MARSH & MCLENNAN COMPANIES, INC.
For the period ended Jun 30, 2026. Filed Jul 21, 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.
Jun 30, 2026 · Filed Jul 21, 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 2026-03-31; filed 2026-04-16.
0000062709-26-000098
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTSCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-21.
0000062709-26-000195
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 175 previous paragraphs and 197 current paragraphs.
94 unchanged; 72 reworded; 27 added; 7 removed; 2 previous and 4 current paragraphs rearranged.
Tables are not compared: 9 previous and 13 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 (27)
Current report
•Mercer's revenue for the three months ended June 30, 2026 was $1.6 billion, an increase of 7%, or 5% on an underlying basis. For the six months ended June 30, 2026, Mercer's revenue was $3.3 billion, an increase of 9%, or 5% on an underlying basis. Marsh Management Consulting's revenue for the three months ended June 30, 2026 was $1.0 billion, an increase of 15%, or 13% on an underlying basis. For the six months ended June 30, 2026, Marsh Management Consulting's revenue was $1.9 billion, an increase of 12%, or 10% on an underlying basis.
Current report
•In June 2026, the Company replaced its multi-currency unsecured $3.5 billion five-year revolving credit facility with a $4.25 billion facility and extended the expiration date from October 2028 to June 2031.
Current report
Consolidated operating income increased $70 million, or 4% to $1.9 billion for the three months ended June 30, 2026, compared to $1.8 billion for the corresponding quarter in the prior year, reflecting a 6% increase in revenue and a 7% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 4% and 10%, respectively.
Current report
(*) Rounded to whole percentages.
Current report
Consolidated revenue increased $966 million, or 7%, to $15.0 billion for the six months ended June 30, 2026, compared to $14.0 billion for the six months ended June 30, 2025. Consolidated revenue increased 4% on an underlying basis, 2% from the impact of foreign currency translation and 1% from acquisitions. On an underlying basis, revenue increased 3% and 7% for the six months ended June 30, 2026, in the Risk and Insurance Services and Consulting segments, respectively.
Current report
Consolidated operating expenses increased $1.1 billion, or 11%, to $11.3 billion for the six months ended June 30, 2026, compared to $10.2 billion for the six months ended June 30, 2025. Expenses also reflect a 2% increase from the impact of foreign currency translation and 1% from acquisitions.
Current report
Revenue in the Risk and Insurance Services segment increased $487 million, or 5%, to $9.9 billion for the six months ended June 30, 2026, compared to $9.4 billion for the six months ended June 30, 2025. Revenue increased 3% on an underlying basis and 2% from the impact of foreign currency translation.
Current report
Interest earned on fiduciary funds decreased $29 million to $173 million for the six months ended June 30, 2026, compared to $202 million for the six months ended June 30, 2025, due to lower average interest rates compared to the corresponding period in the prior year.
Current report
In the Risk and Insurance Services segment, underlying revenue growth for the three and six months ended June 30, 2026 was driven by growth at Marsh Risk. Guy Carpenter's underlying revenue growth declined for the three months ended June 30, 2026, and was flat for the six months.
Current report
Guy Carpenter's revenue decreased $13 million, or 2%, to $664 million for the three months ended June 30, 2026, compared to $677 million for the three months ended June 30, 2025. On an underlying basis this reflects a decrease of 2%, driven primarily by declining reinsurance premium rates.
Current report
Expenses in the Risk and Insurances Services segment increased $754 million, or 12%, to $7.1 billion for the six months ended June 30, 2026, compared to $6.3 billion for the six months ended June 30, 2025. Expenses reflect an increase of 2% from the impact of foreign currency translation and 1% from acquisitions.
Current report
Expenses for the three months ended June 30, 2026 reflect increased compensation and benefits, driven primarily by higher base salaries.
Current report
Consulting revenue increased $475 million, or 10%, to $5.2 billion for the six months ended June 30, 2026, compared to $4.7 billion for the six months ended June 30, 2025. This reflects an increase of 7% on an underlying basis, 3% from the impact of foreign currency translation, and 1% from acquisitions.
Current report
Wealth, Health, and Career increased 8%, 3%, and 2%, respectively, as compared to the corresponding quarter in the prior year.
Current report
Career’s underlying revenue growth for the three months ended June 30, 2026 was driven by growth in products and services. For the six months ended June 30, 2026, the growth in products and services was offset by a decline in project-related work in the U.S. and Canada.
Current report
Marsh Management Consulting's revenue increased $131 million, or 15%, to $1.0 billion for the three months ended June 30, 2026, compared to $873 million for the three months ended June 30, 2025. This reflects an increase of 13% on an underlying basis and 1% from the impact of foreign currency translation.
Current report
Marsh Management Consulting's revenue increased $210 million, or 12%, to $1.9 billion for the six months ended June 30, 2026, compared to $1.7 billion for the six months ended June 30, 2025. This reflects an increase of 10% on an underlying basis and 2% from the impact of foreign currency translation.
Current report
Expenses in the Consulting segment increased $360 million, or 10%, to $4.1 billion for the six months ended June 30, 2026, compared to $3.8 billion for the six months ended June 30, 2025. Expenses reflect an increase of 2% from the impact of foreign currency translation and 1% from acquisitions.
Current report
Expenses for the three and six months ended June 30, 2026 reflect increased compensation and benefits, driven by higher incentive compensation and base salaries.
Current report
Corporate expenses increased $11 million, or 14%, to $81 million for the three months ended June 30, 2026, compared to $70 million for the three months ended June 30, 2025. The increase primarily reflected higher restructuring costs compared to the corresponding quarter in the prior year.
Current report
Corporate expenses increased $29 million, or 21%, to $163 million for the six months ended June 30, 2026, compared to $134 million for the six months ended June 30, 2025. The increase primarily reflected higher restructuring and compensation and benefit costs, compared to the corresponding period in the prior year.
Current report
Interest income was $8 million for the three months ended June 30, 2026, compared to $5 million for the three months ended June 30, 2025. Interest income increased $3 million, reflecting higher corporate balances, compared to the corresponding quarter in the prior year.
Current report
Interest expense was $250 million for the three months ended June 30, 2026, compared to $243 million for the three months ended June 30, 2025. Interest expense was $490 million for the six months ended June 30, 2026, compared to $488 million for the six months ended June 30, 2025.
Current report
Interest expense increased $7 million and $2 million for the three and six months ended June 30, 2026, respectively, reflecting primarily higher short-term debt levels, compared to the corresponding periods in the prior year.
Current report
Investment (Loss) Income
Current report
Purchase of remaining ownership interests
Current report
In June 2026, the Company made a payment for the purchase of the remaining interest in a subsidiary for $54 million, which was completed in July 2026.
Removed paragraphs (7)
Previous report
•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 report
The following table provides more detailed revenue information for certain of the components presented in the previous table:
Previous report
The following table provides more detailed revenue information for certain of the components presented in the previous table:
Previous 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.
Previous 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.
Previous 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.
Previous report
Investment Income
Reworded paragraphs (72)
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 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.
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 and six months ended June 30, 2026, compared to the corresponding periods 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 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.
Current wording
For information and comparability of the Company's results of operations and liquidity and capital resources for the three and six months ended June 30, 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 June 30, 2025.
Previous wording
•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 wording
•Consolidated revenue for the three months ended June 30, 2026 was $7.4 billion, an increase of 6%, or 5% on an underlying basis. For the six months ended June 30, 2026, consolidated revenue was $15.0 billion, an increase of 7%, or 4% on an underlying basis.
Previous wording
•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 wording
•Consolidated operating income for the three months ended June 30, 2026 was $1.9 billion, an increase of 4%, compared to the corresponding quarter in the prior year. Net income attributable to the Company was $1.3 billion. Earnings per share on a diluted basis was $2.63, an increase of 7% compared to the corresponding quarter in the prior year. For the six months ended June 30, 2026, consolidated operating income was $3.7 billion, a decrease of 5%, compared to the corresponding period in the prior year. Net income attributable to the Company was $2.4 billion. Earnings per share on a diluted basis was $4.99, a decrease of 5% compared to the corresponding period in the prior year.
Previous 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.
Current wording
•Risk and Insurance Services revenue for the three months ended June 30, 2026 was $4.8 billion, an increase of 4%, or 3% on an underlying basis. Operating income was $1.5 billion, compared with $1.4 billion for the corresponding quarter in the prior year. For the six months ended June 30, 2026, Risk and Insurance Services revenue was $9.9 billion, an increase of 5%, or 3% on an underlying basis. Operating income was $2.8 billion, compared with $3.1 billion for the corresponding period in the prior year.
Previous wording
•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 wording
•Marsh Risk's revenue for the three months ended June 30, 2026 was $4.1 billion, an increase of 6%, or 4% on an underlying basis. For the six months ended June 30, 2026, Marsh Risk's revenue was $7.8 billion, an increase of 7%, or 4% on an underlying basis. Guy Carpenter's revenue for the three months ended June 30, 2026 was $664 million, a decrease of 2% on a reported and underlying basis. For the six months ended June 30, 2026, Guy Carpenter's revenue was $1.9 billion, an increase of 1%, or flat on an underlying basis.
Previous wording
•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 wording
•Consulting revenue for the three months ended June 30, 2026 was $2.6 billion, an increase of 10%, or 8% on an underlying basis. Operating income was $502 million, compared with $456 million for the corresponding quarter in the prior year. For the six months ended June 30, 2026, Consulting revenue was $5.2 billion, an increase of 10%, or 7% on an underlying basis. Operating income was $1.0 billion, compared with $912 million for the corresponding period in the prior year.
Previous wording
•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 wording
•The Company's results of operations for the three and six months ended June 30, 2026 included restructuring costs of $58 million and $103 million, respectively, related primarily to severance, lease exit charges, and consulting and outside services.
Previous wording
•The Company completed 2 acquisitions in the first quarter of 2026 for a total purchase consideration of $45 million.
Current wording
•The Company completed 5 acquisitions in 2026 for a total purchase consideration of $181 million.
Previous wording
•The Company's effective tax rate for the three months ended March 31, 2026 was 25.0%.
Current wording
•The Company's effective tax rate for the three and six months ended June 30, 2026 was 24.2% and 24.6%, respectively.
Previous wording
•For the three months ended March 31, 2026, the Company repurchased 4.2 million shares for $750 million.
Current wording
•The Company repurchased approximately 4.5 million shares for $750 million in the second quarter of 2026. For the six months ended June 30, 2026, the Company repurchased 8.7 million shares for $1.5 billion.
Previous wording
•In February 2026, the Company issued $600 million of 4.950% senior notes due 2036.
Current wording
•In March 2026, the Company repaid $600 million of 3.750% senior notes at maturity. In February 2026, the Company issued $600 million of 4.950% senior notes due 2036.
Previous wording
•In February 2026, the Board of Directors of the Company declared a quarterly dividend of $0.900 per share on outstanding common stock, payable in May 2026.
Current wording
•In July 2026, the Board of Directors of the Company declared a quarterly dividend of $0.990 per share on outstanding common stock, payable in August 2026.
Previous 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.
Current wording
Consolidated operating income decreased $181 million, or 5% to $3.7 billion for the six months ended June 30, 2026, compared to $3.8 billion for the corresponding period in the prior year, reflecting a 7% increase in revenue and an 11% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 5% and 10%, respectively. The increase in expenses includes the recording of an estimated liability and legal expenses of $425 million related to the Greensill litigation.
Previous wording
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 wording
For the three and six months ended June 30, 2026, foreign exchange movements associated with the weakening of the U.S. dollar, increased consolidated revenue, expenses, and operating income by approximately 1% and 2%, respectively.
Previous wording
Diluted earnings per share decreased to $2.36 from $2.79, or 15% from the prior year, reflecting a decrease in operating income.
Current wording
Diluted earnings per share for the three months ended June 30, 2026 increased to $2.63 from $2.45, or 7% from the prior year, reflecting an increase in operating income. For the six months ended June 30, 2026, diluted earnings per share decreased to $4.99 from $5.23, or 5% from the prior year, reflecting a decrease in operating income.
Previous 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:
Current wording
The following tables present the Company's non-GAAP revenue for the three and six months ended June 30, 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 months ended March 31, 2026 and 2025:
Current wording
The following tables provide the reconciliation of GAAP revenue to Non-GAAP revenue for the three and six months ended June 30, 2026 and 2025:
Previous 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.
Current wording
Consolidated revenue increased $430 million, or 6%, to $7.4 billion for the three months ended June 30, 2026, compared to $7.0 billion for the three months ended June 30, 2025. Consolidated revenue increased 5% on an underlying basis, 1% from the impact of foreign currency translation, and 1% from acquisitions. On an underlying basis, revenue increased 3% and 8% for the three months ended June 30, 2026, in the Risk and Insurance Services and Consulting segments, respectively.
Previous wording
Consolidated revenue growth for the three months ended March 31, 2026 reflects the continued demand for our advice and solutions.
Current wording
Consolidated revenue growth for the three and six months ended June 30, 2026 reflects the continued demand for our advice and solutions.
Previous 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.
Current wording
Consolidated operating expenses increased $360 million, or 7%, to $5.5 billion for the three months ended June 30, 2026, compared to $5.1 billion for the three months ended June 30, 2025. Expenses also reflect a 1% increase from the impact of foreign currency translation and 1% from acquisitions.
Previous wording
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 wording
Consolidated operating expenses for three and six months ended June 30, 2026 reflect increased compensation and benefits, driven by higher base salaries and incentive compensation. Consolidated operating expenses for the six months ended June 30, 2026 also reflect the recording of an estimated liability and legal expenses of $425 million related to the Greensill litigation.
Previous wording
The Company incurred a total of $45 million for restructuring costs for the three months ended March 31, 2026.
Current wording
The Company incurred a total of $58 million and $103 million for restructuring costs for the three and six months ended June 30, 2026, respectively.
Previous 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.
Current wording
The Company incurred $239 million of restructuring costs in connection with the Program through June 30, 2026, primarily severance, of which $52 million and $89 million were incurred for the three and six months ended June 30, 2026, respectively.
Previous wording
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 wording
For the three and six months ended June 30, 2025, the Company incurred a total of $18 million and $50 million for restructuring activities related primarily to severance and lease exit charges.
Previous wording
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 wording
Revenue in the Risk and Insurance Services segment increased $198 million, or 4%, to $4.8 billion for the three months ended June 30, 2026, compared to $4.6 billion for the three months ended June 30, 2025. Revenue increased 3% on an underlying basis, 1% from the impact of foreign currency translation, and 1% from acquisitions.
Previous wording
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 wording
Interest earned on fiduciary funds decreased $11 million to $88 million for the three months ended June 30, 2026, compared to $99 million for the three months ended June 30, 2025, due to lower average interest rates compared to the corresponding quarter in the prior year.
Previous 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.
Current wording
The underlying revenue growth at Marsh Risk for the three and six months ended June 30, 2026 was driven by higher new business and renewal revenue, partially offset by declining insurance premium rates.
Previous 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.
Current wording
Marsh Risk's revenue increased $222 million, or 6%, to $4.1 billion for the three months ended June 30, 2026, compared to $3.8 billion for the three months ended June 30, 2025. This reflects an increase of 4% on an underlying basis, 1% from the impact of foreign currency translation, and 1% from acquisitions. U.S./Canada rose 4% on an underlying basis. Total International produced underlying revenue growth of 5%, reflecting growth of 8% in Latin America, 5% in EMEA, and 5% in Asia Pacific.
Previous wording
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 wording
Guy Carpenter's revenue increased $21 million, or 1%, to $1.9 billion for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. This reflects an increase of 1% from the impact of foreign currency translation, offset by a decrease of 1% from acquisitions.
Previous 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.
Current wording
Guy Carpenter’s underlying revenue growth for the six months ended June 30, 2026 was flat, as new business growth was offset primarily by declining reinsurance premium rates.
Previous 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.
Current wording
The Risk and Insurance Services segment completed three acquisition for the six months ended June 30, 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 $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.
Current wording
Expenses in the Risk and Insurances Services segment increased $163 million, or 5%, to $3.3 billion for the three months ended June 30, 2026, compared to $3.2 billion for the three months ended June 30, 2025. Expenses reflect an increase of 1% from the impact of foreign currency translation and 1% from acquisitions.
Previous wording
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 wording
Expenses for the six months ended June 30, 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 primarily by higher base salaries.
Previous 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.
Current wording
Consulting revenue increased $231 million, or 10%, to $2.6 billion for the three months ended June 30, 2026, compared to $2.4 billion for the three months ended June 30, 2025. This reflects an increase of 8% on an underlying basis and 1% from the impact of foreign currency translation.
Previous 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.
Current wording
In Consulting, underlying revenue growth for the three and six months ended June 30, 2026 was driven by growth in both Mercer and Marsh Management Consulting.
Previous 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.
Current wording
Mercer's revenue increased $100 million, or 7%, to $1.6 billion for the three months ended June 30, 2026, compared to $1.5 billion for the three months ended June 30, 2025. This reflects an increase of 5% on an underlying basis and 2% from the impact of foreign currency translation. On an underlying basis, revenue for
Previous 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.
Current wording
Mercer's revenue increased $265 million, or 9%, to $3.3 billion for the six months ended June 30, 2026, compared to $3.0 billion for the six months ended June 30, 2025. This reflects an increase of 5% on an underlying basis, 3% from the impact of foreign currency translation, and 1% from acquisitions. On an underlying basis, revenue for Wealth and Health increased 6% and 5%, respectively, and was flat in Career, as compared to the corresponding period in the prior year.
Previous 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.
Current wording
Underlying revenue growth at Mercer for the three and six months ended June 30, 2026 was driven by growth in Health and Wealth. Health reflected growth across all regions, particularly international. Wealth growth was driven by investment management, primarily reflecting positive net flows from new business and the impact of capital markets.
Previous wording
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 wording
The increase in underlying revenue growth at Marsh Management Consulting for the three and six months ended June 30, 2026 was driven by growth in most regions.
Showing the first 40 of 72 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Note: Amounts in the tables above are rounded to whole numbers.
Current report — wording carried from elsewhere
Marsh Risk's revenue increased $495 million, or 7%, to $7.8 billion for the six months ended June 30, 2026, compared to $7.3 billion for the six months ended June 30, 2025. This reflects an increase of 4% on an underlying basis, 2% from the impact of foreign currency translation, and 1% from acquisitions. U.S./Canada rose 4% on an underlying basis. Total International operations produced underlying revenue growth of 5%, reflecting growth of 6% in EMEA, 5% in Latin America, and 5% in Asia Pacific.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
The Company's policy for funding its tax-qualified defined benefit plans is to contribute amounts at least sufficient to meet the funding requirements set forth in accordance with applicable law.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Expenses for the three months ended March 31, 2026 reflect increased compensation and benefits, driven by higher base salaries and incentive compensation.
Previous report — wording carried elsewhere
In March 2026, the Company repaid $600 million of 3.750% senior notes at maturity.