MRSH

Marsh & McLennan came into this Q3 2026 report with a reputation as a resilient, fee-heavy insurance broker and consultancy, and the stock reflected that steady story, up around 7% over the past month before today and edging another 1% higher to about US$188 in the first full session after results. The headline this quarter is not flashy revenue; it is earnings quality. Adjusted earnings per share of US$2.03, versus GAAP EPS of US$1.70, put the focus squarely on how much of that profit power is coming from underlying operations rather than one offs. Like that focus on earnings quality at Marsh & McLennan Companies but want a wider set of businesses that pair resilient fee income with strong balance sheets? Check out the list of solid balance sheet and fundamentals stocks (25 results). - Revenue (Q3 2026 vs. Q3 2025): US$6,863m vs. US$6,351m (up about 8%) - Net Income (Excl. Extra Items, Q3 2026 vs. Q3 2025): US$808m vs. US$747m (up about 8%) - Basic EPS (Q3 2026 vs. Q3 2025): US$1.70 vs. US$1.52 (up about 12%) - Net Profit Margin (Trailing 12 Months vs. Prior Year): 14.2% vs. 15.6% (margin compressed) Ask Charlie what Marsh & McLennan's AI push really changes. The bullish story hangs on Marsh McLennan turning heavy tech and efficiency spend into lasting profit power, even as pricing softens. "The main thing that has to go right is that Marsh & McLennan Companies converts its heavy investment in AI tools, consulting capabilities and capital deployment into sustained earnings growth despite softer insurance and reinsurance pricing." Q3 gives partial proof. Adjusted EPS of US$2.03 rose faster than revenue, and the group delivered another year of margin expansion guidance for 2026. Thrive's savings target has been lifted to US$600m, with Q3 consulting and risk revenues both higher, which supports the idea that AI and cost programs are starting to carry more of the earnings load. The bear side worries that weaker pricing and legal overhang will quietly erode that same earnings resilience story. "Persistent declines in property and reinsurance pricing, including recent risk adjusted rate reductions in key markets and lower primary commercial insurance rates, could continue to weigh on Marsh & McLennan Companies' broking commissions and slow revenue growth." Q3 reinsurance revenue declined 6% and is down about 1% year to date on an underlying basis, which aligns with concerns about a soft market. Management also expects pressure to persist through the Jan 1 renewal season. On legal risk, the US$425m charge and roughly US$30m of quarterly restrictive covenant litigation show that retention battles and conduct issues are still absorbing real cash and weighing on reported net income. One Narrative has put a figure on that disagreement. → See the Narrative with its higher Fair Value, assumptions and all. Marsh & McLennan Companies just showed how much hinges on turning efficiency spending into durable earnings. The real opportunity is spotting stocks that could be undervalued before the market closes that gap. - Company 1 - 41% below our estimate - uses specialty deposit verticals and a relaunched payments platform to expand fee income. - Company 2 - 46% below our estimate - folds an acquired bank into its footprint to deepen low cost deposit access and rate sensitivity. - Company 3 - 39% below our estimate - expands device recommerce as policies and consumer habits shift trade ins to central refurbishment and resale. That is three of the list. See the full list of 33 companies trading below our fair value estimates → This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include MRSH. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

- Marsh & McLennan Companies reported third quarter 2026 sales of US$6.86b and net income of US$808 million, with basic earnings per share from continuing operations at US$1.70, all above analyst expectations and supported by growth across risk, insurance and consulting. - Alongside the earnings release, management accelerated capital deployment through share repurchases and highlighted higher efficiency savings intended to support ongoing investment in technology and AI driven services. - We will examine how Marsh & McLennan Companies' earnings results and efficiency initiatives shape its broader investment narrative and risk profile. See how Marsh & McLennan Companies' earnings beat and capital returns compare with other fee-based businesses on our hand picked list of 33 high quality undervalued stocks To own Marsh & McLennan Companies, you need to believe the business can keep turning complex risk and benefits needs into fee income while containing costs, even if insurance and reinsurance pricing stays soft. The Q3 beat and higher Thrive savings target matter here because they show management leaning on efficiency and technology to protect margins. The near-term swing factor is whether Marsh & McLennan Companies can convert its AI and process investments into tangible operating leverage as it absorbs higher compensation and legal costs. The biggest watchpoint remains pricing pressure in property and reinsurance and any further sizeable litigation expenses that could weigh on earnings quality. The recent share repurchase update is closely tied to the current earnings story. From July to September 2026, Marsh & McLennan Companies bought back 2.71 million shares for US$500 million and has now completed 13.17 million shares for about US$2.32 billion under the existing program. That sits alongside a broader 2026 capital deployment plan of roughly US$5.5 billion. For you as a shareholder, this capital return only really works if the core franchises in risk, insurance and consulting keep generating enough cash to fund buybacks, dividends and ongoing AI and efficiency projects without stretching the balance sheet. If soft reinsurance conditions or further large legal charges persist, that could limit how flexible Marsh & McLennan Companies can be with future repurchases. Marsh & McLennan Companies' analyst narrative points to revenues of US$31.5b and earnings of US$5.4b by 2029. This lines up with an assumed 4.1% yearly revenue growth rate and an earnings increase of about US$1.4b from US$4.0b today. Uncover why Marsh & McLennan Companies' fair value indicates a 9% potential upside to its current price before the window for that discount narrows. The Simply Wall St Community offers three fair value views for Marsh & McLennan Companies, ranging from about US$203 to roughly US$295 per share, so opinions already span a wide band. Weigh these against risks such as soft reinsurance pricing and sizable litigation costs, then explore these differing viewpoints before deciding how Marsh & McLennan fits your portfolio. Explore 2 other Marsh & McLennan Companies fair value estimates, including one that suggests as much as 58% upside from the current price! Don't just follow the ticker; dig into the data and build a conviction that's truly your own. - A great starting point for your Marsh & McLennan Companies research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision. - See our latest analysis for Marsh & McLennan Companies. The report includes a comprehensive fundamental analysis summarized in a single visual, the Snowflake, making it easy to evaluate Marsh & McLennan Companies' overall financial health at a glance. If Marsh & McLennan Companies has sharpened your interest in fee-based models and resilient cash generation, you may want to broaden your watchlist with a few focused stock shortlists from the Simply Wall St Screener that target different angles of quality and risk. - For investors who want potential upside without stretching for risk, start with a curated set of 20 high quality undiscovered gems that combine quality fundamentals with quieter market attention. - If capital preservation and balance sheet resilience matter most to you, filter for companies on our list of solid balance sheet and fundamentals (25 results) and see which businesses aim to keep financial risk in check. - For a calmer ride through market swings, consider a universe of 32 resilient stocks with low risk scores that focus on steadier fundamentals and lower overall risk scores. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include MRSH. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Marsh (MRSH) came out with quarterly earnings of $2.03 per share, beating the Zacks Consensus Estimate of $1.96 per share. This compares to earnings of $1.85 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +3.57%. A quarter ago, it was expected that this global professional services firm providing strategy, risk and people solutions would post earnings of $2.88 per share when it actually produced earnings of $2.96, delivering a surprise of +2.78%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Marsh, which belongs to the Zacks Business - Services industry, posted revenues of $6.86 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 3.46%. This compares to year-ago revenues of $6.35 billion. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Marsh shares have lost about 3.8% since the beginning of the year versus the S&P 500's gain of 12.8%. While Marsh has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Marsh was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.21 on $6.9 billion in revenues for the coming quarter and $10.43 on $28.52 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Business - Services is currently in the top 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Bowman Consulting (BWMN), another stock in the same industry, has yet to report results for the quarter ended September 2026. This professional services firm is expected to post quarterly earnings of $0.50 per share in its upcoming report, which represents a year-over-year change of -18%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Bowman Consulting's revenues are expected to be $159.75 million, up 26.8% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Marsh (MRSH) : Free Stock Analysis Report Bowman Consulting Group Ltd. (BWMN) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

- Interested in Marsh & McLennan Companies, Inc.? Here are five stocks we like better. - Strong Q3 performance: Revenue increased 8% to $6.9 billion, while adjusted EPS rose 10% year over year to $2.03. Consulting grew 9%, led by 14% growth in Management Consulting, while Risk and Insurance Services rose 7%. - Thrive savings target raised: Marsh McLennan increased its efficiency-program savings goal from $400 million to $600 million, with most actions expected by the end of 2028. The savings are intended to fund investments in sales, technology, artificial intelligence and client services. - AI and capital deployment remain priorities: The company is expanding AI products and consulting services, including Marsh Risk Companion and the Quotient platform, while planning about $5.5 billion of 2026 capital deployment across dividends, acquisitions and share repurchases. Marsh & McLennan Companies (NYSE:MRSH) reported third-quarter revenue growth and double-digit adjusted earnings-per-share growth, while increasing the savings target for its Thrive efficiency program and outlining additional investments in artificial intelligence, sales capacity and client services. Chief Executive Officer John Doyle said the company's consolidated revenue increased 8% to $6.9 billion during the quarter, or 5% on an underlying basis. Adjusted operating income rose 6%, while adjusted EPS increased 10% year over year to $2.03. GAAP EPS was $1.69. → A Silent Winner: Texas Instruments Anchors the AI Supercycle "We had a strong quarter, reflecting our market-leading positions, the value we deliver to clients, and the commitment of our colleagues around the world," Doyle said. Risk and Insurance Services revenue increased 7% to $4.2 billion, representing 3% underlying growth. Marsh's risk business produced $3.7 billion in revenue, up 10% on a reported basis and 5% underlying. Underlying growth was 4% in U.S. and Canada and 6% internationally, including 7% growth in Europe, the Middle East and Africa. → A Chinese Rival Just Spooked Memory Stocks—How Worried Should Micron Investors Be? Chief Operating Officer and Chief Financial Officer Mark McGivney said new business and sales growth remained solid despite softer commercial insurance pricing. The company cited digital infrastructure and transactional risk as areas supporting demand. Reinsurance revenue declined 6% to $374 million, both reported and underlying. McGivney said the results reflected continued softness in property reinsurance rates and a difficult comparison with the prior-year quarter, which included non-recurring items. Through the first nine months of 2026, underlying reinsurance revenue was down 1%. → Delta's Guidance Cut Could Spell Trouble for the Airline Industry Consulting revenue rose 9% to $2.7 billion, or 8% underlying. People and Investments revenue rose 5% on an underlying basis, led by 8% growth in Investments and Retirement and 5% growth in Health and Benefits. Management Consulting revenue increased 14% to $1 billion, supported by broad demand and AI-related work. Management Consulting CEO Ted Moynihan said the Quotient AI transformation platform was the fastest-growing part of the business. He also said the quarter benefited from the timing of success fees that had been expected in the fourth quarter. McGivney said Management Consulting remains on track for high-single-digit growth for the full year, implying roughly flat revenue in the fourth quarter due partly to that timing effect. The company raised its Thrive savings target to $600 million from $400 million. McGivney said the company expects to take the vast majority of actions by the end of 2028, with savings realized relatively evenly over the program's three years. Costs associated with generating the savings are expected to total about $750 million. Thrive has generated savings from organizational simplification, right-shoring actions and efficiencies within Business and Client Services, or BCS. Doyle said BCS is building shared services in areas including client onboarding, data ingestion, commercial enablement and operational processes, while also moving work to capability centers. The additional savings are intended to provide capacity for investment in sales, technology, new capabilities and the Marsh brand. Doyle said the company is hiring producers and consultants in areas with the greatest growth opportunities, while harvesting some attrition in mid- and back-office roles as it automates processes and redesigns workflows. Doyle said AI is already affecting the company's client relationships, operations and employee workflows. Marsh has deployed AI-enabled client products, including Marsh Risk Companion, an analytics suite designed to provide insights for client risk programs and help model risk scenarios. The company is also expanding work with clients undergoing AI transformations. Moynihan said clients are increasingly using Management Consulting for AI strategy, cost transformation, agentic commerce and technology transformation, particularly within private-equity portfolio companies. Doyle highlighted digital infrastructure as another growth area. Marsh launched the Stratus Exchange, which provides up to $10 billion in property coverage for the operations of digital facilities. The offering follows the company's Nimbus insurance facility, which provides $2.7 billion of coverage for construction risks. In its U.K. wholesale operation, the company launched Broker WorkBench during the quarter. Doyle said the platform uses data and analytics to speed risk placement, and that 93% of wholesale trading in London is now digital. He said processing times have declined from two to four weeks to a matter of hours for placements using the platform. According to the Marsh Global Insurance Market Index, global commercial insurance rates decreased 5% in the third quarter, following a 6% decrease in the second quarter. Global property rates fell 10%, while financial and professional liability rates declined 3% and cyber rates declined 4%. Casualty rates increased 1% globally, with U.S. excess casualty rates rising 13%. Doyle said property catastrophe reinsurance remains soft because of abundant traditional and alternative capital, and the company expects those conditions to persist through the Jan. 1 renewal season. The company repurchased $500 million of shares during the quarter, bringing year-to-date repurchases to $2 billion. Quarterly cash uses also included $476 million for dividends and $288 million for acquisitions. Marsh expects to deploy about $5.5 billion of capital during 2026 across dividends, acquisitions and share repurchases, though McGivney said the eventual buyback level will depend on the development of its acquisition pipeline. Marsh ended the quarter with $20.5 billion in total debt and $1.8 billion in cash. The company said it expects full-year underlying revenue growth similar to 2025 levels, another year of margin expansion and solid adjusted EPS growth, subject to changes in economic, geopolitical and market conditions. Marsh & McLennan Companies, now operating under the name Marsh McLennan, is a global professional services firm that provides advice and solutions in risk, strategy and people. The company serves businesses, governments and institutions through four principal businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. Marsh is an insurance brokerage and risk adviser that helps clients identify, manage and transfer risk. Guy Carpenter provides reinsurance brokerage and advisory services to insurance companies. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Marsh & McLennan Companies Q3 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for October 2026.

Marsh & McLennan Companies, Inc. MRSH reported third-quarter 2026 adjusted earnings per share of $2.03, which surpassed the Zacks Consensus Estimate by 3.6%. The bottom line advanced 9.7% year over year. Consolidated revenues of $6.9 billion improved 8% year over year. The figure rose 5% on an underlying basis. The top line beat the consensus mark by 3.5%. Marsh's third-quarter results benefited from solid revenue growth across Risk and Insurance Services and Consulting. However, higher operating expenses, caused by increased compensation and other operating costs, tempered operating income growth. Marsh price-consensus-eps-surprise-chart | Marsh Quote Total operating expenses rose 9% year over year to $5.6 billion, exceeding our estimate of $5.3 billion. The year-over-year rise was due to increased compensation and benefits costs and other operating expenses. Expenses in the Risk and Insurance Services segment rose 9.4% year over year, while the Consulting segment's expenses increased 8%. Marsh's adjusted operating income improved 6.1% year over year to $1.5 billion. The adjusted operating margin remained unchanged year over year at 22.7%. The segment recorded revenues of $4.2 billion, which rose 7% year over year and 3% on an underlying basis. The reported figure beat the Zacks Consensus Estimate by 3.3%. Adjusted operating income advanced 4% year over year to $1 billion, which missed the consensus mark by 1.6%. Revenues of Marsh Risk, a unit within the segment, rose 10% year over year and 5% on an underlying basis to $3.7 billion. In the United States/Canada operations, revenues grew 4% on an underlying basis. International operations witnessed revenue growth of 6% year over year on an underlying basis. International operations reported 6% underlying revenue growth year over year, led by 7% growth in EMEA and 4% growth in Asia Pacific, while Latin America remained flat. The company's former Guy Carpenter business is now reported under the Reinsurance name. The unit's third-quarter revenues fell 6% year over year to $374 million on both GAAP and underlying bases. The unit's revenues advanced 9% year over year and 8% on an underlying basis to $2.7 billion. The reported figure beat the Zacks Consensus Estimate by 3.8%. Adjusted operating income of $593 million climbed 9% year over year and beat the consensus mark by 4.8%. People and Investments, previously reported as Mercer, generated revenues of $1.7 billion, up 6% year over year and 5% on an underlying basis. On an underlying basis, Investments and Retirement posted 8% revenue growth, Health and Benefits advanced 5%, while Workforce and Rewards declined 1%. Another unit within the segment, Marsh Management Consulting, recorded revenues of $1 billion, which improved 14% year over year on both GAAP and underlying bases. Marsh exited the third quarter with cash and cash equivalents of $1.8 billion, which declined from the 2025-end figure of $2.7 billion. Total assets of $59.8 billion increased from $58.7 billion recorded as of 2025-end. Long-term debt amounted to $18.9 billion, which rose from $18.3 billion recorded as of Dec. 31, 2025. Short-term debt amounted to $1.6 billion. Total equity declined to $14.9 billion from $15.3 billion at the end of 2025. Net cash provided by operations totaled $2.3 billion in the first nine months of 2026 compared with $3.1 billion in the year-ago period. Marsh bought back 2.7 million shares worth $500 million in the third quarter of 2026. MRSH currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Business Services space are Figure Technology Solutions, Inc. FIGR, GigaCloud Technology Inc. GCT and Ralliant Corporation RAL, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks here. The Zacks Consensus Estimate for Figure Technology Solutions' 2026 earnings is pinned at $1.18 per share and has remained stable over the past 60 days. FIGR beat earnings estimates in two of the trailing four quarters, met once and missed in the other, with an average surprise of 28.2%. The consensus estimate for 2026 revenues is pegged at $904.4 million, implying 78.4% year-over-year growth. The Zacks Consensus Estimate for GigaCloud Technology's 2026 earnings is pinned at $4.92 per share, which has witnessed one upward revision in the past 60 days against no movement in the opposite direction. GCT beat earnings estimates in each of the trailing four quarters, with the average surprise being 42.1%. The consensus estimate for 2026 revenues is pegged at $1.6 billion, implying 23.4% year-over-year growth. The Zacks Consensus Estimate for Ralliant Corporation's 2026 earnings is pinned at $2.88 per share, which has witnessed two upward revisions in the past 60 days against no movement in the opposite direction. RAL beat earnings estimates in each of the trailing four quarters, with the average surprise being 7.1%. The consensus estimate for 2026 revenues is pegged at $2.3 billion, implying 10.7% year-over-year growth. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Marsh (MRSH) : Free Stock Analysis Report GigaCloud Technology Inc. (GCT) : Free Stock Analysis Report Ralliant Corporation (RAL) : Free Stock Analysis Report Figure Technology Solutions, Inc. (FIGR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). 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Marsh (NYSE:MRSH) reported third-quarter 2026 earnings and revenue above analysts' expectations, supported by growth across its insurance, risk management and consulting operations. The global professional services group reported adjusted earnings of $2.03 per share for the quarter ended 30 September 2026, exceeding the consensus estimate of $1.97. Quarterly revenue reached $6.86 billion, ahead of analysts' forecasts of $6.64 billion and representing an 8% increase compared with the same period last year. On an underlying basis, which adjusts for factors affecting reported comparisons, revenue increased 5%. Marsh shares rose 2.02% following the announcement, as investors responded to the earnings beat and continued growth across the group's principal business divisions. Marsh reported adjusted earnings per share of $2.03, compared with $1.85 in the third quarter of 2025, representing an increase of approximately 10%. The result exceeded analysts' expectations by $0.06 per share. Revenue of $6.86 billion was approximately $220 million above the consensus estimate, reflecting stronger-than-anticipated performance across the company's operations. The 8% increase in reported revenue was accompanied by underlying growth of 5%, indicating continued expansion after adjusting for items affecting year-on-year comparisons. John Doyle, Chief Executive Officer of Marsh, highlighted the company's financial performance and progress with its operational initiatives. "Marsh delivered a strong third quarter, generating 5% underlying revenue growth and double-digit EPS growth. We also made significant progress in executing our Thrive program and successfully completed our brand transition," Doyle said. The comments reflected management's focus on revenue growth, profitability and the implementation of the group's Thrive programme. The company also confirmed that it had completed its brand transition during the quarter, marking another stage in its broader organisational development. Marsh's Risk and Insurance Services business reported third-quarter revenue of $4.2 billion, representing an increase of 7% compared with the corresponding period last year. On an underlying basis, revenue in the division increased 3%. Within the business, the Risk division generated revenue of $3.7 billion, up 10% on a reported basis and 5% on an underlying basis. The figures reflected continued demand for the group's insurance brokerage and risk-related services across its international operations. Underlying revenue in the United States and Canada increased 4%, while international markets recorded growth of 6%. Within the international business, Europe, the Middle East and Africa (EMEA) reported underlying revenue growth of 7%. Asia Pacific recorded underlying growth of 4%. The regional figures indicated that Marsh continued to expand across several major markets, although growth rates varied geographically. The stronger performance in EMEA contributed to the overall increase in international revenue, while the US and Canadian operations maintained positive underlying growth. Marsh's Consulting business also contributed to the group's third-quarter revenue growth. Revenue in the division increased 9% year-on-year to $2.7 billion, while underlying revenue rose 8%. Management Consulting recorded the strongest growth within the segment, with revenue increasing 14% to $1.0 billion. The division also reported underlying growth of 14%, indicating that its expansion was consistent across both reported and adjusted measures. The People and Investments business generated revenue of $1.7 billion, representing a 6% increase compared with the third quarter of 2025. On an underlying basis, People and Investments revenue grew 5%. The results showed that Marsh's consulting activities continued to expand across both management advisory services and its people-related and investment operations. The performance of Management Consulting was particularly notable, with its 14% revenue increase exceeding the growth rates recorded by the group's other principal business areas. Overall, the Consulting division's underlying growth of 8% was stronger than the 3% recorded by Risk and Insurance Services. Marsh also reported higher revenue and adjusted earnings for the first nine months of 2026. Consolidated revenue for the period ended 30 September reached $21.9 billion, representing an increase of 7% compared with the corresponding period in 2025. On an underlying basis, nine-month revenue increased 5%. Adjusted earnings per share for the period rose 9% to $8.29, compared with $7.63 a year earlier. The year-to-date figures indicated that the company's third-quarter performance was consistent with broader revenue and earnings growth across the first three quarters of the financial year. The increase in adjusted earnings per share also showed that profitability continued to improve alongside revenue expansion. Marsh's underlying revenue growth of 5% for the nine-month period matched the rate recorded during the third quarter. Alongside its operating results, Marsh reported continued share repurchase activity during the third quarter. The company bought back approximately 2.7 million shares for a total of $500 million during the three-month period. For the first nine months of 2026, Marsh repurchased 11.4 million shares at an aggregate cost of $2.0 billion. The repurchases formed part of the company's capital allocation activities and reduced the number of shares outstanding. Share buybacks can support earnings per share by distributing profits across a smaller share base, although their overall financial effect depends on the purchase price and other factors. The company did not provide additional details in the announcement regarding changes to its future repurchase plans. Marsh's third-quarter results showed growth across its major business divisions, with both earnings and revenue exceeding market expectations. Risk and Insurance Services revenue increased 7%, supported by expansion in the Risk division and positive underlying growth across international markets. Consulting revenue rose 9%, led by a 14% increase in Management Consulting. The company also reported higher adjusted earnings for the quarter and the first nine months of 2026, alongside $2.0 billion in year-to-date share repurchases. The 2.02% increase in Marsh shares following the announcement reflected a positive initial market response to the results. Looking ahead, investors will continue to assess the company's ability to sustain underlying revenue growth, maintain profitability and deliver the expected benefits of its Thrive programme. The latest figures indicated that Marsh entered the final quarter of 2026 with continued revenue growth across its insurance, risk management and consulting operations. Marsh McLennan stock price

Marsh (MRSH) reported $6.86 billion in revenue for the quarter ended September 2026, representing a year-over-year increase of 8.1%. EPS of $2.03 for the same period compares to $1.85 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $6.63 billion, representing a surprise of +3.46%. The company delivered an EPS surprise of +3.57%, with the consensus EPS estimate being $1.96. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Marsh performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: - Organic/Underlying Revenue Growth - Consolidated: 5% versus 3.9% estimated by seven analysts on average. - Organic/Underlying Revenue Growth - Total Risk and Insurance Service: 3% versus the six-analyst average estimate of 3.5%. - Organic/Underlying Revenue Growth - Total Consulting: 8% versus the six-analyst average estimate of 4.7%. - Organic/Underlying Revenue Growth - U.S./Canada: 4% versus 3.4% estimated by five analysts on average. - Organic/Underlying Revenue Growth - EMEA: 7% versus 5.3% estimated by four analysts on average. - Organic/Underlying Revenue Growth - Asia Pacific: 4% versus 4.3% estimated by four analysts on average. - Revenue- Corporate eliminations: $-22 million compared to the $-21.33 million average estimate based on seven analysts. The reported number represents a change of +4.8% year over year. - Revenue- Consulting: $2.69 billion versus the seven-analyst average estimate of $2.59 billion. The reported number represents a year-over-year change of +8.9%. - Revenue- Risk and Insurance services: $4.2 billion versus the seven-analyst average estimate of $4.07 billion. The reported number represents a year-over-year change of +7.5%. - Revenue- Risk and Insurance services- Fiduciary Interest Income: $100 million versus $95.13 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a -8.3% change. - Interest income: $10 million compared to the $7.3 million average estimate based on seven analysts. - Adjusted operating income (loss)- Consulting: $593 million versus the six-analyst average estimate of $565.66 million. View all Key Company Metrics for Marsh here>>> Shares of Marsh have returned +0.9% over the past month versus the Zacks S&P 500 composite's +1.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Marsh (MRSH) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. - Consolidated Revenue: $6.9 billion, up 8% reported; 5% underlying growth. - Adjusted Operating Income: $1.5 billion, up 6%; adjusted operating margin 22.7%. - GAAP EPS: $1.69. - Adjusted EPS: $2.03, up 10% year over year. - Nine-Month Underlying Revenue Growth: 5%. - Nine-Month Adjusted Operating Income: $6.1 billion, up 7%; adjusted operating margin 28.1%. - Nine-Month Adjusted EPS: $8.29, up 9%. - RIS Revenue: $4.2 billion, up 7% reported; 3% underlying. - RIS Adjusted Operating Income: $1 billion, up 4%; adjusted operating margin 24.6%. - Risk Revenue: $3.7 billion, up 10% reported; 5% underlying. - Reinsurance Revenue: $374 million, down 6% reported and underlying. - Consulting Revenue: $2.7 billion, up 9% reported; 8% underlying. - Consulting Adjusted Operating Income: $593 million, up 9%; adjusted operating margin 22.1%. - People and Investments Revenue: $1.7 billion, up 6% reported; 5% underlying. - Management Consulting Revenue: $1 billion, up 14% reported and underlying. - Assets Under Management: $843 billion, flat sequentially; up 23% year over year. - Fiduciary Interest Income: $100 million, down $9 million year over year. - Adjusted Corporate Expenses: $68 million vs. $71 million a year ago. - Interest Expense: $248 million. - Adjusted Effective Tax Rate: 24.6% vs. 24.8% a year ago. - Total Debt: $20.5 billion. - Cash Position: $1.8 billion. - Share Repurchases: $500 million in the quarter; $2 billion year to date. - Dividends: $476 million in the quarter; $1.4 billion year to date. - Acquisitions: $288 million in the quarter; $607 million year to date. - Thrive Savings Target: Increased to $600 million; costs of approximately $750 million. - Noteworthy Items: $170 million, including $71 million Thrive costs and $144 million Greensill litigation. - Warning! GuruFocus has detected 4 Warning Sign with MRSH. - Is MRSH fairly valued? Test your thesis with our free DCF calculator. Release Date: October 15, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. - Revenue grew 8% to $6.9 billion with underlying growth of 5%, driven by strong performance in Consulting and Risk. - Adjusted EPS increased 10% year-over-year to $2.03, reflecting solid profitability and effective cost management. - Thrive program savings target increased to $600 million from $400 million, enabling greater reinvestment in sales, technology, and capabilities. - Management Consulting revenue surged 14% on strong demand for AI-related services and successful execution. - Digital infrastructure and transactional risk are key growth drivers, with new products like Stratus Exchange and Nimbus supporting client needs. - Reinsurance revenue declined 6% due to soft market conditions and a tough comparison to prior year. - Global insurance rates decreased 5% in Q3, with property rates down 10%, pressuring brokerage commissions. - Workforce and Rewards revenue declined 1% due to a challenging environment in the Middle East. - Fiduciary interest income decreased $9 million year-over-year and is expected to decline further in Q4. - Litigation costs related to Greensill totaled $144 million, impacting noteworthy items and overall profitability. Q: Greg Peters of Raymond James asked for more details on how Marsh plans to deploy AI and technology to drive margin expansion, and whether that is part of the reason for raising the Thrive savings target.A: CEO John Doyle said the company is excited about what new technologies mean for the business, not just for margin expansion but also for client service and growth. He noted Marsh is nearly three years into BCS, which is leveraging technology, automation and workflow improvements across the company, and that AI, right-shoring and automation are all levers for future efficiency. He declined to speak to 2027 specifics but said early returns from AI are encouraging. Q: Greg Peters of Raymond James asked how Marsh views its middle-market presence and what kinds of M&A capabilities it is looking to bolt on, given concerns that it might feel pressure to respond to a large peer transaction.A: CEO John Doyle said Marsh's interest in the mid-market is long-standing and that it has built the best middle-market business in the industry through Marsh Agency, with over 130 deals over about 15 years. He said the capital management strategy is unchanged, remains disciplined and balanced, and that Marsh favors investing in the business. He added that the pipeline is good, Marsh has capacity for large deals, but it is far more likely to continue a "string of pearls" approach. Q: Michael Zaremski of BMO asked whether AI-driven efficiency in consulting is helping Oliver Wyman work through backlogs faster and pull forward revenues, contributing to Marsh's strong results.A: CEO John Doyle said it is a great opportunity in a moment of change to help clients position for success, and Ted Moynihan, President & CEO of Oliver Wyman and Marsh Management Consulting, said the quarter was strong and broad-based, with the Quotient AI platform the fastest-growing part of the portfolio. He said Oliver Wyman has been transforming delivery for about three years, building agentic solutions and specialist capabilities, and increasingly using success-based pricing. He noted Q3 benefited from some success fees pulled forward from Q4. Q: Michael Zaremski of BMO followed up on Thrive, asking whether there could be a much larger, broader productivity program impacting Marsh in 2027 or 2028.A: CEO John Doyle said Marsh is excited about the path it is on but that it is still early and he does not want to get ahead of himself. He said tools are changing rapidly, colleagues are actively using them, and the tech team led by Paul Beswick has built a proprietary internal model called LAN AI, with new tools introduced weekly. He said take-up rates are encouraging and efficiency possibilities exist down the road, but the most important focus is how Marsh serves customers and drives growth. Q: Robert Cox of Goldman Sachs asked whether pressure on levered private brokers from softer pricing and higher interest rates could help Marsh win business, talent or opportunistic M&A.A: CEO John Doyle said he wants to be careful because PE-owned or levered brokers vary widely in size and market focus, but Marsh is well capitalized and able to invest organically. He said scale will matter through this period of transformation, citing trusted client relationships, proprietary data, analytics and modeling improved by new technology. He said scale should help Marsh win business organically and potentially in M&A as others find it harder to invest at the same rate. Q: Robert Cox of Goldman Sachs asked about the debate over broad AI exclusions in insurance policies and Marsh's view on the issue.A: CEO John Doyle said AI is embedded in most companies' workflows, so broad-based exclusions could create confusion and uncertainty, and Marsh is trying to have a thoughtful discussion about how exposures may change given limited claims activity to date. Nick Studer, President & CEO of Marsh Risk, said Marsh's role is to advise clients while working with carriers and reinsurers. He described two current categories: AI as an evolution of existing risk that should not be excluded, and AI risks requiring product evolution, with a possible third category of truly unique AI risk still open for discussion. Q: Meyer Shields of KBW asked about the revenue and earnings impact of the pull-forward of success fees in Oliver Wyman.A: CFO and COO Mark McGivney said the pull-forward does not explain the preponderance of growth in Management Consulting, which had a very strong quarter even without it. He said success fees are becoming a bigger part of how Marsh structures fees with clients and that participating in gain sharing is good for the company, but the main point was to flag the timing factor. Q: Meyer Shields of KBW asked whether the book of business renewed in Q2 was comparable to Q3, given that property pricing improved to down 10% from down 12%.A: CEO John Doyle said the rate relief is very good for clients seeking efficient risk financing, though it does impact Marsh's growth. He cautioned against over-indexing on a single quarter and noted that more of Marsh Risk's property cat renewals occur in the first and second quarters, so there is a different mix of business in Q3. Q: David Motemaden of Evercore ISI asked about softer reinsurance growth versus peers and whether similar growth should be expected into 2027 given continued pricing headwinds.A: CEO John Doyle said the minus 1% through nine months better reflects the business, and that Marsh is overweight property cat and the US relative to some peers. He said Q3 was small and noisy with nonrecurring items and that industry consolidation has been a headwind. He said Marsh has the best reinsurance team in the market and sees growth opportunities in M&A advisory, alternative capital and alternative structures, and feels good about its medium- to long-term positioning despite market headwinds. Q: David Motemaden of Evercore ISI asked whether Marsh is passing through AI efficiencies to clients through lower pricing to improve volume in AI transformation engagements, as some competitors appear to be doing.A: CEO John Doyle said growth is more broad-based than Quotient. Ted Moynihan said growth was broad-based, including in M&A and post-merger integration, and that AI transformation work brings different skills and pricing structures, with outcome-based pricing growing. He said clients are happy to pay for value and Marsh sees a multiyear AI transformation opportunity. Pat Tomlinson, President & CEO of Marsh People and Investments, said clients expect AI to be used responsibly and to deliver faster time to value, and they understand AI is not free and expect continued investment. Q: Bob For the complete transcript of the earnings call, please refer to the full earnings call transcript.