Gallagher reports 18% revenue growth in Q3

Gallagher reported third-quarter 2026 revenue before reimbursements of $3.93 billion, up 18% year over year, with organic growth of 5% across its brokerage and risk management businesses.

Net earnings increased to $406 million from $273 million. Diluted earnings per share rose to $1.55 from $1.04, while adjusted diluted earnings per share increased to $3.00 from $2.31.

Brokerage revenue before reimbursements reached $3.47 billion, compared with $2.92 billion a year earlier. Organic revenue grew 5%, and adjusted EBITDAC increased to $1.22 billion from $975 million. The segment’s adjusted EBITDAC margin expanded to 35.3% from 33.3%.

Risk management revenue before reimbursements increased to $457 million from $402 million, while net earnings rose to $61 million from $50 million.

Gallagher closed five brokerage acquisitions during the quarter, representing approximately $102 million in estimated annualized revenue. Through September, it had completed 19 brokerage acquisitions with approximately $209 million in annualized revenue.

For the first nine months of 2026, companywide revenue before reimbursements totaled $12.60 billion, compared with $10.19 billion a year earlier. Net earnings increased to $1.55 billion from $1.35 billion.