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AJG · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 24.2% y/y to $4.00B, pre-tax margin 10.3% vs 14.7%, net income $324M (−12.0% y/y).
Net earnings attributable to controlling interests
$324M
down 12.0% y/y
Total revenues
$4,003M
up 24.2% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Total revenues | $4,003 · +24.2% |
| Compensation | $2,330 · +29.2% |
| Operating | $679 · +30.8% |
| Amortization | $301 · +67.2% |
| Interest | $168 · +6.3% |
| Depreciation, reimbursements and earnout changes (calculated) | $111 · +26.1% |
| Earnings before income taxes | $414 · −12.5% · 10.3% margin |
| Provision for income taxes | $90 · −14.3% · 21.7% effective rate |
| Net earnings attributable to controlling interests | $324 · −12.0% · $1.25/sh · 8.1% margin |
Verdict: revenue grew 24.2% y/y to $4.00B, pre-tax margin 10.3% vs 14.7%, net income $324M (−12.0% y/y).
Diluted net earnings per share $1.25 vs $1.40 a year earlier; adjusted EPS $2.84 vs $2.30; EBITDAC $946 million vs $856 million; quarterly dividend $0.70 per share vs $0.65.
Source and notation
Source: Arthur J. Gallagher earnings release, 8-K EX-99 of 07/30/2026 (SEC EDGAR). Financial-services layout: net revenues as reported (for brokers, after interest expense); expenses by line of the income statement lead to pre-tax income. The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match SEC XBRL.
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Chart: “AJG Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/ajg/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/ajg/q2-2026"><img src="https://whoreportstoday.com/t/ajg/q2-2026/sankey.png" alt="AJG Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/ajg/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/ajg/q2-2026">AJG Q2 2026 earnings chart (Who Reports Today)</a>
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- The combined Brokerage and Risk Management segments delivered revenue growth of 24%, including organic growth of 6%: commissions rose to $2,442M from $1,808M and fees to $1,183M from $962M.
- Interest income, premium finance revenues and other income fell to $98M from $233M: the second quarter of 2025 included about $144 million of interest earned on the cash raised for the AssuredPartners acquisition.
- Net earnings fell to $324M despite higher revenue: amortization of intangible assets rose to $301M from $180M, and compensation grew to $2,330M; adjusted net earnings were $734 million vs $604 million.
- Pre-tax income was $414M, a 10.3% margin vs 14.7% a year earlier.
- The effective tax rate was 21.7% vs 22.2% a year earlier.
- Diluted EPS was $1.25 vs $1.40 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
AJG — Arthur J. Gallagher & Co. is an insurance brokerage, reinsurance brokerage, consulting and risk management services firm (claims administration through Gallagher Bassett) serving clients worldwide.
Headquarters: Rolling Meadows, Illinois.
Heads-up
- net income fell 12% y/y in Q2 2026
Net income for Q2 2026: $324M, −12% y/y. In the report's figures: costs grew faster than revenue: operating +31% y/y, amortization +67% y/y. Based on the Q2 2026 report.
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