Global insurance broker Arthur J. Gallagher & Co. has reported strong growth for the third quarter ending September 30, 2025. The company’s revenue jumped 20% to $3.33 billion, up from $2.76 billion during the same period last year. Despite this boost, net earnings fell to $273.6 million, down from $314.1 million in 2024. On the upside, adjusted net earnings increased to $604.9 million, supported by an adjusted EBITDAC (earnings before interest, taxes, depreciation, amortization and commissions) of $1.02 billion, delivering a 32.1% margin. Earnings per share came in at $1.04, while adjusted earnings per share reached $2.32.
Chair and CEO J. Patrick Gallagher Jr. highlighted the company’s brokerage and risk management sectors, noting they posted their 19th straight quarter of double-digit revenue growth. Organic growth contributed 4.8%, with an additional $450 million in revenue coming from acquisitions. The company also pointed out that insurance renewal prices remain in positive territory, helping to sustain their growth.
Breaking down the segments, the brokerage division led with $2.92 billion in revenue, up from $2.40 billion last year, and an adjusted EBITDAC of $981.6 million. Meanwhile, the risk management segment recorded $402 million in revenue and $87.6 million in adjusted EBITDAC. During the quarter, Gallagher completed six acquisitions, which together represent nearly $3 billion in annualized revenue.
A key highlight was the August 2025 completion of a massive $13.8 billion acquisition of AssuredPartners, one of the biggest insurance broker deals in the U.S. This move added 10,900 employees and expanded Gallagher’s presence in the middle-market property, casualty, and employee benefits sectors across the country.
In addition, Gallagher bought Safe T Professionals, an Arizona-based firm providing environmental, health, and safety management services in construction and manufacturing. The company also expanded internationally by acquiring Chilean broker Etchepare y Honorato.
On the shareholder front, Gallagher announced a quarterly cash dividend of $0.65 per share on October 29. Payments will be made on December 19 to shareholders on record as of December 5. The company’s total assets increased significantly to $79.07 billion as of September 30, up from $64.26 billion at the end of 2024, reflecting the impact of the AssuredPartners acquisition.
Headquartered in Rolling Meadows, Illinois, Arthur J. Gallagher & Co. offers insurance brokerage, risk management, and consulting services in about 130 countries through its own offices and network partners.
As Gallagher continues to grow through acquisitions and organic expansion, many are watching to see if this strategy will keep driving earnings higher in 2026.