Results
Revenue Growth of 8%; Underlying Revenue Growth of 5%
GAAP Operating Income Increases 4%; Adjusted Operating Income Increases 6%
Third Quarter GAAP EPS of $1.69; Adjusted EPS Increases 10% to $2.03
Nine Months GAAP EPS of $6.68; Adjusted EPS Increases 9% to $8.29
NEW YORK , October 15, 2026 – Marsh (NYSE: MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, today reported financial results for the third quarter ended September 30, 2026.
Management commentary
1John Doyle, President and CEO, said: "Marsh delivered a strong third quarter, generating 5% underlying revenue growth and double-digit EPS growth.
We also made significant progress in executing our Thrive program and successfully completed our brand transition."
"These results reflect the strength of our market position, the value we deliver to clients, and the commitment of our colleagues around the world."
Results
Consolidated Results
Corporate events
Effective January 14, 2026, the Company updated its brand name from Marsh McLennan to Marsh and the brand names of Marsh and Oliver Wyman Group businesses to Marsh Risk ("Risk") and Marsh Management Consulting ("Management Consulting"), respectively.
As a result of the Company's previously announced brand change, results that were previously reported under our Guy Carpenter business will now be reported as "Reinsurance" and results that were previously reported as Mercer will now be reported as "People and Investments".
Within People and Investments, results for Wealth will now be reported as "Investments and Retirement", Health will now be reported as "Health and Benefits" and Career will now be reported as "Workforce and Rewards".
Results
6Consolidated revenue in the third quarter of 2026 was $6.9 billion, an increase of 8% compared with the third quarter of 2025, or 5% on an underlying basis.
Operating income increased 4% to $1.2 billion.
Adjusted operating income, which excludes noteworthy items and identified intangible amortization expense as presented in the attached supplemental schedules, rose 6% to $1.5 billion.
Net income attributable to the Company was $808 million.
Earnings per share were $1.69.
Adjusted earnings per share increased 10% to $2.03.
For the nine months ended September 30, 2026, consolidated revenue was $21.9 billion, an increase of 7% on a GAAP basis or 5% on an underlying basis, compared to the prior year period.
Operating income was $4.9 billion, a decrease of 3% from the prior year period.
Adjusted operating income rose 7% to $6.1 billion.
Net income attributable to the Company was $3.2 billion, or $6.68 per diluted share, compared with $6.75 in the first nine months of 2025.
Adjusted earnings per share increased 9% to $8.29.
Risk and Insurance Services
Risk and Insurance Services revenue was $4.2 billion in the third quarter of 2026, an increase of 7%, or 3% on an underlying basis.
Operating income decreased 1% to $745 million, while adjusted operating income increased 4% to $1.0 billion.
7For the nine months ended September 30, 2026, revenue was $14.1 billion, an increase of 6%, or 3% on an underlying basis.
Operating income decreased 7% to $3.5 billion, and adjusted operating income increased 5% to $4.6 billion.
Risk's revenue in the third quarter of 2026 was $3.7 billion, an increase of 10%, or 5% on an underlying basis.
In U.S./Canada, underlying revenue growth was 4%.
In International, underlying revenue growth was 6%, and included 7% growth in EMEA, 4% growth in Asia Pacific, and flat in Latin America.
5For the nine months ended September 30, 2026, Risk’s underlying revenue growth was 4%.
Reinsurance's revenue in the third quarter was $374 million, a decrease of 6%, on both a GAAP and underlying basis.
2For the nine months ended September 30, 2026, Reinsurance's revenue decreased 1% on an underlying basis.
Consulting
Consulting revenue was $2.7 billion in the third quarter of 2026, an increase of 9%, or 8% on an underlying basis.
Operating income increased 12% to $563 million, while adjusted operating income increased 9% to $593 million.
8For the nine months ended September 30, 2026, revenue was $7.8 billion, an increase of 10%, or 7% on an underlying basis.
Operating income rose 13% to $1.6 billion, and adjusted operating income increased 11% to $1.7 billion.
People and Investments' revenue in the third quarter was $1.7 billion, an increase of 6%, or 5% on an underlying basis.
3Investments and Retirement revenue grew 8%, Health and Benefits revenue increased 5%, and Workforce and Rewards revenue decreased 1%, all on an underlying basis.
4For the nine months ended September 30, 2026, People and Investments’ revenue was $4.9 billion, an increase of 5% on an underlying basis.
Management Consulting's revenue in the third quarter of 2026 was $1.0 billion, an increase of 14% on both a GAAP and underlying basis.
For the nine months ended September 30, 2026, Management Consulting’s revenue was $2.9 billion, an increase of 11% on an underlying basis.
Capital return
The Company repurchased approximately 2.7 million shares of stock for $500 million in the third quarter of 2026.
Through nine months ended September 30, 2026, the Company has repurchased 11.4 million shares of stock for $2.0 billion.
Corporate events
In the third quarter of 2026, the Company repaid 550 million of Euro-denominated senior notes that matured in September.
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