Arthur J. Gallagher & Co. (AJG) Earnings
Arthur J. Gallagher & Co. is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $2.90. AJG has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise -1.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $4.43 | $4.47 | +0.9% | $4.7B | -0.3% |
| Jan 29, 2026 | $2.35 | $2.38 | +1.3% | $3.6B | +0.9% |
| Oct 30, 2025 | $2.51 | $2.32 | -7.6% | $3.4B | +0.9% |
| Jul 31, 2025 | $2.36 | $2.33 | -1.3% | $3.2B | +0.5% |
| May 1, 2025 | $3.57 | $3.67 | +2.8% | $3.7B | +0.5% |
| Jan 30, 2025 | $2.03 | $2.13 | +4.9% | $2.7B | +0.4% |
| Oct 24, 2024 | $2.26 | $2.26 | +0.0% | $2.8B | +1.0% |
| Jul 25, 2024 | $2.24 | $2.26 | +0.9% | $2.8B | +0.3% |
| Apr 25, 2024 | $3.41 | $3.49 | +2.3% | $3.3B | +2.5% |
| Jan 25, 2024 | $1.83 | $1.85 | +1.1% | $2.4B | +3.2% |
| Oct 26, 2023 | $1.94 | $2.00 | +3.1% | $2.5B | +4.3% |
| Jul 27, 2023 | $1.86 | $1.90 | +2.2% | $2.4B | +3.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Organic Growth - Client retention, new business win rates, and client business activity are tailwinds. Insurance rates still contribute to organic growth but to a lesser extent. Breaking down by businesses: global retail PC market environment unchanged, insurance renewal premium change in low single digits, different product line performances. U.S. excess and surplus market bifurcated. Reinsurance market well capitalized, strong growth across lines and geographies. London's specialty has pressure in some areas but opportunities in others. Employee benefits performing well with steady demand. Gallagher Bassett posted strong growth with new business and client retention. ### Mergers and Acquisitions - Completed nine new tuck-in mergers in first quarter, around $60 million annualized revenues. Pipeline has over 40 term sheets, ~$400 million annualized revenues. Assured Partners acquisition on plan, cultural alignment good. ### Productivity and Quality - View AI, digitization, and automation as continuation of strategy. AI expected to be minimally disruptive, accelerate growth, enhance ability to deliver better advice, already deployed across core platforms, strengthens broker and advisor model. ### Culture - Growth culture, mission and Gallagher Way support growth the right way. Culture promotes collaboration, entrepreneurship, shared success, allows scaling, and makes investments in talent, technology, AI work.
Guidance
### Organic Growth - Full-year organic growth outlook 6% as of March. Second quarter outlook similar to first quarter performance. ### M&A - Pipeline strong with over 40 term sheets, ~$400 million annualized revenues. Assured Partners acquisition on plan. ### Margin - Full year 40 to 60 basis points of underlying margin expansion forecasted, close to March IR day commentary.
Segment performance
For combined brokerage and risk management segments, revenue growth was 28% in the first quarter, with organic growth 5% and M&A contributing 23%. Brokerage revenues were up 30%, organic 5%, with strong growth across retail PC, wholesale, reinsurance, and benefits. Risk management segment (Gallagher Bassett) posted revenues up 14%, organic 10%. Combined, net earnings growth 12% and adjusted EBITDA growth 18%. Brokerage: organic 5%, revenues up 30% with strong growth across various areas. Risk management: organic 10%, revenues up 14%.
Risks & headwinds
### Market and Pricing - Property pricing moderating, but other segments strong. U.S. excess and surplus market bifurcated. Geopolitical developments like Middle East conflict impacting specific coverages such as marine war and political violence and terror, with reprising and selective capacity deployment. ### M&A Integration - Potential small movements in revenue numbers as Assured Partners acquisition is integrated, but cash flows and EBITDA estimates holding up.
Analyst Q&A
Q: Charlie Lederer from BMO Capital Markets asked about higher organic growth expectations in America's retail in second quarter and M&A environment impact on buyback decisions.
A: In second quarter, America's retail brokerage segment organic growth expected at 5% due to Canada's quarter last year. M&A multiples coming down, no share repurchases in second quarter yet, and M&A opportunities need to be at right multiples.
Q: Elise Greenspan from Wells Fargo asked if core commission and fee organic growth of 4% represents a floor and about organic growth pickup in back half.
A: At present, see good year ahead. Organic growth in brokerage expected to pick up in back half due to successful new business pipeline, fee account raises, and supplements and contingents growth.
Q: Dean Chris Celio from Wolf Research asked about specialty in U.S. wholesale growth pickup and M&A multiples.
A: Property stress in second quarter, rest of year not much property stress. Term sheets in hopper recognize multiples coming down due to stock price and not diluting shareholders.
Q: David Motamadden from Ebercore ISI asked to unpack organic growth components.
A: New business will exceed lost business, customers opt in leading to rate and exposure growth, with rate possibly on lower end of growth piece, new business forward thrust and exposure growth contributing.
Q: Meyer Shields with KBW asked about data center and AI-related infrastructure as percentage of market and Middle East conflict impact.
A: Data center and AI-related infrastructure growth opportunities exist but not earth-shattering as percentage of market. Middle East conflict is net organic tailwind for Gallagher due to London specialty and reinsurance positioning, with capacity not a constraint currently.
Q: Yaron Anar from Lizuho asked about Assured Partners estimates.
A: Revenue numbers move around as put onto system due to netting of co-broker revenues branch by branch, but EBITDA estimates holding up as cash flows purchased are delivered right, and bounces will no longer be issue once business rolled over into organic.
Q: Mark Hughes with Truist Securities asked about new business and structural/cyclical reasons.
A: New business going well with tools like Gallagher Drive and Blueprint improving hit ratio. Brokerage business tough but as trusted advisors, getting stronger at convincing clients to move to Gallagher, not easier in softer market but getting better at making case for move.