Companies

Marsh Adjusted Earnings Growth Reaches 10%

The Tip Desk · October 15, 2026 · 3 min read

Adjusted earnings rose 10% to $2.03 a share in the third quarter as GAAP revenue growth picked up to 8% from 6% in the second quarter.

Marsh (MRSH), a global adviser in risk, reinsurance and capital, people and investments, and management consulting, reported third-quarter revenue of $6.9 billion, up 8% from a year earlier, or 5% on an underlying basis.

That GAAP increase was faster than the 6% rise in the second quarter, while underlying growth held at 5%. Adjusted earnings per share increased 10% to $2.03, a step-up from 9% growth in the prior quarter. GAAP earnings were $1.69 a share.

President and Chief Executive John Doyle said the company generated 5% underlying revenue growth and double-digit EPS growth, made significant progress on the Thrive program, and completed its brand transition. Effective January 14, 2026, the company renamed itself Marsh and recast its segments: Marsh Risk and Marsh Management Consulting, with Guy Carpenter results now reported as Reinsurance and Mercer as People and Investments.

Operating income rose 4% to $1.2 billion. Adjusted operating income, which excludes noteworthy items and identified intangible amortization, increased 6% to $1.5 billion. Net income attributable to the company was $808 million.

Risk and Insurance Services revenue was $4.2 billion, up 7%, or 3% on an underlying basis. Segment operating income decreased 1% to $745 million; adjusted operating income rose 4% to $1.0 billion.

Marsh Risk revenue was $3.7 billion, up 10%, or 5% on an underlying basis. U.S./Canada underlying growth was 4%. International underlying growth was 6%, including 7% in EMEA, 4% in Asia Pacific, and flat in Latin America.

Reinsurance revenue was $374 million, a 6% decline on both a GAAP and underlying basis.

Consulting revenue was $2.7 billion, up 9%, or 8% on an underlying basis. Operating income increased 12% to $563 million; adjusted operating income rose 9% to $593 million.

People and Investments revenue was $1.7 billion, up 6%, or 5% on an underlying basis. Investments and Retirement revenue grew 8% on an underlying basis, Health and Benefits increased 5%, and Workforce and Rewards decreased 1%.

Management Consulting revenue was $1.0 billion, up 14% on both a GAAP and underlying basis.

GAAP operating income in Risk and Insurance Services included noteworthy items totaling $135 million, including $144 million of Greensill litigation costs net of insurance recoveries, $44 million of restructuring, $33 million of McGriff integration and retention costs, and $30 million of legal costs related to a restrictive-covenant matter, partly offset by a $126 million gain on consolidating Deasterra Partners. Identified intangible amortization in the segment was $122 million.

The company repurchased about 2.7 million shares for $500 million in the third quarter. Through the nine months ended September 30, 2026, it had repurchased 11.4 million shares for $2.0 billion. It also repaid €550 million of Euro-denominated senior notes that matured in September.

For the nine months ended September 30, 2026, consolidated revenue was $21.9 billion, up 7% on a GAAP basis or 5% on an underlying basis. Operating income was $4.9 billion. Adjusted operating income rose 7% to $6.1 billion. Net income attributable to the company was $3.2 billion, or $6.68 a share. Adjusted earnings per share increased 9% to $8.29.

Risk and Insurance Services nine-month revenue was $14.1 billion, up 6%, or 3% on an underlying basis. Consulting nine-month revenue was $7.8 billion, up 10%, or 7% on an underlying basis. People and Investments nine-month revenue was $4.9 billion, up 5% on an underlying basis. Management Consulting nine-month revenue was $2.9 billion, up 11% on an underlying basis.