MARSH & MCLENNAN COMPANIES, INC.
For the period ended Mar 31, 2026. Filed Apr 16, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 16, 2026
MRSH$204.82-2.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-16.
0000062709-25-000125
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTSCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-16.
0000062709-26-000098
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 192 previous paragraphs and 175 current paragraphs.
69 unchanged; 66 reworded; 34 added; 54 removed; 3 previous and 6 current paragraphs rearranged.
Tables are not compared: 13 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (34)
Current report
References in this report are to Marsh & McLennan Companies, Inc. and its consolidated subsidiaries (the "Company" or "Marsh"), unless the context otherwise requires. Effective January 14, 2026, the Company updated its brand name from Marsh McLennan to Marsh and the brand names of Marsh and Oliver Wyman Group businesses to Marsh Risk and Marsh Management Consulting, respectively. References to the Company and its businesses in this report reflect these changes. Mercer and Guy Carpenter will continue to report under their current brands through a transition period.
Current report
The changes to the brand names had no impact on the Company's operating and reporting segments.
Current report
•Consolidated revenue for the three months ended March 31, 2026 was $7.6 billion, an increase of 8%, or 4% on an underlying basis.
Current report
•Consolidated operating income for the three months ended March 31, 2026 was $1.8 billion, a decrease of 12%, compared to the corresponding period in the prior year. Net income attributable to the Company was $1.1 billion. Earnings per share on a diluted basis was $2.36, a decrease of 15%, compared to the corresponding period in the prior year.
Current report
•Marsh Risk's revenue for the three months ended March 31, 2026 was $3.7 billion, an increase of 8%, or 4% on an underlying basis. Guy Carpenter's revenue for the three months ended March 31, 2026 was $1.2 billion, an increase of 3%, or 2% on an underlying basis.
Current report
•Consulting revenue for the three months ended March 31, 2026 was $2.6 billion, an increase of 11%, or 5% on an underlying basis. Operating income was $525 million, compared with $456 million for the corresponding period in the prior year.
Current report
•In the first quarter of 2026, the Company recorded an estimated liability and legal expenses of $425 million related to the Greensill litigation. Additional information on this matter is included in Note 17, Claims, Lawsuits and Other Contingencies, in the notes to the consolidated financial statements.
Current report
•The Company's results of operations for the three months ended March 31, 2026 included restructuring costs of $45 million related primarily to severance, lease exit charges, and consulting and outside services.
Current report
•For the three months ended March 31, 2026, the Company repurchased 4.2 million shares for $750 million.
Current report
•In February 2026, the Company issued $600 million of 4.950% senior notes due 2036.
Current report
For the three months ended March 31, 2026, foreign exchange movements associated with the weakening of the U.S. dollar, increased consolidated revenue, expenses and operating income by approximately 3%.
Current report
Diluted earnings per share decreased to $2.36 from $2.79, or 15% from the prior year, reflecting a decrease in operating income.
Current report
The following table provides more detailed revenue information for certain of the components presented in the previous table:
Current report
The following table provides more detailed revenue information for certain of the components presented in the previous table:
Current report
Consolidated revenue growth for the three months ended March 31, 2026 reflects the continued demand for our advice and solutions.
Current report
Consolidated operating expenses for the three months ended March 31, 2026 reflect the recording of an estimated liability and legal expenses of $425 million related to the Greensill litigation. Consolidated operating expenses also reflect increased compensation and benefits, driven by higher base salaries and incentive compensation.
Current report
Restructuring Activities
Current report
The Company incurred a total of $45 million for restructuring costs for the three months ended March 31, 2026.
Current report
For the three months ended March 31, 2025, the Company incurred a total of $32 million for restructuring activities related primarily to severance and lease exit charges.
Current report
Additional details are included in Note 14, Restructuring Costs, in the notes to the consolidated financial statements.
Current report
The Company conducts business in its Risk and Insurance Services segment through Marsh Risk and Guy Carpenter. Marsh Risk is an insurance broker and risk advisor, offering risk management, insurance broking, insurance program management, risk consulting, analytical modeling and alternative risk financing services to a wide range of businesses, government entities, professional service organizations and individuals in over 130 countries. Guy Carpenter, the Company's reinsurance intermediary and advisor, provides specialized reinsurance broking, strategic advisory and actuarial services, and analytics solutions.
Current report
Revenue in the Risk and Insurance Services segment increased $289 million, or 6%, to $5.1 billion for the three months ended March 31, 2026, compared to $4.8 billion for the three months ended March 31, 2025. Revenue increased 3% on both an underlying basis and from the impact of foreign currency translation.
Current report
Interest earned on fiduciary funds decreased $18 million to $85 million for the three months ended March 31, 2026, compared to $103 million for the three months ended March 31, 2025, due to lower average interest rates compared to the corresponding period in the prior year.
Current report
Guy Carpenter's revenue increased $34 million, or 3%, to $1.2 billion for the three months ended March 31, 2026, compared to the corresponding period in the prior year. This reflects an increase of 2% on both an underlying basis and from the impact of foreign currency translation, partially offset by a decrease of 1% from acquisitions.
Current report
Expenses for the three months ended March 31, 2026 reflect the recording of an estimated liability and legal expenses of $425 million related to the Greensill litigation. Expenses also reflect increased compensation and benefits, driven by higher base salaries and incentive compensation.
Current report
The Company conducts business in its Consulting segment through Mercer and Marsh Management Consulting. Mercer is a provider in delivering advice, solutions and products that help organizations meet the health, wealth and career needs of a changing workforce. Marsh Management Consulting offers management consulting and advisory services across various industries.
Current report
Marsh Management Consulting's revenue increased $79 million, or 10%, to $897 million for the three months ended March 31, 2026, compared to $818 million for the three months ended March 31, 2025. This reflects an increase of 6% on an underlying basis and 3% from the impact of foreign currency translation.
Current report
The increase in underlying revenue growth at Marsh Management Consulting for the three months ended March 31, 2026 was driven by growth in most regions.
Current report
Expenses for the three months ended March 31, 2026 reflect increased compensation and benefits, driven by higher base salaries and incentive compensation.
Current report
Corporate expenses increased $18 million, or 28%, to $82 million for the three months ended March 31, 2026, compared to $64 million for the three months ended March 31, 2025, reflecting primarily increased compensation and benefits and restructuring costs in the current period compared to the prior year.
Current report
Interest expense was $240 million for the three months ended March 31, 2026, compared to $245 million for the three months ended March 31, 2025.
Current report
While the U.S. has negotiated a "side-by-side" arrangement for the existing U.S. minimum taxes with the intent to exempt U.S. multinational companies from certain of the Pillar Two provisions, uncertainty remains related to the implementation of this arrangement. The Company continues to monitor legislative developments, as well as additional guidance from countries that have enacted Pillar Two legislation, and will ensure it complies with any changes.
Current report
The Company has a share repurchase program authorized by the Board of Directors.
Current report
In November 2025, the Board of Directors authorized the Company to repurchase up to $6 billion of the Company’s common stock, which superseded any prior authorizations.
Removed paragraphs (54)
Previous report
Marsh provides data-driven risk advisory services and insurance solutions to commercial and consumer clients. Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities. Mercer delivers advice and technology-driven solutions that help organizations redefine the world of work, reshape retirement and investment outcomes, and unlock health and well-being for a changing workforce. Oliver Wyman Group serves as a critical strategic, economic and brand advisor to private sector and governmental clients. The four businesses also collaborate together to deliver new solutions to help clients manage complex and interconnected risks.
Previous report
•Consolidated operating income increased $62 million, or 6% to $1.2 billion for the three months ended September 30, 2025, compared to the corresponding quarter in the prior year. Net income attributable to the Company was $747 million. Earnings per share on a diluted basis was $1.51, consistent with the corresponding quarter in the prior year. For the nine months ended September 30, 2025, consolidated operating income increased $329 million, or 7% to $5.0 billion, compared to the corresponding period in the prior year. Net income attributable to the Company was $3.3 billion. Earnings per share on a diluted basis increased to $6.75 from $6.59, or 2%, compared to the corresponding period in the prior year.
Previous report
•Marsh's revenue for the three months ended September 30, 2025 was $3.4 billion, an increase of 16%, or 4% on an underlying basis. For the nine months ended September 30, 2025, Marsh's revenue was $10.7 billion, an increase of 16%, or 5% on an underlying basis. Guy Carpenter's revenue for the three months ended September 30, 2025 was $398 million, an increase of 5% on both a reported and an underlying basis. For the nine months ended September 30, 2025, Guy Carpenter's revenue was $2.3 billion, an increase of 6%, or 5% on an underlying basis.
Previous report
•Consulting revenue for the three months ended September 30, 2025 was $2.5 billion, an increase of 9%, or 5% on an underlying basis. Operating income was $501 million, compared with $462 million for the corresponding quarter in the prior year. For the nine months ended September 30, 2025, Consulting revenue was $7.2 billion, an increase of 7%, or 4% on an underlying basis. Operating income was $1.4 billion, compared with $1.3 billion for the corresponding period in the prior year.
Previous report
•Mercer's revenue for the three months ended September 30, 2025 was $1.6 billion, an increase of 9%, or 3% on an underlying basis. For the nine months ended September 30, 2025, Mercer's revenue was $4.6 billion, an increase of 7%, or 3% on an underlying basis. Oliver Wyman Group's revenue for the three months ended September 30, 2025 was $886 million, an increase of 9%, or 8% on an underlying basis. For the nine months ended September 30, 2025, Oliver Wyman Group's revenue was $2.6 billion, an increase of 6%, or 5% on an underlying basis.
Previous report
•The Company repurchased approximately 1.9 million shares for $400 million in the third quarter of 2025. For the nine months ended September 30, 2025, the Company repurchased 4.6 million shares for $1 billion.
Previous report
Consolidated operating income increased $329 million, or 7% to $5.0 billion for the nine months ended September 30, 2025, compared to $4.7 billion for the corresponding period in the prior year, reflecting an 11% increase in revenue and a 12% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 13% and 7%, respectively.
Previous report
The Company's revenue and expenses for the three and nine months ended September 30, 2025 include the results of operations of McGriff Insurance Services, LLC ("McGriff'") in the Risk and Insurance Services segment.
Previous report
Diluted earnings per share for the three months ended September 30, 2025 was $1.51, consistent with the prior year, reflecting an increase in operating income, offset by higher interest expense.
Previous report
For the nine months ended September 30, 2025, diluted earnings per share increased to $6.75 from $6.59, or 2% from the prior year, reflecting an increase in operating income, partially offset by higher interest expense.
Previous report
(*) Rounded to whole percentages.
Previous report
(a)Acquisitions, dispositions and other in 2025 includes the impact of McGriff.
Previous report
(a)Acquisitions, dispositions and other in 2025 includes the impact of McGriff.
Previous report
(b)Acquisitions, dispositions and other in 2024 includes a net gain of $21 million from the sale of the U.K. pension administration and U.S. health and benefits administration businesses, that comprised of a $66 million gain in Wealth, offset by a $45 million loss in Health.
Previous report
Consolidated revenue increased $2.0 billion, or 11%, to $20.4 billion for the nine months ended September 30, 2025, compared to $18.4 billion for the nine months ended September 30, 2024. Consolidated revenue increased 4% on an underlying basis and 7% from acquisitions. On an underlying basis, revenue increased 4% for the nine months ended September 30, 2025, in both the Risk and Insurance Services and Consulting segments.
Previous report
Consolidated operating expenses increased $592 million, or 13%, to $5.2 billion for the three months ended September 30, 2025, compared to $4.6 billion for the three months ended September 30, 2024. Expenses also reflect an increase of 7% from acquisitions and 1% from the impact of foreign currency translation.
Previous report
Consolidated operating expenses increased $1.7 billion, or 12%, to $15.4 billion for the nine months ended September 30, 2025, compared to $13.7 billion for the nine months ended September 30, 2024. Expenses also reflect an 8% increase from acquisitions.
Previous report
Consolidated operating expenses for the three and nine months ended September 30, 2025 increased due to acquisitions, primarily in Risk and Insurance Services, resulting in higher compensation and benefits and amortization of identified intangibles.
Previous report
In the Risk and Insurance Services segment, the Company’s subsidiaries and other affiliated entities act as brokers, agents or consultants for insureds, insurance underwriters and other brokers in the areas of risk management, insurance broking, insurance program management, risk consulting, analytical modeling and alternative risk financing services, primarily under the brand of Marsh, and engage in specialized reinsurance broking expertise, strategic advisory services and analytics solutions, primarily under the brand of Guy Carpenter.
Previous report
Revenue in the Risk and Insurance Services segment increased $454 million, or 13%, to $3.9 billion for the three months ended September 30, 2025, compared to $3.5 billion for the three months ended September 30, 2024. Revenue increased 3% on an underlying basis, 9% from acquisitions, and 1% from the impact of foreign currency translation. Interest earned on fiduciary funds decreased $29 million to $109 million for the three months ended September 30, 2025, compared to $138 million for the three months ended September 30, 2024. The decrease is due to lower average interest rates compared to the corresponding quarter in the prior year.
Previous report
Revenue in the Risk and Insurance Services segment increased $1.5 billion, or 13%, to $13.3 billion for the nine months ended September 30, 2025, compared to $11.7 billion for the nine months ended September 30, 2024. Revenue increased 4% on an underlying basis and 9% from acquisitions. Interest earned on fiduciary funds decreased $74 million to $311 million for the nine months ended September 30, 2025, compared to $385 million for the nine months ended September 30, 2024. The decrease is due to lower average interest rates compared to the corresponding period in the prior year.
Previous report
Marsh's revenue increased $1.5 billion, or 16%, to $10.7 billion for the nine months ended September 30, 2025, compared to $9.2 billion for the nine months ended September 30, 2024. This reflects an increase of 5% on an underlying basis and 12% from acquisitions. U.S./Canada rose 4% on an underlying basis. Total International operations produced underlying revenue growth of 6%, reflecting growth of 7% in EMEA, and 5% in each of Latin America and Asia Pacific.
Previous report
Guy Carpenter's revenue increased $17 million, or 5%, to $398 million for the three months ended September 30, 2025, compared to $381 million for the three months ended September 30, 2024. This reflects an increase of 5% on an underlying basis and 1% from the impact of foreign currency translation.
Previous report
Guy Carpenter's revenue increased $120 million, or 6%, to $2.3 billion for the nine months ended September 30, 2025, compared to $2.2 billion for the nine months ended September 30, 2024. This reflects an increase of 5% on an underlying basis and 1% from acquisitions.
Previous report
Expenses in the Risk and Insurances Services segment increased $1.3 billion, or 16%, to $9.5 billion for the nine months ended September 30, 2025, compared to $8.2 billion for the nine months ended September 30, 2024. Expenses also reflect an increase of 11% from acquisitions.
Previous report
Expenses for the three and nine months ended September 30, 2025 increased due to acquisitions, resulting in higher compensation and benefits and amortization of identified intangibles.
Previous report
Expenses for the three and nine months ended September 30, 2025 included integration and retention related costs of $50 million and $164 million, respectively, related to the acquisition of McGriff.
Previous report
Expenses for the three and nine months ended September 30, 2025 also included higher intangible amortization cost of $39 million and $124 million, respectively, compared to the corresponding periods in the prior year, primarily related to the acquisition of McGriff.
Previous report
The Company conducts business in its Consulting segment through Mercer and Oliver Wyman Group. Mercer delivers advice and technology-driven solutions that help organizations redefine the world of work, reshape retirement and investment outcomes, and unlock health and well-being for a changing workforce. Oliver Wyman Group serves as a critical strategic, economic and brand advisor to private sector and governmental clients.
Previous report
Consulting revenue increased $458 million, or 7%, to $7.2 billion for the nine months ended September 30, 2025, compared to $6.7 billion for the nine months ended September 30, 2024. This reflects an increase of 4% on an underlying basis and 3% from acquisitions.
Previous report
Mercer's revenue increased $317 million, or 7%, to $4.6 billion for the nine months ended September 30, 2025, compared to $4.3 billion for the nine months ended September 30, 2024. This reflects an increase of 3% on an underlying basis and 4% from acquisitions. On an underlying basis, revenue for Health and Wealth increased 6% and 3%, respectively, and decreased 2% in Career, as compared to the corresponding period in the prior year.
Previous report
Revenue for the nine months ended September 30, 2024 includes a net gain of $21 million from the sale of the Mercer U.K. pension administration and U.S. health and benefits administration businesses.
Previous report
Oliver Wyman Group's revenue increased $76 million, or 9%, to $886 million for the three months ended September 30, 2025, compared to $810 million for the three months ended September 30, 2024. This reflects an increase of 8% on an underlying basis and 2% from the impact of foreign currency translation.
Previous report
Oliver Wyman Group's revenue increased $141 million, or 6%, to $2.6 billion for the nine months ended September 30, 2025, compared to $2.4 billion for the nine months ended September 30, 2024. This reflects an increase of 5% on an underlying basis and 1% from the impact of foreign currency translation.
Previous report
The increase in underlying revenue growth at Oliver Wyman Group for the three months ended September 30, 2025 was driven by growth in each of the regions. Underlying revenue growth for the nine months ended September 30, 2025 was driven by growth in the Americas and the Middle East.
Previous report
Expenses for the three and nine months ended September 30, 2025 increased due to compensation and benefits driven by higher base salaries and incentive compensation. Expenses also increased due to acquisitions.
Previous report
For the nine months ended September 30, 2024, expenses also reflected acquisition and disposition costs of $21 million, primarily related to exit costs for the disposition of the Mercer U.K. pension administration and U.S. health benefits administration businesses in 2024.
Previous report
Corporate expenses decreased $6 million, or 6%, to $81 million for the three months ended September 30, 2025, compared to $87 million for the three months ended September 30, 2024. Corporate expenses decreased $9 million, or 4%, to $215 million for the nine months ended September 30, 2025, compared to $224 million for the nine months ended September 30, 2024.
Previous report
Interest income decreased $2 million and $27 million for the three and nine months ended September 30, 2025, respectively, due to lower average interest rates compared to the corresponding periods in the prior year.
Previous report
Interest expense for the three months ended September 30, 2025 was $237 million, compared to $154 million for the three months ended September 30, 2024. Interest expense for the nine months ended September 30, 2025 was $725 million, compared to $469 million for the nine months ended September 30, 2024.
Showing the first 40 of 54 passages. Open the source sections for the rest.
Reworded paragraphs (66)
Previous wording
Marsh & McLennan Companies, Inc., and its consolidated subsidiaries (Marsh McLennan or the "Company") is a global professional services firm in the areas of risk, strategy and people. The Company helps clients build the confidence to thrive through the power of its four market-leading businesses. With annual revenue of over $24 billion, the Company has more than 90,000 colleagues advising clients in 130 countries.
Current wording
Marsh is a global professional services firm in the areas of risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With an annual revenue of $27.0 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective.
Previous wording
•Risk and Insurance Services (RIS) includes risk management activities (risk advice, risk transfer and risk control and mitigation solutions) as well as insurance and reinsurance broking and services. The Company conducts business in this segment through Marsh and Guy Carpenter.
Current wording
•Risk and Insurance Services: risk management activities and insurance/reinsurance broking and services, conducted through Marsh Risk and Guy Carpenter.
Previous wording
•Consulting includes health, wealth and career advice, solutions and products, and specialized management, strategic, economic and brand consulting services. The Company conducts business in this segment through Mercer and Oliver Wyman Group.
Current wording
•Consulting: health, wealth and career advice, solutions and products, and specialized management, strategic, economic and brand consulting services conducted through Mercer and Marsh Management Consulting.
Previous wording
The results of operations in the Management Discussion & Analysis ("MD&A") include an overview of the Company's consolidated results for the three and nine months ended September 30, 2025, compared to the corresponding periods in 2024, and should be read in conjunction with the consolidated financial statements and notes. This section also includes a discussion of the key drivers impacting the Company's financial results of operations both on a consolidated basis and by reportable segments.
Current wording
The results of operations in the Management Discussion & Analysis ("MD&A") include an overview of the Company's consolidated results for the three months ended March 31, 2026, compared to the corresponding period in 2025, and should be read in conjunction with the consolidated financial statements and notes. This section also includes a discussion of the key drivers impacting the Company's financial results of operations both on a consolidated basis and by reportable segments.
Previous wording
For information and comparability of the Company's results of operations and liquidity and capital resources for the three and nine months ended September 30, 2024, refer to "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" of the Company's Form 10-Q for the quarter ended September 30, 2024.
Current wording
For information and comparability of the Company's results of operations and liquidity and capital resources for the three months ended March 31, 2025, refer to "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" of the Company's Form 10-Q for the quarter ended March 31, 2025.
Previous wording
•Risk and Insurance Services revenue for the three months ended September 30, 2025 was $3.9 billion, an increase of 13%, or 3% on an underlying basis. Operating income was $750 million, compared with $733 million for the corresponding quarter in the prior year. For the nine months ended September 30, 2025, Risk and Insurance Services revenue was $13.3 billion, an increase of 13%, or 4% on an underlying basis. Operating income was $3.8 billion, compared with $3.6 billion for the corresponding period in the prior year.
Current wording
•Risk and Insurance Services revenue for the three months ended March 31, 2026 was $5.1 billion, an increase of 6%, or 3% on an underlying basis. Operating income was $1.3 billion, compared with $1.6 billion for the corresponding period in the prior year.
Previous wording
•Consolidated revenue for the three months ended September 30, 2025 was $6.4 billion, an increase of 11%, or 4% on an underlying basis. For the nine months ended September 30, 2025, consolidated revenue was $20.4 billion, an increase of 11%, or 4% on an underlying basis.
Current wording
•Mercer's revenue for the three months ended March 31, 2026 was $1.7 billion, an increase of 11%, or 5% on an underlying basis. Marsh Management Consulting's revenue for the three months ended March 31, 2026 was $897 million, an increase of 10%, or 6% on an underlying basis.
Previous wording
•The Company completed 5 acquisitions in the third quarter of 2025 for a total purchase consideration of $189 million.
Current wording
•The Company completed 2 acquisitions in the first quarter of 2026 for a total purchase consideration of $45 million.
Previous wording
In June 2024, the Company repaid $600 million of 3.50% senior notes at maturity. In March 2024, the Company repaid $1 billion of 3.875% senior notes at maturity. In February 2024, the Company issued $500 million of 5.150% senior notes due 2034 and $500 million of 5.450% senior notes due 2054. The Company used the net proceeds from these issuances for general corporate purposes.
Current wording
•In March 2026, the Company repaid $600 million of 3.750% senior notes at maturity.
Previous wording
The macroeconomic and geopolitical environment including multiple major wars and global conflicts, tariffs or changes in trade policies, slower GDP growth or recession, fluctuations in foreign exchange rates, lower interest rates, capital markets volatility, inflation and changes in insurance premium rates could impact our business, financial condition, results of operations and cash flows.
Current wording
The macroeconomic and geopolitical environment including from the conflict in the Middle East and other wars and global conflicts, social unrest, tariffs or changes in trade policies, slower GDP growth or recession, fluctuations in foreign exchange rates, lower interest rates, capital markets volatility, inflation and changes in insurance premium rates could impact our business, financial condition, results of operations and cash flows. For more information about these risks, please see "Part I, Item 1A. Risk Factors" in our annual Report on Form 10-K for the year ended December 31, 2025.
Previous wording
For additional details, refer to the Consolidated Results of Operations and Liquidity and Capital Resources sections in this MD&A. Acquisitions and dispositions impacting the Risk and Insurance Services and Consulting segments are discussed in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Current wording
Acquisitions and dispositions impacting the Risk and Insurance Services and Consulting segments are discussed in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Previous wording
Consolidated operating income increased $62 million, or 6% to $1.2 billion for the three months ended September 30, 2025, compared to $1.1 billion for the corresponding quarter in the prior year, reflecting an 11% increase in revenue and a 13% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 13% and 9%, respectively.
Current wording
Consolidated operating income decreased $251 million, or 12% to $1.8 billion for the three months ended March 31, 2026, compared to $2.0 billion for the corresponding period in the prior year, reflecting an 8% increase in revenue and a 16% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 6% and 11%, respectively. The increase in expenses was driven primarily by the recording of an estimated liability and legal expenses of $425 million related to the Greensill litigation.
Previous wording
The following tables present the Company's non-GAAP revenue for the three and nine months ended September 30, 2025 and 2024, and the related non-GAAP underlying revenue change:
Current wording
The following tables present the Company's non-GAAP revenue for the three months ended March 31, 2026 and 2025, and the related non-GAAP underlying revenue change:
Previous wording
The following tables provide the reconciliation of GAAP revenue to Non-GAAP revenue for the three and nine months ended September 30, 2025 and 2024:
Current wording
The following tables provide the reconciliation of GAAP revenue to Non-GAAP revenue for the three months ended March 31, 2026 and 2025:
Previous wording
Consolidated revenue increased $654 million, or 11%, to $6.4 billion for the three months ended September 30, 2025, compared to $5.7 billion for the three months ended September 30, 2024. Consolidated revenue increased 4% on an underlying basis, 7% from acquisitions, and 1% from the impact of foreign currency translation. On an underlying basis, revenue increased 3% and 5% for the three months ended September 30, 2025, in the Risk and Insurance Services and Consulting segments, respectively.
Current wording
Consolidated revenue increased $536 million, or 8%, to $7.6 billion for the three months ended March 31, 2026, compared to $7.1 billion for the three months ended March 31, 2025. Consolidated revenue increased 4% on an underlying basis, 3% from the impact of foreign currency translation, and 1% from acquisitions. On an underlying basis, revenue increased 3% and 5% for the three months ended March 31, 2026, in the Risk and Insurance Services and Consulting segments, respectively.
Previous wording
Expenses in the Consulting segment increased $349 million, or 6%, to $5.7 billion for the nine months ended September 30, 2025, compared to $5.4 billion for the nine months ended September 30, 2024. Expenses reflect a 3% increase from acquisitions.
Current wording
Consolidated operating expenses increased $787 million, or 16%, to $5.8 billion for the three months ended March 31, 2026, compared to $5.1 billion for the three months ended March 31, 2025. Expenses also reflect a 3% increase from the impact of foreign currency translation and 1% from acquisitions.
Previous wording
In the third quarter of 2025, the Company launched a three-year program, Thrive, which focuses on our brand strategy, delivering greater value to clients, accelerating growth and improving efficiency. The Company also announced the formation of Business Client Services ("BCS"), to accelerate innovation and centralize investments in operational excellence, data, AI and other analytics. BCS brings together operations and technology teams across the Company to improve client service through enhancing our technology and effective deployment of resources.
Current wording
In the third quarter of 2025, the Company launched a three-year program, Thrive (the "Program"), which focuses on brand strategy, delivering greater value to clients, accelerating growth and improving efficiency. The Company also announced the formation of Business Client Services ("BCS"), to accelerate innovation and centralize investments in operational excellence, data, artificial intelligence and other analytics. BCS brings together operations and technology teams across the Company to improve client service through enhancing our technology and effective deployment of resources.
Previous wording
Based on current Program estimates, the Company expects to incur approximately $500 million of cost over the three years. Costs will primarily relate to severance, technology and outside services. Annualized savings are expected to be approximately $400 million. The Company expects savings realized and charges incurred to be evenly distributed over the Program period.
Current wording
Based on current Program estimates, the Company expects to incur approximately $500 million of cost over the three years. Costs will primarily relate to severance, technology and outside services. Total annualized savings are expected to be approximately $400 million. The Company expects savings realized and charges incurred to be evenly distributed over the Program period.
Previous wording
For the three months ended September 30, 2025 costs incurred in connection with the Program were $38 million, related to severance and outside services.
Current wording
The Company incurred $187 million of restructuring costs in connection with the Program through March 31, 2026, primarily severance, of which $37 million were incurred for the three months ended March 31, 2026.
Previous wording
In Risk and Insurance Services, underlying revenue growth for the three and nine months ended September 30, 2025 was driven by growth in new business and renewal revenue at Marsh and Guy Carpenter, partially offset by declining insurance and reinsurance rates.
Current wording
In Risk and Insurance Services, underlying revenue growth for the three months ended March 31, 2026 was driven by higher new business and renewal revenue at Marsh Risk, partially offset by declining insurance premium rates.
Previous wording
Marsh's revenue increased $466 million, or 16%, to $3.4 billion for the three months ended September 30, 2025, compared to $2.9 billion for the three months ended September 30, 2024. This reflects an increase of 4% on an underlying basis, 11% from acquisitions, and 1% from the impact of foreign currency translation. U.S./Canada rose 3% on an underlying basis. Total International operations produced underlying revenue growth of 5%, reflecting growth of 6% in Asia Pacific, 5% in EMEA, and 3% in Latin America.
Current wording
Marsh Risk's revenue increased $273 million, or 8%, to $3.7 billion for the three months ended March 31, 2026, compared to $3.5 billion for the three months ended March 31, 2025. This reflects an increase of 4% on an underlying basis, 3% from the impact of foreign currency translation and 1% from acquisitions. U.S./Canada rose 3% on an underlying basis. Total International produced underlying revenue growth of 5%, reflecting growth of 6% in EMEA, 5% in Asia Pacific and 2% in Latin America.
Previous wording
Guy Carpenter’s underlying revenue growth for the three and nine months ended September 30, 2025 was driven by growth across most regions.
Current wording
Guy Carpenter’s underlying revenue growth for the three months ended March 31, 2026 was driven by new business growth across most regions and global specialties, partially offset by declining reinsurance premium rates.
Previous wording
The Risk and Insurance Services segment completed 8 acquisitions for the nine months ended September 30, 2025. Information regarding these acquisitions is included in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Current wording
The Risk and Insurance Services segment completed one acquisition for the three months ended March 31, 2026. Information regarding these acquisitions is included in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Previous wording
Expenses in the Risk and Insurances Services segment increased $437 million, or 16%, to $3.2 billion for the three months ended September 30, 2025, compared to $2.7 billion for the three months ended September 30, 2024. Expenses also reflect an increase of 10% from acquisitions and 1% from the impact of foreign currency translation.
Current wording
Expenses in the Risk and Insurances Services segment increased $591 million, or 19%, to $3.7 billion for the three months ended March 31, 2026, compared to $3.1 billion for the three months ended March 31, 2025. Expenses reflect an increase of 3% from the impact of foreign currency translation and 1% from acquisitions.
Previous wording
Consulting revenue increased $203 million, or 9%, to $2.5 billion for the three months ended September 30, 2025, compared to $2.3 billion for the three months ended September 30, 2024. This reflects an increase of 5% on an underlying basis, 3% from acquisitions, and 2% from the impact of foreign currency translation.
Current wording
Consulting revenue increased $244 million, or 11%, to $2.6 billion for the three months ended March 31, 2026, compared to $2.3 billion for the three months ended March 31, 2025. This reflects an increase of 5% on an underlying basis, 4% from the impact of foreign currency translation, and 1% from acquisitions.
Previous wording
In Consulting, underlying revenue growth for the three and nine months ended September 30, 2025 was driven by growth in both Mercer and Oliver Wyman Group.
Current wording
In Consulting, underlying revenue growth for the three months ended March 31, 2026 was driven by growth in both Mercer and Marsh Management Consulting.
Previous wording
Mercer's revenue increased $127 million, or 9%, to $1.6 billion for the three months ended September 30, 2025, compared to $1.5 billion for the three months ended September 30, 2024. This reflects an increase of 3% on an underlying basis, 4% from acquisitions, and 1% from the impact of foreign currency translation.
Current wording
Mercer's revenue increased $165 million, or 11%, to $1.7 billion for the three months ended March 31, 2026, compared to $1.5 billion for the three months ended March 31, 2025. This reflects an increase of 5% on an underlying basis, 5% from the impact of foreign currency translation, and 2% from acquisitions.
Previous wording
On an underlying basis, revenue for Health and Wealth increased 6% and 3%, respectively, and remained flat in Career, as compared to the corresponding quarter in the prior year.
Current wording
On an underlying basis, revenue for Health and Wealth increased 6% and 5%, respectively, and decreased 2% in Career, as compared to the corresponding period in the prior year.
Previous wording
Underlying revenue growth at Mercer was driven by continued solid growth in Health and stable growth at Wealth. Revenue for the nine months ended September 30, 2025 was offset by a contraction in Career. Health reflected strong growth across all regions. Wealth growth was driven by investment management, primarily reflecting positive net flows and the impact of capital markets. Career reflected continued softness in project-related work in the U.S. and Canada, offset by growth in workforce products.
Current wording
Underlying revenue growth at Mercer was driven by solid growth in Health and Wealth, offset by a contraction in Career. Health reflected growth across all regions. Wealth growth was driven by investment management, primarily reflecting positive net flows and the impact of capital markets. Career reflected a decline in project-related work in the U.S. and Canada.
Previous wording
The Consulting segment completed 4 acquisitions for the nine months ended September 30, 2025. Information regarding these acquisitions is included in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Current wording
The Consulting segment completed one acquisition for the three months ended March 31, 2026. Information regarding these acquisitions is included in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.
Previous wording
Expenses in the Consulting segment increased $164 million, or 9%, to $2.0 billion for the three months ended September 30, 2025, compared to $1.8 billion for the three months ended September 30, 2024. Expenses reflect a 2% increase from acquisitions and 1% from the impact of foreign currency translation.
Current wording
Expenses in the Consulting segment increased $175 million, or 9%, to $2.0 billion for the three months ended March 31, 2026, compared to $1.9 billion for the three months ended March 31, 2025. Expenses reflect an increase of 4% from the impact of foreign currency translation and 1% from acquisitions.
Previous wording
Interest income for the three months ended September 30, 2025 was $10 million, compared to $12 million for the three months ended September 30, 2024. Interest income for the nine months ended September 30, 2025 was $34 million, compared to $61 million for the nine months ended September 30, 2024.
Current wording
Interest income was $11 million for the three months ended March 31, 2026, compared to $19 million for the three months ended March 31, 2025. Interest income decreased $8 million for the three months ended March 31, 2026 due to lower average interest rates compared to the corresponding period in the prior year.
Previous wording
The Company recorded net investment income of $15 million and $27 million for the three and nine months ended September 30, 2025, compared to net investment income of $1 million and $3 million, respectively, for the corresponding periods in the prior year. The increase in 2025 for both periods is primarily driven by higher mark-to-market gains from the Company's investments.
Current wording
The Company recorded net investment income of $6 million for the three months ended March 31, 2026, compared to net investment income of $5 million for the three months ended March 31, 2025.
Previous wording
The Company's effective tax rate for the three months ended September 30, 2025 was 25.1%, compared with 27.3% for the corresponding quarter of 2024. The effective tax rates for the nine months ended September 30, 2025 and 2024 were 24.2% and 25.8%, respectively.
Current wording
The Company's effective tax rate for the three months ended March 31, 2026 was 25.0%, compared with 22.7% for the corresponding period of 2025.
Previous wording
The excess tax benefit related to share-based payments is the most significant discrete item in both periods, reducing the effective tax rate by 0.3% for the three months ended September 30, 2025 and 2024, and by 1.0% and 1.3% for the nine months ended September 30, 2025 and 2024, respectively.
Current wording
Purchases of U.S. tax credits are the most significant discrete item for the three months ended March 31, 2026, reducing the effective tax rate by 0.3%. For the three months ended March 31, 2025, the most significant discrete item was the excess tax benefit related to share-based payments, which reduced the effective tax rate by 2.1%.
Previous wording
The effective tax rate may vary significantly from period to period. The effective tax rate is sensitive to the geographic mix and repatriation of the Company's earnings, which may result in higher or lower effective tax rates. Therefore, a shift in the mix of profits among jurisdictions, or changes in the Company's repatriation strategy to access offshore cash, can affect the effective tax rate.
Current wording
The effective tax rate may vary significantly from period to period. The effective tax rate is sensitive to the geographic mix of earnings and the cost to repatriate the Company's earnings, which may result in higher or lower effective tax rates. Therefore, a shift in the mix of profits among jurisdictions, or changes in the Company's repatriation strategy to access offshore cash, can affect the effective tax rate.
Previous wording
The Company has established liabilities for uncertain tax positions in relation to potential assessments in the jurisdictions in which it operates. In 2024, the Company received closure notices and assessments from the U.K. tax authority in relation to its 2016-2020 examinations which disallowed certain interest expense deductions. The Company has appealed the assessments and resolving this matter through litigation or alternative dispute resolution may take several years. The Company believes the resolution of tax matters will not have a material effect on the consolidated financial position of the Company. However, an adverse resolution of tax matters could have a material impact on the Company's net income or cash flows and on its effective tax rate in a particular future period. It is reasonably possible that the total amount of unrecognized tax benefits could decrease up to approximately $69 million within the next twelve months due to settlement of audits and expiration of statutes of limitations.
Current wording
In 2024, the Company received closure notices and assessments from the U.K. tax authority in relation to its 2016-2020 examinations which disallowed certain interest expense deductions. The Company has appealed the assessments and resolving this matter through litigation or alternative dispute resolution may take several years. The Company believes the resolution of tax matters will not have a material effect on the consolidated financial position of the Company. However, an adverse resolution of tax matters could have a material impact on the Company's net income or cash flows and on its effective tax rate in a particular future period.
Previous wording
On July 4, 2025, U.S tax legislation was signed into law (known as the "One Big Beautiful Bill Act" or "OBBBA") which makes permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act, that were set to expire at the end of 2025. In addition, the OBBBA makes changes to certain U.S. corporate tax provisions, but many are generally not effective until 2026. The enactment of the OBBBA does not have a material impact on the results from operations for the current year or future years.
Current wording
On July 4, 2025, U.S tax legislation was signed into law (known as the "One Big Beautiful Bill Act" or "OBBBA") which made permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act. In addition, the OBBBA made changes to certain U.S. corporate tax provisions, which are effective beginning in 2026. The enactment of the OBBBA does not have a material impact on the results from operations for the current year or future years.
Previous wording
In 2021, the Organization for Economic Cooperation and Development ("OECD") released model rules for a 15% global minimum tax, known as Pillar Two. Pillar Two has now been enacted by most key non-U.S. jurisdictions where the Company operates, including the U.K. and Ireland. Parts of the minimum tax rules were applicable in 2024, with the remaining provisions becoming fully effective for 2025. This minimum tax is treated as a period cost and does not have a material impact on the Company's financial results from operations for the current period. The Company continues to monitor legislative developments, as well as additional guidance from countries that have enacted Pillar Two legislation, and will ensure it complies with any changes.
Current wording
The Organization for Economic Cooperation and Development ("OECD") provided model rules for a 15% global minimum tax, known as Pillar Two. Pillar Two has now been enacted by most key non-U.S. jurisdictions where the Company operates, including the U.K. and Ireland. Parts of the minimum tax rules were applicable for 2024, with the remaining provisions becoming fully effective for 2025. This minimum tax is treated as a period cost and does not have a material impact on the Company's financial results of operations for the current period.
Previous wording
The Company derives a significant portion of its revenue and operating profit from operating subsidiaries located outside of the U.S. Funds from those operating subsidiaries are regularly repatriated to the U.S. out of annual earnings. At September 30, 2025, the Company had approximately $1.5 billion of cash and cash equivalents in its foreign operations, which includes $516 million of operating funds required to be maintained for regulatory requirements or as collateral under certain captive insurance arrangements. The Company expects to continue its practice of repatriating available funds from its non-U.S. operating subsidiaries out of current annual earnings. Where appropriate, a portion of the current year earnings will continue to be permanently reinvested.
Current wording
The Company derives a significant portion of its revenue and operating profit from operating subsidiaries located outside of the U.S. Funds from those operating subsidiaries are regularly repatriated to the U.S. out of annual earnings. At March 31, 2026, the Company had approximately $1.5 billion of cash and cash equivalents in its foreign operations, which includes $511 million of operating funds required to be maintained for regulatory requirements or as collateral under certain captive insurance arrangements. The Company expects to continue its practice of repatriating available funds from its non-U.S. operating subsidiaries out of current annual earnings. Where appropriate, a portion of the current year earnings will continue to be permanently reinvested.
Showing the first 40 of 66 pairs. Open the source sections for the rest.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
•The Company's effective tax rate for the three months ended March 31, 2026 was 25.0%.
Current report — wording carried from elsewhere
For additional details, refer to the Consolidated Results of Operations and Liquidity and Capital Resources sections in this MD&A.
Current report — wording carried from elsewhere
The Company has established liabilities for uncertain tax positions in relation to potential assessments in the jurisdictions in which it operates.
Current report — wording carried from elsewhere
In March 2026, the Company repaid $600 million of 3.750% senior notes at maturity.
Current report — wording carried from elsewhere
In February 2026, the Company issued $600 million of 4.950% senior notes due 2036. The Company used the net proceeds from these issuances for general corporate purposes.
Current report — wording carried from elsewhere
For the three months ended March 31, 2025, the Company repurchased 1.3 million shares of its common stock for $300 million.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
•In the third quarter of 2025, the Company launched a three-year program, Thrive (the "Program"), which focuses on our brand strategy, delivering greater value to clients, accelerating growth and improving efficiency.
Previous report — wording carried elsewhere
For more information about these risks, please see "Part I, Item 1A. Risk Factors" in our annual Report on Form 10-K for the year ended December 31, 2024.
Previous report — wording carried elsewhere
Note: Amounts in the tables above are rounded to whole numbers.