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Arthur J Gallagher & Co (AJG)
NYSE:AJG
Earnings Data
Report Date
Apr 23, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
4.45Last Year’s EPS
3.67Same Quarter Last Year
Moderate Buy
Based on 16 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a strongly positive operational and financial picture: high revenue and adjusted EBITDA growth, broad-based organic growth across geographies and lines, steady producer retention, successful large-scale M&A execution (> $3.5B acquired revenue in 2025) and clear synergy targets. Management reiterated durable underlying margin expansion (40–60 bps) and substantial M&A firepower (up to ~$10B) while providing detailed modeling aids and transparency on comparability adjustments. Negative items were primarily near-term and technical: property pricing softness, reinsurance price declines in parts of the market, lost investment income related to the Assured Partners transaction (creating headline margin noise), and some quarterly accounting impacts from life sales and deferred revenue assumptions. These lowlights create short-term volatility but do not appear to materially impair the company’s growth trajectory or strategic outlook according to management.Company Guidance
Strong Q4 and Full-Year Revenue Growth
Fourth quarter revenue growth exceeded 30% (management: "more than 30%"), driven by M&A and organic growth. Full-year 2025 combined brokerage and risk management revenue grew 21% with 6% organic growth.
Robust Profitability and EBITDA Expansion
Adjusted EBITDA (and adjusted EBITDAC) growth of 30% in Q4 and 26% for full-year 2025; management noted 23 consecutive quarters of double-digit EBITDA growth. Full-year adjusted EBITDAC margin for combined brokerage and risk management was 35%, up ~70 basis points on an underlying comparable basis.
Brokerage Segment Outperformance
Brokerage reported revenue growth of 38% in Q4 with organic growth of 5%. Q4 brokerage adjusted EBITDAC margin was 32.2% with underlying margin expansion of ~50 basis points (within prior guidance of 40–60 bps). Guidance: brokerage organic growth of ~5.5% for full-year 2026.
Gallagher Bassett (Risk Management) Strength
Risk management (Gallagher Bassett) Q4 revenue growth 13% with organic growth of 7%; Q4 adjusted EBITDAC margin 21.6% (slightly ahead of December expectations). Outlook: full-year 2026 organic growth ~7% and margins expected in the 21–22% range.
Broad-Based Organic Growth by Region and Line
Organic growth across multiple geographies and lines in Q4: Americas retail P&C +5%, UK & EMEA +7%, APAC +3%; specialty/US wholesale +7%, reinsurance +8%, benefits +1%. Excluding property, renewal premium change would be roughly +3%.
M&A Momentum, Integration Progress and Synergy Targets
Completed seven Q4 mergers totaling ~ $145 million of estimated annualized revenue; full-year 2025 acquired annualized revenue > $3.5 billion. Assured Partners integration ahead of plan (rebrand complete in US retail ops) with run-rate synergies estimated at $160 million by 2026 and $260–$280 million by early 2028 (management sees potential upside). Pipeline: >40 term sheets or being prepared representing ~ $350 million of annualized revenue.
Large M&A Firepower and Capital Position
Management indicated potential capacity of close to $10 billion to fund M&A over the next two years before using stock, supported by available cash, expected free cash flow, and investment-grade borrowing capacity.
Stable Producer Retention and Strong Culture
Producer retention metrics described as "dead flat" and stable versus historical norms (since 2019). Management emphasized a strong sales-driven culture, large internship pipeline (~600 interns/year) and tools (Gallagher Drive) to support retention and productivity.
Positive Customer Activity and Data Signals
Proprietary data showed solid client business activity in Q4 (audits, endorsements, cancellations) better than Q4 2024 and Q3 2025; favorable trends continued into early January, with no signs of economic weakness per management.
Investments in Tech and AI to Improve Service and Efficiency
Company is investing in AI and automation (notably in claims at Gallagher Bassett) and digital tools to improve speed, service quality and cost structure; management views AI as an enabler rather than a near-term disintermediator of producers.
AJG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
AJG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Jan 29, 2026 | $245.84 | $249.37 | +1.44% |
Oct 30, 2025 | $261.33 | $248.83 | -4.79% |
Jul 31, 2025 | $285.87 | $282.80 | -1.07% |
May 01, 2025 | $315.49 | $328.83 | +4.23% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Arthur J Gallagher & Co (AJG) report earnings?
Arthur J Gallagher & Co (AJG) is schdueled to report earning on Apr 23, 2026, After Close (Confirmed).
What is Arthur J Gallagher & Co (AJG) earnings time?
Arthur J Gallagher & Co (AJG) earnings time is at Apr 23, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is AJG EPS forecast?
AJG EPS forecast for the fiscal quarter 2026 (Q1) is 4.45.