Arthur J. Gallagher
Brokers commercial, benefits and reinsurance coverage while administering outsourced claims.
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Profile
Places commercial, benefits, specialty and reinsurance coverage, while Gallagher Bassett administers outsourced claims for self-insured organizations and insurers. Most revenue comes from brokerage commissions and fees; carriers supply the underwriting capital, and acquisitions remain central to expanding its distribution.
Places commercial property-and-casualty, employee-benefits, specialty, wholesale and reinsurance coverage through the Brokerage segment. Retail brokers serve middle-market, large, public-sector and nonprofit clients; wholesale teams handle specialized and hard-to-place risks; Gallagher Re arranges reinsurance and related analytics and capital-markets services.
Administers outsourced claims, loss control and risk consulting through Gallagher Bassett, chiefly for self-insured organizations, captives and insurers. Risk Management earns fees, while Brokerage receives commissions, fees, contingent compensation and interest-related income.
Operates chiefly in the United States, with substantial businesses in the United Kingdom, Australia, Canada and New Zealand. Specialized industry practices and frequent acquisitions expand distribution; the AssuredPartners purchase deepened its middle-market presence and added integration work. Insurance carriers supply the capital behind placed coverage because the broker generally does not retain underwriting risk, and its activities are regulated across many jurisdictions.
Company facts
Categories
Key statistics
Year to date +4.5% · Average volume (30d) 1.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | Morgan Stanley | Reiterate | Overweight | $270 | $290 | |
| Aug 17, 2026 | Argus Research | Reiterate | Buy | $270 | $300 | |
| Aug 10, 2026 | Morgan Stanley | Reiterate | Overweight | $255 | $270 | |
| Aug 3, 2026 | UBS | Reiterate | Buy | $291 | $299 | |
| Jul 31, 2026 | Piper Sandler | Reiterate | Overweight | $276 | $287 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $2.81 | $2.84 | +1.1% | $4.01B | $3.96B | −1.3% | −2.75% |
| Apr 30, 2026Q1 FY26 | $4.43 | $4.47 | +0.9% | $4.73B | $4.72B | −0.3% | +0.83% |
| Jan 29, 2026Q4 FY25 | $2.35 | $2.38 | +1.3% | $3.60B | $3.59B | −0.3% | +1.44% |
| Oct 30, 2025Q3 FY25 | $2.51 | $2.32 | −7.6% | $3.34B | $3.37B | +0.9% | −4.79% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $3.73B | $3.22B | $3.37B | $3.63B | $4.76B | $4.00B | |
| Gross profit | $1.79B | $1.37B | $3.05B | $1.42B | $4.04B | $3.24B | |
| Operating income | $1.05B | $624.4M | $536.6M | $341.0M | $1.22B | $588.0M | |
| Net income | $704.4M | $365.8M | $272.7M | $151.0M | $822.0M | $323.0M | |
| Diluted EPS | $2.72 | $1.40 | $1.05 | $0.58 | $3.16 | $1.25 | |
| Gross margin | 48.0% | 42.7% | 90.6% | 39.1% | 84.9% | 80.9% | |
| Operating margin | 28.1% | 19.4% | 15.9% | 9.4% | 25.6% | 14.7% |
Fiscal years (4-quarter sums)FY21 $8.19B · FY22 $8.54B · FY23 $10.08B · FY24 $11.55B · FY25 $13.94B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.39B · Total debt $2.02B · Total assets $81.81B · Shareholders' equity $23.72B
Dividends
Raised for 36 straight years — most recently to $0.70 from $0.65 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 5, 2026 | Jun 5 | Jun 19 | $0.70 | |
| Mar 6, 2026 | Mar 6 | Mar 20 | $0.70 | raised from $0.65 |
| Dec 5, 2025 | Dec 5 | Dec 19 | $0.65 | |
| Sep 5, 2025 | Sep 5 | Sep 19 | $0.65 | |
| Jun 6, 2025 | Jun 6 | Jun 20 | $0.65 | |
| Mar 7, 2025 | Mar 7 | Mar 21 | $0.65 | raised from $0.60 |
| Dec 6, 2024 | Dec 6 | Dec 20 | $0.60 | |
| Sep 6, 2024 | Sep 6 | Sep 20 | $0.60 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 256.90M · Float 253.56M · 98.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 19.82M | 7.72% | 13F | Aug 7, 2026 |
| FMR LLC | 18.65M | 7.26% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 16.78M | 6.53% | 13F | Aug 13, 2026 |
| JPMorgan Chase & Co | 14.36M | 5.59% | 13F | Aug 12, 2026 |
| Capital World Investors | 12.51M | 4.87% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 24, 2026 | Walter D. Bay | officer: General Counsel | −12,000 | $270.08 |
| Aug 19, 2026 | Christopher E. Mead | officer: VICE PRESIDENT | −3,500 | $257.03 |
| Jun 2, 2026 | Richard C. Cary | officer: Controller, CAO | −3,000 | $206.00 |
| Mar 6, 2026 | Scott R. Hudson | officer: Vice President | −3,800 | $227.57 |
| Mar 5, 2026 | Christopher E. Mead | officer: VICE PRESIDENT | −4,000 | $227.12 |
Peers
- Aon
Second-largest global broker; competes across P&C, reinsurance, and benefits.
- Willis Towers Watson
Fourth-largest global broker; strong in specialty, benefits, and EMEA markets.
- Brown & Brown
Mid-market P&C and specialty broker built on serial acquisitions since 1939.
- Ryan Specialty
Leading specialty wholesale broker targeting E&S and hard-to-place risks.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Arthur J. Gallagher | $250.73 | −6.27% | $68.74B | 44.3 | 19.0 | 4.4 | +22.8% |
| Aon | $355.40 | −0.01% | $75.39B | 19.6 | 17.6 | 4.3 | +2.2% |
| Willis Towers Watson | $342.03 | −0.49% | $31.92B | 21.1 | 16.4 | 3.2 | +9.1% |
| Brown & Brown | $73.31 | 0.00% | $24.53B | 21.7 | 15.9 | 3.6 | +34.2% |
| Ryan Specialty | $43.63 | −0.52% | $5.68B | 56.4 | 19.2 | 1.8 | +7.2% |
| Median | 21.4 | 17.0 | 3.4 | +8.1% |