Marsh reports third-quarter revenue up 8% to $6.9 billion and adjusted EPS up 10%

Marsh & McLennan Companies, Inc. (MRSH) reported third-quarter 2026 revenue of $6.9 billion, up 8% from a year earlier, and adjusted earnings per share of $2.03, up 10%, the company said Thursday in a press release attached to a Form 8-K.

The results cover the quarter ended Sept. 30. GAAP diluted earnings per share were $1.69, compared with $1.51 a year earlier.

Here's how the company did:

• Revenue: $6.86 billion vs. $6.35 billion a year earlier
• Diluted earnings per share, GAAP: $1.69 vs. $1.51 a year earlier
• Adjusted earnings per share: $2.03 vs. $1.85 a year earlier
• Operating income: $1,215 million vs. $1,170 million a year earlier
• Adjusted operating income: $1,527 million vs. $1,439 million a year earlier
• Net income attributable to the company: $808 million vs. $747 million a year earlier

Consolidated revenue rose 8% in the quarter. Underlying revenue, which excludes currency movements and acquisitions and dispositions, increased 5%.

Operating income increased 4% to $1.2 billion. Adjusted operating income, which excludes noteworthy items and identified intangible amortization expense, rose 6% to $1.5 billion.

For the nine months ended Sept. 30, consolidated revenue was $21.9 billion, up 7% on a GAAP basis and 5% on an underlying basis. Operating income decreased 3% from the prior-year period to $4.9 billion.

Adjusted operating income for the nine months rose 7% to $6.1 billion. Adjusted earnings per share increased 9% to $8.29. GAAP diluted earnings per share were $6.68, compared with $6.75 in the first nine months of 2025.

"Marsh delivered a strong third quarter, generating 5% underlying revenue growth and double-digit EPS growth," President and CEO John Doyle said. "We also made significant progress in executing our Thrive program and successfully completed our brand transition."

The company said it updated its brand name from Marsh McLennan to Marsh effective Jan. 14, 2026. The Marsh and Oliver Wyman Group businesses were renamed Marsh Risk and Marsh Management Consulting.

The release also changes how segments are named. Results previously reported under Guy Carpenter are now reported as Reinsurance, and Mercer results are now reported as People and Investments.

Within People and Investments, Wealth is now Investments and Retirement, Health is now Health and Benefits, and Career is now Workforce and Rewards.

Here's how the company's segments did during the quarter:

• Risk: $3.7 billion, up 10%, or 5% on an underlying basis
• Reinsurance: $374 million, down 6% on both a GAAP and underlying basis
• People and Investments: $1.7 billion, up 6%, or 5% on an underlying basis
• Management Consulting: $1.0 billion, up 14% on both a GAAP and underlying basis

Risk and Insurance Services revenue was $4.2 billion, up 7%, or 3% on an underlying basis. Operating income decreased 1% to $745 million, while adjusted operating income increased 4% to $1.0 billion.

Within Risk, EMEA revenue was $994 million, up 22% on a GAAP basis and 7% on an underlying basis. In U.S./Canada, underlying revenue growth was 4%.

Consulting revenue was $2.7 billion, up 9%, or 8% on an underlying basis. Operating income rose 12% to $563 million, and adjusted operating income increased 9% to $593 million.

Within People and Investments, Investments and Retirement revenue grew 8% on an underlying basis, Health and Benefits rose 5%, and Workforce and Rewards decreased 1%.

Total operating expenses were $5,648 million, compared with $5,181 million a year earlier. Compensation and benefits were $4,078 million, up from $3,894 million, and other operating expenses were $1,570 million, up from $1,287 million.

Restructuring charges in the quarter were $79 million, primarily tied to Thrive, a three-year program. The company said the program will generate savings from process and automation efficiencies and optimization of its global operating model.

The company also excluded a $144 million charge for settlement and legal expenses related to Greensill litigation, net of insurance recoveries, from adjusted operating income. It also excluded a $126 million gain from remeasuring its previously held investment in Deasterra Partners after it acquired the remaining 60% stake.

The company repurchased about 2.7 million shares for $500 million in the third quarter. Through the first nine months of 2026, it repurchased 11.4 million shares for $2.0 billion.

Diluted average shares outstanding fell to 479 million in the quarter from 494 million a year earlier. Shares outstanding at Sept. 30 were 475 million.

In the third quarter, the company repaid 550 million of Euro-denominated senior notes that matured in September.

The release does not include updated financial guidance. The company said it would hold a conference call on Oct. 15 at 8:30 a.m. Eastern time.