Arthur J Gallagher & Co

Arthur J. Gallagher & Co. is an insurance broker, not an insurer. It arranges insurance, reinsurance and employee benefit programs for businesses, nonprofits, public bodies and some individuals. It also manages claims for other organizations. Insurance companies and other risk-takers put up the money to pay claims. Apart from tiny amounts, Gallagher does not keep that risk. It earns mainly commissions and fees, plus extra payments from insurers called contingent and supplemental revenue. Founded in 1927, it ranked as the world's third-largest insurance broker and risk manager by revenue in Business Insurance magazine's June/July 2025 edition.

Brokerage made up about 87% of fiscal 2025 revenue of $13.9 billion. Retail brokerage supplied 75% of that. It places commercial property, casualty and health coverage directly for clients. Wholesale brokerage added 13%. It helps Gallagher's own brokers and outside brokers place specialized, hard-to-insure risks. Gallagher Re added 12%. It arranges reinsurance, which is insurance that insurers purchase for themselves.

The risk management segment brought in about 13% of revenue. It handles claims for large companies, public bodies and insurers that cover their own losses or hand off claims work. Workers' compensation claims bring in about 59% of the segment's revenue. By region, about 67% of total revenue came from the U.S. and 18% from the U.K. Australia, Canada and New Zealand added smaller shares.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $4.00B, up 24.2% from a year earlier, and net income was $324.0M (-12.0%).
• For fiscal 2025, revenue was $13.94B (+20.7% year over year; +14.8% a year from FY2020 to FY2025) with a 10.7% net margin.

• Over FY2021–FY2025: $0.00 in buybacks and $2.49B in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +7.6% a year over 5 years (FY2020–FY2025).
• Dividends took 44.6% of earnings and 37.4% of free cash flow in the latest fiscal year.
• Shares outstanding changed +23.7% from Sep 30, 2021 to Jun 30, 2026.

Rank among 1514 US companies

Market value at each year end

Arthur J Gallagher’s market value went from $23.79B at the end of 2020 to $71.48B on Nov 2, 2026, about 3.0 times as much; since the end of 2025 it is up 8%.

Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 5 sales ($8.2M).

Large shareholders (13G filings)

ETFs with the most weight in AJG

1. Growth relies heavily on acquisitions. Gallagher has long grown by acquiring large numbers of insurance brokers and benefit consulting firms. If good deals become harder to find, or acquired firms disappoint, growth and profits could suffer.
2. Softer insurance prices could cut revenue. Broker commissions are usually a percentage of premiums. Revenue and profits could drop if premiums fall or the insurance industry weakens, for example if insurers have less capital to take on risk.
3. Insurer bonus payments can swing. Some revenue comes as contingent and supplemental payments from insurers, often linked to the volume or profitability of business placed. These are less predictable than regular commissions and could fall.
4. Clean energy investments add unrelated risks. Gallagher has invested in clean energy operations under Section 45 of the U.S. tax code, which provides certain energy tax credits. These face uncertainties and could bring environmental and product liability claims.
5. Heavy debt and a growing share count. Total debt was about $13.6 billion as of June 30, 2026. A credit rating downgrade would raise borrowing costs. The share count rose 23.7% from September 2021 to June 2026, diluting existing owners.
6. A third of revenue comes from abroad. About 33% of fiscal 2025 revenue came from outside the U.S., mostly the U.K., Australia, Canada and New Zealand. That adds currency swings, foreign rules and anti-bribery laws such as the U.K. Bribery Act.

• Oct 29, 2026 Quarterly results released; Investor presentation or announcement
• Aug 27, 2026 Executive or board change
• Jul 30, 2026 Quarterly results released; Investor presentation or announcement
• Jul 29, 2026 Other company announcement
• Jun 17, 2026 Investor presentation or announcement
• May 13, 2026 Shareholder vote results
• Apr 30, 2026 Quarterly results released; Investor presentation or announcement
• Mar 17, 2026 Investor presentation or announcement
• Mar 12, 2026 Executive or board change
• Jan 29, 2026 Quarterly results released; Investor presentation or announcement

Gallagher has raised its regular dividend for at least nine straight years through fiscal 2025, and the streak may be longer. Dividends per share rose from $1.80 in fiscal 2020 to $2.60 in fiscal 2025, about 7.6% a year. In fiscal 2025, dividends used 44.6% of earnings and 37.4% of free cash flow (the cash left after day-to-day costs and capital spending). The yield was a modest 1.06% as of October 28, 2026. Gallagher repurchased no shares from fiscal 2021 to 2025, and its share count rose 23.7% between September 2021 and June 2026.

The shares dropped as much as 46% in the 2008 financial crisis and regained their peak about 14 months after the low. They fell 37% in the 2020 COVID crash and recovered within seven months. The worst drop in the 2022 bear market was 18.8%, but the shares fell as much as 36.4% in the year to October 28, 2026. Single stocks carry more risk than diversified funds.