AJG · 10-Q · 2026Q2 · Full report
Revenue Performance and Mix
Arthur J. Gallagher & Co. · 2026-08-05 · Importance 65 · Surprise 48 · No source text
Six-month 2026 brokerage revenue increased 28% to $7,795 million from $6,101 million, with acquisitions contributing to growth and organic revenue increasing 5% to $5,804 million. Base commissions and fees rose 35%, or $1,839 million, including 4% organic growth driven by customer retention, new business generation, and renewal premium increases. Brokerage represented 89% of combined segment revenue, while risk management represented 11%; domestic operations generated 69% of combined brokerage and risk management revenue and international operations generated 31%. Second-quarter brokerage revenue increased 26% to $3,502 million, while organic revenue increased 5% to $2,596 million.
Key facts
- Second quarter 2026 reported brokerage segment revenues: $3,502 million; adjusted brokerage revenues: $3,494 million; three-month reported brokerage revenues for second quarter 2025: $2,787 million; adjusted: $2,782 million. source
- Six-month 2026 reported brokerage segment revenues: $7,795 million; adjusted brokerage revenues: $7,780 million; six-month 2025 reported: $6,101 million; adjusted: $6,147 million. source
- Base commissions and fees increased $1,839 million or 35% for the six-month period ended June 30, 2026 compared to same period in 2025, including 4% organic growth. source
- Identifiable assets at June 30: brokerage $76,860 million for 2026 and $62,735 million for 2025; risk management $2,387 million for 2026 and $2,015 million for 2025. source
- Base commissions and fees increased $793 million or 33% for the three-month period ended June 30, 2026 compared to same period in 2025, including 4% organic growth. source
- Net earnings attributable to controlling interests were $1,146 million and $1,072 million for the six-month periods ended June 30, 2026 and 2025, respectively. source
- Interest income, premium finance revenues and other income in the three and six-month periods ended June 30, 2026 decreased compared to the same periods in 2025, primarily due to decreases in interest income including the $144 million and $287 million respectively, of interest income earned in the three and six-month periods ended June 30, 2025 related to the AssuredPartners Financing. source
- Diluted net earnings per share for total company for the three-month period ended June 30, 2026: $1.25 reported, $2.84 adjusted; for same period 2025: $1.40 reported, $2.30 adjusted (reported change -11%). source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +45.9% | Base commissions and fees increased $1,839 million or 35% for the six-month period ended June 30, 2026 compared to same period in 2025,… |
| revenue | positive | realized | +42.3% | Six-month 2026 reported brokerage segment revenues: $7,795 million; adjusted brokerage revenues: $7,780 million; six-month 2025 reported:… |
| revenue | positive | realized | +19.8% | Base commissions and fees increased $793 million or 33% for the three-month period ended June 30, 2026 compared to same period in 2025,… |
| revenue | positive | realized | +17.9% | Second quarter 2026 reported brokerage segment revenues: $3,502 million; adjusted brokerage revenues: $3,494 million; three-month reported… |
| assets | positive | realized | +17.3% | Identifiable assets at June 30: brokerage $76,860 million for 2026 and $62,735 million for 2025; risk management $2,387 million for 2026… |
| net_income | positive | realized | +1.9% | Net earnings attributable to controlling interests were $1,146 million and $1,072 million for the six-month periods ended June 30, 2026… |
| assets | positive | realized | +0.5% | Identifiable assets at June 30: brokerage $76,860 million for 2026 and $62,735 million for 2025; risk management $2,387 million for 2026… |