Marsh (MRSH) Earnings: Q3 2026 Results and Next Report Date

The quarter ended September 30, 2026 and Marsh published the results on October 15, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Marsh reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Marsh was Marsh McLennan until January 14, 2026. Guy Carpenter is now reported as Reinsurance, Mercer as People and Investments, and Oliver Wyman Group as Management Consulting. The legal entity filing with the SEC is still Marsh & McLennan Companies, Inc.
• Marsh's Q3 2026 revenue includes a $126 million gain from remeasuring its previously held stake in Deasterra Partners when it bought the remaining 60%. Marsh excludes the gain from underlying revenue and adjusted results.

Source: Marsh Q3 2026 results, October 15, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Marsh splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Marsh's Risk and Insurance Services revenue was $4.2 billion in Q3 2026, up 7% from $3.9 billion in Q3 2025, 61% of total revenue.
• Marsh's Consulting revenue was $2.7 billion in Q3 2026, up 9% from $2.5 billion in Q3 2025, 39% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release (Q3 2025 and Q4 2025 under the Marsh McLennan name).

Marsh's next report is expected around January 28, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q3 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 15, 2026

Marsh reports two segments. Risk and Insurance Services, the insurance and reinsurance broking side, brought in $4,200 million of the $6,863 million total in Q3 2026, and Consulting $2,685 million. Within them, Risk was $3,726 million, People and Investments $1,672 million, Management Consulting $1,013 million and Reinsurance $374 million. (Marsh Q3 2026 earnings release, Oct 15, 2026)

Revenue rose 8%, and 5% on Marsh's underlying basis, which strips out currency, acquisitions and dispositions; acquisitions, dispositions and other items added 3 points. Management Consulting grew fastest, up 14% on both a GAAP and underlying basis. Reinsurance fell 6% on both bases, and Workforce and Rewards fell 1% on an underlying basis. (Marsh Q3 2026 earnings release, Oct 15, 2026)

In Risk, underlying revenue grew 4% in U.S./Canada ($2,201 million) and 6% internationally ($1,525 million), with 7% in EMEA, 4% in Asia Pacific and flat in Latin America. EMEA's GAAP revenue rose 22% to $994 million, with 16 points from acquisitions, dispositions and other items. The $126 million Deasterra Partners remeasurement gain sits in Risk and Insurance Services revenue. (Marsh Q3 2026 earnings release, Oct 15, 2026)

Marsh Risk and Reinsurance are paid through commissions and fees that vary with the coverage, the insurer or reinsurer selected and the broker's role, plus contingent commissions and interest on premiums and claims held in a fiduciary capacity. Fiduciary interest income was $100 million in Q3 2026, against $109 million a year earlier. (Marsh Form 10-K, 2025, Feb 9, 2026; Marsh Q3 2026 earnings release, Oct 15, 2026)

Marsh's adjusted EPS of $2.03 was $0.34 above GAAP EPS of $1.69 in Q3 2026. Adjusted results exclude $170 million of noteworthy items and $142 million of identified intangible amortization. The noteworthy items included a $144 million Greensill litigation charge net of insurance recoveries, $79 million of restructuring mostly for the Thrive program, and $35 million of McGriff integration and retention costs, offset by the $126 million Deasterra gain. (Marsh Q3 2026 earnings release, Oct 15, 2026)

The Greensill charge relates to settlements in the Australian proceedings over trade credit insurance Marsh Ltd. placed for Greensill; Marsh recorded $569 million of such charges, net of insurance proceeds, over the first nine months of 2026. (Marsh Form 10-Q, Q3 2026, Oct 15, 2026)

Marsh's effective tax rate was 21.3%, against 25.1% a year earlier, and the Deasterra gain lowered it by 2.8%. Diluted average shares fell to 479 million from 494 million; Marsh repurchased about 2.7 million shares for $500 million in Q3 2026 and 11.4 million shares for $2.0 billion in the first nine months. (Marsh Form 10-Q, Q3 2026, Oct 15, 2026; Marsh Q3 2026 earnings release, Oct 15, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Marsh does not publish a revenue or earnings outlook in its earnings release. The Q3 2026 release reports results by business and points to the conference call held on October 15, 2026. (Marsh Q3 2026 earnings release, Oct 15, 2026)

Marsh describes Thrive as a three-year program focused on its brand strategy, client value, growth and efficiency, which it says will generate savings from process and automation efficiencies and optimization of its global operating model. Restructuring costs for it are excluded from adjusted results. (Marsh Q3 2026 earnings release, Oct 15, 2026)

A consensus figure is the average of the models published by the analysts who cover Marsh, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Marsh's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning MRSH is on is MRSH a buy or a sell?, what analysts expect next is on the MRSH forecast, and what the company does is on the Marsh (MRSH) stock page.

Every number on this page can be traced to a document Marsh published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.