Arthur J.Gallagher & Co

Latest Results (22.04.2026):

Arthur J. Gallagher & Co. — fourth quarter 2025: Gallagher reported strong top-line growth in Q4 2025 with revenues before reimbursements of $3.586 billion (total Q4 revenues $3.628 billion), reported net earnings of $154 million (diluted EPS $0.58), and materially higher adjusted operating results driven by M&A and organic growth after completing the AssuredPartners acquisition and multiple other deals.

Top-line and quarter-over‑quarter growth

Q4 2025 revenues before reimbursements were $3.586 billion, up from $2.679 billion in Q4 2024 ( >30% growth for the combined Brokerage and Risk Management segments). Gallagher reported that combined Brokerage & Risk Management revenue growth exceeded 30% in Q4 and included 5% organic growth.

Reported vs. adjusted operating results

Reported Q4 net earnings were $154 million (diluted EPS $0.58). On an adjusted basis the company reported adjusted EBITDAC of $1,047 million for Q4 2025 and adjusted diluted EPS of $2.38, reflecting removal of items such as intangible amortization, acquisition integration and other one‑time/transaction items.

Full‑year context (2025)

For the full year 2025 Gallagher reported revenues of $13.778 billion (up 21% year over year) and noted 6% organic revenue growth for the year. Adjusted EBITDAC for 2025 grew substantially year over year (management cited ~26% growth) and the company completed multiple acquisitions during the year.

Acquisitions and integration

Gallagher closed the ~$13.8 billion acquisition of AssuredPartners (announced/closed August 18, 2025) and disclosed it completed dozens of mergers in 2025 (the release states 33 mergers with more than $3.5 billion of estimated annualized revenue). The AssuredPartners financing included an $8.5 billion follow‑on equity offering and $5.0 billion of public notes issued in December 2024 (plus overallotment proceeds received in January 2025).

Margins and expense dynamics

Management highlighted a Q4 adjusted EBITDAC margin of roughly 30.8% and a reported net earnings margin around 10.2% for the combined segments. Reported compensation and operating expense ratios rose versus prior year (reported Q4 compensation ratio 59.0% vs 56.2% in Q4 2024; operating expense ratio 16.6% vs 15.0%), while adjusted ratios increased more modestly (adjusted compensation ratio 53.0% vs 52.6%; adjusted operating ratio 14.8% vs 14.3%).

Balance sheet and leverage

At December 31, 2025 total assets were $70.7 billion (goodwill $22.6 billion; amortizable intangible assets net $10.7 billion). Gallagher reported borrowings of $9.55 billion of public debt and $3.323 billion of private placement debt (total corporate borrowings in the $12–13 billion range) and $226 million outstanding under a premium financing revolver; cash and cash equivalents were $1.396 billion.

Taxes and other items

Gallagher reported a consolidated effective tax rate of 14.3% for the quarter (22.5% in the comparable 2024 quarter) and 19.7% for full‑year 2025 (21.5% in 2024). Q4 results include a range of adjustments (amortization of intangibles, acquisition integration, workforce and lease termination, transaction costs, legal/tax/benefit plan items, and foreign exchange effects) that the company reconciles to GAAP in the release.

Workforce and outlook commentary

Gallagher ended the year with about 71,776 employees (including ~10,900 employees added by the AssuredPartners acquisition in August 2025). Management characterized Q4 and full‑year 2025 as “excellent” with strong M&A and organic momentum and expressed optimism about 2026.