Q2 FY26 · Ended Jun 30, 2026 · View SEC filing
Deal accounting now absorbs most of the profit
Revenue grew 24.2%, yet pretax earnings fell, as the non-cash cost of acquired client lists rose 67.2%.
For investorsWhat Gallagher's profit depends on as last year's big deal turns organic
For foundersThe roll-up playbook: buying renewing clients and keeping them
A year ago income on held cash exceeded interest expense; now the order has flipped, removing a cushion that fell straight to profit.
Brokerage revenue rose 25.7% while its headcount rose 25.1%, so the quarter's growth arrived with the people acquired.
Risk Management, paid per claim or service, grew organic fees 12% while brokerage grew 4% as rates softened.
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Business Lens describes Arthur J. Gallagher from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
