Sep 2026 (Q3 FY26) — Oct 15, 2026
Marsh & McLennan Companies, Inc. Q3 FY26 — Strong Growth and Increased Thrive Savings Target
Read the full callMarsh & McLennan Companies (MRSH) earnings
- Sep 2026
- Sep 2026 (Q3 FY26)
- Dec 2025
Marsh & McLennan Companies earnings: last reported Thu, 15 Oct 2026, for the quarter ended Sep 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 6,863 | +8.1% YoY | Quarterly, as filed | Quarter to Sep 2026 | Revenue from operations as filed. |
| Operating margin | 17.7 | −0.7 pts YoY | Operating profit / revenue | Quarter to Sep 2026 | For the quarter; a change is in percentage points. |
| Net profit | 808 | +8.2% YoY | Quarterly, as filed | Quarter to Sep 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
28 of 30 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Annual dividend increase | each year, we target raising our dividend | Dec 2025 | Earlier this month, we announced a 10% increase in our quarterly dividend making this our 17th consecutive year of dividend increases | Achieved |
| Full-year capital deployment across dividends, acquisitions and share repurchases | approximately $5 billion | Dec 2025 | We now expect to deploy approximately $5.5 billion of capital in 2026 across dividends, acquisitions and share repurchases, up from $5 billion previously. | Revised Up |
| Full-year adjusted effective tax rate excluding discrete items | between 24.5% and 25.5% | Dec 2025 | we continue to expect an adjusted effective tax rate of between 24.5% and 25.5% in 2026 | On Track |
2 of MARSH & MCLENNAN COMPANIES, INC.'s 50 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 47 more targets are in the full ledger.
Claimed
- Consolidated underlying revenue grew 5%, with Consulting up 8% and Risk up 5%.
- Adjusted EPS increased 10% year-over-year to $2.03.
- Thrive program savings target increased from $400 million to $600 million.
- Management Consulting revenue grew 14% on an underlying basis, driven by AI-related work.
- Assets Under Management (AUM) increased 23% year-over-year to $843 billion.
Qualified
- Reinsurance revenue declined 6% on an underlying basis due to continued softness in property reinsurance rates and tough comparisons.
- Primary commercial insurance rates decreased 5% globally, with global property rates down 10%.
- Workforce & Rewards revenue was down 1% due to a challenging environment in the Middle East.
Price
$188.5 +0.08% · +$0.15
Performance −0.6% 1Y
1Y: $189.59 on 17 Oct 2025 → $188.5. High $197.59 (29 Jul 2026), low $157.32 (3 Jun 2026).
- Previous close
- $188.35
- 52-week range
- $157.32 – $197.59
- One year
- −0.74%
Overview
- Symbol
- MRSH
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
28 of 30 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Annual dividend increase | each year, we target raising our dividend | Dec 2025 | Earlier this month, we announced a 10% increase in our quarterly dividend making this our 17th consecutive year of dividend increases | Achieved |
| Full-year capital deployment across dividends, acquisitions and share repurchases | approximately $5 billion | Dec 2025 | We now expect to deploy approximately $5.5 billion of capital in 2026 across dividends, acquisitions and share repurchases, up from $5 billion previously. | Revised Up |
| Full-year adjusted effective tax rate excluding discrete items | between 24.5% and 25.5% | Dec 2025 | we continue to expect an adjusted effective tax rate of between 24.5% and 25.5% in 2026 | On Track |
Claimed
- Consolidated underlying revenue grew 5%, with Consulting up 8% and Risk up 5%.
- Adjusted EPS increased 10% year-over-year to $2.03.
- Thrive program savings target increased from $400 million to $600 million.
- Management Consulting revenue grew 14% on an underlying basis, driven by AI-related work.
- Assets Under Management (AUM) increased 23% year-over-year to $843 billion.
Qualified
- Reinsurance revenue declined 6% on an underlying basis due to continued softness in property reinsurance rates and tough comparisons.
- Primary commercial insurance rates decreased 5% globally, with global property rates down 10%.
- Workforce & Rewards revenue was down 1% due to a challenging environment in the Middle East.
The full ledger
Open MARSH & MCLENNAN COMPANIES, INC.’s full ledger
A free account opens 5 company ledgers a month. All 50 tracked commitments, with each call’s wording and source.
Call summaries
Jun 2026 (Q2 FY26) — Jul 21, 2026
Marsh & McLennan Q2 FY26 — Solid Performance Driven by Underlying Growth and Strategic Investments
Read the full callMar 2026 (Q1 FY26) — Apr 16, 2026
Marsh & McLennan Companies, Inc. Q1 FY26 — Solid Start Amidst Challenging Market Conditions and AI Investments
Read the full callNews
Latest news
From the news desk, item by item, hours after each call.
Every analysed call
Marsh & McLennan Companies earnings calls (MRSH)
Financials
What the filings say
Net profit, year on year: +8% (quarter to sep 2026 against sep 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 6,067 | 7,061 | 6,974 | 6,351 | 6,595 | 7,597 | 7,404 | 6,863 |
| Operating profit | 1,142 | 2,005 | 1,829 | 1,170 | 1,219 | 1,754 | 1,899 | 1,215 |
| Operating margin | 18.8% | 28.4% | 26.2% | 18.4% | 18.5% | 23.1% | 25.6% | 17.7% |
| Interest | 231 | 245 | 243 | 237 | 235 | 240 | 250 | 248 |
| Profit before tax | 1,009 | 1,827 | 1,646 | 1,010 | 1,056 | 1,581 | 1,702 | 1,033 |
| Tax rate | 20.6% | 22.7% | 25.2% | 25.1% | 21.0% | 25.0% | 24.1% | 21.4% |
| Net profit | 788 | 1,381 | 1,211 | 747 | 821 | 1,146 | 1,266 | 808 |
| EPS ($ per share) | — | 2.81 | 2.46 | 1.52 | — | 2.37 | 2.64 | 1.70 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 561 | 561 | 561 | 561 | 561 | 561 | 561 | 561 |
| Reserves | 14,347 | 15,199 | 16,272 | 18,389 | 20,301 | 22,759 | 25,306 | 27,767 |
| Total liabilities | 13,994 | 23,414 | 23,789 | 32,788 | 33,365 | 35,660 | 42,946 | 43,395 |
| Fixed assets | 701 | 858 | 856 | 847 | 871 | 882 | 859 | 829 |
| Total assets | 21,578 | 31,357 | 33,049 | 44,010 | 44,114 | 48,030 | 56,481 | 58,710 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,428 | 2,361 | 3,382 | 3,516 | 3,465 | 4,258 | 4,302 | 5,292 |
| Cash from investing | -1,089 | -4,395 | -793 | -1,164 | -850 | -1,417 | -8,821 | -845 |
| Cash from financing | -1,310 | 4,331 | -925 | -1,297 | -1,046 | -1,119 | 4,455 | -4,634 |
| Net cash flow | -139 | 2,432 | 2,175 | 700 | 728 | 2,050 | -478 | 486 |
| Capital expenditure | -314 | -421 | -348 | -406 | -470 | -416 | -316 | -291 |
| Free cash flow | 2,114 | 1,940 | 3,034 | 3,110 | 2,995 | 3,842 | 3,986 | 5,001 |
MRSH revenue by segment
| Segment | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Risk and Insurance Services | — | — | — | — | — | 66% | 65% | 61% | — |
| Consulting | — | — | — | — | 40% | 34% | 35% | 39% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
MRSH operating KPIs by quarter
| KPI | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Assets under management (AUM) Mercer | $683BOur assets under management were $683 billion at the end of the third quarter, up 2% sequentially and up 25% compared to the third quarter of last year.Source: earnings call transcript | $692BOur assets under management were $692 billion at the end of the fourth quarter, up 1% sequentially and up 12% compared to the fourth quarter of last year.Source: earnings call transcript | $727BOur assets under management were $727 billion at the end of the first quarter, up 5% sequentially and up 19% compared to the first quarter of last year.Source: earnings call transcript | $846BOur assets under management were $846 billion at the end of the second quarter, up 16% sequentially and up 26% compared to the second quarter of last year.Source: earnings call transcript | $843BOur assets under management were $843 billion at the end of the third quarter, flat sequentially and up 23% from the third quarter last year.Source: earnings call transcript | -0.4% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
50 filings between Nov 15, 2025 and Sep 2, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$18.91M
11 sales by 7 insiders
45% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 10
- Award — granted as compensation
- 17
- Option exercise — converted options into shares
- 12
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Doyle John Q | — | $12.73M | Sep 2, 2026 |
| Yates Lloyd M | — | $2.11M | Jul 23, 2026 |
| Jones John Jude | — | $1.66M | Aug 6, 2026 |
| South Martin | — | $1.35M | Jul 28, 2026 |
| Studer Nicholas Mark | — | $706.1K | Mar 3, 2026 |
| Brennan Katherine | — | $224.9K | Sep 2, 2026 |
| Beswick Paul | — | $141.2K | Jul 29, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 2, 2026 | Brennan Katherine SVP and General Counsel | Sale | 1,197 | $224.9K |
| Sep 2, 2026 | Doyle John Q President and CEO | Sale 10b5-1 plan | 16,656 | $3.14M |
| Sep 2, 2026 | Brennan Katherine SVP and General Counsel | Option exercise | 1,197 | $99.4K |
| Sep 2, 2026 | Doyle John Q President and CEO | Option exercise 10b5-1 plan | 16,656 | $1.22M |
| Aug 15, 2026 | MILLS STEVEN A Director | Award | 194 | $36.6K |
| Aug 15, 2026 | BROUSSARD BRUCE D Director | Award | 192 | $36.2K |
| Aug 6, 2026 | Jones John Jude Chief Marketing Officer | Sale | 6,500 | $1.25M |
| Jul 29, 2026 | Beswick Paul SVP, Chief Information Officer | Sale 10b5-1 plan | 713 | $141.2K |
| Jul 28, 2026 | South Martin Chief Client Officer | Sale | 7,100 | $1.35M |
| Jul 23, 2026 | Yates Lloyd M Director | Sale | 12,000 | $2.11M |
| Jun 2, 2026 | Doyle John Q President and CEO | Sale 10b5-1 plan | 16,656 | $2.69M |
| Jun 2, 2026 | Doyle John Q President and CEO | Option exercise 10b5-1 plan | 16,656 | $1.22M |
| Jun 1, 2026 | MILLS STEVEN A Director | Award | 1,349 | $214.9K |
| Jun 1, 2026 | Harrison Peter Director | Award | 1,350 | $215.0K |
| Jun 1, 2026 | BROUSSARD BRUCE D Director | Award | 1,349 | $214.9K |
| Jun 1, 2026 | HANWAY H EDWARD Director | Award | 1,349 | $214.9K |
| Jun 1, 2026 | Hartmann Judith Director | Award | 1,349 | $214.9K |
| Jun 1, 2026 | Harrison Peter Director | Tax withheld | 103 | $16.5K |
| May 15, 2026 | MILLS STEVEN A Director | Award | 264 | $42.4K |
| Mar 15, 2026 | Tomlinson Patrick President and CEO, Mercer | Tax withheld | 627 | $107.9K |
| Mar 15, 2026 | Tomlinson Patrick President and CEO, Mercer | Option exercise | 1,228 | $0 |
| Mar 11, 2026 | Jones John Jude Chief Marketing Officer | Sale | 2,362 | $410.1K |
| Mar 4, 2026 | Doyle John Q President and CEO | Sale 10b5-1 plan | 16,655 | $3.05M |
| Mar 4, 2026 | Doyle John Q President and CEO | Option exercise 10b5-1 plan | 16,655 | $0 |
| Mar 3, 2026 | Studer Nicholas Mark President and CEO of OWG | Sale | 3,837 | $706.1K |
| Feb 28, 2026 | MCGIVNEY MARK C Chief Financial Officer | Tax withheld | 9,170 | $1.71M |
| Feb 28, 2026 | MCGIVNEY MARK C Chief Financial Officer | Option exercise | 17,961 | $0 |
| Feb 28, 2026 | Mills Stacy Vice President and Controller | Tax withheld | 1,277 | $238.5K |
| Feb 28, 2026 | Mills Stacy Vice President and Controller | Option exercise | 2,723 | $0 |
| Feb 28, 2026 | Klisura Dean Michael President & CEO, Guy Carpenter | Option exercise | 9,383 | $0 |
| Feb 28, 2026 | South Martin President & CEO, Marsh Risk | Tax withheld | 8,006 | $1.50M |
| Feb 28, 2026 | Studer Nicholas Mark President and CEO of OWG | Option exercise | 8,044 | $0 |
| Feb 28, 2026 | South Martin President & CEO, Marsh Risk | Option exercise | 14,476 | $0 |
| Feb 28, 2026 | Tomlinson Patrick President and CEO, Mercer | Option exercise | 2,219 | $0 |
| Feb 28, 2026 | Tomlinson Patrick President and CEO, Mercer | Tax withheld | 1,139 | $212.7K |
| Feb 28, 2026 | Beswick Paul SVP, Chief Information Officer | Tax withheld | 3,403 | $635.5K |
| Feb 28, 2026 | Beswick Paul SVP, Chief Information Officer | Option exercise | 6,970 | $0 |
| Feb 28, 2026 | Brennan Katherine SVP and General Counsel | Tax withheld | 3,855 | $719.9K |
| Feb 28, 2026 | Brennan Katherine SVP and General Counsel | Option exercise | 6,970 | $0 |
| Feb 28, 2026 | Doyle John Q President and CEO | Tax withheld | 30,380 | $5.67M |
| Feb 28, 2026 | Doyle John Q President and CEO | Option exercise | 59,510 | $0 |
| Feb 28, 2026 | Fernandez Carmen SVP, Chief People Officer | Tax withheld | 3,855 | $719.9K |
| Feb 28, 2026 | Fernandez Carmen SVP, Chief People Officer | Option exercise | 6,970 | $0 |
| Feb 28, 2026 | Jones John Jude Chief Marketing Officer | Tax withheld | 2,464 | $460.1K |
| Feb 28, 2026 | Jones John Jude Chief Marketing Officer | Option exercise | 4,826 | $0 |
| Feb 28, 2026 | Klisura Dean Michael President & CEO, Guy Carpenter | Tax withheld | 5,189 | $969.0K |
| Feb 15, 2026 | MILLS STEVEN A Director | Award | 244 | $42.3K |
| Dec 1, 2025 | Doyle John Q President and CEO | Sale 10b5-1 plan | 21,079 | $3.84M |
| Dec 1, 2025 | Doyle John Q President and CEO | Option exercise 10b5-1 plan | 21,079 | $1.33M |
| Nov 15, 2025 | MILLS STEVEN A Director | Award | 231 | $42.3K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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