AJG earnings analysis
What we found in AJG's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Arthur J. Gallagher & Co. reported solid first quarter 2026 results, achieving revenues of $4.76 billion and EPS of $4.47, both exceeding estimates. Particularly strong performance was noted in the brokerage segment, which saw a 30% revenue increase compared to the prior year. The company's robust organic growth, increases in adjusted EBITDAC, and positive outlook support a bullish sentiment.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Increase of 30% YoY
- Total revenue grew to $4.76 billion in Q1 2026, up from $3.68 billion in Q1 2025.
- EPS Surpassed Expectations
- Diluted earnings per share reached $4.47, surpassing the estimate of $4.42.
- Strong Organic Growth
- Organic revenues increased by 5% to approximately $3.2 billion in the brokerage segment.
- Improved EBITDAC Performance
- Adjusted EBITDAC rose to $1.719 billion, an increase of 18% compared to the previous year.
- Stable Operating Cash Flow
- Operating cash flow improved to $957 million from $872 million year-over-year.
- Low Capital Expenditures Intensity
- Capex for Q1 was at $36 million, underscoring efficient capital allocation.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Acquisition Costs
- Acquisition integration costs rose to $65 million, up from $33 million in Q1 2025.
- Rising Corporate Expenses
- Total corporate segment expenses were $246 million, a decrease from $282 million, but still burdensome.
- Negative Impact of Clean Energy Write-down
- Losses related to clean energy investments were noted, including $5 million in Q1 2026.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $4.47
- Segment
- Brokerage: $4.293B
- Segment
- Risk Management: $428M
- Segment
- Corporate: -$5M
What they said about what is next.
Management did not provide explicit numeric guidance but expressed confidence in maintaining organic growth.
The filing reads better than the one before it.
What came before.
- 10-K · February 17, 2026
- Arthur J. Gallagher & Co. (AJG) describes a scale-driven strategy of organic growth in niche/practice groups and continued M&A (including Woodruff Sawyer and AssuredPartners in 2025) to expand capabilities; brokerage…
- 10-Q · November 10, 2025
- Arthur J. Gallagher & Co. reported Q3 2025 revenues of $3,365.6 million, up $558.8 million (19.9%) versus Q3 2024, driven largely by recent acquisitions (including AssuredPartners). Profitability compressed: diluted EPS…
- 10-Q · August 4, 2023
- Arthur J. Gallagher & Co. reported Q2 total revenues of $2,441.9 million, up $398.9 million or 19.5% versus Q2 2022. Despite revenue strength, diluted EPS declined to $1.07 from $1.33 and operating profitability…
- 10-Q · May 6, 2022
- Arthur J. Gallagher & Co. reported Q1 total revenues of $2,435.3 million (Q1 2021: $2,165.0 million), driving net earnings of $439.1 million and diluted EPS of $2.05 (Q1 2021: $1.92). Operating cash flow strengthened to…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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