AJG Q2 2026 Earnings Report — Arthur J. Gallagher & Co. Revenue & Financial Results | Market Cap ArenaOperating metrics disclosed this quarter
Read from the filing itself — XBRL does not carry these, so no standard financial dataset has them.
Brokerage acquisitions closed
6
The following is a summary of brokerage segment acquisition activity for 2026 and 2025:
Three-month period ended
June 30, | | | Six-month period ended
June 30,
2026 | | | 2025 | | | 2026 | | | 2025
Number of acquisitions closed | | 6 | | | 9 | | | 14 | | | 19
Estimated annualized revenues acquired (in millions) | | $ | | 58 | | | | $ | | 291 | | | | $ | | 107 | | | | $ | | 354
Brokerage estimated annualized revenue acquired
$58.0M
The following is a summary of brokerage segment acquisition activity for 2026 and 2025:
Three-month period ended
June 30, | | | Six-month period ended
June 30,
2026 | | | 2025 | | | 2026 | | | 2025
Number of acquisitions closed | | 6 | | | 9 | | | 14 | | | 19
Estimated annualized revenues acquired (in millions) | | $ | | 58 | | | | $ | | 291 | | | | $ | | 107 | | | | $ | | 354
Risk management acquisitions closed
1
The following is a summary of risk management segment acquisition activity for 2026 and 2025:
Three-month period ended
June 30, | | | Six-month period ended
June 30,
2026 | | | 2025 | | | 2026 | | | 2025
Number of acquisitions closed | | 1 | | | — | | | 2 | | | 1
Estimated annualized revenues acquired (in millions) | | $ | | 5 | | | | $ | | — | | | | $ | | 15 | | | | $ | | 38
Risk management estimated annualized revenue acquired
$5.0M
The following is a summary of risk management segment acquisition activity for 2026 and 2025:
Three-month period ended
June 30, | | | Six-month period ended
June 30,
2026 | | | 2025 | | | 2026 | | | 2025
Number of acquisitions closed | | 1 | | | — | | | 2 | | | 1
Estimated annualized revenues acquired (in millions) | | $ | | 5 | | | | $ | | — | | | | $ | | 15 | | | | $ | | 38
Brokerage organic base commissions and fees
Items excluded from organic revenue computations yet impacting revenue comparisons for the three and six-month periods ended June 30, 2026 and 2025 include the following (in millions):
Three-Month Period Ended
June 30, | | | Six-Month Period Ended
June 30,
Organic Revenues (Non-GAAP) | | 2026 | | | 2025 | | | Change | | | 2026 | | | 2025 | | | Change
Base Commissions and Fees
Commission and fees, as reported | | $ | | 3,180 | | | | $ | | 2,387 | | | | 33% | | | $ | | 7,095 | | | | $ | | 5,256 | | | | 35%
Less commission and fee revenues from acquisitions, divested operations and other | | (775) | | | | (80) | | | | | | (1,712) | | | | (144)
Levelized foreign currency translation | | — | | | | (1) | | | | | | — | | | | 51
Organic base commission and fees | | $ | | 2,405 | | | | $ | | 2,306 | | | | 4% | | | $ | | 5,383 | | | | $ | | 5,163 | | | | 4%
Supplemental revenues
Supplemental revenues, as reported | | $ | | 141 | | | | $ | | 103 | | | | 37% | | | $ | | 321 | | | | $ | | 217 | | | | 48%
Less supplemental revenues from acquisitions, divested operations and other | | (17) | | | | — | | | | | | (63) | | | | —
Levelized foreign currency translation | | — | | | | — | | | | | | — | | | | 2
Organic supplemental revenues | | $ | | 124 | | | | $ | | 103 | | | | 20% | | | $ | | 258 | | | | $ | | 219 | | | | 18%
Contingent revenues
Contingent revenues, as reported | | $ | | 91 | | | | $ | | 73 | | | | 25% | | | $ | | 206 | | | | $ | | 166 | | | | 24%
Less contingent revenues from acquisitions, divested operations and other | | (24) | | | | — | | | | | | (43) | | | | —
Levelized foreign currency translation | | — | | | | — | | | | | | — | | | | 1
Organic contingent revenues | | $ | | 67 | | | | $ | | 73 | | | | (8)% | | | $ | | 163 | | | | $ | | 167 | | | | (2)%
Total reported commissions, fees, supplemental revenues and contingent revenues | | $ | | 3,412 | | | | $ | | 2,563 | | | | 33% | | | $ | | 7,622 | | | | $ | | 5,639 | | | | 35%
Less commissions, fees, supplemental revenues and contingent revenues from acquisitions, divested operations and other | | (816) | | | | (80) | | | | | | (1,818) | | | | (144)
Levelized foreign currency translation | | — | | | | (1) | | | | | | — | | | | 54
Total organic commissions, fees, supplemental revenues and contingent revenues | | $ | | 2,596 | | | | $ | | 2,482 | | | | 5% | | | $ | | 5,804 | | | | $ | | 5,549 | | | | 5%
Brokerage organic contingent revenue
$67.0M
Items excluded from organic revenue computations yet impacting revenue comparisons for the three and six-month periods ended June 30, 2026 and 2025 include the following (in millions):
Three-Month Period Ended
June 30, | | | Six-Month Period Ended
June 30,
Organic Revenues (Non-GAAP) | | 2026 | | | 2025 | | | Change | | | 2026 | | | 2025 | | | Change
Base Commissions and Fees
Commission and fees, as reported | | $ | | 3,180 | | | | $ | | 2,387 | | | | 33% | | | $ | | 7,095 | | | | $ | | 5,256 | | | | 35%
Less commission and fee revenues from acquisitions, divested operations and other | | (775) | | | | (80) | | | | | | (1,712) | | | | (144)
Levelized foreign currency translation | | — | | | | (1) | | | | | | — | | | | 51
Organic base commission and fees | | $ | | 2,405 | | | | $ | | 2,306 | | | | 4% | | | $ | | 5,383 | | | | $ | | 5,163 | | | | 4%
Supplemental revenues
Supplemental revenues, as reported | | $ | | 141 | | | | $ | | 103 | | | | 37% | | | $ | | 321 | | | | $ | | 217 | | | | 48%
Less supplemental revenues from acquisitions, divested operations and other | | (17) | | | | — | | | | | | (63) | | | | —
Levelized foreign currency translation | | — | | | | — | | | | | | — | | | | 2
Organic supplemental revenues | | $ | | 124 | | | | $ | | 103 | | | | 20% | | | $ | | 258 | | | | $ | | 219 | | | | 18%
Contingent revenues
Contingent revenues, as reported | | $ | | 91 | | | | $ | | 73 | | | | 25% | | | $ | | 206 | | | | $ | | 166 | | | | 24%
Less contingent revenues from acquisitions, divested operations and other | | (24) | | | | — | | | | | | (43) | | | | —
Levelized foreign currency translation | | — | | | | — | | | | | | — | | | | 1
Organic contingent revenues | | $ | | 67 | | | | $ | | 73 | | | | (8)% | | | $ | | 163 | | | | $ | | 167 | | | | (2)%
Total reported commissions, fees, supplemental revenues and contingent revenues | | $ | | 3,412 | | | | $ | | 2,563 | | | | 33% | | | $ | | 7,622 | | | | $ | | 5,639 | | | | 35%
Less commissions, fees, supplemental revenues and contingent revenues from acquisitions, divested operations and other | | (816) | | | | (80) | | | | | | (1,818) | | | | (144)
Levelized foreign currency translation | | — | | | | (1) | | | | | | — | | | | 54
Total organic commissions, fees, supplemental revenues and contingent revenues | | $ | | 2,596 | | | | $ | | 2,482 | | | | 5% | | | $ | | 5,804 | | | | $ | | 5,549 | | | | 5%
Brokerage organic supplemental revenue
$124.0M
Items excluded from organic revenue computations yet impacting revenue comparisons for the three and six-month periods ended June 30, 2026 and 2025 include the following (in millions):
Three-Month Period Ended
June 30, | | | Six-Month Period Ended
June 30,
Organic Revenues (Non-GAAP) | | 2026 | | | 2025 | | | Change | | | 2026 | | | 2025 | | | Change
Base Commissions and Fees
Commission and fees, as reported | | $ | | 3,180 | | | | $ | | 2,387 | | | | 33% | | | $ | | 7,095 | | | | $ | | 5,256 | | | | 35%
Less commission and fee revenues from acquisitions, divested operations and other | | (775) | | | | (80) | | | | | | (1,712) | | | | (144)
Levelized foreign currency translation | | — | | | | (1) | | | | | | — | | | | 51
Organic base commission and fees | | $ | | 2,405 | | | | $ | | 2,306 | | | | 4% | | | $ | | 5,383 | | | | $ | | 5,163 | | | | 4%
Supplemental revenues
Supplemental revenues, as reported | | $ | | 141 | | | | $ | | 103 | | | | 37% | | | $ | | 321 | | | | $ | | 217 | | | | 48%
Less supplemental revenues from acquisitions, divested operations and other | | (17) | | | | — | | | | | | (63) | | | | —
Levelized foreign currency translation | | — | | | | — | | | | | | — | | | | 2
Organic supplemental revenues | | $ | | 124 | | | | $ | | 103 | | | | 20% | | | $ | | 258 | | | | $ | | 219 | | | | 18%
Contingent revenues
Contingent revenues, as reported | | $ | | 91 | | | | $ | | 73 | | | | 25% | | | $ | | 206 | | | | $ | | 166 | | | | 24%
Less contingent revenues from acquisitions, divested operations and other | | (24) | | | | — | | | | | | (43) | | | | —
Levelized foreign currency translation | | — | | | | — | | | | | | — | | | | 1
Organic contingent revenues | | $ | | 67 | | | | $ | | 73 | | | | (8)% | | | $ | | 163 | | | | $ | | 167 | | | | (2)%
Total reported commissions, fees, supplemental revenues and contingent revenues | | $ | | 3,412 | | | | $ | | 2,563 | | | | 33% | | | $ | | 7,622 | | | | $ | | 5,639 | | | | 35%
Less commissions, fees, supplemental revenues and contingent revenues from acquisitions, divested operations and other | | (816) | | | | (80) | | | | | | (1,818) | | | | (144)
Levelized foreign currency translation | | — | | | | (1) | | | | | | — | | | | 54
Total organic commissions, fees, supplemental revenues and contingent revenues | | $ | | 2,596 | | | | $ | | 2,482 | | | | 5% | | | $ | | 5,804 | | | | $ | | 5,549 | | | | 5%
Brokerage total organic revenue
$2.60B
Items excluded from organic revenue computations yet impacting revenue comparisons for the three and six-month periods ended June 30, 2026 and 2025 include the following (in millions):
Three-Month Period Ended
June 30, | | | Six-Month Period Ended
June 30,
Organic Revenues (Non-GAAP) | | 2026 | | | 2025 | | | Change | | | 2026 | | | 2025 | | | Change
Base Commissions and Fees
Commission and fees, as reported | | $ | | 3,180 | | | | $ | | 2,387 | | | | 33% | | | $ | | 7,095 | | | | $ | | 5,256 | | | | 35%
Less commission and fee revenues from acquisitions, divested operations and other | | (775) | | | | (80) | | | | | | (1,712) | | | | (144)
Levelized foreign currency translation | | — | | | | (1) | | | | | | — | | | | 51
Organic base commission and fees | | $ | | 2,405 | | | | $ | | 2,306 | | | | 4% | | | $ | | 5,383 | | | | $ | | 5,163 | | | | 4%
Supplemental revenues
Supplemental revenues, as reported | | $ | | 141 | | | | $ | | 103 | | | | 37% | | | $ | | 321 | | | | $ | | 217 | | | | 48%
Less supplemental revenues from acquisitions, divested operations and other | | (17) | | | | — | | | | | | (63) | | | | —
Levelized foreign currency translation | | — | | | | — | | | | | | — | | | | 2
Organic supplemental revenues | | $ | | 124 | | | | $ | | 103 | | | | 20% | | | $ | | 258 | | | | $ | | 219 | | | | 18%
Contingent revenues
Contingent revenues, as reported | | $ | | 91 | | | | $ | | 73 | | | | 25% | | | $ | | 206 | | | | $ | | 166 | | | | 24%
Less contingent revenues from acquisitions, divested operations and other | | (24) | | | | — | | | | | | (43) | | | | —
Levelized foreign currency translation | | — | | | | — | | | | | | — | | | | 1
Organic contingent revenues | | $ | | 67 | | | | $ | | 73 | | | | (8)% | | | $ | | 163 | | | | $ | | 167 | | | | (2)%
Total reported commissions, fees, supplemental revenues and contingent revenues | | $ | | 3,412 | | | | $ | | 2,563 | | | | 33% | | | $ | | 7,622 | | | | $ | | 5,639 | | | | 35%
Less commissions, fees, supplemental revenues and contingent revenues from acquisitions, divested operations and other | | (816) | | | | (80) | | | | | | (1,818) | | | | (144)
Levelized foreign currency translation | | — | | | | (1) | | | | | | — | | | | 54
Total organic commissions, fees, supplemental revenues and contingent revenues | | $ | | 2,596 | | | | $ | | 2,482 | | | | 5% | | | $ | | 5,804 | | | | $ | | 5,549 | | | | 5%
Risk management organic fees
$434.0M
Items excluded from organic fee computations yet impacting revenue comparisons for the three and six-month periods ended June 30, 2026 and 2025 include the following (in millions):
Three-month period ended
June 30, | | | Six-month period ended
June 30,
Organic Revenues (Non-GAAP) | | 2026 | | | 2025 | | | Change | | | 2026 | | | 2025 | | | Change
Fees | | $ | | 438 | | | | $ | | 382 | | | | 15% | | | $ | | 853 | | | | $ | | 745 | | | | 14%
International performance bonus fees | | 7 | | | | 1 | | | | | | 12 | | | | 3
Fees as reported | | 445 | | | | 383 | | | | 16% | | | 865 | | | | 748 | | | | 16%
Less fees from acquisitions, divestitures and other | | (11) | | | | (1) | | | | | | (24) | | | | (2)
Levelized foreign currency translation | | — | | | | 5 | | | | | | — | | | | 12
Organic fees | | $ | | 434 | | | | $ | | 387 | | | | 12% | | | $ | | 841 | | | | $ | | 758 | | | | 11%
Brokerage organic base commissions and fees growth
4.0%
Items excluded from organic revenue computations yet impacting revenue comparisons for the three and six-month periods ended June 30, 2026 and 2025 include the following (in millions):
Three-Month Period Ended
June 30, | | | Six-Month Period Ended
June 30,
Organic Revenues (Non-GAAP) | | 2026 | | | 2025 | | | Change | | | 2026 | | | 2025 | | | Change
Base Commissions and Fees
Commission and fees, as reported | | $ | | 3,180 | | | | $ | | 2,387 | | | | 33% | | | $ | | 7,095 | | | | $ | | 5,256 | | | | 35%
Less commission and fee revenues from acquisitions, divested operations and other | | (775) | | | | (80) | | | | | | (1,712) | | | | (144)
Levelized foreign currency translation | | — | | | | (1) | | | | | | — | | | | 51
Organic base commission and fees | | $ | | 2,405 | | | | $ | | 2,306 | | | | 4% | | | $ | | 5,383 | | | | $ | | 5,163 | | | | 4%
Supplemental revenues
Supplemental revenues, as reported | | $ | | 141 | | | | $ | | 103 | | | | 37% | | | $ | | 321 | | | | $ | | 217 | | | | 48%
Less supplemental revenues from acquisitions, divested operations and other | | (17) | | | | — | | | | | | (63) | | | | —
Levelized foreign currency translation | | — | | | | — | | | | | | — | | | | 2
Organic supplemental revenues | | $ | | 124 | | | | $ | | 103 | | | | 20% | | | $ | | 258 | | | | $ | | 219 | | | | 18%
Contingent revenues
Contingent revenues, as reported | | $ | | 91 | | | | $ | | 73 | | | | 25% | | | $ | | 206 | | | | $ | | 166 | | | | 24%
Less contingent revenues from acquisitions, divested operations and other | | (24) | | | | — | | | | | | (43) | | | | —
Levelized foreign currency translation | | — | | | | — | | | | | | — | | | | 1
Organic contingent revenues | | $ | | 67 | | | | $ | | 73 | | | | (8)% | | | $ | | 163 | | | | $ | | 167 | | | | (2)%
Total reported commissions, fees, supplemental revenues and contingent revenues | | $ | | 3,412 | | | | $ | | 2,563 | | | | 33% | | | $ | | 7,622 | | | | $ | | 5,639 | | | | 35%
Less commissions, fees, supplemental revenues and contingent revenues from acquisitions, divested operations and other | | (816) | | | | (80) | | | | | | (1,818) | | | | (144)
Levelized foreign currency translation | | — | | | | (1) | | | | | | — | | | | 54
Total organic commissions, fees, supplemental revenues and contingent revenues | | $ | | 2,596 | | | | $ | | 2,482 | | | | 5% | | | $ | | 5,804 | | | | $ | | 5,549 | | | | 5%
Brokerage organic contingent revenue growth
-8.0%
Items excluded from organic revenue computations yet impacting revenue comparisons for the three and six-month periods ended June 30, 2026 and 2025 include the following (in millions):
Three-Month Period Ended
June 30, | | | Six-Month Period Ended
June 30,
Organic Revenues (Non-GAAP) | | 2026 | | | 2025 | | | Change | | | 2026 | | | 2025 | | | Change
Base Commissions and Fees
Commission and fees, as reported | | $ | | 3,180 | | | | $ | | 2,387 | | | | 33% | | | $ | | 7,095 | | | | $ | | 5,256 | | | | 35%
Less commission and fee revenues from acquisitions, divested operations and other | | (775) | | | | (80) | | | | | | (1,712) | | | | (144)
Levelized foreign currency translation | | — | | | | (1) | | | | | | — | | | | 51
Organic base commission and fees | | $ | | 2,405 | | | | $ | | 2,306 | | | | 4% | | | $ | | 5,383 | | | | $ | | 5,163 | | | | 4%
Supplemental revenues
Supplemental revenues, as reported | | $ | | 141 | | | | $ | | 103 | | | | 37% | | | $ | | 321 | | | | $ | | 217 | | | | 48%
Less supplemental revenues from acquisitions, divested operations and other | | (17) | | | | — | | | | | | (63) | | | | —
Levelized foreign currency translation | | — | | | | — | | | | | | — | | | | 2
Organic supplemental revenues | | $ | | 124 | | | | $ | | 103 | | | | 20% | | | $ | | 258 | | | | $ | | 219 | | | | 18%
Contingent revenues
Contingent revenues, as reported | | $ | | 91 | | | | $ | | 73 | | | | 25% | | | $ | | 206 | | | | $ | | 166 | | | | 24%
Less contingent revenues from acquisitions, divested operations and other | | (24) | | | | — | | | | | | (43) | | | | —
Levelized foreign currency translation | | — | | | | — | | | | | | — | | | | 1
Organic contingent revenues | | $ | | 67 | | | | $ | | 73 | | | | (8)% | | | $ | | 163 | | | | $ | | 167 | | | | (2)%
Total reported commissions, fees, supplemental revenues and contingent revenues | | $ | | 3,412 | | | | $ | | 2,563 | | | | 33% | | | $ | | 7,622 | | | | $ | | 5,639 | | | | 35%
Less commissions, fees, supplemental revenues and contingent revenues from acquisitions, divested operations and other | | (816) | | | | (80) | | | | | | (1,818) | | | | (144)
Levelized foreign currency translation | | — | | | | (1) | | | | | | — | | | | 54
Total organic commissions, fees, supplemental revenues and contingent revenues | | $ | | 2,596 | | | | $ | | 2,482 | | | | 5% | | | $ | | 5,804 | | | | $ | | 5,549 | | | | 5%
Brokerage organic supplemental revenue growth
20.0%
Items excluded from organic revenue computations yet impacting revenue comparisons for the three and six-month periods ended June 30, 2026 and 2025 include the following (in millions):
Three-Month Period Ended
June 30, | | | Six-Month Period Ended
June 30,
Organic Revenues (Non-GAAP) | | 2026 | | | 2025 | | | Change | | | 2026 | | | 2025 | | | Change
Base Commissions and Fees
Commission and fees, as reported | | $ | | 3,180 | | | | $ | | 2,387 | | | | 33% | | | $ | | 7,095 | | | | $ | | 5,256 | | | | 35%
Less commission and fee revenues from acquisitions, divested operations and other | | (775) | | | | (80) | | | | | | (1,712) | | | | (144)
Levelized foreign currency translation | | — | | | | (1) | | | | | | — | | | | 51
Organic base commission and fees | | $ | | 2,405 | | | | $ | | 2,306 | | | | 4% | | | $ | | 5,383 | | | | $ | | 5,163 | | | | 4%
Supplemental revenues
Supplemental revenues, as reported | | $ | | 141 | | | | $ | | 103 | | | | 37% | | | $ | | 321 | | | | $ | | 217 | | | | 48%
Less supplemental revenues from acquisitions, divested operations and other | | (17) | | | | — | | | | | | (63) | | | | —
Levelized foreign currency translation | | — | | | | — | | | | | | — | | | | 2
Organic supplemental revenues | | $ | | 124 | | | | $ | | 103 | | | | 20% | | | $ | | 258 | | | | $ | | 219 | | | | 18%
Contingent revenues
Contingent revenues, as reported | | $ | | 91 | | | | $ | | 73 | | | | 25% | | | $ | | 206 | | | | $ | | 166 | | | | 24%
Less contingent revenues from acquisitions, divested operations and other | | (24) | | | | — | | | | | | (43) | | | | —
Levelized foreign currency translation | | — | | | | — | | | | | | — | | | | 1
Organic contingent revenues | | $ | | 67 | | | | $ | | 73 | | | | (8)% | | | $ | | 163 | | | | $ | | 167 | | | | (2)%
Total reported commissions, fees, supplemental revenues and contingent revenues | | $ | | 3,412 | | | | $ | | 2,563 | | | | 33% | | | $ | | 7,622 | | | | $ | | 5,639 | | | | 35%
Less commissions, fees, supplemental revenues and contingent revenues from acquisitions, divested operations and other | | (816) | | | | (80) | | | | | | (1,818) | | | | (144)
Levelized foreign currency translation | | — | | | | (1) | | | | | | — | | | | 54
Total organic commissions, fees, supplemental revenues and contingent revenues | | $ | | 2,596 | | | | $ | | 2,482 | | | | 5% | | | $ | | 5,804 | | | | $ | | 5,549 | | | | 5%
Brokerage total organic revenue growth
5.0%
Items excluded from organic revenue computations yet impacting revenue comparisons for the three and six-month periods ended June 30, 2026 and 2025 include the following (in millions):
Three-Month Period Ended
June 30, | | | Six-Month Period Ended
June 30,
Organic Revenues (Non-GAAP) | | 2026 | | | 2025 | | | Change | | | 2026 | | | 2025 | | | Change
Base Commissions and Fees
Commission and fees, as reported | | $ | | 3,180 | | | | $ | | 2,387 | | | | 33% | | | $ | | 7,095 | | | | $ | | 5,256 | | | | 35%
Less commission and fee revenues from acquisitions, divested operations and other | | (775) | | | | (80) | | | | | | (1,712) | | | | (144)
Levelized foreign currency translation | | — | | | | (1) | | | | | | — | | | | 51
Organic base commission and fees | | $ | | 2,405 | | | | $ | | 2,306 | | | | 4% | | | $ | | 5,383 | | | | $ | | 5,163 | | | | 4%
Supplemental revenues
Supplemental revenues, as reported | | $ | | 141 | | | | $ | | 103 | | | | 37% | | | $ | | 321 | | | | $ | | 217 | | | | 48%
Less supplemental revenues from acquisitions, divested operations and other | | (17) | | | | — | | | | | | (63) | | | | —
Levelized foreign currency translation | | — | | | | — | | | | | | — | | | | 2
Organic supplemental revenues | | $ | | 124 | | | | $ | | 103 | | | | 20% | | | $ | | 258 | | | | $ | | 219 | | | | 18%
Contingent revenues
Contingent revenues, as reported | | $ | | 91 | | | | $ | | 73 | | | | 25% | | | $ | | 206 | | | | $ | | 166 | | | | 24%
Less contingent revenues from acquisitions, divested operations and other | | (24) | | | | — | | | | | | (43) | | | | —
Levelized foreign currency translation | | — | | | | — | | | | | | — | | | | 1
Organic contingent revenues | | $ | | 67 | | | | $ | | 73 | | | | (8)% | | | $ | | 163 | | | | $ | | 167 | | | | (2)%
Total reported commissions, fees, supplemental revenues and contingent revenues | | $ | | 3,412 | | | | $ | | 2,563 | | | | 33% | | | $ | | 7,622 | | | | $ | | 5,639 | | | | 35%
Less commissions, fees, supplemental revenues and contingent revenues from acquisitions, divested operations and other | | (816) | | | | (80) | | | | | | (1,818) | | | | (144)
Levelized foreign currency translation | | — | | | | (1) | | | | | | — | | | | 54
Total organic commissions, fees, supplemental revenues and contingent revenues | | $ | | 2,596 | | | | $ | | 2,482 | | | | 5% | | | $ | | 5,804 | | | | $ | | 5,549 | | | | 5%
Risk management organic fee growth
12.0%
Items excluded from organic fee computations yet impacting revenue comparisons for the three and six-month periods ended June 30, 2026 and 2025 include the following (in millions):
Three-month period ended
June 30, | | | Six-month period ended
June 30,
Organic Revenues (Non-GAAP) | | 2026 | | | 2025 | | | Change | | | 2026 | | | 2025 | | | Change
Fees | | $ | | 438 | | | | $ | | 382 | | | | 15% | | | $ | | 853 | | | | $ | | 745 | | | | 14%
International performance bonus fees | | 7 | | | | 1 | | | | | | 12 | | | | 3
Fees as reported | | 445 | | | | 383 | | | | 16% | | | 865 | | | | 748 | | | | 16%
Less fees from acquisitions, divestitures and other | | (11) | | | | (1) | | | | | | (24) | | | | (2)
Levelized foreign currency translation | | — | | | | 5 | | | | | | — | | | | 12
Organic fees | | $ | | 434 | | | | $ | | 387 | | | | 12% | | | $ | | 841 | | | | $ | | 758 | | | | 11%
Brokerage workforce
56.2K
Financial information relating to our brokerage segment results for the three and six-month periods ended June 30, 2026 compared to the same periods in 2025, is as follows (in millions, except per share, percentages and workforce data).
Three-month period ended
June 30, | | | Six-month period ended
June 30,
Statement of Earnings | | 2026 | | | 2025 | | | Change | | | 2026 | | | 2025 | | | Change
Commissions | | $ | | 2,442 | | | | $ | | 1,808 | | | | 634 | | | | $ | | 5,565 | | | | $ | | 4,057 | | | | 1,508
Fees | | 738 | | | | 579 | | | | 159 | | | | 1,530 | | | | 1,199 | | | | 331
Supplemental revenues | | 141 | | | | 103 | | | | 38 | | | | 321 | | | | 217 | | | | 104
Contingent revenues | | 91 | | | | 73 | | | | 18 | | | | 206 | | | | 166 | | | | 40
Interest income, premium finance revenues and other income | | 90 | | | | 224 | | | | (134) | | | | 173 | | | | 462 | | | | (289)
Total revenues | | 3,502 | | | | 2,787 | | | | 715 | | | | 7,795 | | | | 6,101 | | | | 1,694
Compensation | | 2,017 | | | | 1,526 | | | | 491 | | | | 4,228 | | | | 3,143 | | | | 1,085
Operating | | 537 | | | | 369 | | | | 168 | | | | 1,057 | | | | 715 | | | | 342
Depreciation | | 45 | | | | 38 | | | | 7 | | | | 94 | | | | 71 | | | | 23
Amortization | | 294 | | | | 174 | | | | 120 | | | | 565 | | | | 378 | | | | 187
Change in estimated acquisition earnout payables | | 5 | | | | (6) | | | | 11 | | | | 21 | | | | 9 | | | | 12
Total expenses | | 2,898 | | | | 2,101 | | | | 797 | | | | 5,965 | | | | 4,316 | | | | 1,649
Earnings before income taxes | | 604 | | | | 686 | | | | (82) | | | | 1,830 | | | | 1,785 | | | | 45
Provision for income taxes | | 154 | | | | 176 | | | | (22) | | | | 467 | | | | 459 | | | | 8
Net earnings | | 450 | | | | 510 | | | | (60) | | | | 1,363 | | | | 1,326 | | | | 37
Net earnings attributable to noncontrolling interests | | — | | | | — | | | | — | | | | 1 | | | | 5 | | | | (4)
Net earnings attributable to controlling interests | | $ | | 450 | | | | $ | | 510 | | | | $ | | (60) | | | | $ | | 1,362 | | | | $ | | 1,321 | | | | $ | | 41
Diluted net earnings per share | | $ | | 1.74 | | | | $ | | 1.95 | | | | $ | | (0.21) | | | | $ | | 5.25 | | | | $ | | 5.08 | | | | $ | | 0.17
Other Information
Change in diluted net earnings per share | | (11 | | %) | | | 32 | | % | | | | | 3 | | % | | | 15 | | %
Growth in revenues | | 26 | | % | | | 17 | | % | | | | | 28 | | % | | | 16 | | %
Organic change in commissions and fees | | 4 | | % | | | 5 | | % | | | | | 4 | | % | | | 7 | | %
Compensation expense ratio | | 58 | | % | | | 55 | | % | | | | | 54 | | % | | | 52 | | %
Operating expense ratio | | 15 | | % | | | 13 | | % | | | | | 14 | | % | | | 12 | | %
Effective income tax rate | | 26 | | % | | | 26 | | % | | | | | 26 | | % | | | 26 | | %
Workforce at end of period (includes acquisitions) | | | | | | | | 56,202 | | | 44,909
Identifiable assets at June 30 | | | | | | | | $ | | 76,860 | | | | $ | | 62,735
Risk management workforce
11.3K
The risk management segment accounted for 11% of our revenue during the six-month period ended June 30, 2026. Our risk management segment operations provide contract claim settlement, claim administration, loss control services and risk management consulting. For further description of segment operations and revenue sources, see the "Business" section in our Annual Report on Form 10-K for the year ended December 31, 2025.
Financial information relating to our risk management segment results for the three and six-month periods ended June 30, 2026 compared to the same periods in 2025, is as follows (in millions, except per share, percentages and workforce data):
Statement of Earnings | | Three-month period ended
June 30, | | | Six-month period ended
June 30,
2026 | | | 2025 | | | Change | | | 2026 | | | 2025 | | | Change
Fees | | $ | | 445 | | | | $ | | 383 | | | | $ | | 62 | | | | $ | | 865 | | | | $ | | 748 | | | | $ | | 117
Interest income and other income | | 8 | | | | 9 | | | | (1) | | | | 16 | | | | 18 | | | | (2)
Revenues before reimbursements | | 453 | | | | 392 | | | | 61 | | | | 881 | | | | 766 | | | | 115
Reimbursements | | 48 | | | | 43 | | | | 5 | | | | 90 | | | | 82 | | | | 8
Total revenues | | 501 | | | | 435 | | | | 66 | | | | 971 | | | | 848 | | | | 123
Compensation | | 274 | | | | 244 | | | | 30 | | | | 538 | | | | 475 | | | | 63
Operating | | 83 | | | | 73 | | | | 10 | | | | 161 | | | | 144 | | | | 17
Reimbursements | | 48 | | | | 43 | | | | 5 | | | | 90 | | | | 82 | | | | 8
Depreciation | | 10 | | | | 10 | | | | — | | | | 20 | | | | 20 | | | | —
Amortization | | 7 | | | | 6 | | | | 1 | | | | 14 | | | | 12 | | | | 2
Change in estimated acquisition earnout payables | | 1 | | | | 1 | | | | — | | | | 2 | | | | 1 | | | | 1
Total expenses | | 423 | | | | 377 | | | | 46 | | | | 825 | | | | 734 | | | | 91
Earnings before income taxes | | 78 | | | | 58 | | | | 20 | | | | 146 | | | | 114 | | | | 32
Provision for income taxes | | 21 | | | | 15 | | | | 6 | | | | 39 | | | | 30 | | | | 9
Net earnings | | 57 | | | | 43 | | | | 14 | | | | 107 | | | | 84 | | | | 23
Net earnings attributable to noncontrolling interests | | — | | | | — | | | | — | | | | — | | | | — | | | | —
Net earnings attributable to controlling interests | | $ | | 57 | | | | $ | | 43 | | | | $ | | 14 | | | | $ | | 107 | | | | $ | | 84 | | | | $ | | 23
Diluted net earnings per share | | $ | | 0.22 | | | | $ | | 0.16 | | | | $ | | 0.06 | | | | $ | | 0.41 | | | | $ | | 0.32 | | | | $ | | 0.09
Other information
Change in diluted net earnings per share | | 38 | | % | | | (24 | | %) | | | | | 28 | | % | | | (18 | | %)
Growth in revenues (before reimbursements) | | 16 | | % | | | 9 | | % | | | | | 15 | | % | | | 8 | | %
Organic change in fees (before reimbursements) | | 12 | | % | | | 6 | | % | | | | | 11 | | % | | | 5 | | %
Compensation expense ratio (before reimbursements) | | 60 | | % | | | 62 | | % | | | | | 61 | | % | | | 62 | | %
Operating expense ratio (before reimbursements) | | 18 | | % | | | 19 | | % | | | | | 18 | | % | | | 19 | | %
Effective income tax rate | | 27 | | % | | | 27 | | % | | | | | 27 | | % | | | 27 | | %
Workforce at end of period (includes acquisitions) | | | | | | | | 11,254 | | | 10,584
Identifiable assets at June 30 | | | | | | | | $ | | 2,387 | | | | $ | | 2,015