Income StatementBalance SheetCash FlowSegments
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Arthur J. Gallagher Business Segments

Business, geographic, and product segment breakdowns

Arthur J. Gallagher generates $15.0B in annual revenue across 2 key segments: Brokerage ($356.2M), and Risk Management ($91.1M). Based on the Q1 2026 filing.

Brokerage (TTM)$356.2MRisk Management (TTM)$91.1M
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$50.7B
P/E Ratio31.47
ROE6.99%

Products & Services

Revenues before reimbursements

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Commissions$1.5B$2.2B$1.8B$1.9B$2.1B$3.1B
Fees$883.3M$984.8M$962.4M$1.1B$1.2B$1.2B
Supplemental revenues$97.7M$113.9M$102.8M$117.6M$131.7M$180.0M
Contingent revenues$52.5M$92.9M$72.7M$75.4M$83.0M$115.0M
Interest income, premium finance revenues and other income (loss)$145.9M$247.6M$232.5M$167.1M$121.8M$86.0M

Dividend income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest income, premium finance revenues and other income (loss)$145.9M$247.6M$232.5M$167.1M$121.8M$86.0M

Increases (decrease) dividend income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest income, premium finance revenues and other income (loss)$26.5M$154.2M$133.9M$31.8M$0.0-$161.0M

Geographic

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total Assets$5.4B$7.4B$9.0B$8.0B$6.9B$7.9B
Goodwill$1.1B$1.2B$1.3B$1.3B$1.3B$1.8B
Revenue from Contract with Customer, Excluding Assessed Tax$155.6M$301.7M$181.6M$187.1M$215.6M$385.0M

Business Segments

Amortizable intangible assets - net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$4.4B$4.3B$4.9B$10.6B$10.5B$10.2B
Risk Management$117.4M$196.8M$199.2M$173.4M$201.0M$212.0M
Corporate$0.0$0.0$0.0$0.0$0.0$0.0

Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$163.2M$203.6M$174.3M$218.5M$297.6M$271.0M
Risk Management$3.8M$5.7M$6.8M$3.7M$5.8M$7.0M
Corporate—$0.0$0.0$0.0$0.0$0.0

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$46.4B$54.4B$62.7B$60.1B$51.5B$73.9B
Risk Management$1.7B$2.0B$2.0B$2.0B$2.3B$2.2B
Corporate$16.2B$17.7B$15.4B$16.9B$16.8B$2.2B

Change in estimated acquisition earnout payables

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$38.5M$15.4M-$6.3M$28.5M$6.4M$16.0M
Risk Management$100.0K$400.0K$700.0K$400.0K$500.0K$1.0M
Corporate—$0.0$0.0$0.0$0.0$0.0

Compensation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$1.3B$1.6B$1.5B$1.6B$1.9B$2.2B
Risk Management$224.7M$231.1M$243.6M$243.8M$255.5M$264.0M
Corporate$38.3M$49.4M$33.6M$38.9M$86.1M$41.0M

Contract with Customer, Liability, Revenue Recognized

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$0.0$226.8M$90.3M$11.7M$6.2M$248.0M
Risk Management$15.4M$20.9M$26.2M$27.2M$13.7M$24.0M

Deferred contract costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$430.9M$523.8M$520.7M$709.9M$693.0M$778.0M
Risk Management$173.4M$171.8M$173.8M$181.2M$199.0M$208.0M

Deferred revenue recognized from business acquisitions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$12.4M$6.3M$6.8M$207.3M$105.6M$7.0M
Risk Management$0.0$0.0$0.0$0.0$0.0$0.0

Depreciation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$34.0M$32.9M$38.1M$41.6M$46.4M$49.0M
Risk Management$10.3M$9.5M$9.9M$10.5M$10.1M$10.0M
Corporate$1.7M$1.7M$1.7M$2.0M$1.6M$2.0M

Foreign currency translation adjustments during the period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage-$336.2M$125.5M$255.7M-$36.7M$28.5M-$22.0M
Risk Management-$24.4M$7.2M$13.9M$900.0K$4.0M$8.0M
Corporate-$125.0K-$250.0K-$250.0K-$250.0K-$250.0K-$1.0M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$11.9B$12.3B$13.3B$21.7B$22.1B$22.4B
Risk Management$328.3M$419.2M$439.0M$456.6M$497.0M$517.0M
Corporate$18.5M$18.5M$18.4M$17.8M$18.0M$17.0M

Goodwill acquired during the period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$419.0M$174.3M$769.7M$8.5B$329.7M$188.0M
Risk Management$1.9M$83.7M$0.0$15.9M$34.4M$13.0M
Corporate$0.0$0.0$0.0$0.0$0.0$0.0

Goodwill true-ups due to appraisals and other acquisition adjustments (see Note 3)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$11.3M$53.8M-$19.5M-$600.0K$0.0$180.0M
Risk Management$25.4M$2.3M$2.3M$2.3M$2.3M-$1.0M
Corporate$0.0$0.0$0.0$0.0$0.0$0.0

Impact of change in foreign exchange rates

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage-$15.3M$13.1M$24.5M-$11.2M-$47.4M-$1.0M
Risk Management-$800.0K$0.0$0.0$0.0$0.0$1.0M

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$425.0M$1.1B$684.4M$551.7M$423.8M$1.2B
Corporate-$150.1M-$282.3M-$271.0M-$272.2M-$311.5M-$251.0M
Risk Management$58.3M$55.9M$58.0M$67.4M$67.7M$68.0M

Incremental deferred revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage—$279.4M$63.0M$9.5M—$353.0M
Risk Management$18.5M$26.2M$27.6M$29.1M$29.1M$26.0M

Interest

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate$101.9M$158.4M$158.6M$160.8M$161.2M$158.0M
Brokerage—$0.0$0.0$0.0$0.0$0.0
Risk Management—$0.0$0.0$0.0$0.0$0.0

Expiration lists

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage Management$791.5M$200.8M$935.7M$6.8B—$162.0M

Non-compete agreements

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage Management$23.6M$16.9M$21.6M$11.9M—$13.0M

Net change in collected billings/deposits received from customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage-$69.3M$20.9M-$7.1M-$4.7M-$13.1M-$26.0M
Risk Management-$6.7M-$6.9M$600.0K$4.6M$3.7M$6.0M

Net earnings

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$317.3M$816.1M$508.4M$410.4M$317.1M$913.0M
Corporate-$101.9M-$148.3M-$184.8M-$186.3M-$212.6M-$140.0M
Risk Management$42.8M$41.1M$42.6M$49.5M$49.8M$50.0M

Net earnings attributable to noncontrolling interests

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$0.0$4.5M$400.0K$900.0K$3.2M$1.0M
Corporate—$0.0$0.0$0.0$0.0$0.0
Risk Management—$0.0$0.0$0.0$0.0$0.0

Net foreign exchange (loss) gain

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk Management—$0.0$600.0K$200.0K-$1.8M-$6.0M
Brokerage$2.4M$600.0K-$200.0K-$2.0M-$3.4M$2.0M
Corporate—$23.9M$25.3M$3.4M-$100.6M$0.0

Operating

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$1.9B$2.2B$2.1B$2.4B$2.7B$3.1B
Risk Management$347.1M$356.5M$376.8M$374.9M$391.8M$402.0M
Corporate$164.5M$282.7M$271.4M$272.6M$311.3M$246.0M

Provision (benefit) for income taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$107.7M$283.0M$176.0M$141.3M$106.7M$313.0M
Corporate-$48.2M-$134.0M-$86.2M-$85.9M-$98.9M-$111.0M
Risk Management$15.5M$14.8M$15.4M$17.9M$17.9M$18.0M

Reimbursements

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk Management$36.0M$39.0M$42.9M$40.2M$41.9M$42.0M
Brokerage—$0.0$0.0$0.0$0.0$0.0
Corporate—$0.0$0.0$0.0$0.0$0.0

Remaining performance obligations

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$430.9M$523.8M$520.7M$709.9M$693.0M$778.0M
Risk Management$173.4M$171.8M$173.8M$181.2M$199.0M$208.0M

Revenue from Contract with Customer, Excluding Assessed Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$2.3B$3.3B$2.8B$2.9B$3.2B$4.3B
Risk Management$405.4M$412.4M$434.8M$442.3M$459.5M$470.0M
Corporate$14.4M$400.0K$400.0K$400.0K—-$5.0M

Revenues before reimbursements

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$2.3B$3.3B$2.8B$2.9B$3.2B$4.3B
Risk Management$369.4M$373.4M$391.9M$402.1M$417.6M$428.0M
Corporate$14.4M$400.0K$400.0K$400.0K—-$5.0M

Write-off of amortizable intangible assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage—$40.6M$0.0$2.4M—$1.0M

Cost Reimbursements

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk Management$36.0M$39.0M$42.9M$40.2M$41.9M$42.0M