Marsh & McLennan Companies 8-K
PositiveEarnings
Management Consulting led underlying revenue growth, while Reinsurance revenue fell 6% Y/Y.
Filed 2026-10-15 08:05 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 results. Revenue grew 8% (5% underlying), with adjusted EPS up 10%; nine-month revenue grew 7% (5% underlying), while GAAP operating income and diluted EPS declined. Consulting and Risk drove underlying revenue growth, while Reinsurance revenue fell 6%.
Key Figures
| Metric | Q3 2026 | Nine months 2026 |
|---|---|---|
| Revenue | $6.86B, +8% Y/Y; 5% underlying growth | $21.9B, +7% Y/Y; 5% underlying growth |
| Operating income | $1.22B, +4% Y/Y | $4.87B, -3% Y/Y |
| Adjusted operating income, non-GAAP | $1.53B, +6% Y/Y | $6.11B, +7% Y/Y |
| Net income attributable to the Company | $808M, +8% Y/Y | $3.22B, -4% Y/Y |
| Diluted EPS | $1.69, vs $1.51 | $6.68, vs $6.75 |
| Adjusted diluted EPS, non-GAAP | $2.03, +10% Y/Y | $8.29, +9% Y/Y |
| Operating cash flow | — | $2.31B, -26% Y/Y |
- Underlying revenue growth was 8% in Consulting and 3% in Risk and Insurance Services; within those segments, Management Consulting grew 14%, Risk grew 5%, and Reinsurance declined 6%.
- Share repurchases were $500M for 2.7M shares in Q3 and $2.0B for 11.4M shares year to date; shares outstanding were 475M at September 30, vs 490M a year earlier.
- September 30 cash and cash equivalents were $1.84B and total debt was $20.5B. The company repaid €550M of senior notes that matured in September.
Guidance
No guidance in this filing.
Investor Takeaways
- Next-quarter underlying revenue growth and adjusted EPS will show whether Q3’s growth continues, particularly in Consulting and Risk.
The summary is written by an AI model reading the filing.
Model 005 · prompt c016c5fc48 · 2026-10-15 14:33:48Z