Q1 26 EPS
$4.47
Q1 26 Revenue
$4.76B
MISS 0.18%
Est. $4.77B
vs S&P Since Q1 26
+0.1%
BEATING MARKET
AJG +0.1% vs S&P +0.0%
Market Reaction
Did AJG Beat Earnings? Q1 2026 Results
Arthur J. Gallagher & Co. Delivered a largely solid first quarter for 2026, posting adjusted earnings per share of $4.47 against the $4.43 consensus estimate for a 1.01% beat, while revenue of $4.76 billion came in fractionally below the $4.77 billio… Read more Arthur J. Gallagher & Co. Delivered a largely solid first quarter for 2026, posting adjusted earnings per share of $4.47 against the $4.43 consensus estimate for a 1.01% beat, while revenue of $4.76 billion came in fractionally below the $4.77 billion forecast, a miss of just 0.18%. The headline growth story was unmistakable, however, with total revenue climbing 27.6% year over year from $3.73 billion, driven almost entirely by the weight of the company's $14.00 billion AssuredPartners acquisition, which closed in August 2025 and added roughly 10,900 employees to a workforce that now totals 72,373. The brokerage segment alone generated $4.29 billion in revenues, while the risk management segment posted 10% organic fee growth and margin expansion to 21.7%. A heavier debt load, now including $9.55 billion in public debt, pressured the corporate segment with a $251.00 million pretax loss. Management pointed to ongoing integration of AssuredPartners and Woodruff Sawyer, alongside AI and automation investments, as pillars supporting continued organic and acquisitive growth ahead.
Key Takeaways
- • 28% combined brokerage and risk management revenue growth driven by organic growth and acquisitions
- • 5% total organic revenue growth reflecting strong client retention and disciplined execution
- • Brokerage organic base commissions and fees grew 4%, supplemental revenues grew 16% organically
- • Risk Management organic fee growth of 10%
- • 18% adjusted EBITDAC growth marking 24th consecutive quarter of double-digit adjusted EBITDAC growth
- • Risk Management adjusted EBITDAC margin expanded to 21.7% from 20.4% due to headcount controls
- • Savings from headcount controls across both segments
AJG Forward Guidance & Outlook
Management expressed confidence in Gallagher's positioning for continued strong growth and long-term shareholder value creation. The company remains focused on organic growth, strategic M&A, productivity investment through AI, automation and digitization, and maintaining its culture. The CEO noted the benefit of deeper collaboration across P&C brokerage, benefits, and claims teams. The company also highlighted its ongoing integration of AssuredPartners and Woodruff Sawyer acquisitions.
AJG YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
AJG Revenue by Segment
With YoY comparisons, source: SEC Filings
“We had a terrific first quarter! For our combined brokerage and risk management segments, our two-pronged revenue growth strategy – growing both organically and through acquisitions – delivered revenue growth of 28% in the quarter. Our organic growth of 5% reflected strong client retention, disciplined execution, and the benefit of our diversified platform. Net earnings increased 12%, and adjusted EBITDAC grew 18%, marking our 24th consecutive quarter of double-digit adjusted EBITDAC growth.”
— J. Patrick Gallagher, Jr., Q1 2026 Earnings Press Release
AJG Earnings Trends
AJG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AJG EPS Trend
Earnings per share: estimate vs actual
AJG Revenue Trend
Quarterly revenue: estimate vs actual
AJG Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $4.47 | — | $4.76B | -0.18% |
| Q4 25 BEAT FY | $2.35 | $2.38 | +1.28% | $3.59B | +4.83% |
| FY Full Year | $10.70 | $10.69 | -0.06% | $13.78B | +0.31% |
| Q3 25 MISS | $2.54 | $2.32 | -8.54% | $3.33B | -3.92% |
| Q2 25 MISS | $2.36 | $2.33 | -1.21% | $3.18B | -0.71% |
| Q1 25 BEAT | $3.58 | $3.67 | +2.52% | $3.73B | +0.15% |