Published
{
"ticker": "MRSH",
"cik": "0000062709",
"company": "Marsh & McLennan Companies, Inc.",
"business_type": "insurance broker and professional services",
"schema_template": "professional 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_currency": "USD",
"converted_to_usd": false,
"units": "actual dollars (not millions); share counts are actual shares; per-share amounts in dollars",
"units_notes_seen": {
"FY2025 10-K consolidated statements of income": "(In millions, except per share data)",
"FY2025 10-K consolidated balance sheets": "(In millions, except share data)",
"FY2025 10-K consolidated statements of cash flows": "(In millions)",
"FY2025 10-K segment information note (segment table and operating segment revenue)": "(In millions)",
"Q3 2026 10-Q consolidated statements of income": "(In millions, except per share data)",
"Q3 2026 10-Q consolidated balance sheets": "(In millions, except share data)",
"Q3 2026 10-Q consolidated statements of cash flows": "(In millions)",
"Q3 2026 10-Q segment information note (segment tables and operating segment revenue)": "(In millions)"
},
"adjustments": {
"splits_applied": [],
"adr_ratio": null,
"fx": "none: Marsh reports in U.S. dollars."
},
"annual": [
{
"fiscal_year": 2025,
"label": "FY2025",
"period_start": "2025-01-01",
"period_end": "2025-12-31",
"period_type": "fiscal year",
"source_accession": "0000062709-26-000022",
"income_statement": {
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"operating_expenses": 20758000000,
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"interest_income": 48000000,
"interest_expense": -960000000,
"investment_income": 34000000,
"income_before_income_taxes": 5539000000,
"income_tax_expense": 1305000000,
"net_income_before_noncontrolling_interests": 4234000000,
"net_income_attributable_to_noncontrolling_interests": 74000000,
"net_income_attributable_to_company": 4160000000,
"basic_eps": 8.48,
"diluted_eps": 8.43,
"basic_shares": 491000000,
"diluted_shares": 494000000,
"shares_outstanding_at_period_end": 485000000
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"balance_sheet": {
"cash_and_cash_equivalents": 2687000000,
"cash_and_cash_equivalents_held_in_fiduciary_capacity": 11473000000,
"net_receivables": 7670000000,
"total_current_assets": 23200000000,
"goodwill": 24337000000,
"other_intangible_assets": 4746000000,
"total_assets": 58710000000,
"short_term_debt": 1267000000,
"fiduciary_liabilities": 11473000000,
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"noncontrolling_interests": 215000000,
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"total_debt": 19587000000,
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},
"cash_flow": {
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"purchase_of_treasury_shares": -2012000000,
"proceeds_from_issuance_of_debt": 0,
"repayments_of_debt": -519000000,
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"capital_expenditures": -291000000,
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"investing_cash_flow": -845000000,
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},
"segments": {
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"operating_income": 4636000000
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"consulting": {
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"operating_income": 1896000000
},
"total_segments": {
"revenue": 27059000000,
"operating_income": 6532000000
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"corporate_eliminations": {
"revenue": -78000000,
"operating_income": -309000000
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"revenue_by_business": {
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"reinsurance": 2635000000,
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}
},
{
"fiscal_year": 2024,
"label": "FY2024",
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"period_end": "2024-12-31",
"period_type": "fiscal year",
"source_accession": "0000062709-26-000022",
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"other_net_benefit_credits": 268000000,
"interest_income": 83000000,
"interest_expense": -700000000,
"investment_income": 12000000,
"income_before_income_taxes": 5480000000,
"income_tax_expense": 1363000000,
"net_income_before_noncontrolling_interests": 4117000000,
"net_income_attributable_to_noncontrolling_interests": 57000000,
"net_income_attributable_to_company": 4060000000,
"basic_eps": 8.26,
"diluted_eps": 8.18,
"basic_shares": 492000000,
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"shares_outstanding_at_period_end": 491000000
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"balance_sheet": {
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"goodwill": 23306000000,
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"total_assets": 56481000000,
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"long_term_debt": 19428000000,
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},
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"purchase_of_treasury_shares": -900000000,
"proceeds_from_issuance_of_debt": 8170000000,
"repayments_of_debt": -1617000000,
"dividends_paid": -1513000000,
"change_in_fiduciary_liabilities": 411000000,
"financing_cash_flow": 4455000000,
"capital_expenditures": -316000000,
"acquisitions_net_of_cash_acquired": -8542000000,
"investing_cash_flow": -8821000000,
"free_cash_flow": 3986000000
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"segments": {
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"operating_income": 4365000000
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"consulting": {
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"operating_income": 1770000000
},
"total_segments": {
"revenue": 24528000000,
"operating_income": 6135000000
},
"corporate_eliminations": {
"revenue": -70000000,
"operating_income": -318000000
},
"revenue_by_business": {
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"people_and_investments": 5743000000,
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}
}
},
{
"fiscal_year": 2023,
"label": "FY2023",
"period_start": "2023-01-01",
"period_end": "2023-12-31",
"period_type": "fiscal year",
"source_accession": "0000062709-26-000022",
"income_statement": {
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"compensation_and_benefits": 13099000000,
"other_operating_expenses": 4355000000,
"operating_expenses": 17454000000,
"operating_income": 5282000000,
"other_net_benefit_credits": 239000000,
"interest_income": 78000000,
"interest_expense": -578000000,
"investment_income": 5000000,
"income_before_income_taxes": 5026000000,
"income_tax_expense": 1224000000,
"net_income_before_noncontrolling_interests": 3802000000,
"net_income_attributable_to_noncontrolling_interests": 46000000,
"net_income_attributable_to_company": 3756000000,
"basic_eps": 7.6,
"diluted_eps": 7.53,
"basic_shares": 494000000,
"diluted_shares": 499000000,
"shares_outstanding_at_period_end": 492000000
},
"cash_flow": {
"depreciation_and_amortization_of_fixed_assets_and_capitalized_software": 370000000,
"amortization_of_intangible_assets": 343000000,
"share_based_compensation_expense": 363000000,
"operating_cash_flow": 4258000000,
"purchase_of_treasury_shares": -1150000000,
"proceeds_from_issuance_of_debt": 2169000000,
"repayments_of_debt": -266000000,
"dividends_paid": -1298000000,
"change_in_fiduciary_liabilities": -255000000,
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"segments": {
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"operating_income": 3945000000
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"operating_income": 1666000000
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"total_segments": {
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},
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}
}
],
"quarterly": [
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"fiscal_quarter": 3,
"label": "Q3 2026",
"period_start": "2026-07-01",
"period_end": "2026-09-30",
"period_type": "three months",
"source_accession": "0000062709-26-000258",
"income_statement": {
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"net_income_attributable_to_company": 808000000,
"basic_eps": 1.7,
"diluted_eps": 1.69,
"basic_shares": 476000000,
"diluted_shares": 479000000,
"shares_outstanding_at_period_end": 475000000
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"balance_sheet": {
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"cash_and_cash_equivalents_held_in_fiduciary_capacity": 12273000000,
"net_receivables": 8548000000,
"total_current_assets": 24107000000,
"goodwill": 24613000000,
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"total_assets": 59806000000,
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"long_term_debt": 18889000000,
"noncontrolling_interests": 235000000,
"total_equity": 14910000000,
"total_debt": 20533000000,
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"total_equity_attributable_to_company": 14675000000
},
"segments": {
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"operating_income": 745000000
},
"consulting": {
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"operating_income": 563000000
},
"total_segments": {
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"operating_income": 1308000000
},
"corporate_eliminations": {
"revenue": -22000000,
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"revenue_by_business": {
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"people_and_investments": 1672000000,
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}
},
{
"fiscal_year": 2025,
"fiscal_quarter": 3,
"label": "Q3 2025",
"period_start": "2025-07-01",
"period_end": "2025-09-30",
"period_type": "three months",
"source_accession": "0000062709-26-000258",
"income_statement": {
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"compensation_and_benefits": 3894000000,
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"operating_expenses": 5181000000,
"operating_income": 1170000000,
"other_net_benefit_credits": 52000000,
"interest_income": 10000000,
"interest_expense": -237000000,
"investment_income": 15000000,
"income_before_income_taxes": 1010000000,
"income_tax_expense": 253000000,
"net_income_before_noncontrolling_interests": 757000000,
"net_income_attributable_to_noncontrolling_interests": 10000000,
"net_income_attributable_to_company": 747000000,
"basic_eps": 1.52,
"diluted_eps": 1.51,
"basic_shares": 491000000,
"diluted_shares": 494000000,
"shares_outstanding_at_period_end": 490000000
},
"segments": {
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"revenue": 3907000000,
"operating_income": 750000000
},
"consulting": {
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"operating_income": 501000000
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"total_segments": {
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"operating_income": 1251000000
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"corporate_eliminations": {
"revenue": -21000000,
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"revenue_by_business": {
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"management_consulting": 886000000
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}
}
],
"year_to_date": {
"label": "Nine months ended September 30, 2026",
"period_start": "2026-01-01",
"period_end": "2026-09-30",
"period_type": "nine months",
"source_accession": "0000062709-26-000258",
"prior_year_comparative": {
"label": "Nine months ended September 30, 2025",
"period_start": "2025-01-01",
"period_end": "2025-09-30",
"period_type": "nine months",
"source_accession": "0000062709-26-000258",
"income_statement": {
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"operating_income": 5004000000,
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"interest_income": 34000000,
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"income_before_income_taxes": 4483000000,
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"net_income_before_noncontrolling_interests": 3400000000,
"net_income_attributable_to_noncontrolling_interests": 61000000,
"net_income_attributable_to_company": 3339000000,
"basic_eps": 6.79,
"diluted_eps": 6.75,
"basic_shares": 492000000,
"diluted_shares": 495000000
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"cash_flow": {
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"amortization_of_intangible_assets": 412000000,
"share_based_compensation_expense": 305000000,
"operating_cash_flow": 3131000000,
"purchase_of_treasury_shares": -1002000000,
"net_proceeds_from_issuance_of_commercial_paper": 0,
"proceeds_from_issuance_of_debt": 0,
"repayments_of_debt": -514000000,
"dividends_paid": -1255000000,
"change_in_fiduciary_liabilities": 231000000,
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"operating_income": 1413000000
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"income_before_income_taxes": 4316000000,
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"net_income_before_noncontrolling_interests": 3289000000,
"net_income_attributable_to_noncontrolling_interests": 69000000,
"net_income_attributable_to_company": 3220000000,
"basic_eps": 6.71,
"diluted_eps": 6.68,
"basic_shares": 480000000,
"diluted_shares": 482000000
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"acquisitions_net_of_cash_acquired": -263000000,
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"total_segments": {
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"corporate_eliminations": {
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"revenue_by_business": {
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"people_and_investments": 4931000000,
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}
},
"trailing_twelve_months": {
"label": "Twelve months ended September 30, 2026",
"period_start": "2025-10-01",
"period_end": "2026-09-30",
"period_type": "trailing twelve months",
"source_accession": "0000062709-26-000022; 0000062709-26-000258",
"income_statement": {
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"compensation_and_benefits": 16287000000,
"other_operating_expenses": 6085000000,
"operating_expenses": 22372000000,
"operating_income": 6087000000,
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"investment_income": 16000000,
"income_before_income_taxes": 5372000000,
"income_tax_expense": 1249000000,
"net_income_before_noncontrolling_interests": 4123000000,
"net_income_attributable_to_noncontrolling_interests": 82000000,
"net_income_attributable_to_company": 4041000000
},
"cash_flow": {
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"amortization_of_intangible_assets": 554000000,
"share_based_compensation_expense": 418000000,
"operating_cash_flow": 4474000000,
"purchase_of_treasury_shares": -3026000000,
"proceeds_from_issuance_of_debt": 595000000,
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"dividends_paid": -1798000000,
"change_in_fiduciary_liabilities": 256000000,
"financing_cash_flow": -3812000000,
"capital_expenditures": -320000000,
"acquisitions_net_of_cash_acquired": -691000000,
"investing_cash_flow": -1016000000,
"free_cash_flow": 4154000000
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},
"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."
],
"headline": {
"period": "Q3 FY2026",
"period_end_words": "September 30, 2026",
"metrics": [
{
"label": "Revenue",
"format": "usd",
"value": 6863000000,
"text": "$6.86 billion",
"exact": "$6,863,000,000",
"compact": "$6.86B",
"abs": "$6.86 billion",
"prior_value": 6351000000,
"prior": "$6.35 billion",
"priorabs": "$6.35 billion",
"yoy": "up 8.1%",
"source": {
"array": "quarterly",
"field": "income_statement.revenue",
"index": 0,
"period_label": "Q3 2026",
"period_end": "2026-09-30",
"period_start": "2026-07-01",
"span_days": 91,
"source_accession": "0000062709-26-000258",
"prior_index": 1,
"prior_period_label": "Q3 2025",
"prior_period_end": "2025-09-30",
"prior_period_start": "2025-07-01",
"prior_span_days": 91,
"prior_source_accession": "0000062709-26-000258",
"gap_days": 365
}
},
{
"label": "Net income",
"format": "usd",
"value": 808000000,
"text": "$808 million",
"exact": "$808,000,000",
"compact": "$808.00M",
"abs": "$808 million",
"prior_value": 747000000,
"prior": "$747 million",
"priorabs": "$747 million",
"yoy": "up 8.2%",
"source": {
"array": "quarterly",
"field": "income_statement.net_income_attributable_to_company",
"index": 0,
"period_label": "Q3 2026",
"period_end": "2026-09-30",
"period_start": "2026-07-01",
"span_days": 91,
"source_accession": "0000062709-26-000258",
"prior_index": 1,
"prior_period_label": "Q3 2025",
"prior_period_end": "2025-09-30",
"prior_period_start": "2025-07-01",
"prior_span_days": 91,
"prior_source_accession": "0000062709-26-000258",
"gap_days": 365
}
},
{
"label": "Diluted EPS",
"format": "eps",
"value": 1.69,
"text": "$1.69",
"exact": "$1.69",
"compact": "$1.69",
"abs": "$1.69",
"prior_value": 1.51,
"prior": "$1.51",
"priorabs": "$1.51",
"yoy": "up 11.9%",
"source": {
"array": "quarterly",
"field": "income_statement.diluted_eps",
"index": 0,
"period_label": "Q3 2026",
"period_end": "2026-09-30",
"period_start": "2026-07-01",
"span_days": 91,
"source_accession": "0000062709-26-000258",
"prior_index": 1,
"prior_period_label": "Q3 2025",
"prior_period_end": "2025-09-30",
"prior_period_start": "2025-07-01",
"prior_span_days": 91,
"prior_source_accession": "0000062709-26-000258",
"gap_days": 365
}
},
{
"label": "Operating income",
"format": "usd",
"value": 1215000000,
"text": "$1.22 billion",
"exact": "$1,215,000,000",
"compact": "$1.22B",
"abs": "$1.22 billion",
"prior_value": 1170000000,
"prior": "$1.17 billion",
"priorabs": "$1.17 billion",
"yoy": "up 3.8%",
"source": {
"array": "quarterly",
"field": "income_statement.operating_income",
"index": 0,
"period_label": "Q3 2026",
"period_end": "2026-09-30",
"period_start": "2026-07-01",
"span_days": 91,
"source_accession": "0000062709-26-000258",
"prior_index": 1,
"prior_period_label": "Q3 2025",
"prior_period_end": "2025-09-30",
"prior_period_start": "2025-07-01",
"prior_span_days": 91,
"prior_source_accession": "0000062709-26-000258",
"gap_days": 365
}
}
],
"summary": "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.",
"qa": [
{
"q": "How much revenue did Marsh report in Q3 FY2026?",
"a": "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."
},
{
"q": "What was Marsh's net income in Q3 FY2026?",
"a": "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."
},
{
"q": "What were Marsh's earnings per share for Q3 FY2026?",
"a": "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."
},
{
"q": "How much operating income did Marsh make in Q3 FY2026?",
"a": "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."
}
]
},
"company_details": {
"Name": "Marsh & Mclennan Companies, Inc.",
"Ticker": "MRSH",
"CIK": "0000062709",
"Exchange": "NYSE",
"State": "New York",
"Incorporation": "Delaware",
"SIC": "6411",
"Office": "Finance",
"Industry": "Insurance Agents, Brokers & Service"
},
"next_filing": {
"predicted_date": "2027-02-08",
"predicted_type": "10-K"
},
"fiscal_period": {
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"fiscal_period": "Q3",
"tag": "FY26Q3",
"period_end": "2026-09-30",
"form": "10-Q",
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"filed": "2026-02-09",
"accession": "0000062709-26-000022",
"url": "https://www.sec.gov/Archives/edgar/data/62709/000006270926000022/mrsh-20251231.htm",
"source": "reported"
},
{
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"accession": "0000062709-26-000258",
"url": "https://www.sec.gov/Archives/edgar/data/62709/000006270926000258/mrsh-20260930.htm",
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