Insurance brokerage Risk Management adjusted EBITDAC margin measures adjusted EBITDAC as a percentage of adjusted revenue before reimbursements.
Gallagher reported a 22.3% adjusted EBITDAC margin in the second quarter of 2026, up from 20.9% a year earlier. Adjusted EBITDAC was $101M.
Risk Management margin expanded with strong organic growth
Organic fees grew 12% while adjusted EBITDAC margin increased 1.4 percentage points.
That combination shows both top-line growth and improved operating conversion.
The denominator excludes reimbursements
Gallagher defines Risk Management EBITDAC margin using revenue before reimbursements, unlike Brokerage's total-revenue denominator.
Compare it with Risk Management organic fee growth and Risk Management adjusted compensation ratio.
Primary source: Arthur J. Gallagher Q2 2026 SEC-filed earnings release.
Part of the Insurance Brokerage & Risk Management Economics
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- AJGOpen operating-model research →10 of 10 reviewed concepts in Insurance Brokerage & Risk Management EconomicsRisk Management growth and conversion4 of 4 bridge concepts supportedContinue through this bridge:Combined Organic Revenue GrowthRisk Management Compensation RatioRisk Management Organic Fee Growth
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Compare Risk Management adjusted EBITDAC conversion while preserving the revenue-before-reimbursements denominator.
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