Arthur J. Gallagher & (AJG) Company Report

Gallagher pursues a two-pronged growth strategy of organic sales and M&A “to buy brains”, targeting a negligible share of the $4 trillion global non-life P&C premium market where it currently touches ~$200 billion of premium.
Integration of AssuredPartners (11,000 employees) is on track: 90% of offices visited, 500 in-person meetings held, with economics driving >20% revenue growth in 2026 and $160 million of run-rate synergies by end-2026.
Organic growth guidance: 5% in 4Q 2025 and 6% for full-year 2026 across global segments, including 5% in Americas P&C and 6% in Specialty.
Continued investment in data and analytics—Gallagher Drive now ingests $31 billion of premium data—to power the Core 360 advisory platform and enhance client benchmarking and retention.

Dec 16, 2025, 1:30 PM

Transcript

Gallagher provides 2025 guidance in investor update

AJG

Guidance Update

M&A

New Projects/Investments

Brokerage segment sees a full-year foreign currency tailwind of ~$52 million to revenues and a $0.03 EPS impact, with integration costs of $0.11 per share and an adjusted EBITDAC margin expected to expand organically over 4% in 2025.
Risk Management segment guidance calls for an EBITDAC margin of ~21%, minimal FX effects, workforce charges of $0.01 per share, and pretax amortization and depreciation of $23 million and $40 million, respectively, for full-year 2025.
Corporate segment adjusted net earnings attributable to controlling interests will reflect $159.5 million pretax interest and banking costs, $20 million of transaction-related adjustments, and related tax impacts in 2025.
Clean energy investments are projected to deliver net after-tax cash flows in excess of $180 million for 2025, with a tax credit carryforward balance of $706.3 million as of September 30, 2025.
Estimated synergies from the AssuredPartners acquisition—including revenue uplifts and cost savings—are expected to materialize within three years but remain subject to execution risk.

Dec 16, 2025, 1:30 PM

Presentation

Gallagher acquires Tompkins Insurance Agencies for $223 million

AJG

M&A

Arthur J. Gallagher & Co. (NYSE: AJG) has acquired Tompkins Insurance Agencies, Inc. from Tompkins Financial Corporation for approximately $223 million in cash, subject to customary purchase price adjustments.
The transaction generates a pre-tax gain of $183 million for Tompkins Financial Corporation.
All current leadership and direct employees of TIA have joined Gallagher, ensuring continuity of service.
TIA will now serve customers across the Tompkins footprint by leveraging Gallagher’s global brokerage and insurance services operations.

Nov 3, 2025, 2:00 PM

Press Release

Arthur J. Gallagher & Co. acquires Tompkins Insurance Agencies

AJG

M&A

Arthur J. Gallagher & Co. announced the acquisition of Batavia-based Tompkins Insurance Agencies, Inc., a subsidiary of Tompkins Financial Corporation.
Tompkins Insurance Agencies will continue operations under its current leadership, offering property/casualty and employee benefits services across New York and Pennsylvania.
The transaction is based on trailing 12-month pro forma revenues of $40 million and EBITDAC of $16 million as of June 30, 2025.
Gallagher will pay $183 million for the stock, net of a $40 million discounted tax benefit associated with the deal.
Arthur J. Gallagher & Co. is a global insurance brokerage firm headquartered in Rolling Meadows, Illinois, serving approximately 130 countries.

Nov 3, 2025, 2:00 PM

Press Release

Arthur J. Gallagher & Co. reports Q3 2025 results

AJG

Earnings

Guidance Update

M&A

Delivered 20% revenue growth (organic 4.8%), 22% adjusted EBITDA increase and 26 bps margin expansion; reported GAAP EPS of $1.76 and adjusted EPS of $2.87.
Brokerage segment revenue up 22% (organic 4.5%) with 33.5% adjusted EBITDA margin flat year-over-year (underlying +60 bps); fourth-quarter organic ~5%, implying full-year organic >6%.
Risk management segment revenue +8% (organic 6.7%) and 21.8% adjusted EBITDA margin; fourth-quarter organic ~7% with full-year margins near 21%.
Since mid-August, completed AssuredPartners integration; year-to-date acquired revenue >$3.4 B (≈30% of 2024), pipeline of ~~35 term sheets (~~$400 M), and expected run-rate synergies of $160 M by end-2026.

Oct 30, 2025, 9:30 PM

Transcript

Arthur J. Gallagher releases Q3 2025 CFO Commentary

AJG

Earnings

Guidance Update

M&A

CFO outlines 2025 forward-looking assumptions on foreign currency impacts, integration costs, clean energy investments, and the Assured Partners acquisition
Q3 2025 foreign currency drove $0.01 EPS headwind and $14.1 million revenue reduction; integration costs were $0.19 per share
Brokerage segment adjusted EBITDAC margin fell to 33.5% in Q3; amortization of intangibles was $219 million pretax and recurring depreciation $42 million pretax
Risk management segment delivered an adjusted EBITDAC margin of 21.8% in Q3; intangible amortization totaled $4 million pretax and depreciation $10 million pretax
Corporate segment’s reported Q3 net loss was $(113.5 million), while adjusted net loss narrowed to $(103.4 million)

Oct 30, 2025, 9:30 PM

Presentation

Gallagher reports Q3 2025 results

AJG

Earnings

M&A

Guidance Update

20% revenue growth (4.8% organic), 22% adjusted EBITDA increase with margins up 26 bps, GAAP EPS of $1.76 and adjusted EPS of $2.87.
Brokerage segment delivered 22% revenue growth, 4.5% organic expansion and a 33.5% adjusted EBITDA margin (flat Y/Y; underlying +60 bps) amid timing shifts in large life and contingent commissions.
Risk management segment posted 6.7% organic growth and a 21.8% adjusted EBITDA margin, with full-year segment margins expected around 21%.
Since mid-August, AssuredPartners integration has added $3.4 billion of annualized acquired revenue; the M&A pipeline includes 35 term sheets (~$400 million), with $160 million of run-rate synergies by end-2026.
Fourth-quarter outlook: organic growth of ~5%, full-year organic above 6%, and company-wide margins near 21%.

Oct 30, 2025, 9:30 PM

Transcript

Arthur J. Gallagher reports Q3 2025 results

AJG

Earnings

Guidance Update

M&A

Reported Q3 revenue grew 20% year-over-year, including 4.8% organic growth; adjusted EBITDA increased 22% with margin expansion of 26 bps, GAAP EPS was $1.76 and adjusted EPS $2.87.
Brokerage segment Q4 organic growth is seen at ~5%, lifting full-year organic above 6%, while the risk management unit posted 8% revenue growth (organic 6.7%) with an adjusted EBITDA margin of 21.8%, and Q4 organic forecast at ~7% with full-year margins around 21%.
Integration of the AssuredPartners deal revealed greater intra-quarter seasonality—only 40% of policy inceptions recognized vs. an assumed 50%—causing an $80 million revenue timing variance in Q3.
Year-to-date, AJG completed five bolt-on deals adding $3.4 billion of annualized revenue (30% of 2024), has 35 signed term sheets for $400 million, expects $10 billion in M&A funding capacity, and targets $160 million of run-rate synergies by end-2026 (rising to $260–$280 million by early-2028).

Oct 30, 2025, 9:30 PM

Transcript

Arthur J. Gallagher & Co. announces Q3 2025 financial results

AJG

Earnings

Dividends

20% total revenue growth in combined brokerage and risk management segments, with 4.8% organic growth and over $450 million of incremental revenue from acquisitions in Q3 2025.
Q3 2025 total company revenues were $3,325.4 million, with net earnings of $273.6 million (EPS $1.04) versus $314.1 million (EPS $1.39) in Q3 2024.
Adjusted net earnings rose to $604.9 million (adjusted EPS $2.32), and adjusted EBITDAC grew 22% to $1,017.6 million, delivering a 32.1% adjusted EBITDAC margin.
Declared a quarterly dividend of $0.65 per share, up from $0.60 in Q3 2024.

Oct 30, 2025, 8:52 PM

8-K

Arthur J. Gallagher & Co. reports Q3 2025 results

AJG

Earnings

Revenue Acceleration/Inflection

M&A

Delivered 20% total revenue growth in Q3 2025, with adjusted revenues of $3.33 billion, up from $2.76 billion a year ago.
Achieved adjusted EBITDAC of $1.02 billion, a 22% increase year-over-year, and an adjusted EBITDAC margin of 32.1%.
Generated adjusted diluted EPS of $2.32, versus $2.26 in Q3 2024.
Recorded 4.8% organic revenue growth and over $450 million of incremental acquisition revenue, marking the 19th straight quarter of double-digit top-line expansion.

Oct 30, 2025, 8:15 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Arthur J. Gallagher &.

Q3 2025

Oct 30, 2025

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Q2 2025

Jul 31, 2025

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Q1 2025

May 1, 2025

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Arthur J. Gallagher & (AJG)

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