01—Abstract
Summary
Summary of the 8-K filed October 15, 2026. Cited figures are marked; the original filing is the authoritative source.
Marsh & McLennan (NYSE: MRSH) reported third quarter 2026 results on October 15, 2026, furnished under Item 2.02 via Exhibit 99.1.
Consolidated revenue rose 8% to $6.9 billiona (5% underlying), and GAAP diluted EPS was $1.69, up from $1.51. Adjusted EPS rose 10% to $2.03. GAAP operating income grew 4% to $1.2 billion, while adjusted operating income grew 6% to $1.5 billion.
The quarter's growth was led by Management Consulting (up 14%) and Risk (up 5% underlying), with Reinsurance down 6%. Growth in Risk was concentrated in EMEA, which rose 7% underlying. For the nine months, GAAP operating income fell 3% to $4.9 billionb, reflecting roughly $743 million of Risk-segment noteworthy items, including a $569 million Greensill litigation charge.
Adjusted operating income rose 7% to $6.1 billionc and adjusted EPS rose 9% to $8.29. GAAP nine-month diluted EPS was $6.68, down from $6.75. Nine-month underlying revenue growth was 5%, with Consulting up 7%, Risk and Insurance Services up 3%, and People and Investments up 5%.
Capital deployment was active. The company repurchased 2.7 million shares for $500 milliond in the quarter and $2.0 billion year to date, and it repaid a €550 million senior note. Year-end debt rose, with short-term debt at $1.6 billion and long-term debt at $18.9 billion.
Cash from operations fell to $2.3 billion for the nine months from $3.1 billion a year earlier, driven mainly by a $872 million increase in net receivables. The company also disclosed Thrive program restructuring costs, a brand transition to "Marsh," and segment renaming.
02—Key points
Key Highlights
- Q3 2026 revenue of $6.9 billion grew 8% GAAP and 5% underlying; adjusted EPS grew 10% to $2.03.
- GAAP diluted EPS was $1.69 in Q3 (vs. $1.51) but only $6.68 for nine months (vs. $6.75), reflecting a $569 million Greensill litigation charge in Risk.
- Management Consulting (+14% underlying) and Risk (+5% underlying, EMEA +7%) drove growth, while Reinsurance declined 6%.
- Nine-month adjusted operating income rose 7% to $6.1 billion, but GAAP operating income fell 3% to $4.9 billion due to noteworthy items.
- Shareholder returns continued: $500 million of buybacks in Q3 and $2.0 billion year to date, alongside $1.35 billion in dividends paid.
- Operating cash flow fell to $2.3 billion for nine months (from $3.1 billion), largely due to a $872 million increase in net receivables.
- The company completed its brand transition to "Marsh" and renamed segments (Reinsurance, People and Investments, Management Consulting) as part of the Thrive program.
03—Questions
Frequently Asked Questions
Did Marsh & McLennan meet expectations in Q3 2026?
The filing does not include consensus estimates, so a direct beat or miss cannot be determined from it. Q3 showed solid top-line and adjusted earnings growth: revenue rose 8% and adjusted EPS rose 10%. GAAP results were weaker in some areas, and Reinsurance declined.
Why did GAAP earnings lag adjusted earnings for the first nine months?
Noteworthy items totaling about $1.24 billion were excluded from adjusted operating income for the nine months. The largest was a $569 million Greensill litigation charge, along with $417 million of identified intangible amortization, $182 million of Thrive restructuring costs, and $124 million of McGriff integration costs. A $126 million non-cash gain on consolidating Deasterra Partners partly offset these items.
How is the company's balance sheet and cash generation trending?
Total debt rose to about $20.5 billion (short-term $1.6 billion, long-term $18.9 billion) from about $19.6 billion at year-end 2025, partly from $1.6 billion of commercial paper issuance. Nine-month operating cash flow fell to $2.3 billion from $3.1 billion, mainly from higher receivables. Cash and equivalents were $1.8 billion, and the company continued to fund dividends and buybacks.
What is the Thrive program and what costs does it carry?
Thrive is a three-year program focused on brand strategy, delivering greater value to clients, accelerating growth, and improving efficiency. It is expected to generate savings from process and automation and from optimizing the global operating model. Restructuring costs tied to Thrive were $79 million in Q3 2026 and $182 million for the nine months, and these are excluded from adjusted results.
Are there any notable changes to how the company reports its results?
Yes. Effective January 14, 2026, the company renamed its brands. Guy Carpenter results are now reported as Reinsurance, and Mercer results are reported as People and Investments, with sub-segments Investments and Retirement, Health and Benefits, and Workforce and Rewards. Oliver Wyman is now Management Consulting, and Marsh and Marsh McLennan are now Marsh Risk. Prior-period figures are presented on the new basis, so comparisons should be read with this change in mind.
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