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 $3.59 billion for the fourth quarter, up from $2.68 billion in the same period last year. For the full year, total company revenues reached $13.78 billion compared to $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 $3.59 billion, representing growth in excess of 30% year-over-year. Organic revenue growth for these segments was 5% during the quarter.
On an adjusted basis, the brokerage segment generated revenues of $3.15 billion in Q4 2025, compared to $2.33 billion in Q4 2024. The risk management segment reported adjusted revenues of $416 million for the quarter, compared to $372 million in the prior-year period.
Adjusted EBITDAC for the combined brokerage and risk management segments reached $1.11 billion in Q4, up from $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 $154 million, down from $258 million in Q4 2024. Diluted net earnings per share for the quarter was $0.58, compared to $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 $13.8 billion AssuredPartners acquisition—the largest in insurance brokerage history – also weighed on results. Gallagher expects to realize approximately $160 million in synergies while incurring $500 million in integration costs over the next three years.
On an adjusted basis, however, the company reported earnings per share of $2.38 for the quarter, up from $2.13 in the prior-year period.
For the full year, the company reported net earnings of $1.50 billion compared to $1.47 billion in 2024. Total company adjusted EBITDAC rose to $4.49 billion from $3.58 billion, representing 26% growth.
Gallagher's growth rate significantly outpaced Marsh McLennan, the world's largest insurance broker, during the quarter.
Marsh reported Q4 revenues of $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 $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 $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.
