Arthur J. Gallagher & Co. reported fourth-quarter adjusted earnings of $2.38 per share, surpassing the Zacks Consensus Estimate of $2.35 and up from $2.13 in the year-ago quarter. Total revenues before reimbursements increased 32% year-over-year to $3.57 billion, driven by broad-based strength across the organization. Organic revenue growth was 5%, marking the 20th consecutive quarter of double-digit top-line expansion when combined with acquisitions.

The Brokerage segment delivered revenues of $3.15 billion (adjusted), up 35% year-over-year, with base commissions and fees rising 40% driven by strong client renewal rates and continued demand for specialty lines. The Risk Management segment posted adjusted revenues of $416 million, a 12% increase compared to the prior year quarter, reflecting higher consulting and analytics fees. Gallagher completed 11 acquisitions during Q4 with estimated annualized revenues of $1.2 billion, bolstering both segments’ market presence.

Adjusted EBITDAC for the quarter grew 30% to $1.048 billion, translating to a 30.8% adjusted EBITDAC margin on combined Brokerage and Risk Management activities. Net earnings margin improved to 10.2%, up from 9.0% a year earlier, as integration efficiencies and disciplined cost management more than offset higher amortization expense related to recent deals. The company’s full-year adjusted EBITDAC rose 26% to $4.49 billion.

The board raised the quarterly dividend by 4%, to $0.56 per share, marking the 25th consecutive year of annual dividend increases. In addition to the dividend boost, Gallagher repurchased $300 million of common stock during Q4, completing $1.1 billion of buybacks in 2025. The company finished the quarter with net debt to adjusted EBITDAC of 1.9x, underscoring its financial flexibility to fund future M&A and shareholder returns.