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Arthur J. Gallagher (AJG) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Arthur J. Gallagher (AJG) Q3 2026 earnings results →
Q3 2026 Revenue up 18% year over year to $4.0B · 10¢ of every $1 of revenue kept as net profit · operating margin 13.0%
Arthur J. Gallagher made $4.0B in Q3 2026 (+18% Y/Y). Operating margin 13.0%, net earnings $406M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $4.0B in Q3 2026, up 18% year over year and down 1% from the previous quarter.
Operating profit was $0.52B, a 13.0% margin (up 2.7 points year over year). Of the extra revenue versus Q3 2025, 28% reached operating profit, above the 10% margin then. Total costs grew 15% against revenue growth of 18%. Net earnings were $0.40B, up 48% year over year. The effective tax rate was 21.2%.
Operating cash flow was $1.3B (up 84% year over year), 331% of net earnings. Non-cash charges added back $0.35B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.57B. Capital expenditures of $0.05B left free cash flow of $1.3B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $4.0B | +18% | 13.0% | $406M | $1.3B |
| Q2 2026 | 10-Q | Aug 5, 2026 | $4.0B | +24% | 10.3% | $324M | $10.0M |
| Q1 2026 | 10-Q | May 7, 2026 | $4.8B | +28% | 21.9% | $822M | $957M |
| Q4 2025 | 10-K | Feb 17, 2026 | $3.6B | +34% | 4.9% | $153M | $753M |
| Q3 2025 | 10-Q | Nov 10, 2025 | $3.4B | +20% | 10.3% | $273M | $729M |
| Q2 2025 | 10-Q | Aug 1, 2025 | $3.2B | +16% | 14.7% | $368M | −$424M |
| Q1 2025 | 10-Q | May 2, 2025 | $3.7B | +14% | 23.4% | $704M | $872M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Arthur J. Gallagher
Arthur J. Gallagher & Co. and its subsidiaries, collectively referred to herein as we, our, us or Gallagher, are engaged in providing insurance brokerage, reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services to entities and individuals around the world. We believe that our major strength is our ability to deliver comprehensively structured insurance, reinsurance and risk management solutions, superior claim outcomes and comprehensive consulting services to our clients.
In its own words, from its 10-K, filed Feb 17, 2026.
Arthur J. Gallagher against its Insurance Agents, Brokers & Service peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +18% against the peers' median +8%. Operating margin: 13.0% against the peers' median 17.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AJG Arthur J. Gallagher | Q3 2026 | $4.0B | +18% | 13.0% |
| MRSH Marsh & McLennan Companies | Q3 2026 | $6.9B | +8% | 17.7% |
| AON Aon | Q3 2026 | $4.1B | +3% | 19.7% |
| EQH Equitable Holdings | Q3 2026 | $3.9B | +168% | 35.8% |
| WTW Willis Towers Watson | Q3 2026 | $2.5B | +8% | 17.4% |
| BRO Brown & Brown | Q3 FY27 | $1.7B | +7% | 18.6% |
| ERIE Erie Indemnity | Q3 2026 | $1.1B | +0.3% | 19.4% |
| RYAN Ryan Specialty Holdings | Q3 2026 | $790M | +5% | 17.8% |
| BWIN Baldwin Insurance Group | Q2 2026 | $493M | +30% | -1.7% |
Source: Arthur J. Gallagher 10-Q on SEC EDGAR · CIK 354190 · Insurance Agents, Brokers & Service
Guidance and outlook
13F: who owns AJG and who is buying
More on AJG
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results