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← Marsh & McLennan Companies, Inc. (MRSH)

Marsh & McLennan Companies, Inc. (MRSH) Q3 FY2026 Financial Statements: Revenue $6.86B, Net income $808.00M

CIK 0000062709 · NYSE · Latest period: Q3 FY2026 (ended 2026-09-30, 10-Q accession 0000062709-26-000258) · Annual report: FY2025 10-K (filed 2026-02-09, accession 0000062709-26-000022) · Next expected filing: 10-K ~2027-02-08

More for Marsh & McLennan Companies: Company index · 10-K and 10-Q summary · 8-K filings and events

PeriodQ3 FY2026

Published

Marsh, the insurance broker and consulting firm, reported revenue of $6.86 billion for Q3 FY2026, the quarter ended September 30, 2026, up 8.1% from a year earlier, and net income attributable to the company of $808 million, up 8.2%. Revenue included a one-time gain from revaluing the stake Marsh already held in Spanish broker Deasterra Partners when it bought the rest, while expenses included a charge for settling the Greensill litigation, so operating income grew more slowly, to $1.22 billion, up 3.8%. Diluted earnings per share were $1.69, up 11.9%, helped by a lower effective tax rate and fewer shares outstanding.

MetricAmountvs. year ago
Revenue$6,863,000,000up 8.1%
Net income$808,000,000up 8.2%
Diluted EPS$1.69up 11.9%
Operating income$1,215,000,000up 3.8%

Figures link to the filing they came from. Wherever the SEC filing tags a number, that number is linked: click it and the filing opens at the exact line that prints it. Figures calculated here, such as margins, free cash flow and trailing-twelve-month totals, have no line in a filing to point to and are not linked.

About this file

TickerMRSH
CIK0000062709
CompanyMarsh & McLennan Companies, Inc.
Business typeinsurance broker and professional services
Schema templateprofessional services (insurance and reinsurance broking plus consulting): revenue, compensation and benefits, other operating expenses, operating income, interest, net income, EPS; balance sheet with corporate cash shown apart from cash held in a fiduciary capacity, debt and equity; operating cash flow, capital expenditures, free cash flow, acquisitions, buybacks and dividends; revenue and operating income for the two reportable segments. Marsh is a broker and adviser, not a risk-bearing insurer, so the insurer template (premiums, claims, combined ratio) does not apply, and it reports no cost of revenue or gross profit, so operating income is the first margin its statements strike.
Reporting currencyUSD
Converted to USDno
Unitsactual dollars (not millions); share counts are actual shares; per-share amounts in dollars

MRSH annual income statement, balance sheet and cash flow

FY2025FY2024FY2023
Period start2025-01-012024-01-012023-01-01
Period end2025-12-312024-12-312023-12-31
Period typefiscal yearfiscal yearfiscal year
Source accession10-K10-K10-K
Income statement
Revenue26,981,000,00024,458,000,00022,736,000,000
Compensation and benefits15,577,000,00013,996,000,00013,099,000,000
Other operating expenses5,181,000,0004,645,000,0004,355,000,000
Operating expenses20,758,000,00018,641,000,00017,454,000,000
Operating income6,223,000,0005,817,000,0005,282,000,000
Other net benefit credits194,000,000268,000,000239,000,000
Interest income48,000,00083,000,00078,000,000
Interest expense-960,000,000-700,000,000-578,000,000
Investment income34,000,00012,000,0005,000,000
Income before income taxes5,539,000,0005,480,000,0005,026,000,000
Income tax expense1,305,000,0001,363,000,0001,224,000,000
Net income before noncontrolling interests4,234,000,0004,117,000,0003,802,000,000
Net income attributable to noncontrolling interests74,000,00057,000,00046,000,000
Net income attributable to company4,160,000,0004,060,000,0003,756,000,000
Basic EPS8.488.267.60
Diluted EPS8.438.187.53
Basic shares491,000,000492,000,000494,000,000
Diluted shares494,000,000496,000,000499,000,000
Shares outstanding at period end485,000,000491,000,000492,000,000
Balance sheet
Cash and cash equivalents2,687,000,0002,398,000,000
Cash and cash equivalents held in fiduciary capacity11,473,000,00011,276,000,000
Net receivables7,670,000,0007,156,000,000
Total current assets23,200,000,00022,117,000,000
Goodwill24,337,000,00023,306,000,000
Other intangible assets4,746,000,0004,820,000,000
Total assets58,710,000,00056,481,000,000
Short term debt1,267,000,000519,000,000
Fiduciary liabilities11,473,000,00011,276,000,000
Total current liabilities21,060,000,00019,518,000,000
Long term debt18,320,000,00019,428,000,000
Noncontrolling interests215,000,000193,000,000
Total equity15,315,000,00013,535,000,000
Total debt19,587,000,00019,947,000,000
Total liabilities43,395,000,00042,946,000,000
Total equity attributable to company15,100,000,00013,342,000,000
Cash flow
Depreciation and amortization of fixed assets and capitalized software361,000,000369,000,000370,000,000
Amortization of intangible assets549,000,000377,000,000343,000,000
Share based compensation expense394,000,000368,000,000363,000,000
Operating cash flow5,292,000,0004,302,000,0004,258,000,000
Purchase of treasury shares-2,012,000,000-900,000,000-1,150,000,000
Proceeds from issuance of debt08,170,000,0002,169,000,000
Repayments of debt-519,000,000-1,617,000,000-266,000,000
Dividends paid-1,699,000,000-1,513,000,000-1,298,000,000
Change in fiduciary liabilities-382,000,000411,000,000-255,000,000
Financing cash flow-4,634,000,0004,455,000,000-1,119,000,000
Capital expenditures-291,000,000-316,000,000-416,000,000
Acquisitions net of cash acquired-652,000,000-8,542,000,000-976,000,000
Investing cash flow-845,000,000-8,821,000,000-1,417,000,000
Free cash flow5,001,000,0003,986,000,0003,842,000,000
Segments
Risk and insurance services
Revenue17,265,000,00015,395,000,00014,089,000,000
Operating income4,636,000,0004,365,000,0003,945,000,000
Consulting
Revenue9,794,000,0009,133,000,0008,709,000,000
Operating income1,896,000,0001,770,000,0001,666,000,000
Total segments
Revenue27,059,000,00024,528,000,00022,798,000,000
Operating income6,532,000,0006,135,000,0005,611,000,000
Corporate eliminations
Revenue-78,000,000-70,000,000-62,000,000
Operating income-309,000,000-318,000,000-329,000,000
Revenue by business
Risk14,630,000,00012,851,000,00011,657,000,000
Reinsurance2,635,000,0002,544,000,0002,432,000,000
People and investments6,190,000,0005,743,000,0005,587,000,000
Management consulting3,604,000,0003,390,000,0003,122,000,000

MRSH quarterly income statement, balance sheet and cash flow

Q3 2026Q3 2025
Fiscal quarter33
Period start2026-07-012025-07-01
Period end2026-09-302025-09-30
Period typethree monthsthree months
Source accession10-Q10-Q
Income statement
Revenue6,863,000,0006,351,000,000
Compensation and benefits4,078,000,0003,894,000,000
Other operating expenses1,570,000,0001,287,000,000
Operating expenses5,648,000,0005,181,000,000
Operating income1,215,000,0001,170,000,000
Other net benefit credits48,000,00052,000,000
Interest income10,000,00010,000,000
Interest expense-248,000,000-237,000,000
Investment income8,000,00015,000,000
Income before income taxes1,033,000,0001,010,000,000
Income tax expense221,000,000253,000,000
Net income before noncontrolling interests812,000,000757,000,000
Net income attributable to noncontrolling interests4,000,00010,000,000
Net income attributable to company808,000,000747,000,000
Basic EPS1.701.52
Diluted EPS1.691.51
Basic shares476,000,000491,000,000
Diluted shares479,000,000494,000,000
Shares outstanding at period end475,000,000490,000,000
Balance sheet
Cash and cash equivalents1,842,000,000
Cash and cash equivalents held in fiduciary capacity12,273,000,000
Net receivables8,548,000,000
Total current assets24,107,000,000
Goodwill24,613,000,000
Other intangible assets4,504,000,000
Total assets59,806,000,000
Short term debt1,644,000,000
Fiduciary liabilities12,273,000,000
Total current liabilities22,109,000,000
Long term debt18,889,000,000
Noncontrolling interests235,000,000
Total equity14,910,000,000
Total debt20,533,000,000
Total liabilities44,896,000,000
Total equity attributable to company14,675,000,000
Segments
Risk and insurance services
Revenue4,200,000,0003,907,000,000
Operating income745,000,000750,000,000
Consulting
Revenue2,685,000,0002,465,000,000
Operating income563,000,000501,000,000
Total segments
Revenue6,885,000,0006,372,000,000
Operating income1,308,000,0001,251,000,000
Corporate eliminations
Revenue-22,000,000-21,000,000
Operating income-93,000,000-81,000,000
Revenue by business
Risk3,796,000,0003,472,000,000
Reinsurance404,000,000435,000,000
People and investments1,672,000,0001,579,000,000
Management consulting1,013,000,000886,000,000

MRSH year-to-date income statement and cash flow

Nine months ended September 30, 2026Nine months ended September 30, 2025
Period start2026-01-012025-01-01
Period end2026-09-302025-09-30
Period typenine monthsnine months
Source accession10-Q10-Q
Income statement
Revenue21,864,000,00020,386,000,000
Compensation and benefits12,349,000,00011,639,000,000
Other operating expenses4,647,000,0003,743,000,000
Operating expenses16,996,000,00015,382,000,000
Operating income4,868,000,0005,004,000,000
Other net benefit credits148,000,000143,000,000
Interest income29,000,00034,000,000
Interest expense-738,000,000-725,000,000
Investment income9,000,00027,000,000
Income before income taxes4,316,000,0004,483,000,000
Income tax expense1,027,000,0001,083,000,000
Net income before noncontrolling interests3,289,000,0003,400,000,000
Net income attributable to noncontrolling interests69,000,00061,000,000
Net income attributable to company3,220,000,0003,339,000,000
Basic EPS6.716.79
Diluted EPS6.686.75
Basic shares480,000,000492,000,000
Diluted shares482,000,000495,000,000
Cash flow
Depreciation and amortization of fixed assets and capitalized software268,000,000270,000,000
Amortization of intangible assets417,000,000412,000,000
Share based compensation expense329,000,000305,000,000
Operating cash flow2,313,000,0003,131,000,000
Purchase of treasury shares-2,016,000,000-1,002,000,000
Net proceeds from issuance of commercial paper1,623,000,0000
Proceeds from issuance of debt595,000,0000
Repayments of debt-1,247,000,000-514,000,000
Dividends paid-1,354,000,000-1,255,000,000
Change in fiduciary liabilities869,000,000231,000,000
Financing cash flow-1,764,000,000-2,586,000,000
Capital expenditures-215,000,000-186,000,000
Acquisitions net of cash acquired-263,000,000-224,000,000
Investing cash flow-493,000,000-322,000,000
Free cash flow2,098,000,0002,945,000,000
Segments
Risk and insurance services
Revenue14,074,000,00013,294,000,000
Operating income3,534,000,0003,806,000,000
Consulting
Revenue7,845,000,0007,150,000,000
Operating income1,590,000,0001,413,000,000
Total segments
Revenue21,919,000,00020,444,000,000
Operating income5,124,000,0005,219,000,000
Corporate eliminations
Revenue-55,000,000-58,000,000
Operating income-256,000,000-215,000,000
Revenue by business
Risk11,709,000,00010,907,000,000
Reinsurance2,365,000,0002,387,000,000
People and investments4,931,000,0004,573,000,000
Management consulting2,914,000,0002,577,000,000

MRSH trailing twelve month income statement and cash flow

Twelve months ended September 30, 2026
Period start2025-10-01
Period end2026-09-30
Period typetrailing twelve months
Source accession10-K, 10-Q
Income statement
Revenue28,459,000,000
Compensation and benefits16,287,000,000
Other operating expenses6,085,000,000
Operating expenses22,372,000,000
Operating income6,087,000,000
Other net benefit credits199,000,000
Interest income43,000,000
Interest expense-973,000,000
Investment income16,000,000
Income before income taxes5,372,000,000
Income tax expense1,249,000,000
Net income before noncontrolling interests4,123,000,000
Net income attributable to noncontrolling interests82,000,000
Net income attributable to company4,041,000,000
Cash flow
Depreciation and amortization of fixed assets and capitalized software359,000,000
Amortization of intangible assets554,000,000
Share based compensation expense418,000,000
Operating cash flow4,474,000,000
Purchase of treasury shares-3,026,000,000
Proceeds from issuance of debt595,000,000
Repayments of debt-1,252,000,000
Dividends paid-1,798,000,000
Change in fiduciary liabilities256,000,000
Financing cash flow-3,812,000,000
Capital expenditures-320,000,000
Acquisitions net of cash acquired-691,000,000
Investing cash flow-1,016,000,000
Free cash flow4,154,000,000

Adjustments

Splits appliednone
ADR ration/a
FXnone: Marsh reports in U.S. dollars.

Notes

  • Sources: the three fiscal years (FY2023-FY2025) come from the consolidated statements of income and cash flows in the FY2025 10-K (accession 0000062709-26-000022), and the December 31, 2025 and 2024 balance sheets from the same filing. FY2023 carries no balance sheet because the 10-K presents only two year-end balance sheets. The third quarters of 2026 and 2025, the nine-month periods and the September 30, 2026 balance sheet come from the Q3 2026 10-Q (accession 0000062709-26-000258).
  • The Q3 2025 entry carries no balance sheet: the Q3 2026 10-Q compares September 30, 2026 with December 31, 2025, which is recorded under FY2025. That December 31, 2025 column in the 10-Q matches the 10-K on every balance sheet line recorded here, so nothing was restated.
  • The 10-Q presents its cash flow statement for the nine months only, so the quarterly entries carry no cash flow figures; nine-month cash flows are under year_to_date.
  • The trailing twelve months to September 30, 2026 are derived as FY2025 plus the nine months of 2026 less the nine months of 2025. Per-share amounts and share counts are not additive and are not shown for that period.
  • Derived figures: total_debt is short-term debt plus long-term debt; total_liabilities is total assets less total equity (the balance sheet prints no total-liabilities line; the result equals the sum of the printed liability lines); total_equity_attributable_to_company is total equity less non-controlling interests; free_cash_flow is net cash provided by operations less capital expenditures, a simple measure computed here rather than one the statements report.
  • Cash and cash equivalents held in a fiduciary capacity (premiums and claims held on behalf of clients and insurers) are recorded separately from the company's own cash and cash equivalents, and are matched by fiduciary liabilities of the same amount on each balance sheet. The change in fiduciary liabilities is reported within financing cash flows, so financing_cash_flow includes it.
  • Revenue is commissions and fees from insurance and reinsurance broking plus consulting fees. Risk and Insurance Services revenue includes interest income on fiduciary funds: $403 million in FY2025, and $100 million in Q3 2026 against $109 million in Q3 2025.
  • Net income attributable to the Company is the numerator of the reported earnings per share. The statements print average and period-end share counts in millions, rounded, so they are recorded to the nearest million; per-share amounts are as printed.
  • Interest expense is recorded as a negative figure, as the income statement prints it. Capital expenditures, share repurchases (purchase of treasury shares), dividends paid, debt repayments and acquisitions are recorded as negative cash flows.
  • Effective January 14, 2026 the company changed its brand from Marsh McLennan to Marsh; the Guy Carpenter business now reports as Reinsurance and Mercer as People and Investments, alongside Marsh Risk (Risk) and Marsh Management Consulting (Management Consulting). The 10-Q states the change had no effect on the operating and reporting segments. Segment revenue is recorded under the current names for every period, including the FY2025 10-K's Guy Carpenter and Mercer figures. The legal name remains Marsh & McLennan Companies, Inc.
  • Segment figures come from the segment information note. Segment revenue includes inter-segment revenue, which the corporate/eliminations line removes; segment operating income excludes corporate-level expenses. Segment and corporate lines sum to the consolidated revenue and operating income in every period recorded. Revenue by business (Risk, Reinsurance, People and Investments, Management Consulting) is on the segment-note basis of the 10-Q and 10-K, which includes interest income on fiduciary funds allocated to Risk and Reinsurance; the earnings release presents Risk and Reinsurance excluding it, so for Q3 2026 it shows Risk at $3,726 million and Reinsurance at $374 million against the $3,796 million and $404 million recorded here.
  • Q3 2026 and the nine months of 2026 include charges of $144 million and $569 million respectively, net of insurance proceeds, related to the Greensill litigation in Australia. They sit in other operating expenses and in Risk and Insurance Services operating income. The company states that its settlements with White Oak, Greensill Bank and Credit Suisse conclude its involvement in those proceedings and that it does not expect further charges.
  • Revenue in Q3 2026 and the nine months of 2026 includes a $126 million gain on the consolidation of Deasterra Partners, S.L., in the Risk and Insurance Services segment.

Uncertainties

  • No three-month cash flow figures are available for Q3 2026 or Q3 2025: the Q3 2026 10-Q prints only nine-month cash flows, and the six-month statement that would let the quarter be isolated belongs to the Q2 2026 10-Q, which this record does not draw on.
  • The fourth quarter of 2025 is not shown as a separate period because neither filing presents it.

Company details

NameMarsh & Mclennan Companies, Inc.
TickerMRSH
CIK0000062709
ExchangeNYSE
StateNew York
IncorporationDelaware
SIC6411
OfficeFinance
IndustryInsurance Agents, Brokers & Service

Fiscal period

Fiscal year2026
Fiscal periodQ3
TagFY26Q3
Period end2026-09-30
Form10-Q
Accession0000062709-26-000258
Fiscal year end1231
Sourcefacts

Source filings

RoleCurrentFormFiscal yearFiscal periodTagPeriod endFiledAccessionSource
annualno10-K2025FYFY252025-12-312026-02-090000062709-26-000022reported
quarterlyyes10-Q2026Q3FY26Q32026-09-302026-10-150000062709-26-000258facts

FAQ · Marsh & McLennan Companies financial statements

How much revenue did Marsh report in Q3 FY2026?

Marsh reported revenue of $6.86 billion for Q3 FY2026, the quarter ended September 30, 2026, up 8.1% from $6.35 billion in the same quarter a year earlier. The total includes a one-time gain from revaluing its existing stake in Deasterra Partners when it acquired the rest of the Spanish broker.

What was Marsh's net income in Q3 FY2026?

Marsh's net income attributable to the company was $808 million for Q3 FY2026, the quarter ended September 30, 2026, up 8.2% from $747 million a year earlier.

What were Marsh's earnings per share for Q3 FY2026?

Marsh earned $1.69 per diluted share in Q3 FY2026, up 11.9% from $1.51 a year earlier. Earnings per share grew faster than net income because Marsh had fewer diluted shares outstanding than a year earlier, reflecting share repurchases.

How much operating income did Marsh make in Q3 FY2026?

Marsh's operating income was $1.22 billion for Q3 FY2026, up 3.8% from $1.17 billion a year earlier. Expenses in the quarter included a charge for settling the Greensill litigation, partly offset in revenue by the Deasterra revaluation gain.

Where can I get Marsh & McLennan Companies, Inc. (MRSH) financial data in machine-readable form?

Ticker Scout publishes Marsh & McLennan Companies, Inc.'s financial statements as JSON at https://tickerscout.ai/mrsh/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/mrsh/narrative.md and https://tickerscout.ai/mrsh/events.md. Marsh & McLennan Companies, Inc.'s SEC CIK is 0000062709. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.

When does Marsh & McLennan Companies, Inc. (MRSH) next file with the SEC?

Marsh & McLennan Companies, Inc. (MRSH) is expected to file its next Form 10-K with the SEC on or around February 8, 2027. That date is a projection rather than a company-announced date: it is derived from Marsh & McLennan Companies, Inc.'s own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q3 FY2026, the period ended 2026-09-30, SEC accession 0000062709-26-000258.

How this page was built

This page was built from two of Marsh & McLennan Companies, Inc.'s own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names two such gaps.

A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.

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Built from Marsh & McLennan Companies, Inc.'s SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.