Analyst Consensus ?
ConsensusBuy29 ratings
Bullish1965.5%
Neutral931.0%
Bearish13.5%
Arthur J. Gallagher & Co. · AJG · FY2026 Q1 · Calendar Q2 2026
AJG Q1 2026: Revenue Up 28%, Margin Expansion Continues as AssuredPartners Integration Progresses
Arthur J. Gallagher delivered a solid Q1 2026, with revenue growth of 28% (5% organic, 23% M&A) and an 18% increase in adjusted EBITDAC -- the 24th consecutive quarter of double-digit EBITDAC growth. EPS of $4.47 edged the $4.43 consensus, while revenue of $4.72B came in slightly below the $4.73B estimate. The AssuredPartners integration is eight months post-close and contributed $60M of annualized revenue. Management maintained its full-year organic growth outlook of approximately 6% and its 40-60 bps margin expansion target. The M&A pipeline deepened to ~40 term sheets (~$400M annualized revenue), up from ~$350M last quarter. AI deployment across core platforms (Gallagher Drive, Blueprint) and growing specialty E&S exposure to data-center and AI infrastructure are emerging as incremental growth drivers. The stock's abnormal move of +0.55% on the report was modest, consistent with an…
Reported After market closeNYSEFinancial Services
$68.16B market cap
100quality score
Company context
Snapshot as of publicationArthur J. Gallagher & Co., alongside its various subsidiaries, operates globally, providing a wide array of services that encompass insurance brokerage, expert consulting, and outsourced claims settlement and administration. Its geographic reach extends across the United States, Australia, Bermuda, Canada, the Caribbean, New Zealand, India, and the United Kingdom. The company's business model is divided into two primary segments: Brokerage and Risk Management. The Brokerage division manages both retail and wholesale insurance operations. It also supports other brokers, including independent ones, in securing specialized or hard-to-place insurance coverage. This segment functions as a wholesale broker, managing general agent (MGA), and managing general underwriter (MGU) to distribute tailored insurance products to underwriting firms.…
Earnings scorecard
Reported versus consensus
Reported EPS
$4.47
Consensus $4
EPS surprise
+0.9%
Reported versus consensus
Reported revenue
$4.72B
Consensus $4.73B
Revenue surprise
-0.3%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$268.4Current
$145Low
$271.73Average
$344High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Piper Sandler | Overweight | Neutral | Upgrade | Jul 15, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 13, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 9, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jul 9, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Jul 9, 2026 |
| UBS | Buy | Buy | Maintain | Jul 8, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Jul 8, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 7, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 6, 2026 |
| Jefferies | Buy | Hold | Upgrade | Jun 11, 2026 |
| Citigroup | Buy | Neutral | Upgrade | May 6, 2026 |
| Truist Securities | Hold | Hold | Maintain | May 1, 2026 |
| BMO Capital | Outperform | Market Perform | Upgrade | Mar 24, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Dec 17, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Oct 31, 2025 |
| B of A Securities | Underperform | Underperform | Maintain | Oct 10, 2024 |
| TD Cowen | Hold | Hold | Maintain | Aug 13, 2024 |
| Argus Research | Buy | Buy | Maintain | May 14, 2024 |
| Raymond James | Market Perform | Strong Buy | Downgrade | Dec 12, 2023 |
| Deutsche Bank | Hold | Hold | Maintain | May 18, 2021 |
| Credit Suisse | Neutral | Outperform | Downgrade | Jan 11, 2021 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Jun 18, 2020 |
| CFRA | Hold | Hold | Maintain | May 20, 2020 |
| Keefe Bruyette & Woods | Outperform | Outperform | Maintain | Aug 1, 2016 |
| William Blair | Market Perform | Underweight | Upgrade | Mar 21, 2016 |
| Sandler O'Neill | Buy | Hold | Upgrade | Apr 10, 2014 |
| Compass Point | Buy | Neutral | Upgrade | Apr 2, 2014 |
| Macquarie | Outperform | Neutral | Upgrade | Jan 28, 2014 |
| Bank of America | Buy | Neutral | Upgrade | Jan 31, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $268.4. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Piper Sandler | Analyst unavailable | $276 | $253.83 | +2.8% | Jul 15, 2026 |
| RBC Capital | Rowland Mayor | $300 | $256.39 | +11.8% | Jul 13, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $300 | $253 | +11.8% | Jul 9, 2026 |
| Mizuho Securities | Analyst unavailable | $287 | $256.61 | +6.9% | Jul 9, 2026 |
| UBS | Brian Meredith | $291 | $253.52 | +8.4% | Jul 8, 2026 |
| Barclays | Alex Scott | $292 | $249.77 | +8.8% | Jul 7, 2026 |
| Morgan Stanley | Bob Huang | $255 | $252.44 | -5.0% | Jul 6, 2026 |
| Jefferies | Analyst unavailable | $265 | $220.14 | -1.3% | Jun 11, 2026 |
| UBS | Analyst unavailable | $250 | $212.52 | -6.9% | Jun 8, 2026 |
| UBS | Analyst unavailable | $240 | $203.61 | -10.6% | May 21, 2026 |
| Morgan Stanley | Analyst unavailable | $265 | $202.19 | -1.3% | May 7, 2026 |
| Truist Financial | Analyst unavailable | $225 | $216.1 | -16.2% | May 1, 2026 |
| Piper Sandler | Paul Newsome | $211 | $206.4 | -21.4% | May 1, 2026 |
| Mizuho Securities | Analyst unavailable | $259 | $219.12 | -3.5% | Apr 13, 2026 |
| Piper Sandler | Analyst unavailable | $226 | $216.51 | -15.8% | Feb 23, 2026 |
| UBS | Analyst unavailable | $283 | $249.37 | +5.4% | Feb 2, 2026 |
| Truist Financial | Analyst unavailable | $271 | $250.75 | +1.0% | Jan 30, 2026 |
| Piper Sandler | Paul Newsome | $249 | $245.84 | -7.2% | Jan 30, 2026 |
| Wells Fargo | Analyst unavailable | $298 | $245.84 | +11.0% | Jan 30, 2026 |
| Mizuho Securities | Yaron Kinar | $277 | $257 | +3.2% | Jan 14, 2026 |
| Cantor Fitzgerald | Ryan Tunis | $282 | $257 | +5.1% | Jan 14, 2026 |
| Wells Fargo | Analyst unavailable | $311 | $264.84 | +15.9% | Jan 13, 2026 |
| BMO Capital | Michael Zaremski | $275 | $264.84 | +2.5% | Jan 13, 2026 |
| Barclays | Analyst unavailable | $247 | $259 | -8.0% | Jan 8, 2026 |
| Goldman Sachs | Robert Cox | $292 | $259 | +8.8% | Jan 7, 2026 |
| Piper Sandler | Analyst unavailable | $272 | $262.77 | +1.3% | Jan 7, 2026 |
| Wells Fargo | Analyst unavailable | $328 | $253.39 | +22.2% | Dec 22, 2025 |
| Morgan Stanley | Analyst unavailable | $300 | $252.64 | +11.8% | Dec 19, 2025 |
| Needham | Analyst unavailable | $272 | $251.52 | +1.3% | Dec 18, 2025 |
| UBS | Brian Meredith | $285 | $251.98 | +6.2% | Dec 17, 2025 |
| Goldman Sachs | Analyst unavailable | $293 | $252.12 | +9.2% | Dec 17, 2025 |
| Wolfe Research | Tracy Benguigui | $289 | $251.98 | +7.7% | Dec 17, 2025 |
| Evercore ISI | David Motemaden | $334 | $251.98 | +24.4% | Dec 17, 2025 |
| Truist Financial | Analyst unavailable | $280 | $251.38 | +4.3% | Dec 16, 2025 |
| Mizuho Securities | Yaron Kinar | $276 | $256.19 | +2.8% | Dec 15, 2025 |
| Piper Sandler | Analyst unavailable | $280 | $255.46 | +4.3% | Dec 15, 2025 |
| Wells Fargo | Elyse Greenspan | $344 | $245.41 | +28.2% | Dec 5, 2025 |
| Barclays | Analyst unavailable | $250 | $248.72 | -6.9% | Nov 20, 2025 |
| Piper Sandler | Paul Newsome | $295 | $246.23 | +9.9% | Oct 31, 2025 |
| Goldman Sachs | Robert Cox | $315 | $244.82 | +17.4% | Oct 31, 2025 |
| Evercore ISI | David Motemaden | $353 | $262.03 | +31.5% | Oct 31, 2025 |
| Piper Sandler | Paul Newsome | $340 | $305.84 | +26.7% | Oct 2, 2025 |
| UBS | Analyst unavailable | $329 | $297.91 | +22.6% | Sep 19, 2025 |
| Wells Fargo | Analyst unavailable | $365 | $297.91 | +36.0% | Sep 19, 2025 |
| Truist Financial | Mark Hughes | $290 | $301.82 | +8.0% | Jan 31, 2025 |
| Goldman Sachs | Robert Cox | $313 | $304.29 | +16.6% | Nov 25, 2024 |
| BMO Capital | Michael Zaremski | $325 | $281.45 | +21.1% | Nov 12, 2024 |
| Bank of America Securities | Joshua Shanker | $293 | $294.94 | +9.2% | Oct 10, 2024 |
| Jefferies | Yaron Kinar | $274 | $293.16 | +2.1% | Oct 9, 2024 |
| Goldman Sachs | Robert Cox | $300 | $279.45 | +11.8% | Sep 27, 2024 |
| RBC Capital | Scott Heleniak | $320 | $282.2 | +19.2% | Sep 20, 2024 |
| Barclays | Alex Scott | $300 | $297.75 | +11.8% | Sep 4, 2024 |
| CFRA | Catherine Seifert | $320 | $283.58 | +19.2% | Jul 26, 2024 |
| Truist Financial | Mark Hughes | $265 | $282.14 | -1.3% | Jul 26, 2024 |
| RBC Capital | Scott Heleniak | $310 | $280.9 | +15.5% | Jul 26, 2024 |
| Piper Sandler | Paul Newsome | $254 | $273.97 | -5.4% | Jul 26, 2024 |
| RBC Capital | Scott Heleniak | $290 | $254.52 | +8.0% | Jun 26, 2024 |
| Argus Research | John Staszak | $270 | $249.5 | +0.6% | May 14, 2024 |
| Piper Sandler | Paul Newsome | $252 | $234.21 | -6.1% | Apr 29, 2024 |
| Truist Financial | Mark Hughes | $255 | $244.13 | -5.0% | Apr 10, 2024 |
| Citigroup | Analyst unavailable | $228 | $196.32 | -15.1% | Feb 1, 2023 |
| Raymond James | Analyst unavailable | $215 | $190.17 | -19.9% | Dec 29, 2022 |
| Citigroup | Analyst unavailable | $225 | $193.11 | -16.2% | Dec 15, 2022 |
| Morgan Stanley | Analyst unavailable | $204 | $196.28 | -24.0% | Nov 22, 2022 |
| Jefferies | Yaron Kinar | $211 | $158.74 | -21.4% | Jun 23, 2022 |
| Raymond James | Analyst unavailable | $195 | $168.49 | -27.3% | May 2, 2022 |
| Wells Fargo | Analyst unavailable | $211 | $179.33 | -21.4% | Apr 29, 2022 |
| UBS | Weston Bloomer | $192 | $179.5 | -28.5% | Apr 20, 2022 |
| Truist Financial | Mark Hughes | $205 | $183.22 | -23.6% | Apr 11, 2022 |
| Bank of America Securities | Joshua Shanker | $151 | $166.64 | -43.7% | Oct 29, 2021 |
| Deutsche Bank | Phil Stefano | $145 | $137.99 | -46.0% | Jul 30, 2021 |
Track every rating change on AJG the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
+0.8%
Event window
SPY move
+0.3%
Same window
Abnormal move
+0.6%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
-1.0%
Up to 20 sessions
AJGSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Revenue growth of 28% decelerated from the >30% pace in Q4 2025 as the AssuredPartners anniversary effect took hold, but organic growth held steady at 5%. The M&A pipeline expanded from ~$350M of annualized revenue in Q4 to ~$400M in Q1, with 9 new tuck-in deals completed. Margin expansion of 50 bps is tracking within the 40-60 bps full-year guidance range. New details emerged on AI tool deployment -- Gallagher Drive and Blueprint digital products are live -- and on specialty E&S exposure to data-center and AI-related infrastructure as a growing opportunity. Share repurchases of $310M were executed, alongside disclosure of $655M in tax credit carryovers and $11B in amortization expenses providing approximately $3.4B of future cash tax savings. Interest income of $143M from funds held for the AssuredPartners acquisition created period-over-period comparability noise.
Guidance delta
Guidance was maintained. Management reaffirmed its full-year organic broker-segment growth outlook of approximately 6% and its underlying margin expansion target of 40-60 basis points. AssuredPartners synergy targets of $160M-$280M by 2028 were unchanged. The M&A pipeline continues to build with ~40 term sheets representing ~$400M in annualized revenue, up from ~$350M in the prior quarter.
Key takeaways
- Revenue grew 28% YoY to $4.72B, comprising 5% organic growth and 23% from M&A.
- Adjusted EBITDAC rose 18%, marking the 24th consecutive quarter of double-digit EBITDAC growth.
- Underlying margin expanded 50 bps, within the guided 40-60 bps full-year range.
- Nine tuck-in acquisitions closed; pipeline of ~40 term sheets (~$400M annualized) up from ~$350M in Q4.
- AssuredPartners contributed $60M of annualized revenue eight months post-close.
- Share repurchases totaled $310M; $655M in tax credit carryovers and ~$3.4B in future cash tax savings identified.
Management priorities
- Deploy AI across all core platforms and introduce new digital products like Blueprint.
- Execute M&A strategy including tuck-in acquisitions and larger deals from the ~40 term-sheet pipeline.
- Maintain investment in organic growth initiatives and client-focused advisory services.
- Continue share repurchases while preserving capital for strategic opportunities.
- Leverage tax credit carryovers and amortization benefits to enhance cash flow.
Related earnings events
Financial ServicesSources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T15:41:09.138952+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T15:41:09.136171+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.