Skip to content
OpenCapital
Get started
Income StatementBalance SheetCash FlowSegments
Arthur J. Gallagher logo

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$51.7B
P/E Ratio32.06
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$883.7M$985M$962.4M$1.1B$1.2B$1.2B
Supplemental revenues$97.3M$114M$102.8M$117.6M$131.7M$180M
Contingent revenues$52.9M$93M$72.7M$75.4M$83M$115M
Interest income, premium finance revenues and other income (loss)$145.7M$247M$232.5M$167.1M$121.8M$86M

Dividend income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest income, premium finance revenues and other income (loss)$145.7M$247M$233.1M$167.1M$121.8M$86M

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-$161M

Geographic

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
United States$38B$41.1B$42.7B$44.7B$43.2B$52.3B
United Kingdom$16.2B$21.3B$23.2B$21.5B$15.6B$13.7B
Other foreign$5.4B$7.4B$9B$8B$6.9B$7.9B
Australia$2.1B$2B$2.4B$2.3B$2.4B$2.2B
Canada$1.7B$1.7B$1.9B$1.7B$1.7B$1.5B
New Zealand$733M$672M$871.2M$777.1M$784M$714M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
United States$7B$7.1B$7.8B$16.3B$16.5B$15.8B
United Kingdom$2.6B$2.8B$2.9B$2.9B$3B$3.6B
Other foreign$1.1B$1.2B$1.3B$1.3B$1.3B$1.8B
Australia$728M$744.4M$795.5M$809.2M$829M$879M
Canada$587M$604.6M$630.8M$619.5M$628M$624M
New Zealand$191M$202.5M$236.6M$230.3M$233M$234M

Revenue from Contract with Customer, Excluding Assessed Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
United States$1.7B$2.5B$2B$2.4B$2.5B$3.3B
United Kingdom$524.7M$697M$671.1M$512.5M$596.6M$775M
Other foreign$155.8M$301M$181.6M$187.1M$215.6M$385M
Australia$155.1M$125M$155.5M$151.2M$154.5M$146M
Canada$103.9M$101M$106.4M$90M$97.8M$93M
New Zealand$53M$40M$57.7M$54.6M$54.8M$42M

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$117M$197M$199.2M$173.4M$201M$212M
Corporate$0$0$0$0$0$0

Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$163.2M$204M$174.3M$218.5M$297.6M$271M
Risk Management$4M$6M$6.8M$3.7M$5.8M$7M
Corporate$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$2B$2B$2B$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$38.9M$15M-$6.3M$28.5M$6.4M$16M
Risk Management-$300K$0$700K$400K$500K$1M
Corporate$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$224.3M$231M$243.6M$243.8M$255.5M$264M
Corporate$37.8M$49M$33.6M$38.9M$86.1M$41M

Contract with Customer, Liability, Revenue Recognized

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$0$226.8M$90.3M$11.7M$6.2M$248M
Risk Management$15.3M$20.9M$26.2M$27.2M$13.7M$24M

Deferred contract costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$431M$523.8M$520.7M$709.9M$693M$778M
Risk Management$173M$171.8M$173.8M$181.2M$199M$208M

Deferred revenue recognized from business acquisitions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$12.6M$6.3M$6.8M$207.3M$105.6M$7M
Risk Management$0——$0$0$0

Depreciation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$33.9M$33M$38.1M$41.6M$46.4M$49M
Risk Management$10.7M$10M$9.9M$10.5M$10.1M$10M
Corporate$1.9M$2M$1.7M$2M$1.6M$2M

Foreign currency translation adjustments during the period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage-$336.2M$125.5M$255.7M$0$28.5M-$22M
Risk Management-$23.9M$7.2M$13.9M$900K$4M$8M
Corporate$100K——-$600K-$300K-$1M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$11.9B$12.3B$13.3B$21.7B$22.1B$22.4B
Risk Management$328M$419M$439M$456.6M$497M$517M
Corporate$19M$19M$18.4M$17.8M$18M$17M

Goodwill acquired during the period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$419.3M$174.3M$769.7M$8.5B$329.7M$188M
Risk Management$1.8M$83.7M$0$15.9M$34.4M$13M
Corporate$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$10.6M$53.8M———$180M
Risk Management$25.3M——$800K$2.3M-$1M
Corporate$0——$0$0$0

Impact of change in foreign exchange rates

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage-$15M$13.1M$24.5M-$11.2M-$47.4M-$1M
Risk Management-$500K——$900K-$900K$1M

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

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$424.7M$1.1B$684.4M$551.7M$423.8M$1.2B
Corporate-$150M-$282M-$271M-$272.2M-$311.5M-$251M
Risk Management$58.7M$56M$58M$67.4M$67.7M$68M

Incremental deferred revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage—$279.4M$63M$9.5M—$353M
Risk Management$18M$26.2M$27.6M$29.1M$29.1M$26M

Interest

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate$101.6M$158M$158.6M$160.8M$161.2M$158M
Brokerage$0$0$0$0$0$0
Risk Management$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—$162M

Non-compete agreements

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage Management$23.6M$16.9M$21.6M$11.9M—$13M

Net change in collected billings/deposits received from customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage-$69M$20.9M——-$13.1M-$26M
Risk Management-$6.4M-$6.9M——$3.7M$6M

Net earnings

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$317.6M$816M$508.4M$410.4M$317.1M$913M
Corporate-$102.1M-$148M-$184.8M-$186.3M-$212.6M-$140M
Risk Management$43.3M$41M$42.6M$49.5M$49.8M$50M

Net earnings attributable to noncontrolling interests

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$200K$5M$400K$900K$3.2M$1M
Corporate$0$0$0$0$0$0
Risk Management$0$0$0$0$0$0

Net foreign exchange (loss) gain

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk Management$0$0$600K$200K-$600K-$6M
Brokerage$2.6M$1M-$200K-$2M-$2.5M$2M
Corporate—$24M$25.3M$3.4M-$2.2M$0

Operating

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$1.9B$2.2B$2.1B$2.4B$2.7B$3.1B
Risk Management$346.9M$357M$376.8M$374.9M$391.8M$402M
Corporate$164.1M$282M$271.4M$272.6M$311.3M$246M

Provision (benefit) for income taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage$107.1M$283M$176M$141.3M$106.7M$313M
Corporate-$47.9M-$134M-$86.2M-$85.9M-$98.9M-$111M
Risk Management$15.4M$15M$15.4M$17.9M$17.9M$18M

Reimbursements

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk Management$35.7M$39M$42.9M$40.2M$41.9M$42M
Brokerage$0$0$0$0$0$0
Corporate$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$693M$778M
Risk Management$173.4M$171.8M$173.8M$181.2M$199M$208M

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$405.6M$413M$434.8M$442.3M$459.5M$470M
Corporate$14.1M$0$400K$400K$200K-$5M

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$369.9M$374M$391.9M$402.1M$417.6M$428M
Corporate$14.1M$0$400K$400K$200K-$5M

Write-off of amortizable intangible assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Brokerage—$41M—$2.4M—$1M

Cost Reimbursements

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk Management$35.7M$39M$42.9M$40.2M$41.9M$42M