What was the key driver of revenue growth in the third quarter of 2026?

The key driver of revenue growth in the third quarter of 2026 was the strong performance in both the Risk and Insurance Services and Consulting segments. The Risk and Insurance Services segment saw a 7% increase in revenue, while the Consulting segment reported a 9% increase, reflecting continued demand for the company's advisory and solutions.

How did the Greensill settlement impact the company's financial results?

The Greensill settlement resulted in a significant charge of $144 million (net of insurance proceeds) for the three months ended September 30, 2026, and $569 million for the nine months ended September 30, 2026. This charge impacted operating expenses and consequently reduced operating income and net income for the periods.

What is the company's strategy regarding capital return to shareholders?

Marsh & McLennan Companies, Inc. actively returns capital to shareholders through share repurchases and dividends. In the first nine months of 2026, the company repurchased $2.0 billion of its common stock and declared a quarterly dividend of $0.990 per share. The company has an authorized share repurchase program with a remaining capacity of approximately $3.7 billion.

How did foreign currency fluctuations affect the company's reported results?

Foreign currency fluctuations had a mixed impact. For the nine months ended September 30, 2026, a weakening U.S. dollar increased consolidated revenue and expenses by approximately 1% and operating income by approximately 2%. The company estimates that a 10% movement in major foreign currencies against the U.S. dollar could impact net operating income by approximately $129 million.

MRSH/MMC 10-Q Quarterly Report Q3 FY2026 — Revenue, Net Income, EPS

01—Abstract

Summary

Summary of the 10-Q filed October 15, 2026. Cited figures are marked; the original filing is the authoritative source.

Marsh & McLennan Companies, Inc. (MRSH) reported solid revenue growth in the third quarter and first nine months of fiscal year 2026, driven by its Risk & Insurance Services and Consulting segments.

Consolidated revenue increased by 8%^a and 7% respectively for these periods on a reported basis, with underlying growth of 5% in both periods. While operating income saw a modest increase of 4% for the quarter, it experienced a 3% decrease year-to-date. Net income attributable to the company and diluted EPS showed strong year-over-year growth for the quarter, but a slight decrease for the nine-month period.

The company's financial performance reflects continued demand for its services, strategic acquisitions, and effective cost management, though it also navigated a significant settlement related to the Greensill litigation. The company's balance sheet remains robust with total assets of $59.8 billion^b. While liabilities have increased, primarily due to debt, equity also saw an increase.

Cash flow from operations was strong, although lower than the previous year's comparable period. The company continued to return capital to shareholders through share repurchases and dividends, demonstrating a commitment to shareholder value.

02—Key points

Key Highlights

Consolidated revenue for the three months ended September 30, 2026, increased by 8% to $6.9 billion, with underlying revenue growth of 5%.
Consolidated revenue for the nine months ended September 30, 2026, increased by 7% to $21.9 billion, with underlying revenue growth of 5%.
Risk and Insurance Services segment revenue grew 7% for the quarter and 6% for the nine months, driven by the Risk business.
Consulting segment revenue increased by 9% for the quarter and 10% for the nine months, with strong performance in both People and Investments and Management Consulting.
The company recorded a significant charge of $144 million (net of insurance proceeds) for the three months ended September 30, 2026, related to the Greensill settlement.
Diluted EPS for the three months ended September 30, 2026, increased by 12% to $1.69, while for the nine months ended September 30, 2026, it decreased by 1% to $6.68.
The company repurchased $2.0 billion of its common stock during the first nine months of 2026 and declared a quarterly dividend of $0.990 per share.

03—Questions

Frequently Asked Questions

What was the key driver of revenue growth in the third quarter of 2026?
The key driver of revenue growth in the third quarter of 2026 was the strong performance in both the Risk and Insurance Services and Consulting segments. The Risk and Insurance Services segment saw a 7% increase in revenue, while the Consulting segment reported a 9% increase, reflecting continued demand for the company's advisory and solutions.
How did the Greensill settlement impact the company's financial results?
The Greensill settlement resulted in a significant charge of $144 million (net of insurance proceeds) for the three months ended September 30, 2026, and $569 million for the nine months ended September 30, 2026. This charge impacted operating expenses and consequently reduced operating income and net income for the periods.
What is the company's strategy regarding capital return to shareholders?
Marsh & McLennan Companies, Inc. actively returns capital to shareholders through share repurchases and dividends. In the first nine months of 2026, the company repurchased $2.0 billion of its common stock and declared a quarterly dividend of $0.990 per share. The company has an authorized share repurchase program with a remaining capacity of approximately $3.7 billion.
How did foreign currency fluctuations affect the company's reported results?
Foreign currency fluctuations had a mixed impact. For the nine months ended September 30, 2026, a weakening U.S. dollar increased consolidated revenue and expenses by approximately 1% and operating income by approximately 2%. The company estimates that a 10% movement in major foreign currencies against the U.S. dollar could impact net operating income by approximately $129 million.

04—Continue

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