Arthur J. Gallagher

Arthur J. Gallagher (Gallagher) is an insurance broker and risk management company. It does not take insurance risk on a net basis. The Brokerage segment helps companies and people buy property, casualty, specialty and employee benefits insurance and reinsurance, and it earns commissions and fees.

The Risk Management segment, mainly Gallagher Bassett, manages insurance claims for companies that insure themselves. In the first nine months of 2026, Brokerage gave $11,268 million and Risk Management $1,338 million of revenues before reimbursements. Gallagher works in about 130 countries through its own offices and other brokers, and it had 74,614 employees at September 30, 2026. It grows through many small acquisitions, and it bought AssuredPartners for $13.8 billion in August 2025.

The head office is in Rolling Meadows, Illinois. J. Patrick Gallagher, Jr. is Chairman and Chief Executive Officer.

Gallagher trades above its intrinsic value because investors pay for its steady organic growth, its long record of acquisitions and its rising margins. In Q3 2026, revenue of the Brokerage and Risk Management segments rose 18%, with 5% organic growth, and adjusted EBITDAC rose 25%, the 26th quarter in a row of double-digit growth. Adjusted EPS rose to $3.00 from $2.31.

For the shares to earn this price, three things must be true. Organic growth must stay near 5% or more when insurance prices rise more slowly. The AssuredPartners business must reach the planned margins, so that integration costs ($303 million before tax in Brokerage in the first nine months of 2026) fall.

Gallagher must keep buying small brokers at sensible prices. The Q4 2026 report, expected in late January 2027, is the next test. A fall in insurance prices, slower organic growth or a large acquisition at a high price can make the premium hard to keep.

1. Oct 29, 2026Passed

   Q3 2026 results: organic growthOrganic growth of 5% or more and higher adjusted EBITDAC margins pass; organic growth below 4% fails.Outcome: Organic growth was 5%, and adjusted EBITDAC rose 25% with a higher margin.
2. Jan 29, 2027 · est.Pending

   Q4 2026 results and 2027 outlookOrganic growth of 5% or more and higher adjusted EPS pass; organic growth below 4% fails.
3. 2027 · est.Pending

   AssuredPartners integrationLower integration costs and higher Brokerage margins in 2027 pass; new large integration charges fail.

Every passed and failed checkpoint across all picks

• October 29, 2026Gallagher reported Q3 2026 results. Revenue of the Brokerage and Risk Management segments rose 18%, with organic growth of 5%. Net earnings rose to $406 million, or $1.55 per diluted share, from $273 million. Adjusted EPS was $3.00, against $2.31 a year earlier, and adjusted EBITDAC of the two segments rose 25%. Gallagher bought back about 0.4 million shares for about $100 million in the quarter, and 2.7 million shares for about $580 million in the first nine months of 2026.
• July 30, 2026Gallagher reported Q2 2026 results. Revenue of the Brokerage and Risk Management segments rose 24%, with organic growth of 6%. Adjusted EPS was $2.84, against $2.30 a year earlier.
• July 29, 2026Gallagher said that David Johnson, its Lead Independent Director, died. The board reduced its size to eight members, and the independent directors elected Ralph Nicoletti as Lead Independent Director.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · ajg-20260930
• 8-KEarnings release and Investor disclosureFiled October 29, 2026 · ajg-20261029
• 8-KChange of directors or officersFiled August 27, 2026 · ajg-20260824
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 5, 2026 · ajg-20260630
• 8-KEarnings release and Investor disclosureFiled July 30, 2026 · ajg-20260730
• 8-KOther company newsFiled July 29, 2026 · ajg-20260722
• 8-KInvestor disclosureFiled June 17, 2026 · ajg-20260617
• 8-KShareholder vote resultsFiled May 13, 2026 · ajg-20260512
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 7, 2026 · ajg-20260331
• 8-KEarnings release and Investor disclosureFiled April 30, 2026 · ajg-20260430

Every filing on SEC EDGAR (CIK 354190)

• Commissions move with insurance premiums. If insurance prices fall or rise more slowly, organic growth slows.
• Growth depends on acquisitions. Gallagher completed 21 acquisitions in the first nine months of 2026. Integration costs, earnout payments and a higher price for each acquisition can lower returns, and a large acquisition such as AssuredPartners adds integration risk.
• Corporate and other debt was $13,091 million at September 30, 2026. Interest was $494 million in the first nine months of 2026, and goodwill and intangible assets were $33,587 million.
• Gallagher has legacy clean energy investments. Claims about them, or a disallowance of tax credits that it already claimed, can cause costs.
• A broker holds client money and data. Errors in advice, a cyber attack or a breach of rules on sanctions or bribery can cause claims and fines.

Gallagher funds itself with senior notes, private notes, a revolving credit facility, retained cash flow and some new shares for acquisitions. At September 30, 2026, corporate and other debt was $13,091 million: $9,550 million of senior notes, $2,683 million of notes under note purchase agreements, $630 million drawn on the credit facility and $228 million of premium financing debt. Read more

Dividend yield

1.0% (last 12 months, at today’s price of $280.60)

Paid per share

$2.75 in the last 12 months (4 payments)

Current annual rate

$2.80 ($0.70 × 4 a year)

Payout ratio

45% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 8, 2026, $0.70 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 7.8% a year. Over the last 10 years, the dividend grew by about 6.2% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.