EarningsQ2 2026 Earnings Report
MX:AJG Q2 2026 EPS Results
Actual EPS$51.63
Consensus EPS$51.15
Beat/MissBeat by +$0.47
One Year Ago EPS$42.36
MX:AJG Q2 2026 Revenue Results
Actual Revenue$72.77B
Expected Revenue$72.82B
Beat/MissMissed by -$48.95M
YoY Revenue Growth+24.29%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeAfter Close
Conference CallThursday, July 30, 2026
MX:AJG Upcoming Earnings
Arthur J Gallagher & Co's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:AJG Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a predominantly positive operating and financial picture: strong revenue growth (24% total, 6% organic), continued adjusted EBITAC momentum, robust performance at Gallagher Bassett, successful M&A integration (AssuredPartners) with sizable synergy targets, and a healthy M&A pipeline and balance sheet capacity (~$10B). Management highlighted meaningful margin-expansion initiatives tied to productivity and AI with quantified longer-term upside. Offsetting items include Q2 property pricing softness (renewals down 10%), comparability noise from 2025 investment income, a broader industry M&A valuation reset with slightly lower deal cadence (~80% of historical), selective market pressures in cat-exposed property and reinsurance, and the multi-year timeline and execution risk to fully realize AI savings. Overall, positives and momentum materially outweigh the challenges noted, which are largely manageable and/or already acknowledged in guidance.Company Guidance
Strong Top-Line Growth
Combined brokerage and risk management total revenue growth of 24% in Q2 2026; overall organic growth of 6% for the quarter and full-year organic growth outlook of 6% for 2026.
Brokerage and Risk Management Revenue Performance
Brokerage revenues up 26% year-over-year (organic +5%); Gallagher Bassett (risk management) revenue growth of 16% with organic growth of 12%.
Sustained Adjusted EBITAC Momentum
25 consecutive quarters of double-digit adjusted EBITAC growth; company-wide adjusted EBITAC grew ~22% (driven by revenue growth and margin expansion); risk management adjusted EBITAC margin expanded 140 basis points to 22.3% in Q2.
Adjusted Results Strong After One-Time Items
After removing investment income on funds held for AssuredPartners (comparability noise from 2025), adjusted revenues, adjusted EBITAC, and adjusted EPS were each up over 30% for combined brokerage and risk management.
AssuredPartners Integration and M&A Traction
Completed 7 tuck-in acquisitions in Q2 representing ~$63 million of estimated annualized revenue; pipeline of 30+ term sheets representing ~ $500 million of annualized revenue; AssuredPartners run-rate synergies of $160M by end of 2026 and up to $325M by early 2028.
Capital Deployment and Share Repurchases
Repurchased ~850,000 shares for ~$170 million in Q2 ( ~$480 million repurchased through June 30); management estimates ~ $10 billion of deployable capital over next two years for M&A and opportunistic repurchases.
Productivity, AI and Margin Opportunity
Ongoing productivity/quality programs produced underlying brokerage margin expansion (50 bps in the quarter; full-year underlying expansion forecast 40-60 bps). Management outlined AI/digitization potential (projected multi-year efficiency opportunity that could translate into material margin expansion — management estimated an upper-case ~600 bps potential but conservatively suggested capturing ~400 bps over 3-5 years).
Gallagher Bassett Competitive Advantage
GB reported excellent new business, strong client retention, practical use of data/AI to improve claims outcomes and efficiency; management cited a concrete example of $100M in client savings from fraud detection capabilities.
Business Mix & Market Breadth Benefits
Only ~1 percentage point of organic growth tied to rate movement (insurance rate tailwind waning); growth driven by new business, retention, exposure growth, and diversified mix across retail PC, benefits, reinsurance, claims and specialty exposures (construction, infrastructure, energy, data centers).
MX: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