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MARSH & MCLENNAN COMPANIES, INC. 8-K Report, Financial Results (Jul 21, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed July 21, 2026
Period End
July 21, 2026
Securities
MRSHMMC
In the record · 2016–202610-K1110-Q338-K115

MRSH filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 115 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jan ’17Jan ’17
  2. Deal closed8-K · Apr ’19Apr ’19
  3. Material agreement8-K · Apr ’21Apr ’21
  4. Leadership change8-K · Jul ’25Jul ’25

01—Abstract

Summary

Summary of the 8-K filed July 21, 2026. Cited figures are marked; the original filing is the authoritative source.

Marsh & McLennan (NYSE: MRSH) reported second-quarter 2026 results with consolidated revenue of $7.4 billiona, up 6% on a GAAP basis and 5% on an underlying basis.

GAAP operating income rose 4% to $1.9 billionb, and adjusted operating income rose 5% to $2.2 billion. Diluted GAAP EPS was $2.63, up from $2.45, and adjusted EPS grew 9% to $2.96. Growth was led by Consulting, where revenue rose 10% (8% underlying) and Marsh Management Consulting grew 15%.

Risk & Insurance Services revenue rose 4% (3% underlying), with Marsh Risk up 4% underlying and Guy Carpenter down 2%. The six-month picture is weaker on a GAAP basis. Six-month GAAP operating income fell 5% to $3.7 billion and diluted GAAP EPS fell to $4.99c from $5.23.

The main driver is a $425 milliond charge for Greensill litigation in Risk & Insurance Services, which the company excludes from adjusted results. On an adjusted basis, six-month operating income rose 7% to $4.6 billion and adjusted EPS rose 8% to $6.25. Investors should weigh the GAAP and adjusted figures together, since the gap between them is large this period.

Capital returns remained active. The company repurchased about 4.5 million shares for $750 million in the quarter, bringing year-to-date repurchases to $1.5 billion.

The Board raised the quarterly dividend 10% to $0.990 per share, payable August 14, 2026. Note that the earnings release is furnished under Item 2.02 and is not deemed filed for Section 18 purposes.

02—Key points

Key Highlights

  1. Q2 2026 revenue of $7.4 billion grew 6% GAAP and 5% underlying; Consulting (+10%) outpaced Risk & Insurance Services (+4%).
  2. Q2 diluted GAAP EPS of $2.63 (up from $2.45) and adjusted EPS of $2.96 (up 9% from $2.72 on an adjusted basis as reported in the release's reconciliation).
  3. Six-month GAAP operating income fell 5% to $3.7 billion and diluted GAAP EPS fell to $4.99 from $5.23, driven by a $425 million Greensill litigation charge.
  4. Six-month adjusted operating income rose 7% to $4.6 billion and adjusted EPS rose 8% to $6.25, excluding noteworthy items and intangible amortization.
  5. Guy Carpenter revenue declined 2% in Q2 and was flat underlying for the six months, a soft spot versus Marsh Risk (+4% underlying in Q2).
  6. Mercer Wealth grew 8% underlying in Q2, while Health grew 3% and Career grew 2% underlying.
  7. Board raised the quarterly dividend 10% to $0.990 per share; repurchases totaled $750 million in Q2 and $1.5 billion year to date.

03—Questions

Frequently Asked Questions

  1. How did Marsh & McLennan perform in the second quarter of 2026?

    Revenue was $7.4 billion, up 6% GAAP and 5% underlying. GAAP operating income rose 4% to $1.9 billion, adjusted operating income rose 5% to $2.2 billion, and diluted GAAP EPS was $2.63 versus $2.45 a year earlier. Adjusted EPS rose 9% to $2.96.

  2. Why did six-month GAAP earnings decline while adjusted earnings grew?

    The company recorded a $425 million charge for estimated liability and legal expenses related to the Greensill litigation in the first half. This charge is treated as a noteworthy item and excluded from adjusted operating income and adjusted EPS. As a result, six-month GAAP diluted EPS fell to $4.99 from $5.23, while adjusted EPS rose 8% to $6.25.

  3. Which business segments drove growth, and which lagged?

    Consulting was the strongest segment, with revenue up 10% (8% underlying) and Marsh Management Consulting up 15%. Within Risk & Insurance Services, Marsh Risk grew 4% underlying, led by Latin America and International, while Guy Carpenter declined 2% in the quarter and was flat underlying for the six months.

  4. What is the company doing with its capital?

    The company repurchased about 4.5 million shares for $750 million in Q2 and 8.7 million shares for $1.5 billion year to date. The Board increased the quarterly dividend 10% to $0.990 per share, payable August 14, 2026.

  5. Is the earnings release part of the formal SEC filing?

    The press release is attached as Exhibit 99.1 and is furnished under Item 2.02 rather than filed. Under Section 18 of the Securities Exchange Act of 1934, it is deemed furnished and not filed, so it is not subject to Section 18 liability unless the company incorporates it by reference into a registration statement.

04—Continue

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