Arthur J. Gallagher & Co. (AJG), a global insurance brokerage, risk management and consulting firm, reported combined Brokerage and Risk Management revenue growth of 18% for the quarter ended September 30, 2026, including 5% organic growth, after 24% growth, including 6% organic, in the second quarter.

Chairman and Chief Executive Officer J. Patrick Gallagher, Jr., said the combined segments’ net earnings grew 25% and adjusted EBITDAC also grew 25%, which the company said marked its 26th consecutive quarter of double-digit adjusted EBITDAC growth, together with another quarter of margin expansion. First-quarter combined revenue growth had been 28%, including 5% organic.

Total company reported revenue before reimbursements was $3,930 million, versus $3,325 million a year earlier. Adjusted revenue was $3,917 million versus $3,336 million. Reported net earnings were $406 million versus $273 million; adjusted net earnings were $782 million versus $604 million. Reported EBITDAC was $1,048 million versus $812 million; adjusted EBITDAC was $1,253 million versus $1,013 million.

Brokerage reported revenue before reimbursements was $3,473 million, up from $2,922 million a year earlier; adjusted Brokerage revenue was $3,460 million versus $2,928 million. Brokerage reported net earnings were $515 million versus $409 million; adjusted net earnings were $871 million versus $688 million.

Brokerage adjusted EBITDAC was $1,222 million versus $975 million a year earlier, with adjusted EBITDAC margin of 35.3% versus 33.3%. The company said prior-period interest income, AssuredPartners seasonality and the roll-in of tuck-in acquisitions favorably impacted the year-over-year margin change by about 0.4%.

Organic base commissions and fees rose 4% to $2,309 million from $2,212 million. Organic supplemental revenues rose 14% to $124 million from $109 million. Organic contingent revenues were unchanged at $60 million. Total organic commissions, fees, supplemental and contingent revenues rose 5% to $2,493 million from $2,381 million.

Brokerage closed 5 acquisitions in the third quarter with estimated annualized revenues acquired of $102 million, versus 6 acquisitions and $3,036 million of estimated annualized revenues acquired in the third quarter of 2025. No shares were issued in tax-free exchange acquisitions in the third quarter of 2026.

The adjusted Brokerage compensation expense ratio was 51.3% versus 53.0% a year earlier, 1.7 points lower. The reported compensation ratio was 55.5% versus 56.4%. The adjusted operating expense ratio was 13.4% versus 13.7%; the reported operating expense ratio was 14.6% versus 14.8%. The company said the adjusted compensation ratio was primarily impacted by lower interest income revenues in the quarter, as third quarter 2025 included interest income earned on cash proceeds associated with the AssuredPartners Financing in December 2024, more than offset by the roll-in of AssuredPartners, including compensation savings related to synergies.

Risk Management reported revenue before reimbursements was $457 million versus $402 million a year earlier; adjusted revenue was $457 million versus $407 million. Organic fees rose 10% to $435 million from $397 million. Reported net earnings were $61 million versus $50 million; adjusted net earnings were $68 million versus $58 million. Adjusted EBITDAC was $104 million versus $89 million, with adjusted EBITDAC margin of 22.8% versus 21.9%.

The adjusted Risk Management compensation expense ratio was 58.6% versus 59.7% a year earlier. The reported compensation ratio was 59.3% versus 60.6%. The adjusted operating expense ratio was 18.6% versus 18.4%, which the company attributed primarily to additional investments in technology.

Corporate reported net loss was $170 million versus $186 million a year earlier; adjusted net loss was $157 million versus $142 million. Corporate pretax loss included a net unrealized foreign exchange remeasurement loss of $9 million in the third quarter of 2026 versus a $5 million gain in the third quarter of 2025.

Gallagher repurchased approximately 0.4 million shares for approximately $100 million in the third quarter of 2026. At September 30, 2026, the company had $9,550 million of public debt, $2,683 million of private placements and $630 million under its line of credit, plus $228 million outstanding under a revolving loan facility for premium finance receivables excluded from debt covenant computations.