Marsh Reports Third Quarter 2026 Financial Results

Executive Summary

On October 15, 2026, Marsh & McLennan Companies, Inc. filed a Form 8-K under Item 2.02 reporting its third quarter 2026 financial results ended September 30, 2026.

Key Financial Highlights

• Consolidated Revenue: Totaled $6.86 billion, representing an 8% increase compared to $6.35 billion in Q3 2025 (5% growth on an underlying basis).
• Operating Income: Increased 4% to $1.22 billion. Adjusted operating income rose 6% to $1.5 billion.
• Net Income & EPS: Net income attributable to the company stood at $808 million, resulting in diluted EPS of $1.69 (up from $1.51 in Q3 2025). Adjusted EPS rose 10% to $2.03.
• Nine-Month Performance: Revenue reached $21.86 billion (+7% GAAP, +5% underlying). GAAP EPS was $6.68 compared to $6.75 in the prior-year period, while Adjusted EPS grew 9% to $8.29.

Segment Performance

• Risk and Insurance Services: Q3 revenue rose 7% to $4.2 billion (3% underlying). Marsh Risk grew 10% (5% underlying), while Reinsurance decreased 6% on both a GAAP and underlying basis.
• Consulting: Q3 revenue grew 9% to $2.7 billion (8% underlying). Management Consulting revenue grew 14% on both GAAP and underlying bases, while People and Investments rose 6% (5% underlying).

Capital Allocation

• The company repurchased approximately 2.7 million shares for $500 million in Q3 2026, bringing nine-month total repurchases to 11.4 million shares ($2.0 billion).
• Repaid €550 million in senior notes that matured in September 2026.