Arthur J. Gallagher & Co.
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+ FollowMarket Cap$70.77B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Strong quarter performance + momentum
- Brokerage + Risk Management combined revenue growth: +18% (with +5% organic), reflecting both new business/retention/exposure and acquisitions.
- Net earnings: +25% YoY; adjusted EBITDAC: +25% YoY; adjusted EBITDAC per share: +35% (after “levelizing” out interest income on funds held for AssuredPartners).
- Management emphasized 26 consecutive quarters of double-digit adjusted EBITDAC growth and another quarter of margin expansion (headline adjusted EBITDAC margin 35.3% for Brokerage, per CFO).
2026 outlook reaffirmed (and what’s driving it)
- Full-year 2026 organic growth outlook ~6% for the combined Brokerage + Risk Management segments.
- Brokerage 4Q and full-year 2026 organic: ~5%, with a modeling point that 4Q organic includes AssuredPartners (AP) for the first time, but only implies a ~20–25 bps headwind vs expectations.
- Gallagher Bassett (Risk Management) organic: 10% in Q3; outlook implies ~9% organic for 2026 and 4Q / full-year 2026 adjusted EBITDAC margin north of 22%.
Pricing/rate environment: moderating property, but not a fundamental demand problem
- Property pricing is easing: renewal premiums down ~6% vs ~down 10% in Q2 (sequential improvement largely mix/seasonality, not necessarily a true market shift).
- Company stressed that rates are only ~1 point of organic growth today; bigger drivers remain new business, strong retention, exposure growth, and business diversity.
- In U.S. E&S and London Specialty, they’re not seeing meaningful reversion back to admitted; they frame this as evidence E&S is “here to stay”—an opportunity for advisory/market access.
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Share Statistics
| Market cap | $70.77 Billion |
|---|---|
| Enterprise Value | $72.19 Billion |
| Annual dividend | $2.75 |
| Dividend yield | 1.00% |
| Earnings per Share | $5.83 |
| Beta | 0.55 |
| Outstanding Shares | 256,677,000 |
Return
| Return on Equity | 7.16% |
|---|---|
| Return on Assets | 2.08% |
| Return on Invested Capital | 7.27% |
Valuation & Multiples
| P/E Ratio | 41.77 |
|---|---|
| PEG | 87.41 |
| Price to Sales | 4.58 |
| Price to Book Ratio | 3.14 |
| Enterprise Value to Revenue | 4.41 |
| Enterprise Value to EBIT | 25.72 |
| Enterprise Value to Net Income | 42 |
| Total Debt to Enterprise | 0.04 |
| Debt to Equity | 0.12 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$2.99
Consensus analyst estimateRevenue Estimate
$3.98 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 28, 2027
EPS Estimate
$2.81
Consensus analyst estimateRevenue Estimate
$3.82 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 48.98% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | 5,100▼ 98.43% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.56%▼ 90.13% |
|---|---|
| Total Invested | $2.09B▼ 96.22% |
| Investors Holding | 480▼ 847.00% |
About Arthur J. Gallagher & Co.
72,000 employees
CEO: J. Patrick Gallagher
Arthur J. Gallagher & Co., along with its affiliated entities, provides a comprehensive suite of services including insurance brokerage, consulting, and the handling of third-party claims and administrative duties. Its operations extend ...