AJG · 10-Q · 2026Q2

Arthur J. Gallagher & Co.

Filed 2026-08-05 · Financials · View original filing on EDGAR

Ranked Events

• Capital Expenditure OutlookImportance 77 · Surprise 66
  Capital expenditures were $87 million for the six months ended June 30, 2026, up from $68 million in the prior-year period, a 28% increase. Gallagher expects total 2026 capital improvement expenditures of approximately…
• Acquisition / Partnership / DivestitureImportance 71 · Surprise 60
  Acquisitions completed during the twelve-month period ended June 30, 2026 materially expanded the brokerage platform and contributed $897 million of additional compensation expense and $228 million of additional…
• Operating Cash Flow TrendsImportance 69 · Surprise 64
  Cash provided by operating activities rose to $967 million in the six months ended June 30, 2026 from $448 million in the comparable 2025 period, an increase of $519 million. The improvement primarily reflected lower…
• Revenue Performance and MixImportance 65 · Surprise 48
  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…
• Guidance / OutlookImportance 58 · Surprise 42
  Management states that Gallagher has sufficient capital and access to additional capital to meet its short- and long-term cash flow needs. The company expects to fund remaining 2026 acquisitions through cash on hand,…
• Operating Expense TrendsImportance 57 · Surprise 50
  Six-month 2026 brokerage compensation expense increased $1,085 million to $4,228 million, primarily from $897 million of acquisition-related compensation, $105 million supporting organic growth, $42 million of…
• Outstanding IndebtednessImportance 56 · Surprise 24
  At June 30, 2026, Gallagher had $9.550 billion of Senior Notes, $2.683 billion of corporate borrowings, $1.365 billion drawn under its Credit Agreement and $134 million outstanding under its Premium Financing Debt…
• Market Demand TrendsImportance 54 · Surprise 40
  Risk management organic fee revenue increased 12% in the second quarter and 11% for the first six months of 2026. Growth reflected continued strong new business production and client retention among risk management…
• Margin DriversImportance 49 · Surprise 32
  Six-month 2026 brokerage net earnings increased 3% to $1,363 million, but the net earnings margin declined 424 basis points to 17.5% from 21.7%. Adjusted brokerage EBITDAC increased 17% to $2,882 million, while…
• DividendsImportance 48 · Surprise 14
  Gallagher declared $364 million of common-stock dividends during the six months ended June 30, 2026, at $0.70 per share per quarter, an 8% increase from the prior-year period. The company expects the 2026 dividend…
• Brokerage Organic GrowthImportance 43 · Surprise 32
  Base commissions and fees increased 4% organically in both the second quarter and first six months of 2026. Six-month organic growth reflected strong customer retention and new business generation, together with…
• Headcount / RestructuringImportance 38 · Surprise 48
  Brokerage workforce increased 25% to 56,202 employees at June 30, 2026 from 44,909 employees a year earlier, primarily reflecting acquired businesses and related integration. Risk management workforce increased to…
• Insurance Pricing EnvironmentImportance 28 · Surprise 32
  The Council of Insurance Agents and Brokers’ first-quarter 2026 survey showed U.S. commercial property/casualty insurance rates decreased 1.2%, compared with increases of 4.2%, 3.7%, 1.6% and 0.2% in the four quarters…
• Carrier Competition DynamicsImportance 17 · Surprise 24
  Carrier competition remains evident across property-related insurance coverages, creating a more competitive placement environment. In contrast, casualty underwriting—particularly in the United States—remains cautious.…
• Income Tax Rate ChangesImportance 15 · Surprise 14
  Gallagher’s consolidated effective tax rate was 21.7% in the second quarter of 2026, down from 22.3% in the second quarter of 2025. The six-month consolidated effective tax rate increased to 21.3% from 20.0% in the…
• Geographic Revenue ShiftImportance 10 · Surprise 6
  Domestic operations generated approximately 69% of combined brokerage and risk management revenue in the six months ended June 30, 2026. International operations generated approximately 31% of combined segment revenue,…

Revenue by Product (in millions)

Revenue by Geography (in millions)