10-QPeriod: Q2 FY2026

MARSH & MCLENNAN COMPANIES, INC. Quarterly Report for Q2 Ended Jun 30, 2026

Filed July 21, 2026For Securities:MRSHMMC

Summary

Marsh & McLennan Companies, Inc. (MMC) reported solid revenue growth in the second quarter and first half of 2026, with consolidated revenue increasing by 6% and 7% respectively, driven by strong performance in both its Risk & Insurance Services and Consulting segments. Diluted EPS saw a healthy increase of 7% year-over-year for the quarter, though it decreased by 5% for the year-to-date period, largely impacted by a significant $425 million charge related to the Greensill litigation. The company continues to execute on its strategic initiatives, including ongoing acquisitions and the "Thrive" efficiency program. Management remains focused on delivering value to clients and improving operational efficiency, while navigating macroeconomic uncertainties and regulatory landscapes.

Key Highlights

  • 1Consolidated revenue grew 6% to $7.4 billion for Q2 2026 and 7% to $15.0 billion for H1 2026, driven by underlying growth in both major segments.
  • 2Diluted EPS increased 7% to $2.63 for Q2 2026, but decreased 5% to $4.99 for H1 2026 due to a large legal provision.
  • 3Risk & Insurance Services revenue grew 4% to $4.8 billion in Q2 2026, with Marsh Risk showing strong performance (6% underlying growth), while Guy Carpenter saw a 2% decline.
  • 4Consulting segment revenue increased 10% to $2.6 billion in Q2 2026, with Marsh Management Consulting leading with 13% underlying growth.
  • 5A significant charge of $425 million was recorded in Q1 2026 related to the Greensill litigation, impacting year-to-date profitability.
  • 6The company repurchased $1.5 billion of its stock in the first half of 2026 under its $6 billion authorization, demonstrating commitment to returning capital to shareholders.
  • 7The company replaced and expanded its revolving credit facility to $4.25 billion, enhancing its financial flexibility.

Frequently Asked Questions

The primary driver for the decrease in diluted EPS for the first half of 2026 was a significant charge of $425 million recorded in the first quarter related to the Greensill litigation. This charge impacted the overall profitability for the year-to-date period.

In the second quarter of 2026, the Risk & Insurance Services segment reported a 4% revenue increase to $4.8 billion, primarily driven by Marsh Risk. The Consulting segment saw robust growth with a 10% revenue increase to $2.6 billion, led by Marsh Management Consulting.

Marsh & McLennan Companies, Inc. continues to return capital to shareholders through its share repurchase program and dividend payments. In the first half of 2026, the company repurchased $1.5 billion of its common stock under a $6 billion authorization and declared a quarterly dividend of $0.990 per share for August 2026.

The company highlighted several risks including the impact of geopolitical and macroeconomic conditions, potential cybersecurity threats, regulatory compliance, competition, and the ability to attract and retain talent. Specific to this filing, a significant legal contingency related to the Greensill litigation was noted.