Stocks have support after President Trump and President Xi Jinping on Thursday agreed to extend a tariff truce, roll back export controls, and reduce other trade barriers. The US will cut fentanyl-related tariffs on Chinese goods to 10% from 20% and extend a pause on some reciprocal tariffs for an additional year, while China resumes purchases of US soybeans, sorghum, and other farm products. The agreement also includes China pausing controls on rare-earth magnets in exchange for the US rolling back an expa ...

核心财务表现 - 第三季度调整后每股收益为2.32美元，低于市场预期7.6%，但同比增长2.7% [1] - 总营收达33亿美元，同比增长21.5%，但低于市场预期3.4%，并实现连续第19个季度两位数增长 [2][1][7] - 总费用同比增长25.6%至30亿美元，主要受薪酬、报销、利息及摊销费用增加影响 [2] 盈利能力指标 - 调整后EBITDAC为9.816亿美元，同比增长22% [3] - 调整后EBITDAC利润率为32.1% [3] 分部业绩 - 经纪业务营收29亿美元，同比增长22.7%，但低于市场预期1.1% [4] - 经纪业务调整后EBITDAC同比增长22.7%，利润率为33.5%，与去年同期持平，但低于市场预期4.2% [4] - 风险管理业务营收4.019亿美元，同比增长9.1%，超出市场预期0.8% [5] - 风险管理业务调整后EBITDAC为8800万美元，同比增长14.2%，利润率扩大100个基点至21.8%，超出市场预期8.8% [5] - 公司部门EBITDAC为负1.094亿美元，去年同期为负7470万美元 [5] 财务状况 - 截至2025年9月30日，总资产达791亿美元，较2024年底增长23.1% [6] - 现金及现金等价物为14亿美元，较2024年底下降91% [6] - 股东权益为230亿美元，较2024年底增长15.2% [6] 战略与运营 - 本季度完成6项收购，预计年化营收约30.36亿美元 [8] 同业比较 - Brown & Brown第三季度调整后每股收益1.05美元，超出市场预期16.6%，同比增长15.4%；总营收16亿美元，超出市场预期6.6%，同比增长35.4%；调整后EBITDAC为5.87亿美元，同比增长41.8%，利润率扩大170个基点至36.6% [10] - Willis Towers Watson第三季度调整后每股收益3.07美元，超出市场预期2.3%，同比增长11%；调整后合并营收23亿美元，有机增长5%；调整后EBITDA为5.15亿美元，同比增长8%，利润率扩大160个基点至22.5% [11][12] - Aon第三季度调整后每股收益3.05美元，超出市场预期5.5%，同比增长12%；总营收40亿美元，同比增长7%，超出市场预期1.4%，有机增长7% [12] - Aon预计2025年及以后营收将实现中个位数或更高的有机增长，调整后营业利润率在2025年将扩大，调整后每股收益今年将强劲增长，长期自由现金流预计实现两位数增长 [13]

核心财务表现 - 第三季度调整后每股收益为2.32美元，低于市场预期的2.54美元 [1] - 季度销售额为29.23亿美元，低于预期的34.54亿美元 [1] - 净收益利润率为13.8%，调整后EBITDAC利润率为32.1% [2] - 调整后EBITDAC增长22% [2] 业务增长情况 - 经纪和风险管理业务部门总营收增长20%，连续第19个季度实现两位数增长 [2] - 有机营收增长为4.8% [2] - 收购带来的增量收入超过4.5亿美元 [2] 分析师评级与目标价调整 - Keefe, Bruyette & Woods分析师维持市场表现评级，目标价从315美元下调至275美元 [5] - Evercore ISI Group分析师维持跑赢大盘评级，目标价从370美元下调至353美元 [5]

Insurance broking group Arthur J. Gallagher & Co. has reported total revenue before reimbursement of $3.32 billion for the third quarter of 2025, compared to $2.8 billion in Q3’24, as the core brokerage and risk management segments combined delivered 20% total revenue growth. This marks the broker’s 19th straight quarter of double-digit top-line growth.Of the total revenue, the company’s brokerage unit added $2.9 billion this quarter, compared to $2.4 billion in Q3’24, while the risk management arm contribu ...

Earnings per share (EPS) of $2.32 missed the Zacks Consensus Estimate, indicating a negative surprise of 7.57%.Revenue for the quarter was $3.33 billion, marking a significant increase from the previous year but slightly missing expectations.Financial ratios such as the P/E ratio of 40.92 and a debt-to-equity ratio of 0.58 demonstrate investor confidence and a moderate level of debt, respectively.Arthur J. Gallagher & Co. (NYSE:AJG) is a prominent player in the insurance brokerage industry. The company prov ...

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Arthur J. Gallagher (AJG) reported $3.33 billion in revenue for the quarter ended September 2025, representing a year-over-year increase of 21.5%. EPS of $2.32 for the same period compares to $2.26 a year ago.The reported revenue represents a surprise of -3.43% over the Zacks Consensus Estimate of $3.45 billion. With the consensus EPS estimate being $2.51, the EPS surprise was -7.57%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to W ...

Arthur J. Gallagher (AJG) came out with quarterly earnings of $2.32 per share, missing the Zacks Consensus Estimate of $2.51 per share. This compares to earnings of $2.26 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -7.57%. A quarter ago, it was expected that this insurance and risk-management company would post earnings of $2.36 per share when it actually produced earnings of $2.33, delivering a surprise of -1.27%.Over the ...

Arthur J. Gallagher (NYSE:AJG) Q3 2025 Earnings Call October 30, 2025 05:30 PM ET Company ParticipantsJ. Patrick Gallagher, Jr - Chairman of the Board and CEONone - Company RepresentativeAndrew Kligerman - Managing DirectorAndrew Andersen - Equity Research Vice PresidentKatie Sakys - Senior Research AssociateRob Cox - VP of Equity ResearchGregory Peters - Mnaging DirectorDoug Howell - CFOElyse Greenspan - Managing DirectorRyan Tunis - Managing DirectorConference Call ParticipantsMike Zaremski - Senior Equit ...

Arthur J. Gallagher (NYSE:AJG) Q3 2025 Earnings Call October 30, 2025 05:30 PM ET Company ParticipantsDouglas K. Howell - CFOJ. Patrick Gallagher, Jr - Chairman of the Board and CEONone - Company RepresentativeAndrew Andersen - Equity Research Vice PresidentAndrew Kligerman - Managing DirectorKatie Sakys - Senior Research AssociateRob Cox - VP of Equity ResearchGregory Peters - Mnaging DirectorElyse Greenspan - Managing DirectorRyan Tunis - Managing DirectorConference Call ParticipantsMike Zaremski - Senior ...