The revenue miss against consensus is modest but notable given the strong operational narrative. Monitor the Q4 2026 earnings for continued organic growth trajectory and margin expansion, as well as the pace of acquisition integration and share repurchase activity.
Price Chart
Executive Summary
Arthur J. Gallagher & Co. reported Q3 2026 adjusted EPS of $3.00, beating the $2.99 consensus by a small margin, and total adjusted revenue of $3.917B versus the $4.00B consensus, a slight miss. Combined Brokerage and Risk Management organic revenue grew 5%, and adjusted EBITDAC grew 25% year-over-year, marking the 26th consecutive quarter of double-digit adjusted EBITDAC growth. The results show continued operational strength and margin expansion, though the revenue miss relative to consensus tempers the headline.
Key Financial Metrics
Key Facts
- Q3 2026 adjusted EPS of $3.00 vs consensus $2.99 (beat by ~0.3%)
- Q3 2026 total adjusted revenue of $3.917B vs consensus $4.00B (miss of ~2.1%)
- Combined Brokerage and Risk Management organic revenue growth of 5% year-over-year
- 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% a year ago
- Risk Management segment adjusted EBITDAC margin expanded to 22.8% from 21.9%
- Company repurchased ~0.4M shares for ~$100M in Q3 2026
- Closed 5 acquisitions in Q3 2026 with estimated annualized revenues of $102M
Financial Impact
Adjusted EPS $3.00 vs $2.99 consensus; adjusted revenue $3.917B vs $4.00B consensus; organic growth 5%; adjusted EBITDAC +25% YoY
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Brokerage | $3.5B | +18.9% |
| Risk Management | $457.0M | +13.7% |
Risk Factors
- Revenue slightly below consensus despite strong organic growth and acquisition contributions
- Integration risks from large acquisitions (AssuredPartners, Woodruff Sawyer) remain
- Interest income headwind as prior-year period benefited from AssuredPartners Financing cash proceeds
- Global economic and geopolitical uncertainties could impact client retention and new business
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302924163 |
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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