$MRSH · MARSH & MCLENNAN COMPANIES, INC.
Marsh & McLennan (now branded "Marsh") reported Q3 2026 results via 8-K on October 15, 2026. Revenue reached $6.86B (+8% GAAP, +5% underlying). GAAP diluted EPS was $1.69 vs. $1.51 a year ago; adjusted EPS rose 10% to $2.03. For the nine months, revenue was $21.86B with adjusted EPS of $8.29 (+9% YoY). The company repurchased $2.0B in shares through September 30.
- Q3 revenue $6.86B, +8% GAAP / +5% underlying vs. Q3 2025
- Q3 GAAP diluted EPS $1.69 vs. $1.51; adjusted EPS $2.03, +10% YoY
- Nine-month adjusted operating income $6.1B, +7% YoY; adjusted operating margin 28.1%
- Repurchased 11.4M shares for $2.0B in first nine months of 2026
- Risk & Insurance Services Q3 revenue $4.2B, +7% GAAP but only +3% underlying
Stock up +4.27% to $186.01 in regular trading, adding ~$3.6B in market cap on the $88.77B company. The double-digit adjusted EPS growth and aggressive buyback pace are driving the positive reaction.
Marsh's double-digit adjusted EPS growth and $2B YTD buyback program signal strong capital return even as GAAP results are weighed down by Greensill litigation costs.
Marsh's 5% underlying revenue growth and 10% adjusted EPS expansion outpace typical insurance brokerage peers, though the Reinsurance segment's 6% decline mirrors soft pricing trends also seen at Aon and Gallagher.
Greensill litigation costs ($569M in nine-month noteworthy items) remain a drag on GAAP results. Reinsurance segment revenue declined 6% on both a GAAP and underlying basis in Q3.
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