Arthur J. Gallagher & Co. delivered adjusted diluted earnings of $2.38 per share for the quarter ended December 31, 2025, surpassing consensus forecasts by three cents and representing an 11% increase versus the prior year. Adjusted EBITDAC rose 30% to $1.05 billion, driving a margin expansion to 30.8% from 28.4% in Q4 2024. Total revenues before reimbursements climbed 32% year-over-year to $3.57 billion, bolstered by robust demand across both brokerage and risk management services.

Organic revenues in the combined Brokerage and Risk Management segments grew 5% as base commissions and fees reached $2.84 billion, up from $2.02 billion a year earlier. Supplemental and contingent commissions each posted double-digit organic gains of 12% and 11%, respectively. Risk Management segment adjusted revenues increased to $416 million, with adjusted EBITDAC margin rising to 22% versus 20% in Q4 2024, reflecting higher fee income in specialty consulting lines.

During Q4, Gallagher completed ten acquisitions representing $1.2 billion in estimated annualized revenue, bringing the full-year tally to 33 deals totaling over $3.5 billion. These strategic bolt-ons contributed nearly 27% of total revenue growth for the quarter, while integration expenses remained below guidance at $79 million. Management noted the acceleration of deal sourcing in targeted verticals such as healthcare and cyber liability, positioning the firm to sustain mid-single-digit organic growth and low-double-digit overall top-line expansion in 2026.

The Board approved a quarterly cash dividend of $0.70 per share, up $0.05 from the previous distribution, marking Gallagher’s 19th consecutive annual increase. The dividend is payable on March 20, 2026 to stockholders of record as of March 6, reflecting the company’s commitment to returning surplus cash flow while maintaining a conservative leverage ratio of approximately 1.9x net debt to adjusted EBITDA.