Arthur J. Gallagher & Co. · AJG · FY2026 Q3 · Calendar Q4 2026

AJG: Q3 growth and AssuredPartners synergies support outlook

AJG’s Q3 results support a constructive operating picture: growth came from new business, retention and exposure growth, while AssuredPartners integration, M&A and productivity initiatives provide additional levers. Key tests are the durability of organic growth, synergy delivery and M&A pace.

Reported After market closeNYSEFinancial Services $68.75B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $3.00 Consensus $2.99
EPS surprise +0.3% Reported versus consensus
Reported revenue $3.92B Consensus $3.98B
Revenue surprise -1.7% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +2.9% Event window
SPY move -1.8% Same window
Abnormal move +4.7% Stock minus SPY
Volume 2.2× Versus trailing sessions
Subsequent drift 0.0% Up to 20 sessions
AJGSPY benchmark

Ask FN2 about AJG FY2026 Q3

Transcript, numbers and history already loaded
Why did AJG rise 2.9% after beating EPS estimates in FY2026 Q3?What changed in AJG's guidance and outlook in FY2026 Q3?Give me the bull and bear case for AJG after FY2026 Q3 earnings.

Free account. Your question opens in FN2 with this report's transcript and numbers attached.

Transcript intelligence

What changed

Management reported 18% third-quarter revenue growth, 25% net earnings growth and 5% brokerage and 10% risk-management organic growth. Brokerage margin expanded to 35.3%; AssuredPartners integration produced a 310-basis-point margin lift, and full-year 2026 guidance was maintained.

Guidance delta

Full-year 2026 guidance was maintained. Management also described an optimistic 2027 outlook, including continued organic growth and additional AssuredPartners synergies.

Key takeaways

  • Organic growth was attributed to new business, client retention and exposure growth rather than rate increases.
  • AssuredPartners integration is advancing, with management targeting $160 million of run-rate synergies by year-end 2026 and $325 million by early 2028.
  • The company cited roughly $300 million of annualized-revenue term sheets, five Q3 tuck-in acquisitions and more than $12 billion of acquisition capacity.

Management priorities

  • Complete the AssuredPartners integration, including agency-management-system rollout.
  • Continue AI-driven automation, digital tools and offshore Centers of Excellence to improve productivity.
  • Pursue acquisitions while expanding cross-selling and capabilities across brokerage, reinsurance, benefits and claims management.

Follow AJG with an agent that reads every filing, transcript, and price print. Free to start.

Try FN2 free

Earnings History

Estimate Beat Miss Match
AJG EPS earnings history estimate and actual scatter chart 10 reported fiscal quarters and 2 future estimate-only quarters. Q2 '24 estimate $2.24 Q2 '24 actual $2.26, beat Q3 '24 estimate $2.26 Q3 '24 actual $2.26, match Q2 '25 estimate $2.36 Q2 '25 actual $2.33, miss Q3 '25 estimate $2.51 Q3 '25 actual $2.32, miss Q4 '25 estimate $2.35 Q4 '25 actual $2.38, beat Q1 '26 estimate $4.43 Q1 '26 actual $4.47, beat Q2 '26 estimate $2.81 Q2 '26 actual $2.84, beat Q3 '26 estimate $2.99 Q3 '26 actual $3.00, match Q4 '26 estimate $2.83 Q1 '27 estimate $4.95
Show 2 more >

Analyst Consensus ?

ConsensusBuy29 ratings
Bullish1965.5%
Neutral931.0%
Bearish13.5%

Analyst 52W Price Targets

$276.07Current
$145Low
$274.15Average
$334High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 30, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Wells Fargo Overweight OverweightMaintainOct 12, 2026
Mizuho Outperform OutperformMaintainOct 7, 2026
Cantor Fitzgerald Neutral NeutralMaintainOct 7, 2026
Morgan Stanley Overweight OverweightMaintainOct 6, 2026
RBC Capital Outperform OutperformMaintainSep 24, 2026
Show 24 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $276.07. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Wells FargoElyse Greenspan$284$232.7 +2.9%Oct 12, 2026
Cantor FitzgeraldAnalyst unavailable$280$229.85 +1.4%Oct 7, 2026
Mizuho SecuritiesAnalyst unavailable$271$229.85 -1.8%Oct 7, 2026
Morgan StanleyBob Huang$260$228.91 -5.8%Oct 6, 2026
Morgan StanleyAnalyst unavailable$285$227.45 +3.2%Sep 25, 2026
See 78 more

Track every rating change on AJG the moment it posts. Free to start.

Start free

Company context

Snapshot as of publication

Arthur 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.…

Historical context

All AJG earnings
-2.7%FY2026 Q2 · Calendar Q3 2026+0.8%FY2026 Q1 · Calendar Q2 2026+1.4%FY2025 Q4 · Calendar Q1 2026

Financial Services peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
ERIE Erie Indemnity Company FY2026 Q3 · Calendar Q4 2026 +2.1% +5.3% Erie pairs resilient demand initiatives with thin underwriting margins
CBOE Cboe Global Markets, Inc. FY2026 Q3 · Calendar Q4 2026 — +7.8% Cboe pairs broad growth with new products and higher guidance
NWG NatWest Group plc FY2026 Q3 · Calendar Q4 2026 — -9.1% NatWest keeps guidance as deposits and wealth management expand
TPG TPG Inc. FY2026 Q3 · Calendar Q4 2026 +4.3% +7.5% TPG raises FRE margin outlook as capital formation accelerates
RKT Rocket Companies, Inc. FY2026 Q3 · Calendar Q4 2026 +10.8% +5.0% Rocket Companies: AI and servicing support resilience as Q4 outlook softens
EG Everest Group, Ltd. FY2026 Q3 · Calendar Q4 2026 -18.8% +3.5% Everest pairs strong earnings with heavier reserve protection

Latest beats and misses

Who reports next

Beat on EPS

Missed on EPS

Get the AJG recap when the next report posts

One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.

Sources

  1. Earnings call transcript and parsed analysis · 2026-10-30T14:17:46.071602+00:00
  2. FN2 earnings calendar · 2026-10-30T01:23:13.979536+00:00
  3. Polygon adjusted daily market bars · 2026-10-30T21:10:42.757885+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-30T21:10:42.755195+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 · As of 2026-10-30. For educational purposes only; not investment advice.