Results were largely in line with expectations, with continued strong organic growth and margin expansion. The slight revenue miss versus consensus is offset by the 25% adjusted EBITDAC growth and the 26th consecutive quarter of double-digit growth. Monitor the Q4 2026 earnings for continued organic growth trajectory and integration progress on the AssuredPartners acquisition.
Price Chart
Executive Summary
Arthur J. Gallagher & Co. reported Q3 2026 adjusted EPS of $3.00, essentially in line with the $2.99 consensus, on adjusted revenue of $3.917B versus the $4.00B consensus estimate. Combined Brokerage and Risk Management segments delivered 18% revenue growth and 5% organic growth, with adjusted EBITDAC up 25% year-over-year, marking the 26th consecutive quarter of double-digit adjusted EBITDAC growth. The company repurchased 0.4 million shares for $100 million in the quarter.
Key Financial Metrics
Key Facts
- Q3 2026 adjusted EPS of $3.00 versus consensus of $2.99 (in line)
- Q3 2026 adjusted revenue of $3.917B versus consensus of $4.00B (slight miss)
- Combined Brokerage and Risk Management segments revenue grew 18% year-over-year
- Organic growth of 5% in combined segments
- Adjusted EBITDAC grew 25% year-over-year, 26th consecutive quarter of double-digit growth
- Brokerage segment adjusted EBITDAC margin expanded to 35.3% from 33.3%
- Risk Management segment adjusted EBITDAC margin expanded to 22.8% from 21.9%
- Company repurchased 0.4 million shares for approximately $100 million in Q3 2026
- Dividend declared of $0.70 per share, up from $0.65 in Q3 2025
Financial Impact
Adjusted EPS in line with consensus; revenue slightly below consensus by ~$83M (2.1%). Adjusted EBITDAC grew 25% YoY to $1.253B.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Brokerage | $3.5B | +18.9% |
| Risk Management | $457.0M | +13.7% |
Risk Factors
- Integration risks related to the large AssuredPartners acquisition
- Potential slowdown in organic growth if insurance market conditions soften
- Interest income headwind as prior year benefited from AssuredPartners financing proceeds
- Elevated acquisition integration and transaction costs impacting reported earnings
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-068263 |
| Document: ajg-20261029.htm | 0001628280-26-068263 |
| Document: 0001628280-26-068263-index-headers.html | 0001628280-26-068263 |
| Document: 0001628280-26-068263-index.html | 0001628280-26-068263 |
| Document: 0001628280-26-068263.txt | 0001628280-26-068263 |
| 8-K Data (Synthetic) | 0001628280-26-068263 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | No price | awaiting T+20 | awaiting T+20 | No price |
Oct 29, 2026 3d ago | Press Release | $267.00 | awaiting T+20 | awaiting T+20 | $276.07 (+3.40%) |
Oct 29, 2026 3d ago | Institutional Cluster | $268.20 | awaiting T+20 | awaiting T+20 | $276.07 (+2.93%) |
Oct 27, 2026 4d ago | Press Release | $260.42 | awaiting T+20 | awaiting T+20 | $276.07 (+6.01%) |
Oct 8, 2026 23d ago | 3/A | $232.70 | awaiting T+20 | awaiting T+20 | $276.07 (+18.64%) |
Aug 26, 2026 9w ago | Insider Cluster | $260.15 $227.13 | ▼ −12.69% | ▼ −12.18% | $276.07 (+6.12%) |
Aug 8, 2026 12w ago | Institutional Cluster | $252.43 $251.45 | ▼ −0.39% | ▲ +0.53% | $276.07 (+9.36%) |
Jul 30, 2026 13w ago | Press Release | No price | awaiting T+20 | awaiting T+20 | No price |
Jul 29, 2026 13w ago | Press Release | $256.46 $260.15 | ▲ +1.44% | ▼ −2.53% | $276.07 (+7.65%) |
Jul 29, 2026 13w ago | 8-K | $268.91 $265.03 | ▼ −1.44% | ▼ −6.46% | $276.07 (+2.66%) |
US Market Status
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