Arthur J. Gallagher reported fourth-quarter adjusted earnings of $2.38 per share, topping consensus forecasts of $2.35. Total revenues in its Brokerage and Risk Management segments grew over 30% year-over-year, driven by a 5% increase in organic commissions and fees. Adjusted EBITDAC rose 30% to $1.047 billion, lifting the adjusted EBITDAC margin to 30.8%. Net earnings margin improved to 10.2%, reflecting higher supplemental revenues of $132 million and contingent revenues of $83 million, bolstered by disciplined expense management and favorable foreign-currency translation.

For the full year, combined revenues reached $13.752 billion, a 21% increase from the prior year, including 6% organic growth. Adjusted EBITDAC climbed 25% to $4.491 billion, delivering a 32.6% adjusted EBITDAC margin. The company completed 33 acquisitions during 2025, adding over $3.5 billion in estimated annualized revenue. Organic base commissions and fees rose 6% to $9.072 billion, while supplemental revenues jumped 20% to $466 million, underscoring the effectiveness of the two-pronged growth strategy of organic expansion and targeted M&A.

The Board approved a quarterly cash dividend of $0.70 per share, up $0.05 from the prior quarter, payable March 20 to shareholders of record on March 6. Chairman and CEO J. Patrick Gallagher Jr. highlighted double-digit top-line growth for the twentieth consecutive quarter and strong momentum entering 2026. He emphasized that the company’s disciplined capital allocation—balancing share repurchases, dividend increases and bolt-on acquisitions—positions it to sustain value creation and further margin expansion in the year ahead.