Arthur J. Gallagher & Co. has reported total revenue of $3.33 billion for the third quarter ending 30 September 2025, a 20% increase from $2.76 billion in the same period last year. Net earnings were $273.6 million, down from $314.1 million a year earlier, while adjusted net earnings rose to $604.9 million, with adjusted EBITDAC of $1.02 billion and a 32.1% margin. Diluted earnings per share (EPS) stood at $1.04, while adjusted EPS reached $2.32.
Chair and CEO J. Patrick Gallagher Jr. highlighted that the company’s brokerage and risk management segments delivered their 19th consecutive quarter of double-digit revenue growth. Organic revenue increased by 4.8%, supported by $450 million in incremental revenue from acquisitions. Gallagher noted that global insurance renewal premium changes “remain in positive territory” and reaffirmed that the company’s two-track growth model continues to deliver results.
Segment Performance and Acquisitions
The brokerage segment reported revenue of $2.92 billion, up from $2.40 billion last year, with adjusted EBITDAC of $981.6 million. The risk management segment generated $402 million in revenue and $87.6 million in adjusted EBITDAC. During the quarter, the company completed six acquisitions, representing an estimated $3 billion in annualised revenue.
A key contributor was the August 2025 completion of Gallagher’s $13.8 billion acquisition of AssuredPartners, one of the largest U.S. insurance broker transactions to date. The deal added 10,900 employees and expanded Gallagher’s middle-market property, casualty, and employee benefits operations across the United States. Gallagher also acquired Safe T Professionals through its subsidiary Gallagher Bassett. The Arizona-based firm provides environmental, health, and safety management and staffing services in the construction and manufacturing sectors.
International growth continued with the purchase of Chilean insurance broker Etchepare y Honorato, advised by law firm Philippi Prietocarrizosa Ferrero DU & Uría.
Dividend Declaration and Company Overview
On 29 October, Gallagher declared a regular quarterly cash dividend of $0.65 per share, payable on 19 December to shareholders of record on 5 December. The company reported total assets of $79.07 billion as of 30 September, up from $64.26 billion at the end of 2024, partly reflecting the integration of AssuredPartners.
Headquartered in Rolling Meadows, Illinois, Arthur J. Gallagher & Co. provides insurance brokerage, risk management, and consulting services in approximately 130 countries through its own operations and correspondent networks.
The company’s continued acquisition strategy raises questions about whether it will sustain its earnings trajectory into 2026, generating debate among investors and industry observers.