounder alongside the AssuredPartners integration tailwind.
The CFO Commentary includes forward-looking estimates for 2026 that carry execution risk. Acquisition integration costs remain elevated — $77M in Brokerage alone for Q3 — and the roll-in of AssuredPartners adds complexity.