Financial research concept

Insurance Brokerage Adjusted EBITDAC Margin

measures adjusted brokerage EBITDAC as a percentage of adjusted revenue.

By Lee BaileyPublished Oct 1, 2026

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See what supports this page, how current it is, and where comparable or historical context is available.

Research date: Oct 1, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context: 10 connected conceptsPart of the reviewed Insurance Brokerage & Risk Management Economics; issuer definitions remain distinct where disclosed.
Company examples: 1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.

Prior-year interest income distorted the comparison
EBITDAC is issuer-defined and non-GAAP
Part of the Insurance Brokerage & Risk Management Economics
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Insurance brokerage adjusted EBITDAC margin measures adjusted EBITDAC as a percentage of adjusted Brokerage revenue.

Gallagher reported a 33.3% adjusted EBITDAC margin in the second quarter of 2026, compared with 36.1% a year earlier. Adjusted EBITDAC was $1.163B.

Prior-year interest income distorted the comparison

Gallagher said second-quarter 2025 adjusted EBITDAC included approximately $144M of interest income earned on cash proceeds associated with the AssuredPartners financing.

The issuer estimated that item, acquisition seasonality, and tuck-in roll-in unfavorably affected the year-over-year margin comparison by about 3.9 percentage points.

EBITDAC is issuer-defined and non-GAAP

The adjusted measure excludes specified divestiture, integration, workforce, lease, acquisition, transaction, and currency effects.

Read it with adjusted compensation expense ratio and Brokerage organic revenue growth.

Primary source: Arthur J. Gallagher Q2 2026 SEC-filed earnings release.

Part of the Insurance Brokerage & Risk Management Economics

Connects Arthur J. Gallagher organic brokerage revenue drivers, labor-cost conversion, and fee-based risk-management growth and margins.

Browse the full operating model in Company Analysis →

Where this concept fits

Brokerage labor and margin conversionCurrent relationship
Brokerage organic growth, adjusted compensation intensity, and adjusted EBITDAC margin connect revenue growth to the labor-heavy cost structure and non-GAAP operating conversion.
Brokerage Compensation RatioBrokerage Adjusted EBITDAC MarginCurrent conceptBrokerage Organic Revenue Growth
Brokerage organic revenue drivers
Combined and Brokerage organic growth, base commissions and fees, supplemental revenue, and contingent revenue show how the core broker revenue engine decomposes under Gallagher's issuer-defined organic framework.
Base Commissions & Fees Growth Combined Organic Revenue Growth Contingent Revenue Growth Brokerage Organic Revenue Growth Supplemental Revenue Growth
Risk Management growth and conversion
Risk Management organic fee growth, adjusted compensation intensity, adjusted EBITDAC margin, and combined organic growth connect the fee-based service model to operating conversion while preserving its revenue-before-reimbursements denominator.
Combined Organic Revenue Growth Risk Management Compensation Ratio Risk Management EBITDAC Margin Risk Management Organic Fee Growth

Brokerage Compensation Ratio
Brokerage Adjusted EBITDAC MarginCurrent concept
Base Commissions & Fees Growth
Combined Organic Revenue Growth
Contingent Revenue Growth
Brokerage Organic Revenue Growth
Risk Management Compensation Ratio
Risk Management EBITDAC Margin
Risk Management Organic Fee Growth
Supplemental Revenue Growth

See It in Company Research

These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.

AJGOpen operating-model research →10 of 10 reviewed concepts in Insurance Brokerage & Risk Management EconomicsBrokerage labor and margin conversion3 of 3 bridge concepts supportedContinue through this bridge:Brokerage Compensation Ratio Brokerage Organic Revenue Growth

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Compare insurance brokerage economics

Compare Brokerage adjusted EBITDAC margin with AssuredPartners financing interest income, acquisition seasonality, and non-GAAP adjustments kept explicit.

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