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…
Earnings analysis · 10-Q
AJG earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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,…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $4.47
What stood out
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Revenue Increase of 30% YoY
Total revenue grew to $4.76 billion in Q1 2026, up from $3.68 billion in Q1 2025.
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EPS Surpassed Expectations
Diluted earnings per share reached $4.47, surpassing the estimate of $4.42.
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Strong Organic Growth
Organic revenues increased by 5% to approximately $3.2 billion in the brokerage segment.
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Improved EBITDAC Performance
Adjusted EBITDAC rose to $1.719 billion, an increase of 18% compared to the previous year.
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Stable Operating Cash Flow
Operating cash flow improved to $957 million from $872 million year-over-year.
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Low Capital Expenditures Intensity
Capex for Q1 was at $36 million, underscoring efficient capital allocation.
What to watch
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Increased Acquisition Costs
Acquisition integration costs rose to $65 million, up from $33 million in Q1 2025.
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Rising Corporate Expenses
Total corporate segment expenses were $246 million, a decrease from $282 million, but still burdensome.
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Negative Impact of Clean Energy Write-down
Losses related to clean energy investments were noted, including $5 million in Q1 2026.
Management's outlook
Management did not provide explicit numeric guidance but expressed confidence in maintaining organic growth.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.