[AJG] Gallagher: Q3 2026 earnings preview on brokerage organic growth and margins

Gallagher (AJG), the insurance broker, risk-management and claims-outsourcing company based in Rolling Meadows, Illinois, holds its earnings call on 2026-10-29 to report the third quarter 2026, the three months ended September 30, 2026 [1]. In the latest disclosed period, the second quarter of 2026, total revenue was $4.003 billion [2], and the combined brokerage and risk-management segments grew revenue 24%, including 6% organic growth [3]. Brokerage organic growth was 5%, the brokerage adjusted EBITDAC margin was 33.3%, down 284 basis points year on year, and companywide adjusted earnings per share were $2.84, up 23% [4]. Gallagher gives no quarterly EPS guidance; on July 30 it kept full-year 2026 organic growth guidance at 6% for the whole company, about 5.5% for brokerage and 9% for risk management, along with a 40 to 60 basis point target for underlying brokerage margin expansion [5]. According to MarketBeat's account of the September 23 quarterly investor meeting, management's verbal outlook for the third quarter was about 6% organic growth companywide, about 5% in brokerage and about 10% in risk management [6]. The Drillr compilation of 14 analysts puts average third-quarter adjusted EPS at $2.99, with five analysts averaging $3.985 billion of revenue before reimbursements [7] and a full-year adjusted EPS average of $13.13 [8].

Three things matter most in this Gallagher Q3 2026 earnings preview. The first is whether brokerage organic growth can hold at 5%: total organic growth was 5% in the second quarter, but organic base commissions and fees grew only 4%, with supplemental commissions up 20% filling the gap [9], while management said rates contributed only about 1 percentage point and property pricing is easing [10]; the third quarter will show whether new business and retention can replace rate. The second is whether the year-on-year decline in the brokerage adjusted margin narrows: the company attributed about 3.9 points of second-quarter drag to prior-year interest on financing cash, AssuredPartners seasonality and tuck-in acquisitions [11], and as that high prior-year interest base starts to fade in the third quarter, the gap between the reported margin and what the company calls "underlying expansion" becomes testable for the first time. The third is whether AssuredPartners keeps delivering on plan: its second-quarter EBITDA of $222 million matched the company's forecast [12], but brokerage integration costs rose to $113 million [13], and because AssuredPartners moves into organic growth in the fourth quarter, the third quarter is the last clean read on the legacy business.

Company Background and Business Structure

Gallagher is a US-centered insurance intermediary operating in about 130 countries; in 2025 about 67% of combined brokerage and risk-management segment revenue came from the United States, with most of the rest from Australia, Canada, New Zealand and the U.K. [14]. It had about 72,000 employees at year-end, roughly 77% in brokerage and 15% in risk management [15]. The company has long pursued a two-pronged strategy of organic growth plus tuck-in acquisitions: it bought Woodruff Sawyer for $1.2 billion in April 2025 and AssuredPartners for gross consideration of $13.8 billion in August 2025, funding the latter with an $8.5 billion stock offering and $5.0 billion of senior notes in December 2024 [16].

Brokerage is the core of the company, contributing about 87% of 2025 segment revenue [14]. Its 2025 revenue of $12.192 billion consisted of $8.024 billion of commissions, $2.646 billion of fees, $466 million of supplemental revenue, $324 million of contingent revenue and $732 million of interest income, premium finance revenue and other income [17]. Commissions are a percentage of client premiums or are based on employee headcount for benefit plans, and fees are set by an agreed level of effort; supplemental commissions are set by insurers in advance from historical performance, while contingent commissions are settled after the year ends based on profit or volume [18]. Gallagher collects premiums, deducts its commission and remits the rest to insurers, investing the fiduciary funds in cash and U.S. Treasury funds in the meantime and booking the interest as investment income [19]; brokerage's main cost is compensation, which was $6.660 billion in 2025, or 55% of segment revenue [15].

The risk-management segment, Gallagher Bassett, contributes about 13% of segment revenue and handles claims for self-insured companies, public entities and insurers; in 2025 about 59% of its revenue came from workers' compensation claims, 34% from general and commercial auto liability claims and 7% from property claims [20]. The business runs largely independently of brokerage, with about 95% of segment revenue coming from clients not affiliated with the brokerage operations [20], and claims-staff compensation of $974 million equal to 61% of segment revenue [15]. Brokerage revenue is clearly seasonal: commissions cluster in the first quarter with contract effective dates, and contingent commissions are not received until the first and second quarters of the following year [21].

Financial History and Current Position

In full-year 2025, Gallagher's growth came mainly from acquisitions, but organic growth and margins also improved. Brokerage revenue rose 23% from $9.934 billion in 2024 to $12.192 billion [17]; organic growth was 6% (7% in 2024), and adjusted EBITDAC was $4.446 billion at a 36.5% margin, up 145 basis points from 2024 [22]. Risk-management revenue before reimbursements was $1.585 billion, up 9%, with 6% organic growth and a 21.2% adjusted margin [22]. Companywide GAAP diluted EPS was $5.74 and adjusted EPS was $10.69 [22].

Acquisitions visibly distorted 2025 cash flow. Net earnings were $1.503 billion and operating cash flow was $1.930 billion, down from $2.583 billion in 2024, mainly because of a $750 million earnout payment in April for the Willis Towers Watson reinsurance brokerage business [23]. In the same year, cash paid for acquisitions was $15.766 billion, capital expenditures were $145 million and dividends were $667 million [23].

In the first half of 2026, reported revenue kept growing quickly through acquisitions, but margins fell year on year. In the first quarter, brokerage revenue was $4.293 billion, up 30%, with 5% organic growth and a 40.1% adjusted margin (43.3% a year earlier) [24]; in the second quarter, brokerage revenue was $3.502 billion, up 26%, with 5% organic growth and adjusted EBITDAC of $1.163 billion, risk management grew 12% organically at a 22.3% margin, and companywide GAAP EPS was $1.25 ($1.40 a year earlier) [4]. First-half operating cash flow was $967 million ($448 million a year earlier), with $480 million of share repurchases, $359 million of dividends and $616 million of cash paid for acquisitions [25]; at June 30, Gallagher had $9.550 billion of public debt, $2.683 billion of private placements and $1.365 billion drawn on its credit line [26].

Operating Model

Brokerage revenue depends on client premiums, commission rates and renewal retention, and the company measures comparable growth through organic growth that excludes acquisitions. Premium equals rate times exposure, where exposure includes client revenue, payroll and headcount, and commissions are fixed at the contract effective date [18]; organic revenue roughly equals retained renewal revenue plus new business minus lost business, plus changes in rate and exposure. Second-quarter brokerage organic growth was 5%, with base commissions and fees up 4%, while reported commissions and fees grew 33%, mostly because of $775 million contributed by acquisitions [9]. The causal direction is that lower rates directly reduce commissions at renewal, while new business and clients buying more coverage offset part of that effect, usually with a lag of one renewal cycle.

The brokerage margin is set jointly by the compensation ratio, the operating expense ratio and interest income. In 2025, the brokerage compensation ratio was 55% and the operating expense ratio 14% [17]; interest on fiduciary funds and own cash has almost no matching cost and flows straight into EBITDAC, so changes in interest income hit the margin one for one. In the second quarter, interest income from cash and fiduciary cash was only $59 million, compared with $194 million a year earlier [27], of which about $144 million came from the proceeds of the December 2024 AssuredPartners financing [11]; over the same period the adjusted compensation ratio rose 2.1 points, which the company attributed mainly to losing that interest from the denominator, with headcount controls producing savings [28]. GAAP earnings also bear intangible amortization, which was $301 million companywide in the second quarter, along with $168 million of interest expense [2].

Cash flow is driven mainly by EBITDAC, seasonal swings in commissions receivable and earnout payments. In the first half of 2026, accounts receivable rose $949 million, and earnout payments in excess of original estimates were $141 million ($480 million a year earlier) [25]. Capital spending is light, and cash goes mainly to acquisitions, dividends and opportunistic buybacks; the company said it has about $10 billion of deployment capacity over the next two years, prioritizing M&A [29], and management cautioned investors not to model large sustained share repurchases [30].

Industry and Competitive Position

Gallagher operates in a highly fragmented insurance brokerage market, competing with larger global brokers such as Marsh McLennan, Aon and Willis Towers Watson as well as many regional and local brokers, while its third-party claims business competes with stand-alone firms and divisions of larger companies [31]. Over the past decade, private equity sponsors have invested heavily in insurance brokerage and third-party claims administration, creating new competitors, and insurtech and technology start-ups are entering the business [31]. The company believes its competitive position rests on service quality, data analytics, the expertise of its brokers, and an offering that spans insurance, reinsurance, alternative risk transfer, benefits consulting and claims management [31].

Gallagher's visible advantage is its steady capacity for tuck-in acquisitions, but that advantage is currently limited by sellers' slow adjustment of asking prices. In the second quarter, the company completed seven tuck-in deals with about $63 million of annualized revenue, held over 30 signed or pending term sheets representing about $500 million of annualized revenue, and paid an average of about 9 to 10 times EBITDA for tuck-ins [29]; management also acknowledged that current deal volume is only about 80% of historical averages [30]. Public disclosures do not provide organic growth or margin figures that are directly comparable with peers line by line, so the comparison can describe Gallagher's business mix and deal cadence but cannot establish its operating strength relative to peers.

Core Debates

Gallagher's brokerage organic growth was 5% in the second quarter, but base commissions and fees grew only 4% and supplemental commissions made up the gap. With property rates falling, can new business and retention hold third-quarter brokerage organic growth at 5%?

This question determines how much real growth Gallagher's core business can generate as the rate cycle turns. Brokerage contributes about 87% of segment revenue [14], full-year brokerage organic growth guidance has already dropped from 6% actual in 2025 to about 5.5% [5], and the third quarter is the last before AssuredPartners enters organic growth, making it a clean test of the legacy business.

Current evidence shows that the quality of total organic growth is weaker than the headline. Second-quarter brokerage organic revenue was $2.596 billion, up 5%; within it, organic base commissions and fees were $2.405 billion, up only 4%, organic supplemental revenue was $124 million, up 20%, and organic contingent revenue was $67 million, down 8% [9]. For full-year 2025, organic base commission and fee growth was still 6% [32]. Management's explanation is that retention is strong, new business is excellent, and clients are using property savings to buy back coverage or raise limits, with only about 1 percentage point of growth coming from rate [10]; in the first quarter, the company also said brokerage organic growth would pick up in the back half on new business, fee increases, and supplemental and contingent revenue [33].

The financial transmission is direct: new business, retention, client exposure and rate together determine organic base commissions and fees, which, combined with supplemental and contingent revenue, make up brokerage organic revenue and flow into brokerage adjusted EBITDAC. The alternative explanation is that 4% base commission growth already reflects the rate cycle eroding commissions, and the jump in supplemental revenue is only temporarily propping up the total. Because new business, retention and the rate contribution are described only verbally on calls, rate and exposure cannot yet be separated, and that question remains unresolved ahead of the third-quarter report.

In the third-quarter report, watch whether brokerage organic growth stays at 5% or above, whether base commissions and fees recover from 4%, how much of the growth comes from supplemental and contingent revenue, and how management describes the rate contribution and casualty pricing. If brokerage organic growth falls to 3.5% or below, new business is not offsetting lower property rates; if base commissions and fees fall to 3% or below while total growth still leans on supplemental revenue, growth quality is weakening.

AssuredPartners, which Gallagher bought for $13.8 billion, delivered second-quarter EBITDA in line with plan, but integration costs rose to $113 million. Can it keep delivering on plan in the third quarter and set up a clean move into organic growth in the fourth?

AssuredPartners is the largest acquisition in Gallagher's history, at gross consideration of $13.8 billion [16], and its earnings delivery determines the return on the deal. Second-quarter brokerage reported revenue grew 26%, with commissions, fees and supplemental and contingent revenue from acquisitions and other non-organic sources reaching $816 million versus only $80 million a year earlier [9]; its growth rate once it enters organic results will directly affect 2027 brokerage organic growth.

So far, the company's evidence centers on earnings, while revenue remains opaque. Management said AssuredPartners posted second-quarter EBITDA of $222 million, in line with full-year forecasts [12], and kept its annualized run-rate synergy targets of $160 million by the end of 2026 and $325 million by early 2028 [5], but it has not disclosed realized synergy run-rate. On the first-quarter call, management explained that AssuredPartners revenue moves around as co-broker revenue is netted branch by branch, but EBITDA estimates are holding up, and the swings will stop mattering once the business rolls into organic results [33].

The deal affects the income statement through two lines: cost and revenue synergies from system conversions and cross-selling flow into AssuredPartners EBITDAC and then brokerage adjusted EBITDAC, while integration costs affect only GAAP earnings. Second-quarter brokerage integration costs were $113 million versus $41 million a year earlier, for a first-half total of $200 million [13], which is one reason second-quarter brokerage GAAP net earnings fell from $510 million to $450 million even as adjusted EBITDAC rose 16% [13]. The alternative explanation is that meeting forecasts relies mainly on cost control and integration-period accounting reclassifications, and that AssuredPartners' own organic growth may trail Gallagher's legacy business, which can only be tested once it enters organic results.

In the third-quarter report, watch how the company describes AssuredPartners EBITDAC against its forecast, whether the synergy targets are maintained, whether integration costs have peaked, and the exact timing of the move into organic results. If AssuredPartners EBITDAC falls short of forecast or the synergy targets are cut, the deal-return assumptions need revising; if integration costs keep rising, the gap between GAAP and adjusted earnings will widen further.

Gallagher's brokerage adjusted margin fell about 3 points year on year in the first half, which the company attributes to last year's interest on financing cash and AssuredPartners seasonality, saying underlying margins are still expanding. As that high interest base starts to fade in the third quarter, will the reported decline narrow?

This question tests whether the company's margin story can be confirmed in the reported numbers. One pillar of the Gallagher thesis is 40 to 60 basis points of underlying margin expansion each year [5], and management says AI savings come on top of that and could add up to 400 basis points of net margin expansion over three to five years [30]. But the "underlying" measure is given only as a combined impact figure that cannot be checked item by item, so the market sees only the reported margin and the impact items the company discloses.

A gap remains between the reported numbers and the company's explanation. Second-quarter brokerage adjusted EBITDAC was $1.163 billion at a 33.3% margin, down 284 basis points year on year; the first-half margin was 37.0%, down 300 basis points [13]. The company said prior-year interest, AssuredPartners seasonality and tuck-in acquisitions together reduced the second-quarter margin by about 3.9 points [11], compared with about 3.6 points in the first quarter [34]. Interest income from cash and fiduciary cash fell from $194 million to $59 million, and fiduciary cash stood at $7.947 billion at June 30 [27]; the adjusted compensation ratio rose 2.1 points and the operating expense ratio 0.8 points, the latter also affected by higher technology costs [28].

The transmission runs along two lines: the roll-off of prior-year financing interest and the rate on fiduciary funds determine brokerage interest income, while headcount controls and AI productivity determine the adjusted compensation and operating expense ratios, and together they set the brokerage adjusted EBITDAC margin. The alternative explanation is that wage inflation and AssuredPartners' lower margins are genuinely pulling margins down, and that "underlying expansion" is merely a product of how the measure is defined. Because the company does not break the underlying measure into its components, how much of any third-quarter margin change comes from the interest base fading can only be judged once the company discloses its impact items.

In the third-quarter report, watch the year-on-year decline in the brokerage adjusted margin, the interest and AssuredPartners impact items the company discloses, interest income from cash and fiduciary cash, and the reasons for any change in the adjusted compensation ratio. If the impact items shrink but the reported decline does not narrow, the underlying-expansion claim does not hold; if rate cuts or lower fiduciary cash reduce interest income further, margin pressure will continue from a different source.

Gallagher Bassett, Gallagher's claims-outsourcing business, accelerated from 6% organic growth last year to 12% in the second quarter, with its margin rising to 22.3%. Can it hold roughly 10% growth in the third quarter without giving up margin?

The risk-management segment is small, but it is Gallagher's fastest-growing business and the one least exposed to the insurance pricing cycle. It accounts for only about 13% of segment revenue and charges per claim or per service, so its revenue does not move with premiums [20], which offers a hedge while brokerage is weighed down by falling property rates; in July the company also slightly raised its full-year estimate for Gallagher Bassett, with full-year risk-management organic growth guidance at 9% [5].

Current evidence shows growth accelerating with margins improving at the same time. Second-quarter organic fees were $434 million, up 12%, which the company attributed to new business and client retention [35]; adjusted EBITDAC was $101 million at a 22.3% margin, up 137 basis points from a year earlier [4]. First-quarter organic growth was 10% at a 21.7% margin [24], whereas full-year 2025 organic growth was only 6% at a 21.2% margin [22]. Second-quarter international performance bonus fees were $7 million, versus $1 million a year earlier, a small part of the organic increase [35].

The transmission for this business is that new contracts and retention determine claim counts, claim counts determine organic fees, and fees flow into risk-management adjusted EBITDAC; claims-staff compensation, at about 61% of segment revenue, sets the margin [15]. The alternative explanation is that the acceleration comes from a handful of large outsourcing contracts going live at once and will fade once those contracts enter their second year; management also acknowledged that social inflation and rising loss costs are creating operational challenges for third-party claims administrators [36], and higher handling costs could compress margins.

In the third-quarter report, watch whether risk-management organic growth stays at 9% or above, whether the adjusted margin holds above 22%, and how much of the growth comes from performance bonus fees. If organic growth drops below 7%, the acceleration may have come from one-off contracts; if the margin falls below 21%, growth is coming at the expense of profit.

Risks and Falsifiers

A slowdown in tuck-in acquisitions is a risk that cuts across all of the core debates. Management said sellers' asking prices have adjusted more slowly than the sector-wide reset in multiples, leaving deal volume at about 80% of historical averages [30]; first-half cash paid for acquisitions was $616 million [25], and the annualized revenue of businesses acquired was about $122 million versus $392 million a year earlier [37]. Gallagher must either slow acquisitions and let reported revenue growth ease, or accept higher multiples to keep the pace, drawing on about $10 billion of two-year deployment capacity [29] and roughly $13.6 billion of combined borrowings at June 30 [26]. If the third-quarter report shows tuck-in annualized revenue recovering while the company still cites multiples of about 9 to 10 times EBITDA, this risk weakens.

If falling property rates spread to more lines, commissions calculated as a percentage of premium will slow directly. The exposed line is brokerage revenue, which was $12.192 billion in 2025 [17], with second-quarter 2026 organic revenue of $2.596 billion [9]. Management stresses that this cycle is only a reset in property pricing rather than a broad decline across all lines, and that casualty remains firmer [10]; if third-quarter organic base commissions and fees stay at 4% or above and management still puts the rate contribution at about 1 percentage point, this risk has not materialized.

If the AssuredPartners integration or synergies fall behind plan, integration costs will run longer and the business will pull down brokerage organic growth once it enters organic results. The exposure is the $13.8 billion purchase price [16], $222 million of second-quarter EBITDA [12], $113 million of integration costs [13], and the $160 million and $325 million synergy targets [5]. If the company says in the third quarter that AssuredPartners EBITDAC is in line with forecast, the synergy targets are maintained and integration costs are no longer rising, this risk weakens.

Lower short-term rates or smaller fiduciary cash balances would push interest income, which has almost no matching cost, down further and directly compress the brokerage margin. Second-quarter interest income from this source was $59 million versus $194 million a year earlier, on fiduciary cash of $7.947 billion [27]; the company's 2026 investment income assumptions include no rate cuts during the year [5]. If third-quarter interest income is roughly flat with the second quarter and the company keeps its no-cut assumption, this risk has not materialized.

If wage increases and technology spending outpace productivity gains, the reported margin will keep falling even after the interest base disappears. Brokerage compensation was $6.660 billion in 2025, or 55% of segment revenue [15], and the second-quarter adjusted compensation ratio rose 2.1 points [28]; management also noted that some market participants worry long-term AI implementation costs could creep up and offset savings [36]. If the third-quarter adjusted compensation ratio is flat or lower and the reported margin decline narrows, this risk weakens.

Social inflation and rising claim costs make claims handling more complex, so claims-staff costs could grow faster than per-claim fees and compress Gallagher Bassett's margin [36]. The exposure is the risk-management segment's 2025 revenue of $1.585 billion [22], of which compensation was 61% [15], and its second-quarter adjusted EBITDAC of $101 million [4]. If the third-quarter risk-management adjusted margin stays at 22% or above, this risk has not materialized.

What to Watch Next

• Brokerage organic growth: the second-quarter baseline is 5%, with base commissions and fees up 4% and supplemental revenue up 20%. Growth of 5% or more with a recovery in base commissions would confirm the current reading; 3.5% or less, or base commissions at 3% or less, would falsify it.
• AssuredPartners: second-quarter EBITDA was $222 million, integration costs were $113 million, and synergy targets are $160 million and $325 million. Results in line with forecast and integration costs no longer rising would confirm it; a shortfall or a cut to synergy targets would falsify it.
• Brokerage margin: the second-quarter adjusted margin was 33.3%, down 284 basis points, with interest income of $59 million. A clearly narrower decline would confirm it; shrinking impact items without a narrower decline would falsify it.
• Gallagher Bassett: second-quarter organic growth was 12% at a 22.3% margin. Holding growth at 9% or more and the margin at 22% or more would confirm it; organic growth below 7% or a margin below 21% would falsify it.
• Tuck-in M&A: first-half acquired annualized revenue was about $122 million at roughly 9 to 10 times EBITDA. Recovering annualized revenue at stable multiples would confirm the current reading; continued shrinkage or rising multiples would falsify it.

Conclusion

Gallagher's business has two drivers: brokerage, about 87% of segment revenue, grows through premiums, commission rates, retention and new business, layered with steady tuck-in acquisitions, while Gallagher Bassett, about 13%, charges per claim and is insulated from the rate cycle [14]. Reported revenue is currently growing fast because of AssuredPartners, with second-quarter brokerage revenue up 26%, but organic growth was only 5%, base commissions and fees only 4%, and the brokerage adjusted margin fell 284 basis points year on year [4]. The central unresolved relationship is whether, as property rates ease and the prior-year financing interest base rolls off, new business, AssuredPartners synergies and AI-driven productivity can stabilize organic growth and the reported margin at the same time.

The two independent analyses published after the second-quarter results both focus on slowing growth, but with different emphases. Faheem Tahir of Insider Monkey, in an article republished by Yahoo Finance, cited data showing AssuredPartners growing about 4% in July, below the 5% of the wider brokerage segment, and relayed that Wells Fargo said the company lowered its full-year brokerage organic outlook to 5% and that RBC tied the change to including AssuredPartners in fourth-quarter organic results [38]; this bears directly on the first and second debates and implies that the fourth quarter is the real test of AssuredPartners' growth, though the lowered outlook so far appears only in secondhand accounts. Neha Panjwani of Barchart noted that Gallagher shares fell 22.5% over the past 52 weeks, clearly underperforming the S&P 500, and argued that wage inflation and rising operational overheads are squeezing operating margins [39]; that view contrasts with the company's attribution of the margin decline to the interest base and AssuredPartners seasonality, and maps onto the third debate. Both articles are outside interpretations, not findings of fact, and they do not amount to a market consensus.

What would genuinely change the picture is a combination of observations. If third-quarter brokerage organic growth holds at 5% with base commissions and fees recovering, the year-on-year decline in the brokerage adjusted margin narrows clearly as the interest base fades, AssuredPartners EBITDAC stays in line with forecast with integration costs peaking, and Gallagher Bassett keeps growing about 10% at a margin above 22%, the current reading that "pricing is cooling but growth and margins can hold" would be materially strengthened. Conversely, if base commission growth falls to 3% or below, the margin decline fails to narrow even as the impact items shrink, or the AssuredPartners synergy targets are cut, that reading would be materially weakened.

Sources

[1] Drillr earnings calendar (updated 2026-10-18) · AJG 2026-10-29 call · 2026-10-18 · Drillr earnings calendar

[2] AJG 10-Q filed 2026-08-05 · 2Q26 consolidated statement of earnings · 2026-08-05 · 10-Q · https://www.sec.gov/Archives/edgar/data/354190/000162828026053489/

[3] AJG 8-K filed 2026-07-30 · 2Q26 results · 2026-07-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000354190&type=8-K&dateb=&owner=include&count=40

[4] AJG 10-Q filed 2026-08-05 · 2Q26 summary of financial results by segment · 2026-08-05 · 10-Q · https://www.sec.gov/Archives/edgar/data/354190/000162828026053489/

[5] AJG Q2 2026 earnings call 2026-07-30 · guidance · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[6] MarketBeat 2026-09-24 · Arthur J. Gallagher Targets 6% Q3 Organic Growth as Risk Management Accelerates · 2026-09-24 · Arthur J. Gallagher & Co.(MarketBeat 转述) · https://www.marketbeat.com/instant-alerts/event-arthur-j-gallagher-targets-6-q3-organic-growth-as-risk-management-accelerates-2026-09-25/

[7] Drillr analyst_financial_estimates (updated 2026-10-16) · AJG quarter ending 2026-09-30 · 2026-10-16 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[8] Drillr analyst_financial_estimates (updated 2026-10-16) · AJG FY2026 · 2026-10-16 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[9] AJG 10-Q filed 2026-08-05 · 2Q26 brokerage organic revenue reconciliation · 2026-08-05 · 10-Q · https://www.sec.gov/Archives/edgar/data/354190/000162828026053489/

[10] AJG Q2 2026 earnings call 2026-07-30 · organic growth and market dynamics · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[11] AJG 8-K filed 2026-07-30 · 2Q26 brokerage margin and prior-year interest income · 2026-07-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000354190&type=8-K&dateb=&owner=include&count=40

[12] AJG Q2 2026 earnings call 2026-07-30 · segment performance · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[13] AJG 10-Q filed 2026-08-05 · 2Q26 brokerage EBITDAC reconciliation · 2026-08-05 · 10-Q · https://www.sec.gov/Archives/edgar/data/354190/000162828026053489/

[14] AJG 10-K filed 2026-02-17 · overview and geographic mix · 2026-02-17 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000354190&type=10-K&dateb=&owner=include&count=40

[15] AJG 10-K filed 2026-02-17 · human capital and compensation · 2026-02-17 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000354190&type=10-K&dateb=&owner=include&count=40

[16] AJG 10-K filed 2026-02-17 · AssuredPartners and Woodruff Sawyer acquisitions · 2026-02-17 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000354190&type=10-K&dateb=&owner=include&count=40

[17] AJG 10-K filed 2026-02-17 · brokerage segment statement of earnings 2025 vs 2024 · 2026-02-17 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000354190&type=10-K&dateb=&owner=include&count=40

[18] AJG 10-K filed 2026-02-17 · brokerage revenue sources · 2026-02-17 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000354190&type=10-K&dateb=&owner=include&count=40

[19] AJG 10-K filed 2026-02-17 · fiduciary funds and interest income · 2026-02-17 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000354190&type=10-K&dateb=&owner=include&count=40

[20] AJG 10-K filed 2026-02-17 · risk management segment (Gallagher Bassett) · 2026-02-17 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000354190&type=10-K&dateb=&owner=include&count=40

[21] AJG 10-K filed 2026-02-17 · seasonality and contingent revenue timing · 2026-02-17 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000354190&type=10-K&dateb=&owner=include&count=40

[22] AJG 10-K filed 2026-02-17 · 2025 summary of financial results by segment · 2026-02-17 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000354190&type=10-K&dateb=&owner=include&count=40

[23] AJG 10-K filed 2026-02-17 · 2025 cash flows · 2026-02-17 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000354190&type=10-K&dateb=&owner=include&count=40

[24] AJG 10-Q filed 2026-05-07 · 1Q26 summary of financial results by segment · 2026-05-07 · 10-Q · https://www.sec.gov/Archives/edgar/data/0000354190/000162828026031592/ajg-20260331.htm

[25] AJG 10-Q filed 2026-08-05 · 1H26 cash flows · 2026-08-05 · 10-Q · https://www.sec.gov/Archives/edgar/data/354190/000162828026053489/

[26] AJG 8-K filed 2026-07-30 · borrowings, tax rate and share repurchases · 2026-07-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000354190&type=8-K&dateb=&owner=include&count=40

[27] AJG 10-Q filed 2026-08-05 · 2Q26 brokerage interest income on cash and fiduciary cash · 2026-08-05 · 10-Q · https://www.sec.gov/Archives/edgar/data/354190/000162828026053489/

[28] AJG 8-K filed 2026-07-30 · 2Q26 brokerage expense ratios · 2026-07-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000354190&type=8-K&dateb=&owner=include&count=40

[29] AJG Q2 2026 earnings call 2026-07-30 · M&A pipeline and deployment capacity · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[30] AJG Q2 2026 earnings call 2026-07-30 · pricing cycle, M&A volume and AI savings Q&A · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[31] AJG 10-K filed 2026-02-17 · competition · 2026-02-17 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000354190&type=10-K&dateb=&owner=include&count=40

[32] AJG 10-K filed 2026-02-17 · 2025 organic commissions, fees, supplemental and contingent · 2026-02-17 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000354190&type=10-K&dateb=&owner=include&count=40

[33] AJG Q1 2026 earnings call 2026-04-30 · back-half organic pickup and AssuredPartners revenue Q&A · 2026-04-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[34] AJG 8-K filed 2026-04-30 · 1Q26 results · 2026-04-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000354190&type=8-K&dateb=&owner=include&count=40

[35] AJG 10-Q filed 2026-08-05 · 2Q26 risk management organic fees · 2026-08-05 · 10-Q · https://www.sec.gov/Archives/edgar/data/354190/000162828026053489/

[36] AJG Q2 2026 earnings call 2026-07-30 · risks · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[37] AJG 10-Q filed 2026-08-05 · 1H26 acquisitions · 2026-08-05 · 10-Q · https://www.sec.gov/Archives/edgar/data/354190/000162828026053489/

[38] Insider Monkey via Yahoo Finance 2026-09-28 · Arthur J. Gallagher (AJG): Pricing Is Cooling. Can Acquisitions Carry the Growth Story? · 2026-09-28 · Insider Monkey(经 Yahoo Finance 转载) · https://finance.yahoo.com/markets/stocks/articles/arthur-j-gallagher-ajg-pricing-010936321.html

[39] Barchart via Yahoo Finance 2026-10-13 · Arthur J. Gallagher's Q3 2026 Earnings: What to Expect · 2026-10-13 · Barchart(经 Yahoo Finance 转载) · https://finance.yahoo.com/markets/stocks/articles/arthur-j-gallaghers-q3-2026-131056451.html