Arthur J. Gallagher & Co. (AJG) SEC Filings & Earnings Calls
EquiReason read 15 Arthur J. Gallagher & Co. SEC filings in the last 12 months. Latest: 8-K on 2026-08-27 — Controller and CAO Richard C. Cary to retire in 2028, steps down Sept 30, 2026; succeeded by Kyle G. Koreyva effective Oct 1, 2026. Planned succession, no disagreement..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 68.7B
- P/E TTM
- 44.5
- Dividend yield
- 1.0%
- 52-week
- —
- Next earnings
- 29 Oct, in 5 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
27 Aug 20268-K · 5.02Controller and CAO Richard C. Cary to retire in 2028, steps down Sept 30, 2026; succeeded by Kyle G. Koreyva effective Oct 1, 2026. Planned succession, no disagreement.open
Risks flagged
Transition risk in accounting leadership is low given planned succession and continued employment through 2028.
“Mr. Cary will remain employed as Corporate Vice President - Accounting and support transition through expected retirement in 2028.”
5 Aug 202610-QArthur J. Gallagher reported Q2 2026 results with strong organic growth but GAAP net earnings down 12% due to acquisition costs; adjusted EPS grew 23%.earningsopen
Figures in the filing · each found in the filing text
| Total Revenue · Q2-2026 | $3.96B | +24% y/y |
| Net Earnings · Q2-2026 | $324M | -12% y/y |
| Adjusted Diluted EPS · Q2-2026 | $2.84 | +23% y/y |
| Brokerage Segment Revenue · Brokerage · Q2-2026 | $3.50B | +26% y/y |
| Brokerage Organic Revenue Growth · Brokerage · Q2-2026 | 5.0% | |
| Risk Management Segment Revenue (before reimbursements) · Risk Management · Q2-2026 | $453M | +16% y/y |
| Risk Management Organic Fee Growth · Risk Management · Q2-2026 | 12.0% | |
| Brokerage Adjusted EBITDAC Margin · Brokerage · Q2-2026 | 33.3% | |
| Risk Management Adjusted EBITDAC Margin (before reimbursements) · Risk Management · Q2-2026 | 22.3% | |
| Brokerage Workforce · Brokerage · 2026-06-30 | 56,202 | +25% y/y |
Risks flagged
Acquisition Integration Costs
“Acquisition integration costs of $113 million in Q2 2026 vs $41 million in Q2 2025”
Interest Income Decline
“Interest income, premium finance revenues and other income decreased by $134 million in Q2 2026 vs Q2 2025, primarily due to lower interest income on fiduciary funds.”
30 Jul 20268-K · 2.02, 7.01AJG reports Q2 2026 adjusted EPS $2.84 vs $2.30 YoY, revenue $3.947B vs $3.179B; combined brokerage & risk management organic growth 6%; client retention strong; no explicit guidance change but CFO commentary includes estimates.earningsopen
Figures in the filing · each found in the filing text
| Revenue before reimbursements · Total Company · Q2-2026 | $3.95B | +24% y/y |
| Adjusted net earnings · Total Company · Q2-2026 | $734M | +22% y/y |
| Adjusted diluted EPS · Total Company · Q2-2026 | $2.84 | +24% y/y |
| Adjusted EBITDAC · Total Company · Q2-2026 | $1.20B | +19% y/y |
| Brokerage segment revenue (adjusted) · Brokerage · Q2-2026 | $3.49B | +26% y/y |
| Risk Management segment revenue (adjusted) · Risk Management · Q2-2026 | $453M | +14% y/y |
| Organic growth · Combined Brokerage & Risk Management · Q2-2026 | 6.0% |
Guidance
CFO Commentary includes estimates for 2026 and future results; no explicit guidance range provided in press release.
No explicit guidance change; CFO commentary referenced but not detailed in excerpt.
Risks flagged
High acquisition integration costs and amortization impacting GAAP earnings; adjusted metrics significantly higher.
“Pretax impact of adjustments for Brokerage totals $505M; amortization of intangible assets $218M in Q2.”
29 Jul 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement)open
Risks flagged
Loss of experienced independent director may reduce board oversight temporarily.
“Lead Independent Director passed away; board size reduced.”
7 May 202610-QTotal Revenues $4.72B (+28% y/y); Net Earnings $823M (+16% y/y); Adjusted Diluted EPS $4.47 (+20% y/y); Guidance: effective tax rate guidance: brokerage 24.5%-26.5%, risk management 25.0%-27.0%open
Figures in the filing · each found in the filing text
| Total Revenues · Total Company · Q1-2026 | $4.72B | +28% y/y |
| Net Earnings · Total Company · Q1-2026 | $823M | +16% y/y |
| Adjusted Diluted EPS · Total Company · Q1-2026 | $4.47 | +20% y/y |
| Organic Revenue Growth (Brokerage) · Brokerage · Q1-2026 | 5.0% | |
| Organic Revenue Growth (Risk Management) · Risk Management · Q1-2026 | 10.0% | |
| Adjusted EBITDAC Margin (Brokerage) · Brokerage · Q1-2026 | 40.1% | |
| Adjusted EBITDAC Margin (Risk Management) · Risk Management · Q1-2026 | 21.7% | |
| Operating Cash Flow · Total Company · Q1-2026 | $957M | +10% y/y |
| Free Cash Flow · Total Company · Q1-2026 | $921M | +9% y/y |
Guidance
effective tax rate guidance: brokerage 24.5%-26.5%, risk management 25.0%-27.0%
Management reaffirmed effective tax rate guidance for both segments and provided capex outlook of ~$227M for 2026, indicating continued investment. Organic growth remains solid, but margin trajectory is mixed due to acquisition-related headwinds.
Risks flagged
Acquisition Integration Risk
“Acquisition integration costs for brokerage segment were $87 million in Q1 2026 vs $44 million in Q1 2025, reflecting ongoing integration of large acquisitions like AssuredPartners.”
Margin Pressure from Acquisition Seasonality
“The interest income in the prior period, as well as the seasonality of AssuredPartners and the roll-in of tuck-in acquisitions, unfavorably impacted the year over year change in first quarter adjusted EBITDAC margin by approximately 3.6%.” · word for word
30 Apr 20268-K · 2.02, 7.01Revenues Before Reimbursements $4.72B (+28% y/y); Adjusted EBITDAC $1.75B (+22% y/y); Adjusted Diluted EPS $4.47 (+20% y/y)earningsopen
Figures in the filing · each found in the filing text
| Revenues Before Reimbursements · Total Company · Q1-2026 | $4.72B | +28% y/y |
| Adjusted EBITDAC · Total Company · Q1-2026 | $1.75B | +22% y/y |
| Adjusted Diluted EPS · Total Company · Q1-2026 | $4.47 | +20% y/y |
| Brokerage Segment Revenues Before Reimbursements · Brokerage · Q1-2026 | $4.29B | +30% y/y |
| Risk Management Segment Revenues Before Reimbursements · Risk Management · Q1-2026 | $428M | +14% y/y |
| Net Earnings (Loss) · Total Company · Q1-2026 | $823M | +16% y/y |
Risks flagged
Acquisition integration costs and amortization of intangibles remain significant, totaling $431M pretax in Brokerage segment, which could pressure margins if not managed.
“Acquisition integration $65M, Amortization of intangible assets $201M in Brokerage segment”
23 Mar 2026DEF 14AAnnual proxy statement filed, detailing executive compensation, governance, and 2025 performance.open
Figures in the filing · each found in the filing text
| Adjusted Revenue · Brokerage and Risk Management Combined · FY2025 | $13.75B | +21% y/y |
| Adjusted EBITDAC · Brokerage and Risk Management Combined · FY2025 | $4.78B | +26% y/y |
| Organic Revenue Growth · Brokerage and Risk Management Combined · FY2025 | 6.0% | |
| Adjusted EBITDAC Margin · Brokerage and Risk Management Combined · FY2025 | 34.8% | |
| Net Income · FY2025 | $1.49B | |
| Total Shareholder Return · FY2025 | $91.98 |
Risks flagged
Integration Risk from Large Acquisition
“We have made great progress on the integration of AssuredPartners and the acquisition positions us to provide even more value to clients and drive additional organic growth.” · word for word
Key Person / Succession Risk
“The Board regularly discusses CEO succession planning, including emergency succession plans.”
17 Feb 202610-KBrokerage Segment Revenues $12.19B (+23% y/y); Brokerage Organic Revenues $9.79B (+6% y/y); Brokerage Adjusted EBITDAC $4.45B (+27% y/y); Guidance: No explicit numerical guidance provided; qualitative outlook for continued favorable trends.open
Figures in the filing · each found in the filing text
| Brokerage Segment Revenues · Brokerage · FY2025 | $12.19B | +23% y/y |
| Brokerage Organic Revenues · Brokerage · FY2025 | $9.79B | +6% y/y |
| Brokerage Adjusted EBITDAC · Brokerage · FY2025 | $4.45B | +27% y/y |
| Brokerage Adjusted EBITDAC Margin · Brokerage · FY2025 | 36.5% | |
| Risk Management Segment Revenues before reimbursements · Risk Management · FY2025 | $1.58B | +9% y/y |
| Risk Management Organic Fees · Risk Management · FY2025 | $1.49B | +6% y/y |
| Risk Management Adjusted EBITDAC · Risk Management · FY2025 | $336M | +12% y/y |
| Risk Management Adjusted EBITDAC Margin · Risk Management · FY2025 | 21.2% | |
| Total Company Adjusted Diluted EPS · Total Company · FY2025 | $10.69 | +6% y/y |
| Total Company Net Earnings · Total Company · FY2025 | $1.50B | +2% y/y |
Guidance
No explicit numerical guidance provided; qualitative outlook for continued favorable trends.
Management expects continued renewal premium increases and strong new business generation, but notes potential economic headwinds.
Risks flagged
High Debt Levels
“As of December 31, 2025, we had total consolidated debt outstanding of approximately $13.1 billion.” · word for word
Clean Energy Investment Risk
“Our clean energy investments are subject to various risks and uncertainties.” · word for word
Integration Risk from Large Acquisitions
“Acquisition integration costs of $257 million in brokerage segment in 2025.”
29 Jan 20268-K · 2.02, 7.01Revenues Before Reimbursements $3.59B (+34% y/y); Adjusted EBITDAC $1.05B (+30% y/y); Adjusted diluted EPS $2.38 (+10% y/y)earningsopen
Figures in the filing · each found in the filing text
| Revenues Before Reimbursements · Q4-2025 | $3.59B | +34% y/y |
| Adjusted EBITDAC · Q4-2025 | $1.05B | +30% y/y |
| Adjusted diluted EPS · Q4-2025 | $2.38 | +10% y/y |
| Organic revenue growth · Q4-2025 | 5.0% | |
| Adjusted EBITDAC margin · Q4-2025 | 30.8% | |
| Net earnings (loss) · Q4-2025 | $154M | -40% y/y |
Risks flagged
GAAP net earnings declined 40% YoY due to acquisition-related costs and amortization
“GAAP net earnings $154M vs $258M in Q4'24; adjusted net earnings $620M vs $498M”
High M&A activity increases integration risk and intangible amortization
“Completed 33 mergers with >$3.5B annualized revenue; acquisition integration costs $79M in Q4”
10 Nov 202510-QBrokerage Segment Revenue $2.92B (+22% y/y); Brokerage Organic Revenue Growth 4.5; Brokerage Adjusted EBITDAC $982M (+23% y/y)open
Figures in the filing · each found in the filing text
| Brokerage Segment Revenue · Brokerage · Q3-2025 | $2.92B | +22% y/y |
| Brokerage Organic Revenue Growth · Brokerage · Q3-2025 | 4.5% | |
| Brokerage Adjusted EBITDAC · Brokerage · Q3-2025 | $982M | +23% y/y |
| Brokerage Adjusted EBITDAC Margin · Brokerage · Q3-2025 | 33.5% | |
| Risk Management Revenue Before Reimbursements · Risk Management · Q3-2025 | $402M | +9% y/y |
| Risk Management Organic Revenue Growth · Risk Management · Q3-2025 | 6.7% | |
| Risk Management Adjusted EBITDAC · Risk Management · Q3-2025 | $88M | +14% y/y |
| Risk Management Adjusted EBITDAC Margin · Risk Management · Q3-2025 | 21.8% | |
| Total Company Adjusted Diluted EPS · Q3-2025 | $2.32 | +3% y/y |
Guidance
Management expects continued favorable trends in P&C pricing and organic growth, but notes potential softening if economic conditions worsen.
Risks flagged
Economic slowdown could soften revenue growth
“We believe these favorable trends should continue for the remainder of 2025; however, if economic conditions worsen or premium rate increases slow, we could see our revenue growth soften.” · word for word
IRS micro-captive investigation
“As previously disclosed, our IRC 831(b) (or 'micro-captive') advisory services business has been under a promoter investigation by the IRS since 2013.” · word for word
30 Oct 20258-K · 2.02, 7.01Total revenue $3.33B (+20% y/y); Adjusted EBITDAC $1.02B (+22% y/y); Adjusted diluted EPS $2.32 (+3% y/y); Guidance: CFO Commentary includes certain estimates relating to 2025earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q3-2025 | $3.33B | +20% y/y |
| Adjusted EBITDAC · Q3-2025 | $1.02B | +22% y/y |
| Adjusted diluted EPS · Q3-2025 | $2.32 | +3% y/y |
| Organic revenue growth · Q3-2025 | 4.8% | |
| Brokerage revenue · Brokerage · Q3-2025 | $2.92B | +22% y/y |
| Risk Management revenue · Risk Management · Q3-2025 | $402M | +9% y/y |
| Net earnings · Q3-2025 | $274M | -13% y/y |
| Adjusted net earnings · Q3-2025 | $605M | +20% y/y |
| Diluted EPS · Q3-2025 | $1.04 | -25% y/y |
| Adjusted EBITDAC margin · Q3-2025 | 32.1% |
Guidance
CFO Commentary includes certain estimates relating to 2025
Management expressed strong confidence; CFO Commentary includes 2025 estimates.
Arthur J. Gallagher & Co. — questions
- What did Arthur J. Gallagher & Co. file recently?
- 15 SEC filings in the last 12 months. Latest: 8-K on 2026-08-27 — Controller and CAO Richard C. Cary to retire in 2028, steps down Sept 30, 2026; succeeded by Kyle G. Koreyva effective Oct 1, 2026. Planned succession, no disagreement.
Every figure on this page comes from Arthur J. Gallagher & Co.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.