Marsh & McLennan Companies 8-K

PositiveEarnings

Consulting growth outpaced Risk & Insurance Services, led by Marsh Management Consulting; first-half GAAP operating income fell.

Filed 2026-07-21 07:02 ET

Summary

Q2 2026 results. Revenue grew 6% (5% underlying) and adjusted EPS rose 9%; consulting growth outpaced Risk & Insurance Services, while six-month GAAP operating income declined. The results reflect stronger revenue and adjusted earnings alongside weaker first-half reported operating income.

Key Figures

Metric Q2 2026 Q2 2025 Y/Y
Revenue $7.40B $6.97B 6%
Operating income $1.90B $1.83B 4%
Adjusted operating income, non-GAAP $2.17B $2.06B 5%
Net income attributable to the Company $1.27B $1.21B 5%
Diluted EPS $2.63 $2.45 7%
Adjusted diluted EPS, non-GAAP $2.96 $2.72 9%
  • Six months: revenue $15.0B (+7%; underlying growth 4%); operating income $3.65B (-5%) and adjusted operating income $4.58B (+7%); net income attributable to the Company $2.41B (-7%), diluted EPS $4.99 (-5%), and adjusted EPS $6.25 (+8%). Consulting revenue grew 10% in Q2, including 15% at Marsh Management Consulting; Risk & Insurance Services revenue rose 4%.
  • Six-month operating cash flow was $835M vs $1.05B; net income before non-controlling interests was $2.48B vs $2.64B. June 30 cash and cash equivalents were $1.70B vs $2.69B at year-end 2025; total short- and long-term debt was $20.6B vs $19.6B.
  • Q2 repurchases: 4.5M shares for $750M; six-month repurchases: 8.7M shares for $1.5B. Shares outstanding were 478M at June 30 vs 492M a year earlier. The quarterly dividend was raised 10% to $0.990 per share, payable 8/14/2026.

Guidance

No guidance in this filing.

Investor Takeaways

  • Next-quarter underlying revenue growth and adjusted EPS will indicate whether Q2’s growth pace is sustained, while reported operating income bears watching against the first-half decline.

The summary is written by an AI model reading the filing.

Model 005 · prompt 01d34d48e3

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