Marsh McLennan Companies, Inc. (Marsh) (MRSH) Q3 FY2026 earnings

Reported results

• Q3 2026 consolidated revenue: $6.863 billion, up 8% GAAP or 5% on non-GAAP underlying basis, compared to Q3 2025 revenue of $6.351 billion
• Q3 2026 GAAP operating income: $1.215 billion, up 4% from $1.170 billion in Q3 2025; adjusted operating income: $1.527 billion, up 6% from $1.439 billion
• Q3 2026 GAAP diluted EPS: $1.69 (net income attributable to Company: $808 million); adjusted EPS: $2.03, up 10% from $1.85 in Q3 2025
• Nine months 2026 consolidated revenue: $21.864 billion, up 7% GAAP or 5% non-GAAP underlying basis, compared to $20.386 billion in nine months 2025
• Nine months 2026 GAAP diluted EPS: $6.68 (net income attributable to Company: $3.220 billion); adjusted EPS: $8.29, up 9% from $7.63 in nine months 2025
• Company repurchased 2.7 million shares for $500 million in Q3 2026; through nine months, repurchased 11.4 million shares for $2.0 billion

Notes

The Company updated its brand name from Marsh McLennan to Marsh effective January 14, 2026. Segment reporting has been reorganized: Guy Carpenter is now reported as ‘Reinsurance’; Mercer is now reported as ‘People and Investments’ with component name changes (Wealth to ‘Investments and Retirement’, Health to ‘Health and Benefits’, Career to ‘Workforce and Rewards’). Nine months 2026 GAAP operating income decreased 3% to $4.868 billion from $5.004 billion in nine months 2025, while adjusted operating income rose 7% to $6.106 billion.

Price and volatility reaction

The stock moved +4.6% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -4.4 vol points across the event (constant-maturity series — not the front-week crush).

Source

The figures above come from the earnings release the company filed with the SEC on 2026-10-15 (8-K, Item 2.02). Read the original filing on sec.gov.