Filing Flows › Arthur J. Gallagher (AJG) › Q2 2026 › vs Q1 2026
Arthur J. Gallagher (AJG) Q2 2026 vs Q1 2026 (quarter over quarter)
Arthur J. Gallagher's revenue fell $755M (-16%) from $4.8B in Q1 2026 to $4.0B in Q2 2026. Operating margin 10.3% against 21.9% (-11.6 pts).
Arthur J. Gallagher, Q2 2026: revenue $4.0B (+24% year over year), operating margin 10.3%, net earnings $324M, operating cash flow $10.0M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 10.3% | 21.9% | -11.6 pts |
| Net margin | 8.1% | 17.3% | -9.2 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $4.0B | $4.8B | −$755M | -16% |
| Operating profit | $414M | $1.0B | −$629M | -60% |
| Costs & expenses | $3.6B | $3.7B | −$126M | -3% |
| Pre-tax earnings | $414M | $1.0B | −$629M | -60% |
| Net earnings | $324M | $823M | −$499M | -61% |
| Income tax | $90.0M | $220M | −$130M | -59% |
| Operating cash sources | $706M | $1.2B | −$473M | -40% |
| Depreciation & amortization | $358M | $339M | $19.0M | +6% |
| Share-based compensation | $24.0M | $17.0M | $7.0M | +41% |
| Working capital & other | $696M | $222M | $474M | +214% |
| Operating cash flow | $10.0M | $957M | −$947M | -99% |
| Capital expenditures | $51.0M | $36.0M | $15.0M | +42% |
| Negative free cash flow (OCF − capex) | $41.0M | −$921M | $962M | — |
Questions
How much did Arthur J. Gallagher's revenue grow quarter over quarter in Q2 2026?
Arthur J. Gallagher's revenue fell $755M (-16%) from $4.8B in Q1 2026 to $4.0B in Q2 2026. Operating margin 10.3% against 21.9% (-11.6 pts).