Arthur J. Gallagher & Co. reported fourth-quarter revenues of $3.586 billion, a 34% increase over the prior year quarter’s $2.679 billion. Net earnings on a GAAP basis were $154 million, or $0.58 per diluted share, compared with $258 million, or $1.12 per share, in the fourth quarter of 2024. On an adjusted non-GAAP basis, revenues were $3.565 billion, up 32% year-over-year, and net earnings were $620 million, or $2.38 per share, exceeding the Zacks Consensus Estimate of $2.35 and up from $498 million, or $2.16 per share, in last year’s period.

In the Brokerage segment, reported revenues grew 38% to $3.169 billion, with adjusted segment profit (EBITDAC) of $1.015 billion, representing a margin of 32.2%. Risk Management generated $417 million in revenues, a 13% increase, with adjusted EBITDAC rising to $90 million. Combined adjusted EBITDAC for Brokerage and Risk Management was $1.105 billion, up 31% from $846 million a year ago, and delivered a combined margin of 31.0%.

Gallagher achieved 5% organic revenue growth in the quarter and completed 33 acquisitions, adding more than $3.5 billion of estimated annualized revenue during 2025. For the full year, the firm reported 21% total revenue growth and 6% organic growth, driven by strong fee and commission demand. The company’s integration and cost-synergy programs contributed $106 million of EBITDAC in Q4, while amortization of intangible assets added $223 million to segment adjustments.

The Board of Directors declared a quarterly cash dividend of $0.70 per share, a $0.05 increase over the prior quarter, payable March 20, 2026 to shareholders of record as of March 6. Chairman and CEO J. Patrick Gallagher, Jr. commented that the company enters 2026 with excellent momentum, expecting continued double-digit top-line growth driven by its two-pronged strategy of organic expansion and M&A, and targeting further margin improvement through operational leverage.