Marsh reported second-quarter 2026 results with consolidated revenue of $7.4 billion and GAAP operating income of $1.9 billion. Adjusted operating income rose to $2.2 billion and adjusted diluted earnings per share increased 9% to $2.96. For the first six months, revenue totaled $15.0 billion and adjusted EPS was $6.25.

Financial Highlights

  • Revenue: Consolidated revenue of $7.404 billion for the three months ended June 30, 2026 (up 6% year-over-year; underlying revenue up 5%).
  • Operating income: GAAP operating income of $1.899 billion for Q2 2026 (up 4% versus prior year).
  • Adjusted operating income: Adjusted operating income of $2.166 billion for Q2 2026 (up 5% versus prior year); six-month adjusted operating income $4.579 billion (up 7%).
  • Net income and EPS: Net income attributable to the company of $1.266 billion for Q2 2026; GAAP diluted EPS $2.63. Adjusted diluted EPS $2.96 for the quarter (9% increase).
  • Six-month results: Revenue $15.001 billion for six months ended June 30, 2026 (up 7% GAAP; underlying up 4%); six-month GAAP diluted EPS $4.99 and adjusted EPS $6.25 (up 8%).

Business Highlights

  • Segment performance — Risk & Insurance Services: Q2 revenue $4.823 billion (up 4% GAAP; underlying up 3%); Marsh Risk reported $4.071 billion (6% growth, 4% underlying) with international and U.S./Canada both contributing underlying growth.
  • Segment performance — Consulting: Q2 consulting revenue $2.602 billion (up 10% GAAP; underlying up 8%); Marsh Management Consulting grew 15% (13% underlying) and Mercer grew 7% (5% underlying).
  • Geographic trends: Marsh Risk international underlying growth led by EMEA and Asia Pacific (both 5% underlying in Q2) and strong Latin America growth (8% underlying in Q2).
  • Capital allocation and shareholder returns: Repurchased ~4.5 million shares for $750 million in Q2; year-to-date repurchases of 8.7 million shares for $1.5 billion. Board increased quarterly dividend by 10% to $0.990 per share payable in Q3.
  • Operational initiatives: Continued execution of the Thrive program and integration-related activities (including McGriff integration and retention actions) noted as drivers of restructuring and transformation costs disclosed in supplemental schedules.

Original SEC Filing:

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