Gallagher reports higher Q2 revenue but lower GAAP earnings

Arthur J. Gallagher reported second-quarter 2026 revenue before reimbursements of $3.96 billion, up from $3.18 billion a year earlier, while GAAP net earnings fell to $324 million, or $1.25 per diluted share, from $368 million, or $1.40 per share. Adjusted net earnings increased to $734 million, or $2.84 per share, from $604 million, or $2.30 per share, as combined Brokerage and Risk Management revenue grew 24%, including 6% organic growth; Gallagher also repurchased about 0.9 million shares for approximately $170 million during the quarter.