Insurance brokerage group Arthur J. Gallagher & Co. reported total revenue before reimbursement of $3.6 billion in the fourth quarter of 2025, compared with $2.7 billion in the fourth quarter of 2024, with combined revenue growth of more than 30% in the core brokerage and risk management segments, including organic revenue growth of 5%.
This marks the broker’s 20th consecutive quarter of double-digit revenue growth. Of total revenue, the company’s brokerage segment contributed $3.2 billion in Q4’25 compared to $2.3 billion in Q4’24, while the risk management segment contributed $417 million compared to $369 million in the year-ago period.
For the full year of 2025, the company’s revenue before reimbursement was $13.8 billion, compared with $11.4 billion in FY24, a year-over-year increase of 21%, including organic revenue growth of 6%. Of that, the company’s brokerage segment reported revenue of $12.2 billion, compared with $9.9 billion in 2024. Meanwhile, $1.6 billion came from the risk management segment, compared with $1.5 billion last year.
In the fourth quarter of 2025, the company’s net profit dropped to US$154 million from US$258 million in the fourth quarter of 2024. Of this amount, the brokerage segment increased $317 million, unchanged from the same period last year, while the risk management segment increased $49 million in the fourth quarter of 2025, compared to $43 million in the same period last year.
In FY25, the company’s net profit increased slightly to $1.5 billion, compared with $1.47 billion in 2024, with the brokerage segment increasing by $2.1 billion, compared with $1.7 billion in 2024, and the risk management segment increasing by $183 million, compared with $175 million last year.
Operating expenses for the quarter were $527 million, compared with $344 million in the fourth quarter of 2024; operating expenses for FY25 were $1.7 billion, compared with $1.4 billion in 2025.
In 4Q25, the company completed 6 acquisitions with annualized revenue of $118 million, compared with 19 acquisitions with annualized revenue of $189 million in 4Q24. In FY25, the company completed 31 acquisitions with annual revenue of $3.5 billion, while in FY24 it completed 46 acquisitions with annual revenue of $363 million.
J. Patrick Gallagher, Jr., Chairman and Chief Executive Officer of Arthur J. Gallagher & Co., commented: “We had a great fourth quarter and a great 2025! Our two-pronged revenue growth strategy of organic and acquisitions drove double-digit top-line growth for the 20th consecutive quarter. Our combined brokerage and risk management segments posted fourth-quarter revenue growth of more than 30%, with organic revenue up 5%.
“Net margin was 10.2%, Adjusted EBITDAC margin was 30.8%, and Adjusted EBITDAC grew 30%. In 2025, we grew revenue 21%, grew 6% organically, grew Adjusted EBITDAC 26%, and completed 33 acquisitions with projected annualized revenue of more than $3.5 billion. Another fantastic year. We enter 2026 with strong momentum and our talented colleagues are executing on our value creation efforts to position us for 2026 Very excited for the year and believe we are just getting started!”
