Arthur J. Gallagher & Co. reported higher third-quarter 2026 revenue and earnings in its Brokerage and Risk Management businesses. Brokerage remained the larger segment, with both segments posting double-digit increases in revenue and growth in reported and adjusted earnings from a year earlier.
The accompanying materials also include supplemental quarterly data and CFO commentary, which contains estimates for 2026 and other future results. The figures below are the segment results presented in the earnings release.
Key details
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Brokerage: Revenue before reimbursements rose to $3.47 billion from $2.92 billion in the third quarter of 2025, an increase of about 19%. Reported net earnings increased to $515 million from $409 million, while EBITDAC—a measure of operating performance—rose to $1.04 billion from $839 million. Reported diluted earnings per share were $1.97, up from $1.57.
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Brokerage, adjusted: After adjustments, net earnings were $871 million, compared with $688 million a year earlier, and EBITDAC was $1.22 billion, versus $975 million. Adjusted diluted earnings per share increased to $3.34 from $2.64.
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Risk Management: Revenue before reimbursements grew to $457 million from $402 million. Reported net earnings rose to $61 million from $50 million, and EBITDAC increased to $101 million from $82 million. Reported diluted earnings per share were $0.24, compared with $0.19 a year earlier.
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Adjustments: The adjusted Brokerage figures exclude items such as acquisition integration costs, workforce and lease termination costs, acquisition-related adjustments, amortization of intangible assets, and divestiture gains or losses. Adjusted figures are therefore not the same as reported earnings.
Plain-English implications
Both reported segment results and the adjusted measures shown were higher than a year ago. Brokerage generated substantially more revenue than Risk Management and contributed the larger absolute earnings figures in the results presented.