Gallagher's Q2 revenue jumps 24% as organic growth holds at 6%
Arthur J. Gallagher & Co. reported revenue before reimbursements of $3.955 billion for the quarter ended June 30, 2026, up 24% from $3.179 billion a year earlier, as the global insurance brokerage's combined Brokerage and Risk Management segments grew 6% on an organic basis. Organic growth holds steady while acquisition pace slows "We delivered an excellent second quarter," said J. Patrick Gallagher Jr., chairman and CEO.
How this was made
The 30-second read
Why it matters
Q2 results highlight continued client retention and new business generation, with Brokerage organic growth at 5% and Risk Management fees up 12% organically. Risk Management adjusted EBITDAC margin improved to 22.3% from 20.9%, while Corporate adjustments included legal/tax and US defined benefit pension termination costs, plus ongoing transaction-related costs.
Market read
Traders can update AJG expectations using concrete Q2 revenue, organic growth, segment performance, margin movement, and capital return (buyback and dividend increase).
What to watch
Adjusted EBITDAC margin was weighed by a prior-year interest income windfall tied to the AssuredPartners cash proceeds, so some of the margin narrative may be comparison-driven rather than purely operational.
Background
Arthur J. Gallagher & Co. is a global insurance brokerage with Brokerage and Risk Management segments; its 2025 AssuredPartners acquisition affects year-over-year comparisons.
Ticker impact
Gallagher reported Q2 revenue before reimbursements of $3.955B, up 24% YoY, with 6% combined organic growth and segment margin changes.
Likely modest positive bias for AJG as organic growth and margin improvement offset acquisition slowdown and prior-year interest headwinds.
The article provides multiple decision-relevant datapoints: revenue growth, organic growth rate, segment organic trends, adjusted EBITDAC margin improvement in Risk Management, and specific headwinds from prior-year acquisition-related interest income.
Market effects
Brokerage and risk services peers are shown growing at similar low-single-digit organic rates, reinforcing a sector-wide demand baseline.
No specific regional breakdown provided; impact is primarily global brokerage/risk services sentiment.
Peer comparisons (Marsh, Aon, WTW) suggest broadly stable global insurance brokerage demand rather than a localized shock.
Counterpoint
The headline revenue growth is flattered by prior-year acquisition financing comparisons; acquisition pace slowed sharply, which could limit forward growth acceleration.
Key entities
- companyArthur J. Gallagher & Co.
Reported Q2 revenue before reimbursements of $3.955B (+24% YoY) and 6% combined organic growth, with segment margin and acquisition pace details.
- acquisitionAssuredPartners
Largest deal completed in Q3 2025; prior-year interest income on cash proceeds created a year-over-year headwind for Q2 comparisons.
- acquisitionWoodruff Sawyer
Referenced for ongoing transaction-related costs in Corporate segment adjustments.
