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Arthur J. Gallagher AJG Fees — Revenues before reimbursements

Other product segments

Commissions
$3.12B+38.9%
Supplemental revenues
$180M+57.9%
Contingent revenues
$115M+23.7%
Interest income, premium finance revenues and other income (loss)
$86M-65.2%

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STEPFund reimbursement revenues — Service fees
$3.08M+37.1%
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EXPORevenue Before Reimbursements
$151.82M+10.5%
Galaxy Digital logo
GLXYFees — Revenues from contracts with customers
$21.61M+87.6%
APA
APAMManagement Fees Before Reimbursement Revenue — Revenue
$177.42M+9.9%

Other financials

Income statement

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Revenue$4.8B+27.7%
Gross profit$2.0B+16.3%
Net income$822.0M+16.8%
EPS (diluted)$3.16+16.2%

Balance sheet

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Cash & equivalents$1.4B-91.5%
Total debt$14.0B+5.7%
Total equity$23.8B+6.5%
Total assets$78.3B+5.7%

Cash flow

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Operating cash flow$957.0M+9.7%
CapEx$36.0M+28.6%
Free cash flow$921.0M+9.1%

Valuation

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Market cap$62.23B-21.4%
Enterprise value$74.83B-5.0%
P/E38.6×-9.6×
P/S4.2×-2.2×

Profitability

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Gross margin99.7%+14.0pp
Net margin10.8%-2.2pp
FCF margin21%-0.1pp

Returns & leverage

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Return on equity7%-2.3pp
Debt / equity0.6×0.0×
Current ratio1.1×-0.4×

Where this comes from

Reported directly by Arthur J. Gallagher in its filing.

Tagged under the XBRL concept ajg:RevenueFromContractWithCustomerBeforeReimbursementsExcludingAssessedTax.

The official record: Arthur J. Gallagher’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Arthur J. Gallagher's fees — revenues before reimbursements?
Arthur J. Gallagher (AJG) reported fees — revenues before reimbursements of $1.21B in Q1 2026.
How has Arthur J. Gallagher's fees — revenues before reimbursements changed year-over-year?
Arthur J. Gallagher's fees — revenues before reimbursements increased by 23.0% year-over-year, from $985M to $1.21B.
What is the long-term trend for Arthur J. Gallagher's fees — revenues before reimbursements?
Over 4 years (2021 to 2025), Arthur J. Gallagher's fees — revenues before reimbursements has grown at a 16.7% compound annual growth rate (CAGR), from $2.26B to $4.2B.
What does fees — revenues before reimbursements mean?
This metric represents the total revenue generated from brokerage and consulting service fees, excluding any pass-through reimbursements for out-of-pocket expenses. It serves as a primary indicator of the company's core service-based revenue generation, reflecting the value provided to clients through insurance placement and advisory services. By focusing on fees before reimbursements, it isolates the organic top-line performance of the brokerage segment.