MARSH & MCLENNAN COMPANIES, INC. Q1 FY26 Results

Summary

Marsh reported a solid first quarter for 2026, with consolidated revenue increasing 8% to $7.6 billion, or 4% on an underlying basis. Adjusted operating income grew 8% to $2.4 billion, and adjusted earnings per share also rose 8% to $3.29. However, GAAP operating income decreased 12% to $1.8 billion, primarily due to a $425 million charge related to the Greensill litigation. CEO John Doyle highlighted the company's market leadership and client trust as key drivers for the strong adjusted results in a dynamic environment. The company also repurchased $750 million worth of shares during the quarter.

Key Highlights

1. 1

   Consolidated revenue for the first quarter of 2026 increased by 8% to $7.6 billion, or 4% on an underlying basis, compared to the first quarter of 2025.

2. 2

   Adjusted operating income rose 8% to $2.4 billion, while GAAP operating income decreased 12% to $1.8 billion, impacted by a $425 million charge related to the Greensill litigation.

3. 3

   Adjusted earnings per share increased 8% to $3.29, whereas GAAP earnings per share were $2.36.

4. 4

   Risk & Insurance Services revenue grew 6% to $5.1 billion, with Marsh Risk contributing $3.7 billion (up 8%) and Guy Carpenter $1.2 billion (up 3%).

5. 5

   Consulting revenue saw an 11% increase to $2.6 billion, driven by Mercer's 11% growth to $1.7 billion and Marsh Management Consulting's 10% growth to $897 million.

6. 6

   The Company repurchased approximately 4.2 million shares of stock for $750 million during the first quarter of 2026.