Marsh third quarter results were set out in its earnings release filed with the SEC, where the group stated that consolidated revenue in the third quarter of 2026 was $6.9 billion, an increase of 8% compared with the third quarter of 2025, or 5% on an underlying basis. The release goes on to report earnings, nine-month totals and results for its businesses, which are taken in turn below.
Group Revenue, Operating Income and Earnings per Share
For GAAP operating income, the release reports that the measure increased 4% to $1.2 billion. Marsh also gave an adjusted figure. Adjusted operating income, which excludes noteworthy items and identified intangible amortization expense as presented in the attached supplemental schedules, rose 6% to $1.5 billion.
On the bottom line, net income attributable to the Company was $808 million. Marsh reported that, on a per-share basis, earnings per share were $1.69, and that adjusted earnings per share increased 10% to $2.03.
The release also covers the first nine months of the year. For that period Marsh stated that consolidated revenue was $21.9 billion, an increase of 7% on a GAAP basis or 5% on an underlying basis, compared to the prior year period. Operating income for the nine-month period was $4.9 billion, a decrease of 3% from the prior year period, while adjusted operating income rose 7% to $6.1 billion.
Net income attributable to the Company over the nine months was $3.2 billion, or $6.68 per diluted share, compared with $6.75 in the first nine months of 2025. For adjusted earnings per share over the same nine months, Marsh reported that the measure increased 9% to $8.29.
InsuraBeat has separate coverage of Marsh’s previous quarterly results.
Risk and Insurance Services Shows Lower Operating Income but Higher Adjusted Income
In the Risk and Insurance Services segment, revenue was $4.2 billion in the third quarter of 2026, an increase of 7%, or 3% on an underlying basis.
For the same segment, the release states that operating income decreased 1% to $745 million, while adjusted operating income increased 4% to $1.0 billion.
For Risk, the release states that revenue in the third quarter of 2026 was $3.7 billion, an increase of 10%, or 5% on an underlying basis.
Marsh also broke out its International results by region. In International, underlying revenue growth was 6%, and included 7% growth in EMEA, 4% growth in Asia Pacific, and flat in Latin America. For the nine-month period, Risk’s underlying revenue growth was 4%.
Reinsurance Revenue Declines While Consulting Expands
The release also reports a figure for Reinsurance. In the release, Marsh stated that Reinsurance revenue in the third quarter was $374 million, a decrease of 6%, on both a GAAP and underlying basis.
InsuraBeat has separate coverage of Hannover Re’s comments on property and casualty renewal pricing. InsuraBeat has separate coverage of the appointment of Marsh Re’s head of international.
The Consulting segment is reported separately. According to the release, Consulting revenue was $2.7 billion in the third quarter of 2026, an increase of 9%, or 8% on an underlying basis. The release adds that Consulting operating income increased 12% to $563 million, while adjusted operating income increased 9% to $593 million.
For Management Consulting, Marsh reported that revenue in the third quarter of 2026 was $1.0 billion, an increase of 14% on both a GAAP and underlying basis.
| Business | Statement in the release |
|---|---|
| Risk and Insurance Services | revenue was $4.2 billion in the third quarter of 2026, an increase of 7%, or 3% on an underlying basis |
| Risk | revenue in the third quarter of 2026 was $3.7 billion, an increase of 10%, or 5% on an underlying basis |
| International | underlying revenue growth was 6%, and included 7% growth in EMEA, 4% growth in Asia Pacific, and flat in Latin America |
| Reinsurance | revenue in the third quarter was $374 million, a decrease of 6%, on both a GAAP and underlying basis |
| Consulting | revenue was $2.7 billion in the third quarter of 2026, an increase of 9%, or 8% on an underlying basis |
| Management Consulting | revenue in the third quarter of 2026 was $1.0 billion, an increase of 14% on both a GAAP and underlying basis |
| People and Investments | revenue in the third quarter was $1.7 billion, an increase of 6%, or 5% on an underlying basis |
People and Investments, Share Repurchases and CEO Remarks
Marsh’s release also covers People and Investments. For that business, revenue in the third quarter was $1.7 billion, an increase of 6%, or 5% on an underlying basis. The release lists the business lines inside it as follows: “Investments and Retirement revenue grew 8%, Health and Benefits revenue increased 5%, and Workforce and Rewards revenue decreased 1%, all on an underlying basis.”
InsuraBeat has separate coverage of WTW’s second-quarter broking results and AI investment.
On capital returns, Marsh disclosed that the Company repurchased approximately 2.7 million shares of stock for $500 million in the third quarter of 2026.
Marsh’s chief executive, John Doyle, commented in the same release: “Marsh delivered a strong third quarter, generating 5% underlying revenue growth and double-digit EPS growth.” He added: “We also made significant progress in executing our Thrive program and successfully completed our brand transition.”
