Arthur J. Gallagher & Co. reported fourth-quarter adjusted earnings per share of $2.38, surpassing consensus estimates by $0.03 and marking a 10% increase from $2.16 in the year-ago period. Revenues before reimbursements rose 32% to $3.57 billion, driven by a 24.5% increase in adjusted profit. Organic revenue growth in the combined Brokerage and Risk Management segments was 5%, while total segment revenues expanded over 30%. Net earnings margin stood at 10.2%, and adjusted EBITDAC margin expanded to 30.8%, reflecting robust operational leverage.

The Brokerage segment generated $3.17 billion in reported revenues, up from $2.30 billion a year earlier, with adjusted segment EBITDAC growing 32% to $1.05 billion. The Risk Management segment posted $417 million in revenues and 14% EBITDAC growth to $90 million on an adjusted basis. During the quarter, AJG completed 33 acquisitions, adding an estimated $3.5 billion in annualized revenues and contributing materially to fee and commission income, which increased by double digits year over year.

AJG’s Board of Directors declared a quarterly cash dividend of $0.70 per share, up $0.05 from the prior quarter, payable March 20, 2026 to stockholders of record as of March 6. The increase underscores the company’s confidence in its free cash flow generation, which benefited from a 21% full-year revenue growth and $4.49 billion in adjusted EBITDAC for 2025. This marks the 12th consecutive annual dividend increase, aligning with the firm’s capital allocation strategy.