Marsh & McLennan Companies reported a solid start to 2026 with strong revenue growth driven by its consulting segment, while navigating a challenging environment. The company demonstrated resilience through adjusted metrics, showcasing growth in adjusted operating income and adjusted EPS, despite a significant charge impacting GAAP operating income.
Consolidated revenue increased 8% to $7.6 billion, with underlying revenue growth of 4%.
positiveAdjusted operating income increased 8% to $2.4 billion, reflecting strong underlying performance.
positiveAdjusted earnings per share (EPS) increased 8% to $3.29.
positiveConsulting segment revenue grew 11% to $2.6 billion, with Mercer and Marsh Management Consulting showing robust growth.
positiveGAAP operating income decreased 12% to $1.8 billion, significantly impacted by a $425 million charge related to the Greensill litigation.
negativeRisk & Insurance Services operating income decreased 19% to $1.3 billion, also affected by the Greensill litigation charge.
negativeOperating margin compressed by 780 bps quarter-over-quarter.
attentionCareer revenue within Mercer declined 2% on an underlying basis.
attentionNet cash provided by operations was negative $688 million, a significant decrease from the prior year's $622 million.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
Risk and Insurance Services | N/A | — | — | — | +3.0% |
Consulting | N/A | — | — | — | +5.0% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Solid start to the year with strong execution in a dynamic and challenging environment.
Achieved 8% overall revenue growth and 4% underlying revenue growth.
Results reflect market leadership, client trust, and the strength of data and insights.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.