Insurance broking group Arthur J. Gallagher & Co. has reported total revenue before reimbursement of $3.6 billion for the fourth quarter of 2025, compared to $2.7 billion in Q4’24, as the core brokerage and risk management segments combined delivered revenue growth of more than 30%, including organic revenue growth of 5%.
This marks the broker’s 20th straight quarter of double-digit top-line growth. Of the total revenue, the company’s brokerage unit contributed $3.2 billion in Q4’25, compared to $2.3 billion in Q4’24, while the risk management arm contributed $417 million compared to $369 million in the comparative prior year quarter.
For the full year 2025, the company’s revenues before reimbursement amount to $13.8 billion compared to $11.4 billion in FY’24, up 21% year on year, including organic revenue growth of 6%. Of this, the company’s brokerage arm reported revenue of $12.2 billion, compared to $9.9 billion in 2024. Meanwhile, $1.6 billion comes from the risk management segment, compared to $1.5 billion last year.
For Q4’25, net earnings across the company dipped to $154 million compared to $258 million in Q4’24. Of this, the brokerage arm added $317 million, unchanged from the prior year quarter, while the risk management arm added $49 million in Q4’25 compared to $43 million in last year’s comparable quarter.
For FY’25, net earnings across the company grew slightly to $1.5 billion compared to $1.47 billion in 2024, of which the brokerage arm added $2.1 billion, compared to $1.7 billion in 2024, while the risk management arm added $183 million compared to $175 million last year.
The operating expense for the quarter is $527 million compared to $344 million in Q4’24, and $1.7 billion for FY’25, compared to $1.4 billion in 2025.
In Q4’25, the firm closed six acquisitions with annualised revenues of $118 million, compared to 19 deals with revenue of $189 million in Q4’24. For FY’25, the company closed 31 acquisitions with annualised revenues of $3.5 billion, compared to 46 acquisitions with a revenue of $363 million in FY’24.
J. Patrick Gallagher, Jr., Chairman and Chief Executive Officer, Arthur J. Gallagher & Co., commented, “We had an excellent fourth quarter and a terrific 2025! Our two-pronged revenue growth strategy, that’s organic and M&A, drove double-digit top-line growth for the 20th straight quarter. Fourth quarter revenue growth for our combined Brokerage and Risk Management segments was in excess of 30% and included organic revenue growth of 5%.
“Net earnings margin was 10.2%, adjusted EBITDAC margin was 30.8% and adjusted EBITDAC grew 30%. We finished 2025 with 21% growth in revenue, 6% organic growth, 26% growth in adjusted EBITDAC and completed 33 mergers with more than $3.5 billion in estimated annualised revenue. Another fantastic year. We have excellent momentum entering 2026, and our talented colleagues are executing on our value creation strategy. We are extremely excited about 2026 and believe we are just getting started!”
