Gallagher has released its financial results for the fourth quarter and full year ended December 31, 2025, reporting revenue growth across its brokerage and risk management segments.
The company posted total revenues of US$3.59 billion for the fourth quarter, up from US$2.68 billion in the same period last year. For the full year, total company revenues reached US$13.78 billion compared to US$11.40 billion in 2024.
The results mark the company's 20th consecutive quarter of double-digit revenue growth.
The combined brokerage and risk management segments recorded quarterly revenues of US$3.59 billion, representing growth in excess of 30% year-over-year. Organic revenue growth for these segments was 5% during the quarter.
Read more: Gallagher sees 20% Q3 revenue jump
On an adjusted basis, the brokerage segment generated revenues of US$3.15 billion in Q4 2025, compared to US$2.33 billion in Q4 2024. The risk management segment reported adjusted revenues of US$416 million for the quarter, compared to US$372 million in the prior-year period.
Adjusted EBITDAC for the combined brokerage and risk management segments reached US$1.11 billion in Q4, up from US$846 million a year earlier. The adjusted EBITDAC margin was 30.8% for the quarter.
J. Patrick Gallagher, Jr. (pictured above), chairman and CEO, attributed the performance to the firm's dual approach of organic growth and mergers and acquisitions.
"Our two-pronged revenue growth strategy, that's organic and M&A, drove double-digit top line growth for the 20th straight quarter," Gallagher said.
Net earnings for Q4 2025 stood at US$154 million, down from US$258 million in Q4 2024. Diluted net earnings per share for the quarter was US$0.58, compared to US$1.12 in the same period last year.
The decline reflects costs associated with the termination of the company's US defined benefit pension plan and other benefit plan changes, according to the company's earnings release.
Integration expenses tied to the US$13.8 billion AssuredPartners acquisition—the largest in insurance brokerage history – also weighed on results. Gallagher expects to realize approximately US$160 million in synergies while incurring US$500 million in integration costs over the next three years.
On an adjusted basis, however, the company reported earnings per share of US$2.38 for the quarter, up from US$2.13 in the prior-year period.
For the full year, the company reported net earnings of US$1.50 billion compared to US$1.47 billion in 2024. Total company adjusted EBITDAC rose to US$4.49 billion from US$3.58 billion, representing 26% growth.
Gallagher's growth rate significantly outpaced Marsh, the world's largest insurance broker, during the quarter.
Marsh reported Q4 revenues of US$6.60 billion, up 8.7% year-over-year, with organic growth of 4%. For the full year, the company generated 10% revenue growth and 4% underlying revenue growth.
Marsh CEO John Doyle said the company achieved "double-digit adjusted NOI growth, 9% adjusted EPS growth and our 18th consecutive year of reported margin expansion."
While Marsh remains larger by revenue – generating nearly US$27 billion over the past 12 months – Gallagher's aggressive M&A strategy has narrowed the competitive gap.
The AssuredPartners deal lifted Gallagher's market share in insurance brokerage from 10% to 13%, reinforcing its position as the industry's third-largest player behind Marsh and Aon.
The company completed 33 mergers during 2025, with estimated annualized revenue exceeding US$3.5 billion. Full-year organic growth stood at 6%.
Gallagher noted the company has "excellent momentum" heading into 2026, adding that the firm's staff continue to execute on its value creation strategy.
