Arthur J. Gallagher & Co.
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Item 1. Business.
Overview
Arthur J. Gallagher & Co. and its subsidiaries, collectively referred to herein as we, our, us or Gallagher, are engaged in providing insurance brokerage, reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services to entities and individuals around the world. We believe that our major strength is our ability to deliver comprehensively structured insurance, reinsurance and risk management solutions, superior claim outcomes and comprehensive consulting services to our clients.
Our brokerage segment operations provide brokerage and consulting services to entities of all types, including commercial, nonprofit, public sector entities, insurance companies and insurance capital providers, and to a lesser extent, individuals, in the areas of insurance and reinsurance placements, risk of loss management, and management of employer sponsored benefit programs. Our risk management segment operations provide contract claim settlement, claim administration, loss control services and risk management consulting for commercial, nonprofit, captive and public sector entities, and various other organizations that choose to self-insure property/casualty coverages or choose to use a third-party claims management organization rather than the claim services provided by an underwriting enterprise.
We do not assume underwriting risk on a net basis, other than with respect to de minimis amounts necessary to provide minimum or regulatory capital to organize captives, pools, specialized underwriters or risk-retention groups. Rather, capital necessary for covering events of loss is provided by “underwriting enterprises,” which we define as insurance companies, reinsurance companies and various other risk-taking entities, including intermediaries of underwriting enterprises, that we do not own or control.
Since our founding in 1927, we have grown from a one-person insurance agency to the world’s third largest insurance broker/risk manager based on revenues according to Business Insurance magazine’s June/July 2025 edition, and one of the world’s largest property/casualty third party claims administrators, according to Business Insurance magazine’s April/May 2025 edition.
We report our results in three segments: brokerage, risk management and corporate. The brokerage and risk management segments contributed approximately 87% and 13%, respectively, to 2025 revenues. We generate approximately 67% of our revenues from the combined brokerage and risk management segments in the U.S., with the remaining 33% generated internationally, primarily in Australia, Canada, New Zealand and the U.K. The corporate segment did not generate any significant revenues in 2025.
Shares of our common stock are traded on the New York Stock Exchange under the symbol “AJG”, and we had a market capitalization at December 31, 2025 of approximately $67 billion. Information in this report is as of December 31, 2025 unless otherwise noted. We were reincorporated as a Delaware corporation in 1972. Our executive offices are located at 2850 Golf Road, Rolling Meadows, Illinois 60008-4050, and our telephone number is (630) 773‑3800.
Operating Segments
We report our results in three segments: brokerage, risk management and corporate. The major sources of our operating revenues are commissions, fees, supplemental and contingent revenues and interest income, premium finance and other income from our brokerage operation, and fees, including performance‑based fees, from our risk management operations. The corporate segment does not generate any significant revenues.
Our business, particularly our brokerage business, is subject to seasonal fluctuations. Commissions, fees, supplemental revenues and contingent revenues, and our costs to obtain and fulfill the service obligations to our clients, can vary from quarter to quarter as a result of the timing of contract-effective dates. On the other hand, salaries and employee benefits, rent, depreciation and amortization expenses generally tend to be more uniform throughout the year. The timing of acquisitions, recognition of books of business gains and losses also impact the trends in our quarterly operating results.
Brokerage Segment
The brokerage segment accounted for 87% of our revenues in 2025. Our brokerage segment operates through a network of more than 650 sales and service offices located throughout the U.S. and approximately 400 sales and service offices in
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approximately 60 countries, most of which are in the Australia, Canada, New Zealand and the U.K. Most of these offices are fully staffed with sales and service personnel. We offer client service capabilities in approximately 130 countries around the world through our direct operations as well as through a network of correspondent brokers and consultants.
Domestic Retail Insurance Brokerage Operations
Our retail insurance brokerage operations accounted for 75% of our brokerage segment revenues in 2025. Our retail brokerage operations place nearly all lines of commercial property/casualty and health and welfare insurance coverage. Significant lines of insurance coverage and consultant capabilities are as follows:
| Aviation | Disability | General Liability | Products Liability | ||||||||
| Casualty | Earthquake | Health & Welfare | Professional Liability | ||||||||
| Claims Advocacy | Errors & Omissions | Healthcare Analytics | Property | ||||||||
| Commercial Auto | Exchange Solutions | Human Resources | Retirement | ||||||||
| Compensation | Executive Benefits | Institutional Investment | Surety Bond | ||||||||
| Cyber Liability | Fiduciary Services | Loss Control | Voluntary Benefits | ||||||||
| Dental | Fine Arts | Marine | Wind | ||||||||
| Directors & Officers Liability | Fire | Medical | Workers’ Compensation |
Our retail brokerage operations are organized and operate within certain key niche/practice groups, which account for approximately 74% of our retail brokerage revenues. These specialized teams target areas of business and/or industries in which we have developed a depth of expertise and a large client base. Significant niche/practice groups we serve are as follows:
| Affinity | Equity Advisors | Life Sciences | Real Estate/Hospitality | ||||||||
| Automotive | Financial Institutions | Manufacturing | Religious | ||||||||
| Aviation | Food/Agribusiness | Marine | Restaurant | ||||||||
| Construction | Global Risks | Nonprofit | Retail and Services | ||||||||
| Energy | Healthcare | Personal | Technology & Communications | ||||||||
| Entertainment | Higher/K12 Education | Private Client | Trade Credit/Political Risk | ||||||||
| Environmental | Law Firms | Public Sector | Transportation |
Our specialized focus on these niche/practice groups allows for highly-focused marketing efforts and facilitates the development of value-added products and services specific to those industries. We believe that our detailed understanding and broad client contacts within these niche/practice groups provide us with a competitive advantage.
We anticipate that our retail brokerage operations’ greatest revenue growth over the next several years will continue to come from:
•Our niche/practice groups and middle-market accounts;
•Cross-selling other brokerage products to existing clients;
•Mergers and acquisitions; and
•Developing and managing alternative market mechanisms such as captives, rent-a-captives and deductible plans/self‑insurance.
International and Other Brokerage Related Operations
We operate as a retail commercial property and casualty broker throughout 47 locations in Australia, 40 locations in Canada and 37 locations in New Zealand. In the U.K., we operate as a retail broker from approximately 128 locations. We also have specialty, wholesale, underwriting and reinsurance intermediary operations in London for clients to access Lloyd’s of London and other international underwriting enterprises, and a program operation offering customized risk
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management products and services to U.K. public entities. See the discussion below regarding our “Global Reinsurance Brokerage Operations.”
In Bermuda, we act principally as a wholesale broker for clients looking to access Bermuda-based underwriting enterprises and we also provide management and administrative services for captive insurance entities.
We also have strategic brokerage alliances with a variety of independent brokers in countries where we do not have a local office presence. Between our direct operations and this global network of correspondent insurance brokers and consultants, we are able to serve our clients’ coverage and service needs in approximately 130 countries around the world.
Global Reinsurance Brokerage Operations
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The discussion and analysis that follows relates to our financial condition and results of operations for the three-month period ended March 31, 2026. Readers should review this information in conjunction with the March 31, 2026 unaudited consolidated financial statements and notes included in Item 1 of Part I of this quarterly report on Form 10‑Q and the audited consolidated financial statements and notes, and Management’s Discussion and Analysis of Financial Condition and Results of Operations, contained in our annual report on Form 10-K for the year ended December 31, 2025.
Prior Year Discussion of Results and Comparisons
For Information on fiscal first quarter 2025 results and similar comparisons, see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Form 10-Q for the fiscal three-month period ended March 31, 2025.
Information Regarding Non-GAAP Measures and Other
In the discussion and analysis of our results of operations that follows, in addition to reporting financial results in accordance with GAAP, we provide information regarding EBITDAC, EBITDAC margin, adjusted EBITDAC, adjusted EBITDAC margin, diluted net earnings per share, as adjusted (adjusted EPS), adjusted revenue, adjusted compensation and operating expenses, adjusted compensation expense ratio, adjusted operating expense ratio and organic revenue. These measures are not in accordance with, or an alternative to, the GAAP information provided in this quarterly report on Form 10‑Q. We believe that these presentations provide useful information to management, analysts and investors regarding financial and business trends relating to our results of operations and financial condition or because they provide investors with measures that our chief operating decision makers use when reviewing the Company’s performance. See further below for definitions and additional reasons each of these measures is useful to investors. Our industry peers may provide similar supplemental non-GAAP information with respect to one or more of these measures, although they may not use the same or comparable terminology and may not make identical adjustments. The non-GAAP information we provide should be used in addition to, but not as a substitute for, the GAAP information provided. As disclosed in our most recent Proxy Statement, we make determinations regarding certain elements of executive officer incentive compensation, performance share awards and annual cash incentive awards, partly on the basis of measures related to adjusted EBITDAC.
Adjusted Non-GAAP presentation - We believe that the adjusted non-GAAP presentation of the current and prior period information presented on the following pages provides stockholders and other interested persons with useful information regarding certain financial metrics that may assist such persons in analyzing our operating results as they develop a future earnings outlook for us. The after-tax amounts related to the adjustments were computed using the normalized effective tax rate for each respective period.
•Adjusted measures - Revenues (for the brokerage segment), revenues before reimbursements (for the risk management segment), net earnings, compensation expense and operating expense, respectively, are each adjusted to exclude the following, as applicable:
•Net (gains) losses on divestitures, which are primarily net proceeds received related to sales of books of business and other divestiture transactions, such as the disposal of a business through sale or closure.
•Acquisition integration costs, which include costs related to certain large acquisitions (including the acquisitions of Willis Towers Watson plc treaty reinsurance brokerage operations (which we refer to as Willis Re), Buck, Cadence Insurance, Inc. (which we refer to as Cadence Insurance), Eastern Insurance Group, LLC (which we refer to as Eastern Insurance), My Plan Manager Group Pty Ltd (which we refer to as My Plan Manager), Woodruff-Sawyer and AssuredPartners, outside the scope of our usual tuck‑in strategy, not expected to occur on an ongoing basis in the future once we fully assimilate the applicable acquisition. These costs are typically associated with redundant workforce, compensation expense related to amortization of certain retention bonus arrangements, extra lease space, duplicate services and external costs incurred to assimilate the acquisition into our IT related systems.
•Transaction-related costs, which are associated with completed, future and terminated acquisitions. Costs primarily relate to the acquisitions of AssuredPartners and Woodruff Sawyer, which closed in August 2025 and April 2025, respectively. These
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include costs related to regulatory filings, legal and accounting services, insurance and incentive compensation.
•Workforce related charges, which primarily include severance costs (either accrued or paid) related to employee terminations and other costs associated with redundant workforce.
•Lease termination related charges, which primarily include costs related to terminations of real estate leases and abandonment of leased space.
•Acquisition related adjustments principally relate to changes in estimated acquisition earnout payables adjustments and acquisition related compensation charges. In addition, from time to time may include changes in balance sheet estimates arising from conforming accounting principles, purchase-related true-ups and other balance sheet adjustments made after the closing date.
•Amortization of intangible assets, which reflects the amortization of customer/expiration lists, non-compete agreements, trade names and other intangible assets acquired through our merger and acquisition strategy, the impact to amortization expense of acquisition valuation adjustments to these assets as well as non-cash impairment charges.
•The impact of foreign currency translation, as applicable. The amounts excluded with respect to foreign currency translation are calculated by applying current year foreign exchange rates to the same period in the prior year.
•Effective income tax rate impact, which levelizes the prior year for the change in current year tax rates.
•Clean energy-related, which represents the impact of adjustments in first quarter 2026 related to the write-down of a clean energy-related investment.
•Legal and tax related, which represents the impact of adjustments in first quarter 2026 and 2025 related to costs associated with legal and tax matters.
•Adjusted ratios - Adjusted compensation expense and adjusted operating expense, respectively, each divided by adjusted revenues.
Non-GAAP Earnings Measures
•EBITDAC and EBITDAC Margin - EBITDAC is net earnings before interest, income taxes, depreciation, amortization and the change in estimated acquisition earnout payables and EBITDAC margin is EBITDAC divided by total revenues (for the brokerage segment) and revenues before reimbursements (for the risk management segment). These measures for the brokerage and risk management segments provide a meaningful representation of our operating performance for the overall business and provide a meaningful way to measure our financial performance on an ongoing basis.
•EBITDAC, as Adjusted and EBITDAC Margin, as adjusted - Adjusted EBITDAC is EBITDAC adjusted to exclude net gains on divestitures, acquisition integration costs, workforce related charges, lease termination related charges, acquisition related adjustments, transaction related costs, and the period-over-period impact of foreign currency translation as applicable, and Adjusted EBITDAC margin is Adjusted EBITDAC divided by total adjusted revenues (defined above). These measures for the brokerage and risk management segments provide a meaningful representation of our operating performance, and are also presented to improve the comparability of our results between periods by eliminating the impact of the items that have a high degree of variability.
•EPS, as Adjusted and Net Earnings, as Adjusted - Adjusted net earnings have been adjusted to exclude the after-tax impact of net gains on divestitures, acquisition integration costs, the impact of foreign currency translation, workforce related charges, lease termination related charges, acquisition related adjustments, transaction related costs, amortization of intangible assets, and effective income tax rate impact, as applicable. Adjusted EPS is Adjusted Net Earnings divided by diluted weighted average shares outstanding. This measure provides a meaningful representation of our operating
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performance (and as such should not be used as a measure of our liquidity), and for the overall business is also presented to improve the comparability of our results between periods by eliminating the impact of the items that have a high degree of variability.
Organic Revenues (a non-GAAP measure) - Organic revenue change measures the year-over-year percentage change in organic revenue. For the brokerage segment, organic revenue consists of base commission and fee revenues, supplemental revenues and contingent revenues and excludes the first twelve months of such revenues generated from acquisitions and such revenues related to divested operations which include disposals of a business through sale or closure, estimate changes, run-off of a business and the restructuring and/or repricing of programs and products in each year presented. Such revenues are excluded from organic revenues in order to help interested persons analyze the revenue growth associated with the operations that were a part of our business in both the current and prior period. In order to improve the comparability of our results between periods, we further exclude the period‑over‑period impact of foreign currency translation; revenue from certain large life product sales within Gallagher’s Executive Life and Benefits practice group (which are typically large, singular transactions with a high degree of variability in amount and timing); and revenue attributable to changes in assumptions used to calculate estimated deferred revenues, which impact the quarterly timing of revenues during the annual contract period. For the risk management segment, organic revenues consists of fee revenues and excludes the first twelve months of such revenues generated from acquisitions and such revenues related to divested operations in each year presented. In order to improve the comparability of our results between periods, we further exclude the period-over-period impact of foreign currency translation.
These revenue items are excluded from organic revenues in order to determine a comparable, but non-GAAP, measurement of revenue growth that is associated with the revenue sources that are expected to continue in the current year and beyond, as well as eliminating the impact of the items that have a high degree of variability. We have historically viewed organic revenue growth as an important indicator when assessing and evaluating the performance of our brokerage and risk management segments. We also believe that using this non‑GAAP measure allows readers of our financial statements to measure, analyze and compare the growth from our brokerage and risk management segments in a meaningful and consistent manner.
Reconciliation of Non-GAAP Information Presented to GAAP Measures - This quarterly report on Form 10‑Q includes tabular reconciliations to the most comparable GAAP measures, as follows: for EBITDAC (on pages 34 and 40), for adjusted revenues, adjusted EBITDAC and adjusted diluted net earnings per share (on page 31), for organic revenue measures (on pages 35 and 40), respectively, for the brokerage and risk management segments, for adjusted compensation and operating expenses and adjusted EBITDAC margin, (on page 37) for the brokerage segment and (on page 41) for the risk management segment.
Other Information - Allocations of investment income and certain expenses are based on reasonable assumptions and estimates primarily using revenue, headcount and other information. We allocate the provision for income taxes to the brokerage and risk management segments using local statutory rates. We anticipate reporting an effective tax rate of approximately 24.5% to 26.5% in the brokerage segment and 25.0% to 27.0% in the risk management segment for the foreseeable future. Reported operating results by segment would change if different allocation methods were applied.
In the discussion that follows regarding our results of operations, we also provide the following ratios with respect to our operating results: pretax profit margin, compensation expense ratio and operating expense ratio. Pretax profit margin represents pretax earnings divided by total revenues. The compensation expense ratio is compensation expense divided by total revenues. The operating expense ratio is operating expense divided by total revenues.
Overview and First Quarter 2026 Highlights
We are engaged in providing insurance brokerage, reinsurance brokerage, consulting services, and third-party property/casualty claims settlement and administration services to entities and individuals around the world. In the three-month period ended March 31, 2026, we generated approximately 70% of our revenues for the combined brokerage and risk management segments domestically and 30% internationally, primarily in Australia, Canada, New Zealand and the U.K. We have three reportable segments: brokerage, risk management and corporate. The brokerage and risk management segments contributed approximately 90% and 10%, respectively, to revenues during the three-month period ended March 31, 2026. The corporate segment did not generate any significant revenues in the three-month period ended March 31, 2026. Our major sources of operating revenues are commissions, fees and supplemental and contingent revenues from brokerage operations and fees from risk management operations. Interest income is earned on cash, cash equivalents and fiduciary cash and revenues are generated from premium financing.
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We use the Council of Insurance Agents and Brokers (which we refer to as CIAB) insurance pricing quarterly survey as an indicator of the insurance rate environment. The CIAB represents the leading domestic and international insurance brokers, who write approximately 85% of the commercial property/casualty premiums in the U.S. The first quarter 2026 survey had not been published as of the filing date of this report. The 2025 quarterly surveys indicated that U.S. commercial property/casualty rates increased by 4.2%, 3.7%, 1.6%, and 0.2% on average for the first, second, third and fourth quarters of 2025.
We continue to observe carrier competition across property-related coverages, while casualty lines, particularly in the U.S., remain subject to more cautious underwriting. Within our global retail P&C business, insurance renewal premium change, which includes both rate and exposure, continued to increase in the low single digits in the first quarter of 2026, with property decreases more than offset by increases across most casualty classes. Global insured natural catastrophe losses during 2025 were below recent historical averages. A return to more normalized global loss activity in 2026 could influence property insurance and reinsurance carriers to increase pricing upon renewal. In addition, elevated loss trends and continued profitability concerns in certain casualty coverages, could impact underwriting terms and conditions in certain lines. Rising insurable values, including those driven by inflationary pressures, employment levels, and changes in market risks, continue to contribute to growth in insured exposures.
New business generation, client retention, and enhanced value‑added services for our carrier partners support ongoing organic growth opportunities across our global operations.
Summary of Financial Results - Three-Month Periods Ended March 31, 2026 and 2025
| (In millions, except per share data) | 1st Quarter 2026 | 1st Quarter 2025 | Change | ||||||||||||||||||||||||||||||
| Reported GAAP | Adjusted Non-GAAP | Reported GAAP | Adjusted Non-GAAP | Reported GAAP | Adjusted Non-GAAP | ||||||||||||||||||||||||||||
| Brokerage Segment | |||||||||||||||||||||||||||||||||
| Revenues | $ | 4,293 | $ | 4,286 | $ | 3,314 | $ | 3,365 | 30 | % | 27 | % | |||||||||||||||||||||
| Organic revenues | $ | 3,208 | $ | 3,067 | 5 | % | |||||||||||||||||||||||||||
| Net earnings | $ | 913 | $ | 816 | 12 | % | |||||||||||||||||||||||||||
| Net earnings margin | 21.3 | % | 24.6 | % | - 335 bpts | ||||||||||||||||||||||||||||
| Adjusted EBITDAC | $ | 1,719 | $ | 1,456 | 18 | % | |||||||||||||||||||||||||||
| Adjusted EBITDAC margin | 40.1 | % | 43.3 | % | - 316 bpts | ||||||||||||||||||||||||||||
| Diluted net earnings per share | $ | 3.51 | $ | 4.74 | $ | 3.13 | $ | 4.02 | 12 | % | 18 | % | |||||||||||||||||||||
| Risk Management Segment | |||||||||||||||||||||||||||||||||
| Revenues before reimbursements | $ | 428 | $ | 428 | $ | 374 | $ | 381 | 14 | % | 12 | % | |||||||||||||||||||||
| Organic revenues | $ | 407 | $ | 371 | 10 | % | |||||||||||||||||||||||||||
| Net earnings | $ | 50 | $ | 41 | 22 | % | |||||||||||||||||||||||||||
| Net earnings margin (before reimbursements) | 11.7 | % | 11.0 | % | + 72 bpts | ||||||||||||||||||||||||||||
| Adjusted EBITDAC | $ | 94 | $ | 78 | 20 | % | |||||||||||||||||||||||||||
| Adjusted EBITDAC margin (before reimbursements) | 21.7 | % | 20.4 | % | + 148 bpts | ||||||||||||||||||||||||||||
| Diluted net earnings per share | $ | 0.19 | $ | 0.23 | $ | 0.16 | $ | 0.19 | 19 | % | 21 | % | |||||||||||||||||||||
| Corporate Segment | |||||||||||||||||||||||||||||||||
| Diluted net loss per share | $ | (0.54) | $ | (0.50) | $ | (0.57) | $ | (0.49) | |||||||||||||||||||||||||
| Total Company | |||||||||||||||||||||||||||||||||
| Diluted net earnings per share | $ | 3.16 | $ | 4.47 | $ | 2.72 | $ | 3.72 | 16 | % | 20 | % | |||||||||||||||||||||
| Total Brokerage and Risk Management Segment | |||||||||||||||||||||||||||||||||
| Diluted net earnings per share | $ | 3.70 | $ | 4.97 | $ | 3.29 | $ | 4.21 | 12 | % | 18 | % | |||||||||||||||||||||
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The following provides information that management believes is helpful when comparing revenues before reimbursements, net earnings, EBITDAC and diluted net earnings per share for the three-month periods ended March 31, 2026 with the same period in 2025. In addition, these tables provide reconciliations to the most comparable GAAP measures for adjusted revenues, adjusted EBITDAC and adjusted diluted net earnings per share. Reconciliations of EBITDAC for the brokerage and risk management segments are provided on pages 34 and 40 , respectively, of this filing.
For the Three-Month Periods Ended March 31 Reported GAAP to Adjusted Non-GAAP Reconciliation:
| Revenues Before Reimbursements | Net Earnings (Loss) | EBITDAC | Diluted Net Earnings (Loss) Per Share | |||||||||||||||||||||||||||||||||||||||||||||||||
| Segment | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | Chg | |||||||||||||||||||||||||||||||||||||||||||
| (in millions) | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Brokerage, as reported | $ | 4,293 | $ | 3,314 | $ | 913 | $ | 816 | $ | 1,562 | $ | 1,351 | $ | 3.51 | $ | 3.13 | 12 | % | ||||||||||||||||||||||||||||||||||
| Net losses (gains) on divestitures | (7) | (6) | (5) | (4) | (7) | (6) | (0.02) | (0.02) | ||||||||||||||||||||||||||||||||||||||||||||
| Acquisition integration | — | — | 65 | 33 | 87 | 44 | 0.25 | 0.13 | ||||||||||||||||||||||||||||||||||||||||||||
| Workforce and lease termination | — | — | 20 | 14 | 27 | 18 | 0.08 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||
| Acquisition related adjustments | — | — | 39 | 25 | 50 | 30 | 0.15 | 0.09 | ||||||||||||||||||||||||||||||||||||||||||||
| Amortization of intangible assets | — | — | 201 | 152 | — | — | 0.77 | 0.59 | ||||||||||||||||||||||||||||||||||||||||||||
| Effective income tax rate impact | — | — | — | 1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Levelized foreign currency translation | — | 57 | — | 13 | — | 19 | — | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||
| Brokerage, as adjusted | 4,286 | 3,365 | 1,233 | 1,050 | 1,719 | 1,456 | 4.74 | 4.02 | 18 | % | ||||||||||||||||||||||||||||||||||||||||||
| Risk Management, as reported | 428 | 374 | 50 | 41 | 86 | 72 | 0.19 | 0.16 | 19 | % | ||||||||||||||||||||||||||||||||||||||||||
| Acquisition integration | — | — | 1 | 1 | 1 | 2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Workforce and lease termination | — | — | 1 | 3 | 1 | 3 | — | 0.01 | ||||||||||||||||||||||||||||||||||||||||||||
| Acquisition related adjustments | — | — | 4 | — | 6 | — | 0.02 | — | ||||||||||||||||||||||||||||||||||||||||||||
| Amortization of intangible assets | — | — | 5 | 4 | — | — | 0.02 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||
| Levelized foreign currency translation | — | 7 | — | 1 | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Risk Management, as adjusted | 428 | 381 | 61 | 50 | 94 | 78 | 0.23 | 0.19 | 21 | % | ||||||||||||||||||||||||||||||||||||||||||
| Corporate, as reported | (5) | — | (140) | (148) | (91) | (122) | (0.54) | (0.57) | ||||||||||||||||||||||||||||||||||||||||||||
| Transaction-related costs | — | — | 6 | 20 | 7 | 23 | 0.02 | 0.08 | ||||||||||||||||||||||||||||||||||||||||||||
| Legal and tax related | — | — | 1 | — | 18 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
| Clean energy-related | 5 | — | 3 | — | 5 | — | $ | 0.02 | $ | — | ||||||||||||||||||||||||||||||||||||||||||
| Corporate, as adjusted | — | — | (130) | (128) | (61) | (99) | $ | (0.50) | $ | (0.49) | ||||||||||||||||||||||||||||||||||||||||||
| Total Company, as reported | $ | 4,716 | $ | 3,688 | $ | 823 | $ | 709 | $ | 1,557 | $ | 1,301 | $ | 3.16 | $ | 2.72 | 16 | % | ||||||||||||||||||||||||||||||||||
| Total Company, as adjusted | $ | 4,714 | $ | 3,746 | $ | 1,164 | $ | 972 | $ | 1,752 | $ | 1,435 | $ | 4.47 | $ | 3.72 | 20 | % | ||||||||||||||||||||||||||||||||||
| Total Brokerage & Risk | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Management, as reported | $ | 4,721 | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Recent insider activity
| Date | Insider | Role | Action | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-06-02 | CARY RICHARD C | Controller, CAO | Sell | -3,000 | $206.00 | -$618,000 |
Source: SEC Form 4 filings.
Next expected filings
- ~2026-08-02 10-Q expected by 2026-08-10 (in 7 days)
- ~2026-11-11 10-Q expected by 2026-11-19 (in 108 days)
- ~2027-02-16 10-K expected by 2027-03-09 (in 205 days)
- ~2027-05-08 10-Q expected by 2027-05-16 (in 286 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-05-07 10-Q Quarterly Report
- 2026-04-30 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-03-12 8-K Officer/Director Change
- 2026-02-17 10-K Annual Report
- 2026-01-29 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-11-10 10-Q Quarterly Report
- 2025-10-30 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-08-18 8-K Completion of Acquisition/Disposition; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-08-01 10-Q Quarterly Report
- 2025-07-31 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-05-02 10-Q Quarterly Report
- 2025-05-01 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-04-04 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
- 2025-02-18 10-K Annual Report
- 2025-01-30 8-K Earnings Release; Bylaws/Articles Amended; Regulation FD Disclosure; Financial Statements and Exhibits