Results at a glance
- Period
- FY2026Q3
- Revenue
- $6.9B (6,863 MUSD)
- Net income
- $808M (808 MUSD)
- Net margin
- 11.8%
From the Marsh Mclennan Open LedgerView the live ledgerIssuer filing (FY2026Q3)
Marsh McLennan Companies, Inc. — now doing business as Marsh (NYSE: MRSH) — reported third-quarter 2026 revenue of $6,863 million, up 8% year over year (5% underlying), and net income attributable to the Company of $808 million (+8%), or $1.69 per diluted share versus $1.51. Adjusted EPS of $2.03 grew 10%. The split between the two businesses is the story: Consulting revenue of $2.7 billion grew 9% (8% underlying) with operating income up 12% to $563 million, while Risk and Insurance Services revenue of $4.2 billion grew 7% (3% underlying) but GAAP operating income fell 1% to $745 million — adjusted operating income still rose 4% to $1.0 billion. Consolidated compensation of $4,078 million grew 4.7% but other operating expenses jumped 22.0% to $1,570 million, holding operating-income growth to 3.8% ($1,215 million); below the line, $248 million of interest expense (+4.6%) reflects the McGriff acquisition debt, and a 21.4% effective tax rate left pretax income up just 2.3%.
Capital allocation stayed aggressive: treasury stock grew $1,803 million over nine months on buybacks even as long-term debt edged up $569 million to $18,889 million, cash fell $845 million to $1,842 million, and a $471 million dividends-payable line debuted for the declared quarterly dividend. Nine-month revenue of $21,864 million is up 7.2%, though nine-month GAAP EPS of $6.68 trails last year's $6.75 while adjusted EPS of $8.29 is up 9% — the gap is amortization and deal costs, the usual McGriff hangover. With the January brand transition to Marsh complete and the Thrive efficiency program underway, the fourth quarter needs Risk margins to rejoin Consulting's.
The Headline Numbers
| Metric | Q3 2026 | Q3 2025 |
|---|---|---|
| Revenue | $6,863M (+8%) | $6,351M |
| Underlying revenue growth | +5% | — |
| Risk & Insurance revenue | $4.2B (+7%) | $3.9B |
| Consulting revenue | $2.7B (+9%) | $2.5B |
| Operating income | $1,215M (+4%) | $1,170M |
| Adjusted operating income | +6% | — |
| Net income, to Company | $808M (+8%) | $747M |
| Diluted EPS | $1.69 | $1.51 |
| Adjusted EPS | $2.03 (+10%) | $1.85 |
| Long-term debt* | $18,889M | $18,320M |
| Treasury stock* | $11,149M | $9,346M |
* Balance-sheet figures as of September 30, 2026 versus December 31, 2025.
Nine-month Risk operating income is down 7% to $3.5 billion against a 5% rise on an adjusted basis — the segment's GAAP drag is the whole reason consolidated nine-month GAAP EPS lags while the adjusted figure compounds. Watch whether the Thrive program closes that gap before year-end.
Five years in the ledger: the McGriff step-change
The ledger runs FY2021–FY2025 plus this quarter. Revenue compounded from $19,820 million to $26,981 million while net to Company grew from $3,143 million to $4,160 million and diluted EPS ran from $6.13 to $8.43 — with FY2024 the McGriff year: goodwill up $6,075 million to $23,306 million, long-term debt jumping to $19,428 million, interest expense climbing toward $960 million. Three artifacts reward a look: the FY2023 fiduciary gross-up that added $10,794 million to both sides of the balance sheet, FY2022's $39 million Russia deconsolidation, and the steady treasury-stock climb from $4,478 million to $11,149 million across the six periods. Every annual income statement and balance sheet, plus this quarter's 10-Q statements, is modeled as examinable Beancount below.
