AJG · 10-Q · 2026Q3 · Full report

Margin Drivers

Arthur J. Gallagher & Co. · 2026-11-05 · Importance 37 · Surprise 32

Brokerage adjusted EBITDAC margin was 36.5% for the nine months ended September 30, 2026, down 135 basis points from 37.9%; for the third quarter it increased 202 basis points to 35.3%. The filing says prior-year interest income on AssuredPartners financing proceeds and the seasonality of AssuredPartners and tuck-in acquisitions unfavorably affected the nine-month adjusted margin comparison by approximately 2.2 percentage points. Risk Management adjusted EBITDAC margin before reimbursements increased 126 basis points to 22.4% for the nine months and 87 basis points to 22.8% for the quarter. Brokerage reported net earnings margin fell 256 basis points to 16.7% for the nine-month period, while Risk Management reported net earnings margin improved 109 basis points to 12.6%.