AJG · 10-Q · 2026Q3 · Full report

Revenue Performance and Mix

Arthur J. Gallagher & Co. · 2026-11-05 · Importance 64 · Surprise 56 · In source text

For the nine months ended September 30, 2026, Brokerage revenue was $11.268 billion, up from $9.023 billion, while Risk Management revenue before reimbursements was $1.338 billion, up from $1.168 billion. Brokerage organic revenue increased 5% to $8.297 billion, including 4% organic growth in base commissions and fees; Risk Management organic revenue rose to $1.276 billion from $1.155 billion. Brokerage and Risk Management contributed approximately 88% and 12% of combined segment revenue, respectively, and approximately 69% of their combined revenue was domestic versus 31% international. Management attributed Brokerage base commission and fee growth to acquisitions completed in the prior twelve months and organic growth supported by customer retention, new business, and renewal premium increases.

Key facts

• The brokerage segment's base commissions and fees increased $2,413 million, or 31%, in the nine months ended September 30, 2026, reflecting acquisitions made in the prior 12 months and 4% organic growth. source
• The brokerage segment's base commissions and fees increased $574 million, or 22%, in the three months ended September 30, 2026, reflecting acquisitions made in the prior 12 months and 4% organic growth. source
• Brokerage interest income, premium finance revenues and other income decreased in the three- and nine-month periods ended September 30, 2026, primarily because interest income on company and fiduciary funds fell, including the prior-year AssuredPartners Financing-related interest income of $76 million and $363 million, respectively. source
• Risk management operations organic fee revenue grew 10% in both the three- and nine-month periods ended September 30, 2026, reflecting strong new business production and client retention. source
• For the nine months ended September 30, 2026, approximately 69% of combined brokerage and risk management revenues were generated domestically and 31% internationally, primarily in Australia, Canada, New Zealand and the U.K. source
• Brokerage organic growth reflected strong customer retention, new business generation and continued renewal premium increases from premium rates and exposures. source

Impact estimates