Arthur J. Gallagher & Co. reported fourth-quarter revenue growth exceeding 30%, driven by 5% organic expansion and contributions from recent acquisitions. Adjusted EBITDA also rose by 30%, marking the 23rd consecutive quarter of double-digit EBITDA growth. For full-year 2025, total revenues grew 21% to $13.8 billion, with organic growth of 6%. Adjusted EBITDAC reached $4.49 billion, a 25% increase over 2024, underpinning a net earnings margin of 10.2% for the quarter and 10.5% for the year.

In the brokerage segment, revenues grew 38% in Q4, including 5% organic gains. The adjusted EBITDA margin expanded to 32.2%, up 50 basis points sequentially. Organic revenue gains by region and product included 7% in UK & EMEA, 5% in Americas retail P&C, 7% in U.S. wholesale, 8% in reinsurance, 3% in APAC and 1% in employee benefits. Gallagher Bassett’s risk management arm delivered 13% revenue growth with 7% organic expansion and a 21.6% adjusted EBITDA margin, slightly above prior guidance.

Integration of AssuredPartners is ahead of plan, with all U.S. retail operations rebranded and back-office consolidation largely complete. Fourth-quarter revenues from AssuredPartners met expectations while expenses came in slightly below plan. Management confirmed targets for $160 million of annualized run-rate synergies by end-2026, rising to $260–$280 million by early 2028, and noted potential upside to those estimates.

For 2026, Gallagher projects mid-single-digit organic brokerage growth of around 5.5% and approximately 7% growth in risk management, with further underlying margin expansion of 40–60 basis points in brokerage. The company completed seven acquisitions in Q4 representing $145 million of annualized revenue and signed term sheets for over 40 deals totaling $350 million. With free cash flow, debt capacity and tax credits, management estimates nearly $10 billion available for M&A before equity issuance over the next two years.