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Get filing alertsMarsh & McLennan reports Q2 2026 revenue up 5%, adjusted EPS up 9% to $2.96
Filed July 21, 2026 · Period ending July 21, 2026 · ~1 min read
Key Changes
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Q2 2026 consolidated revenue rose 5% on an underlying basis to $7.4 billion; adjusted EPS increased 9% to $2.96, reflecting strong operational performance across both segments.
Exhibit 99.1 view on EDGAR → -
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Board raised quarterly dividend 10% to $0.990 per share (payable Aug 14); company repurchased 4.5M shares for $750M in Q2 ($1.5B year-to-date).
Exhibit 99.1 view on EDGAR → -
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Consulting segment revenue grew 8% underlying to $2.6B, led by Marsh Management Consulting (up 13% underlying to $1.0B) and Mercer Wealth (up 8%).
Exhibit 99.1 view on EDGAR → -
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Risk & Insurance Services revenue rose 3% underlying to $4.8B; Marsh Risk grew 4% underlying with Latin America up 8%, while Guy Carpenter declined 2%.
Exhibit 99.1 view on EDGAR → -
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Company recorded $425M charge for estimated liability and legal expenses related to Greensill litigation, excluded from adjusted operating income.
Exhibit 99.1 view on EDGAR →
Summary
Marsh & McLennan delivered solid second quarter 2026 results with 5% underlying revenue growth to $7.4 billion and 9% adjusted EPS growth to $2.96. The Consulting segment was the standout performer, posting 8% underlying revenue growth driven by 13% growth at Marsh Management Consulting and strength in Mercer's Wealth business.
Risk & Insurance Services grew 3% underlying, with Marsh Risk up 4% (Latin America led at 8%) offset by a 2% decline at Guy Carpenter. The company's capital allocation remains shareholder-friendly: the Board raised the quarterly dividend 10% to $0.990 per share and the company repurchased $750 million of stock in the quarter ($1.5 billion year-to-date).
The $425 million Greensill litigation charge is a notable one-time item that impacted GAAP results but was excluded from adjusted metrics. With underlying revenue growth across most businesses, margin expansion, and aggressive capital return, the quarter demonstrates Marsh's ability to grow organically while returning substantial cash to shareholders. The 10% dividend increase signals management confidence in sustained cash generation.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Marsh & McLennan announced Q2 2026 financial results via press release and scheduled an earnings call for July 21, 2026 at 8:30 a.m. ET.
Added in current filing · verify on EDGAR →
On July 21, 2026, Marsh & McLennan Companies, Inc. issued a press release reporting financial results for the second quarter ended June 30, 2026, and announcing that a conference call to discuss such results will be held at 8:30 a.m. Eastern time on July 21, 2026.
The company disclosed second quarter 2026 financial results through a press release and scheduled a conference call for the same day at 8:30 a.m. Eastern time. The actual financial metrics are contained in the attached press release (Exhibit 99.1), which is not included in the body text provided.
Event · Exhibit 99.1
Marsh reported Q2 2026 revenue growth of 6%, underlying revenue growth of 5%, and adjusted EPS growth of 9% to $2.96.
Added in current filing · view on EDGAR →
Consolidated revenue in the second quarter of 2026 was $7.4 billion, an increase of 6% compared with the second quarter of 2025, or 5% on an underlying basis. Operating income increased 4% to $1.9 billion. Adjusted operating income, which excludes noteworthy items and identified intangible amortization expense as presented in the attached supplemental schedules, rose 5% to $2.2 billion. Net income attributable to the Company was $1.3 billion. Earnings per share were $2.63. Adjusted earnings per share increased 9% to $2.96.
Marsh reported second quarter 2026 consolidated revenue of $7.4 billion, up 6% year-over-year (5% on an underlying basis excluding currency and acquisition impacts). GAAP operating income rose 4% to $1.9 billion, while adjusted operating income increased 5% to $2.2 billion. GAAP EPS was $2.63; adjusted EPS grew 9% to $2.96, reflecting strong operational performance.
Added in current filing · view on EDGAR →
Risk & Insurance Services revenue was $4.8 billion in the second quarter of 2026, an increase of 4%, or 3% on an underlying basis. Operating income increased 2% to $1.5 billion, while adjusted operating income increased 3% to $1.7 billion. ... Marsh Risk's revenue in the second quarter of 2026 was $4.1 billion, an increase of 6%, or 4% on an underlying basis. In U.S./Canada, underlying revenue growth was 4%. In International, underlying revenue growth was 5%, and included 5% growth in EMEA, 5% growth in Asia Pacific, and 8% growth in Latin America. ... Guy Carpenter's revenue in the second quarter was $664 million, a decrease of 2%, on both a GAAP and underlying basis.
The Risk & Insurance Services segment generated $4.8 billion in Q2 2026 revenue, up 4% (3% underlying). Marsh Risk grew 6% (4% underlying) to $4.1 billion, with U.S./Canada up 4% and International up 5% (Latin America led at 8%). Guy Carpenter revenue declined 2% to $664 million. Adjusted operating income for the segment rose 3% to $1.7 billion.
Added in current filing · view on EDGAR →
Consulting revenue was $2.6 billion in the second quarter of 2026, an increase of 10%, or 8% on an underlying basis. Operating income increased 10% to $502 million, while adjusted operating income increased 11% to $533 million. ... Mercer's revenue in the second quarter was $1.6 billion, an increase of 7%, or 5% on an underlying basis. Wealth revenue grew 8%, Health revenue increased 3%, and Career revenue increased 2%, all on an underlying basis. ... Marsh Management Consulting's revenue in the second quarter of 2026 was $1.0 billion, an increase of 15%, or 13% on an underlying basis.
The Consulting segment posted $2.6 billion in Q2 2026 revenue, up 10% (8% underlying). Mercer grew 7% (5% underlying) to $1.6 billion, with Wealth up 8%, Health up 3%, and Career up 2%. Marsh Management Consulting revenue rose 15% (13% underlying) to $1.0 billion. Adjusted operating income for the segment increased 11% to $533 million.
Added in current filing · view on EDGAR →
Greensill litigation (e) 425 — — 425 ... (e)Reflects estimated liability and legal expenses related to the Greensill litigation.
Marsh recorded a $425 million charge in the first half of 2026 for estimated liability and legal expenses related to the Greensill litigation, a noteworthy item excluded from adjusted operating income. This charge impacted the Risk & Insurance Services segment and contributed to the 5% decline in GAAP operating income for the six-month period.
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