Jun 2026 (Q2 FY26) — Jul 30, 2026
Arthur J. Gallagher & Co. Q2 FY26 — Strong Organic Growth and Margin Expansion
Read the full callArthur J. Gallagher (AJG) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Arthur J. Gallagher earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,003 | +24.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 324 | −12.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
9 of 14 judged targets kept · 22 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| M&A spend capacity | about $5 billion | Jun 2025 | When I look forward, available cash on hand, expected free cash flows and future investment-grade borrowings, we estimate close to $10 billion of capacity to deploy over the next 2 years. | Revised Up |
| Americas Retail Brokerage segment organic growth | 5% | Mar 2026 | Pending |
5 of Arthur J. Gallagher & Co.'s 36 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 34 more targets are in the full ledger.
Claimed
- Combined Brokerage and Risk Management revenue growth of 24% in Q2 FY26.
- Organic growth of 6% for combined segments, reflecting continued strength.
- 25 consecutive quarters of double-digit adjusted EBITDAC growth.
- Risk Management adjusted EBITDAC margin up 140 bps to 22.3%.
- Secured $10 billion of capital capacity to deploy over the next 2 years.
Qualified
- Property renewal premium changes were down 10% in Q2 FY26.
- Comparability noise in Q2 FY26 due to $144 million investment income in Q2 FY25 from AssuredPartners funds.
- Reinsurance organic growth outlook rounded down less than 1 point for full year FY26.
Price
$253.01 −0.73% · −$1.87
Performance −9.8% 1Y
1Y: $280.47 on 17 Oct 2025 → $253.01. High $283.04 (22 Oct 2025), low $192 (13 May 2026).
- Previous close
- $254.88
- 52-week range
- $192 – $283.04
- One year
- −9.40%
Overview
- Symbol
- AJG
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
9 of 14 judged targets kept · 22 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| M&A spend capacity | about $5 billion | Jun 2025 | When I look forward, available cash on hand, expected free cash flows and future investment-grade borrowings, we estimate close to $10 billion of capacity to deploy over the next 2 years. | Revised Up |
| Americas Retail Brokerage segment organic growth | 5% | Mar 2026 | Pending |
Claimed
- Combined Brokerage and Risk Management revenue growth of 24% in Q2 FY26.
- Organic growth of 6% for combined segments, reflecting continued strength.
- 25 consecutive quarters of double-digit adjusted EBITDAC growth.
- Risk Management adjusted EBITDAC margin up 140 bps to 22.3%.
- Secured $10 billion of capital capacity to deploy over the next 2 years.
Qualified
- Property renewal premium changes were down 10% in Q2 FY26.
- Comparability noise in Q2 FY26 due to $144 million investment income in Q2 FY25 from AssuredPartners funds.
- Reinsurance organic growth outlook rounded down less than 1 point for full year FY26.
The full ledger
Open Arthur J. Gallagher & Co.’s full ledger
A free account opens 5 company ledgers a month. All 36 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Arthur J. Gallagher Q1 FY26 — 28% combined revenue growth as diversification offsets a moderating property market
Read the full callDec 2025 (Q4 FY25) — Jan 29, 2026
Arthur J. Gallagher & Co. Q4 FY25 — Strong Organic Growth and M&A Integration Progress
Read the full callEvery analysed call
Arthur J. Gallagher earnings calls (AJG)
Financials
What the filings say
Net profit, year on year: −12% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,807 | 2,716 | 3,727 | 3,222 | 3,366 | 3,628 | 4,758 | 4,003 |
| Expenses | 2,404 | 2,383 | 2,854 | 2,749 | 3,019 | 3,448 | 3,715 | 3,589 |
| Interest | 93 | 102 | 158 | 158 | 161 | 161 | 158 | 168 |
| Profit before tax | 403 | 333 | 873 | 473 | 347 | 180 | 1,043 | 414 |
| Tax rate | 22.1% | 22.5% | 18.8% | 22.2% | 21.1% | 14.3% | 21.1% | 21.7% |
| Net profit | 313 | 258 | 704 | 368 | 273 | 151 | 822 | 324 |
| EPS ($ per share) | 1.43 | — | 2.76 | 1.43 | 1.06 | — | 3.20 | 1.26 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 184 | 188 | 194 | 209 | 212 | 217 | 250 | 257 |
| Reserves | 1,559 | 1,901 | 2,372 | 2,882 | 3,562 | 4,053 | 4,986 | 5,806 |
| Total liabilities | 11,764 | 14,419 | 16,099 | 24,785 | 29,168 | 40,801 | 44,075 | 47,318 |
| Fixed assets | 437 | 467 | 451 | 501 | 576 | 726 | 650 | 789 |
| Total assets | 16,334 | 19,635 | 22,331 | 33,236 | 38,358 | 51,616 | 64,255 | 70,665 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 765 | 1,191 | 1,807 | 1,392 | 1,390 | 2,032 | 2,583 | 1,930 |
| Cash from investing | -910 | -1,448 | -471 | -3,432 | -1,005 | -3,293 | -1,587 | -15,876 |
| Cash from financing | 162 | 638 | -505 | 2,996 | 213 | 2,874 | 13,052 | 1,713 |
| Net cash flow | -68 | 387 | 950 | 892 | 498 | 1,579 | 13,925 | -11,930 |
| Capital expenditure | -124 | -139 | -99 | -129 | -183 | -194 | -142 | -145 |
| Free cash flow | 641 | 1,052 | 1,708 | 1,264 | 1,207 | 1,838 | 2,441 | 1,785 |
AJG revenue by segment
Brokerage grew from 85% to 87% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Brokerage | 85% | 85% | 89% | 86% | 87% | 87% | 90% | 87% | +25.7% |
| Risk Management | 15% | 15% | 11% | 14% | 13% | 13% | 10% | 13% | +15.2% |
| Corporate | <1% | 1% | <1% | <1% | <1% | 0% | 0% | 0% | -100.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
AJG operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|
| Employees | 56KA huge thank you goes out from this table to our 56,000 colleagues around the globe.Source: earnings call transcript | 57KIt's important that we think the 57,000 colleagues around the globe for doing the work that creates these results.Source: earnings call transcript | 59KMost importantly, I want to thank the 59,000 colleagues that we have for all their hard work.Source: earnings call transcript | 73K+Most importantly, to our more than 73,000 colleagues around the world, thank you.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- US 67% ↑ 2 pt
- GB 18%
- Other Foreign 6% ↑ 1 pt
- AU 5% ↓ 1 pt
- CA 3% ↓ 1 pt
- NZ 2%
As AJG cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
141 filings between Nov 3, 2025 and Sep 15, 2026.
Open market
decisions to buy or sellPurchases
$988.5K
4 purchases by 1 insider
Sales
$24.52M
13 sales by 6 insiders
Compensation
not trading decisions- 26
- Award — granted as compensation
- 46
- Option exercise — converted options into shares
- 30
- Tax withheld — shares kept back by the company to cover tax
Also filed: 22 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Bay Walter D. | — | $7.28M | Aug 24, 2026 |
| GALLAGHER J PATRICK JR | — | $6.32M | Mar 2, 2026 |
| Hudson Scott R | — | $4.03M | Sep 2, 2026 |
| Mead Christopher E | — | $3.15M | Aug 19, 2026 |
| CARY RICHARD C | — | $2.44M | Sep 15, 2026 |
| HOWELL DOUGLAS K | — | $1.29M | Dec 22, 2025 |
| Pesch Michael Robert | $988.5K | — | Nov 3, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 15, 2026 | CARY RICHARD C Controller, CAO | Sale | 1,000 | $252.9K |
| Sep 8, 2026 | GALLAGHER J PATRICK JR CEO | Gift | 49,988 | $0 |
| Sep 8, 2026 | Gallagher Patrick Murphy Chief Operating Officer | Gift | 49,988 | $0 |
| Sep 2, 2026 | Hudson Scott R Vice President | Sale | 12,000 | $3.17M |
| Sep 2, 2026 | Hudson Scott R Vice President | Option exercise | 12,000 | $1.03M |
| Sep 1, 2026 | Miskel Christopher C. Director | Award | 153 | $40.0K |
| Aug 24, 2026 | Bay Walter D. General Counsel | Sale | 12,000 | $3.24M |
| Aug 19, 2026 | Mead Christopher E VICE PRESIDENT | Sale | 3,500 | $899.6K |
| Aug 19, 2026 | Mead Christopher E VICE PRESIDENT | Option exercise | 3,500 | $301.6K |
| Aug 16, 2026 | Bloom Mark H. Vice President | Option exercise | 1,280 | $0 |
| Aug 16, 2026 | Bloom Mark H. Vice President | Tax withheld | 607 | $152.4K |
| Aug 5, 2026 | Gallagher Patrick Murphy Chief Operating Officer | Gift | 23,800 | $0 |
| Jul 1, 2026 | GALLAGHER THOMAS JOSEPH President | Option exercise | 352 | $80.8K |
| Jul 1, 2026 | Pesch Michael Robert Vice President | Option exercise | 356 | $81.7K |
| Jul 1, 2026 | Jain Vishal VICE PRESIDENT | Option exercise | 2,163 | $496.5K |
| Jun 2, 2026 | CARY RICHARD C Controller, CAO | Sale | 3,000 | $618.0K |
| Jun 1, 2026 | Miskel Christopher C. Director | Award | 194 | $40.0K |
| Jun 1, 2026 | JOHNSON DAVID S Director | Award | 237 | $48.8K |
| May 26, 2026 | Gallagher Patrick Murphy Chief Operating Officer | Gift | 14,698 | $0 |
| May 26, 2026 | GALLAGHER J PATRICK JR CEO | Gift | 14,698 | $0 |
| May 12, 2026 | Caplan Deborah H Director | Award | 1,110 | $0 |
| May 12, 2026 | Coldman David John Director | Award | 1,110 | $0 |
| May 12, 2026 | Clarke Teresa Hillary Director | Award | 1,110 | $0 |
| May 12, 2026 | NICOLETTI RALPH J Director | Award | 1,110 | $0 |
| May 12, 2026 | Harries Richard de Winton Wilkin Director | Award | 1,110 | $0 |
| May 12, 2026 | JOHNSON DAVID S Director | Award | 1,110 | $0 |
| May 12, 2026 | ROSENTHAL NORMAN L Director | Award | 1,110 | $0 |
| May 12, 2026 | Miskel Christopher C. Director | Award | 1,110 | $0 |
| Mar 31, 2026 | GALLAGHER THOMAS JOSEPH President | Option exercise | 76 | $16.5K |
| Mar 31, 2026 | HOWELL DOUGLAS K VP & Chief Financial Officer | Tax withheld | 76 | $16.5K |
| Mar 31, 2026 | HOWELL DOUGLAS K VP & Chief Financial Officer | Option exercise | 76 | $16.5K |
| Mar 31, 2026 | Hudson Scott R Vice President | Tax withheld | 64 | $13.7K |
| Mar 31, 2026 | Hudson Scott R Vice President | Option exercise | 64 | $13.7K |
| Mar 31, 2026 | Jain Vishal VICE PRESIDENT | Tax withheld | 51 | $11.0K |
| Mar 31, 2026 | Ziebell William F VICE PRESIDENT | Tax withheld | 51 | $11.0K |
| Mar 31, 2026 | Jain Vishal VICE PRESIDENT | Option exercise | 51 | $11.0K |
| Mar 31, 2026 | GALLAGHER THOMAS JOSEPH President | Tax withheld | 76 | $16.5K |
| Mar 31, 2026 | Ziebell William F VICE PRESIDENT | Option exercise | 51 | $11.0K |
| Mar 31, 2026 | GALLAGHER J PATRICK JR CEO | Option exercise | 5,346 | $1.15M |
| Mar 31, 2026 | Bay Walter D. General Counsel | Tax withheld | 627 | $135.4K |
| Mar 31, 2026 | CARY RICHARD C Controller, CAO | Tax withheld | 139 | $30.0K |
| Mar 31, 2026 | Bay Walter D. General Counsel | Option exercise | 1,415 | $305.6K |
| Mar 31, 2026 | CARY RICHARD C Controller, CAO | Option exercise | 472 | $101.9K |
| Mar 31, 2026 | GALLAGHER J PATRICK JR CEO | Tax withheld | 2,369 | $511.6K |
| Mar 23, 2026 | GALLAGHER THOMAS JOSEPH President | Gift | 176 | $0 |
| Mar 23, 2026 | GALLAGHER THOMAS JOSEPH President | Gift | 264 | $0 |
| Mar 23, 2026 | GALLAGHER THOMAS JOSEPH President | Gift | 264 | $0 |
| Mar 23, 2026 | GALLAGHER THOMAS JOSEPH President | Gift | 264 | $0 |
| Mar 23, 2026 | GALLAGHER THOMAS JOSEPH President | Gift | 528 | $0 |
| Mar 23, 2026 | GALLAGHER THOMAS JOSEPH President | Gift | 264 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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