Acquisitions were the principal driver of reported revenue growth
Commissions and fees increased $405M, or 32.4%, to $1.654B in Q2 FY2026. Management attributed $393M of the increase in core commissions and fees to acquisitions without comparable prior-year revenue, while reported Organic Revenue declined 0.7%.
Contingent commissions increased substantially
Profit-sharing contingent commissions rose $40M, or 88.9%, to $85M in Q2 FY2026. Management attributed the increase primarily to improved carrier underwriting results, premium-volume growth, qualifying for contingents not earned in the prior year, recent acquisitions, and its enhanced carrier-engagement model.
Net income growth included favorable earn-out revaluation effects
Income before income taxes increased $72M, or 23.2%, to $383M, and net income attributable to the Company increased 24.7% to $288M. Results included a $40M credit from changes in estimated acquisition earn-out payables, principally due to revised estimates for companies acquired in the Accession transaction.