Arthur J. Gallagher & Company

Arthur J. Gallagher delivered a clean beat to close out 2025, posting adjusted EPS of $2.38 against a consensus estimate of $2.35, a 1.28% beat, while revenue of $3.59 billion topped the $3.42 billion estimate by 4.83% and surged 32.0% year over year. The primary engine behind that top-line surge was the $13.80 billion acquisition of AssuredPartners, the largest deal in company history, which closed in August 2025 and brought roughly 10,900 employees into the fold, propelling combined Brokerage and Risk Management segment revenue growth above 30% for the quarter. Organic growth held at a healthy 5% in Q4, underscoring that the underlying business continued to perform independently of acquisition tailwinds. Adjusted EBITDAC expanded to $1.05 billion from $815.00 million a year earlier, even as integration costs and elevated interest expenses weighed on GAAP net earnings. With analysts maintaining a broadly constructive view on insurance brokers heading into 2026, CEO J. Patrick Gallagher Jr. reinforced that optimism, declaring the company has excellent momentum and is, in his words, "just getting started."