Arthur J. Gallagher & Co., the global insurance broking group, has reported total revenue of $3.32 billion for the third quarter of 2025, a 20% increase from $2.8 billion in Q3 2024. This marks the firm’s 19th consecutive quarter of double-digit revenue growth across its brokerage and risk management segments.
The brokerage division contributed $2.9 billion to the total revenue, up from $2.4 billion in Q3 2024, while the risk management arm generated $402.1 million, compared to $369.7 million in the same quarter last year.
For the nine months ended September 30, 2025, Arthur J. Gallagher’s total revenue before reimbursements reached $10.1 billion, up from $8.72 billion in 2024. The brokerage segment saw revenue rise to $9.02 billion from $7.63 billion, while the risk management arm added $1.2 billion, up from $1 billion in the previous year.
However, net earnings across the company decreased to $1.04 billion in Q3 2025, down from $1.39 billion in Q3 2024. Of this, the brokerage unit contributed $1.57 billion, a decline from $1.7 billion in the prior-year quarter. The risk management division added $19 million in net earnings, slightly lower than the $20 million reported in Q3 2024.
For the nine-month period, net earnings also dipped to $5.16 billion, compared to $5.4 billion in the same period of 2024. The brokerage arm generated $6.65 billion in net earnings, up from $6.1 billion, while the risk management arm added $51 million, down from $59 million.
Operating expenses for the quarter stood at $433.6 million, compared to $342 million in Q3 2024. For the nine months of 2025, operating expenses totalled $1.14 billion, an increase from $1.02 billion in 2024.
In terms of acquisitions, Gallagher closed six deals in Q3 2025, compared to three in the same period last year, with annualised revenues from these acquisitions reaching $3.03 billion, up from $32.7 million in Q3 2024. For the nine months of 2025, Gallagher closed 25 acquisitions with annualised revenues of $3.9 billion, compared to 27 acquisitions generating $173 million in the previous year.
J. Patrick Gallagher, Jr., Chairman and Chief Executive Officer, remarked, “We had a terrific and very active third quarter. For our combined brokerage and risk management segments, we delivered 20% total revenue growth—our 19th straight quarter of double-digit growth. Organic revenue growth was 4.8%, and incremental revenue from acquisitions exceeded $450 million. Our client-centric, team-driven culture is thriving, and we are seeing strong results across our businesses.”
He added, “Global insurance renewal premiums remain in positive territory, and we have yet to see signs of an economic slowdown. Our two-pronged growth strategy—organic and M&A—continues to benefit from our deep niche expertise, extensive data and analytics capabilities, and global reach, putting us in a strong competitive position for attracting new clients and talent.”