Q2 26 EPS
$2.84
BEAT +0.75%
Est. $2.82
Q2 26 Revenue
$4.00B
MISS 0.93%
Est. $4.04B
vs S&P Since Q2 26
-12.4%
TRAILING MARKET
AJG -9.0% vs S&P +3.4%
Market Reaction
Did AJG Beat Earnings? Q2 2026 Results
Arthur J. Gallagher & Co. Delivered a mixed but broadly solid second quarter for fiscal 2026, edging past earnings expectations while falling slightly short on revenue as the scale of its transformative AssuredPartners acquisition continued to reshap… Read more Arthur J. Gallagher & Co. Delivered a mixed but broadly solid second quarter for fiscal 2026, edging past earnings expectations while falling slightly short on revenue as the scale of its transformative AssuredPartners acquisition continued to reshape the company's financial profile. The Rolling Meadows-based insurance brokerage posted adjusted EPS of $2.84, nudging past the $2.82 consensus estimate by 0.75%, while revenue of $4.00 billion trailed the $4.04 billion analyst target by 0.93%, though still represented a robust 24.3% year-over-year gain. The most material driver behind the adjusted earnings beat was the scale leverage generated by the AssuredPartners deal, which closed in Q3 2025, lifting adjusted EPS from $2.30 a year ago even as GAAP net earnings slipped to $324.00 million from $368.00 million due to sharply higher intangible amortization of $301.00 million and elevated integration costs. The Risk Management segment added a bright note, with organic fee growth of 12% and margin expansion to 22.3%. Management pointed to strong client retention and new business generation as reasons for continued confidence heading into the back half of the year.
Key Takeaways
- • Combined Brokerage and Risk Management revenue growth of 24% including 6% organic growth
- • Brokerage organic base commissions and fees growth of 4%
- • Brokerage supplemental revenues organic growth of 20%
- • Risk Management organic fee growth of 12%
- • Strong client retention and new business generation
- • Headcount controls driving compensation expense savings in Risk Management
- • Risk Management adjusted EBITDAC margin expansion to 22.3% from 20.9%
AJG Forward Guidance & Outlook
Management expressed confidence in the ability to build on momentum and continue creating long-term value. The company highlighted robust client demand for its advice, analytics, market access, specialty expertise and claims advocacy in an increasingly complex risk environment. Strong client retention and outstanding new business generation are expected to continue.
AJG YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
AJG Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered an excellent second quarter! Our combined Brokerage and Risk Management segments delivered revenue growth of 24%, including organic growth of 6%. Our growth reflects the strength and diversity of our model, the continued power of our two-pronged growth strategy, and our culture of client-first execution. Client retention remains strong, new business generation continues to be outstanding and clients continue to seek broader solutions across our platform.”
— J. Patrick Gallagher Jr., Q2 2026 Earnings Press Release
AJG Earnings Trends
AJG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AJG EPS Trend
Earnings per share: estimate vs actual
AJG Revenue Trend
Quarterly revenue: estimate vs actual
AJG Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $2.82 | $2.84 | +0.75% | $4.00B | -0.93% |
| Q1 26 BEAT | $4.43 | $4.47 | +0.98% | $4.76B | -0.16% |
| Q4 25 BEAT FY | $2.35 | $2.38 | +1.40% | $3.59B | +0.65% |
| FY Full Year | $10.70 | $10.69 | -0.06% | $13.78B | +0.31% |
| Q3 25 MISS | $2.54 | $2.32 | -8.54% | $3.33B | -3.92% |
| Q2 25 MISS | $2.36 | $2.33 | -1.21% | $3.18B | -0.71% |
| Q1 25 BEAT | $3.58 | $3.67 | +2.52% | $3.73B | +0.15% |