MRSH US S&P 500Russell 1000 Earnings call

Marsh McLennan (MRSH) · Q3 2026 results and valuation

Share price: $207.52 · 2026-11-11

Marsh McLennan provides risk management, insurance and reinsurance brokerage, and consulting services in health, wealth, and career. The company serves businesses, government entities, and individuals across 130 countries. Its operations include risk advisory, actuarial services, and strategic management consulting. Source: 10-K annual report (2026-02-09)

Results Q3 2026 vs Q2 2026 · previous quarter · published 15 Oct 2026 and 21 Jul 2026

Net income down 36.2% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.

1 · Numbers

−36.2%

Net income vs Q2 2026

Outlook given

Net income 808.0M vs 1.27B

Revenue −7.3%

Against the same quarter last year (Q3 2025) it is +8.2%, so the move on last quarter looks seasonal or timing-related rather than a trend.

Why Against the same quarter last year (+8.2%), net income rose because adjusted operating income grew 6% and adjusted EPS grew 10% year over year, supported by underlying revenue growth in RIS and Consulting.

2 · How management spoke

Restrained

Less upbeat than 67% of company calls

Answers to analysts: upbeat, in line with the script.

Similar to last call.

3 · What stood out

Marsh McLennan expects to deploy approximately $5.5 billion of capital in 2026 across dividends, acquisitions, and share repurchases.

Valuation

Is Marsh McLennan undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 9.2% growth a year (3-year revenue growth), the model's fair value is $189.58 a share — the stock trades 9% above it. Today's price assumes 10.2% growth a year.

Current price

$207.52

close of 2026-11-11

Market implies growth of i

+10.2% for 10 yrs

Fair value / share

$189.58

Buy below

$142.19

Price vs fair value

Overvalued 9%

Price vs buy-below price

Overvalued 46%

FCF growth / yr i Discount rate i Terminal growth i Margin of safety i

Official channels

The company's own website and social media accounts.

Read between the lines

Guidance

MRSH increased its Thrive savings target to $600 million due to greater opportunities in Business and Client Services and advances in technology.
Figure

Revenue grew 8% in the quarter, with underlying revenue growing 5%, adjusted operating income growing 6%, and adjusted EPS growing 10%.

Source quote
“Overall, revenue grew 8% in the quarter. Underlying revenue growth was 5%, adjusted operating income grew 6%, and adjusted EPS grew 10%.”
Figure

Consolidated revenue increased 8% to $6.9 billion, driven by 3% growth in RIS and 8% growth in Consulting.

Source quote
“Consolidated revenue increased 8% to $6.9 billion or an increase of 5% on an underlying basis with 3% growth in RIS and 8% in Consulting.”
Figure

Management Consulting revenue reached 1 billion in the third quarter, increasing by 14% on both a reported and underlying basis.

Source quote
“Management Consulting generated revenue of 1 billion in the third quarter, up 14% on both a reported and underlying basis.”
Key theme

MRSH expects to deploy approximately $5.5 billion of capital in 2026 across dividends, acquisitions, and share repurchases.

Source quote
“We continue to expect to deploy approximately $5.5 billion of capital in 2026 across dividends, acquisitions and share repurchases.”

4 more

Figure

Wholesale trading in London is now 93% digital, reducing placement processing time from 2 to 4 weeks to a couple of hours with Workbench.

Source quote
“In fact, 93% of our wholesale trading in London is now digital and the time to process placements is reduced from 2 to 4 weeks to a couple of hours with Workbench.”
Figure

Mark launched the Stratus Exchange, which provides access to up to $10 billion in property coverage for digital facility operations.

Source quote
“Mark recently launched the Stratus Exchange, which offers access up to $10 billion in property coverage for the ongoing operations of digital facilities.”
Key theme

BCS is reengineering processes and moving work to capability centers to generate additional savings.

Source quote
“BCS is also reengineering our processes and moving work to our capability centers which is generating additional savings.”
Key theme

The company anticipates another year of margin expansion and solid adjusted EPS growth.

Source quote
“We also anticipate another year of margin expansion and solid adjusted EPS growth.”

Tone

How upbeat the language was, compared with other companiesi. Dot: Q3 2026. Ring: Q2 2026.

Prepared remarks Restrained (was typical)

Answers to analysts Upbeat (was very upbeat)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“We had a strong third quarter that showed continued momentum in underlying revenue growth and double digit EPS growth, reflecting our strong position and great execution.”

“For the full year, we continue to expect underlying revenue growth similar to the levels we generated in 2025, along with another year of margin expansion and solid adjusted EPS...”

“Consolidated revenue increased 8% to $6.9 billion or an increase of 5% on an underlying basis with 3% growth in RIS and 8% in Consulting.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-09-30)

Metric	Q3 2026period end 2026-09-30	Q2 2026period end 2026-06-30	Change	Q3 2025	YoY
Revenue	6.86B	7.40B	−7.3%	6.35B	+8.1%
Operating income	1.22B	1.90B	−36.0%	1.17B	+3.8%
Net income	808.0M	1.27B	−36.2%	747.0M	+8.2%
EPS	1.69	2.63	−35.7%	1.51	+11.9%
P/E today 24.5	20.4	20.4	+0.0	24.2	−3.8

Topics

Most discussed now

The first 9 months, revenue in RIS was $14.1 reflecting underlying growth of 3%, Adjusted operating income increased 5% to...
New Wars, geoeconomics, extreme weather, and AI advances are challenging long established norms.
It is why Mark and Bloomberg announced the competitive resilience coalition, As knowledge partner for the Bloomberg new economy, Mark...
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Faded since Q2 2026

Fading Marsh McLennan is also introducing AI tools that increase its colleagues' productivity and enhance its colleague value proposition.
Fading Marsh McLennan had a good first half in terms of adding production talent in key markets.

Latest announcements

Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.

2026-10-27 Other events · SEC 8-K
On October 20, 2026, Marsh & McLennan Companies, Inc. entered into an underwriting agreement to issue €600 million of 4.250% Senior Notes due 2032 and €600 million of 4.625% Senior Notes due 2036.
2026-10-15 Results of operations · SEC 8-K
Marsh reported third-quarter 2026 revenue of $6.9 billion, an 8% increase from the previous year, with adjusted earnings per share of $2.03, up 10% year over year.
2026-07-21 Results of operations · SEC 8-K
Marsh & McLennan reported second-quarter revenue of $7.4 billion, up 6% year-over-year, with adjusted earnings per share of $2.96, an increase of 9% from the previous year.
2026-06-04 Material agreement; Agreement terminated · SEC 8-K
Marsh & McLennan Companies, Inc. entered into a new $4.25 billion five-year revolving credit facility on June 2, 2026, replacing its previous $3.5 billion facility.
2026-05-22 Shareholder vote results · SEC 8-K · routine
2026-04-16 Results of operations · SEC 8-K
Marsh & McLennan reported consolidated revenue of $7.6 billion in the first quarter of 2026, an increase of 8% compared to the first quarter of 2025.
2026-04-14 Director or officer change · SEC 8-K
Marsh appointed Mark McGivney as Executive Vice President and Chief Operating Officer in addition to his role as Chief Financial Officer, effective April 15.
2026-03-10 Director or officer change · SEC 8-K
Nick Studer will succeed Martin South as President and CEO of Marsh Risk on April 1, 2026, while Martin South becomes Chief Client Officer.

Balance sheet & ownership

From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-20.

Cash & runway

Cash & equivalents

$1.84B

2026-09-30

Short-term investments

$414.0M

total $2.26B

Implied runway

—

operating cash flow positive over the TTM window

Dilution

weighted-average basic shares, per quarter. Change: -3.1% YoY, -0.8% QoQ.

Quarter	Shares
Q1 2025	492.0M
Q2 2025	492.0M
Q3 2025	491.0M
Q1 2026	484.0M
Q2 2026	480.0M
Q3 2026	476.0M

Shares outstanding: 475.5M (2026-10-12)

Insider transactions

Form 4 open-market trades (codes S/P), trailing 12 months. Coverage: newest 50 of 90 filings; 50 filings parsed.

Sold by insiders

79.8K shares

$14.4M · 9 transactions

Bought by insiders

0 shares

0 transactions

Net direction

net selling

Catalyst calendar

management-stated targets — from the latest earnings call; plans, not promises.

through the January 1 renewal cycle

persistence of current market conditions

Source quote
“We expect these conditions to persist through the January 1 renewal cycle.”
2026

underlying revenue growth

Source quote
“Looking ahead, we continue to expect underlying revenue growth in 2026 similar to last year.”
Q4

roughly flat top line for management consulting

Source quote
“For the full year, management consulting is on pace for high single digit growth. Which would imply a roughly flat top line in Q4 due in part to the timing I mentioned.”
fourth quarter

fiduciary interest income

Source quote
“Looking ahead, we expect fiduciary interest income will be approximately $94 million in the fourth quarter.”
fourth quarter

FX impact on earnings

Source quote
“Based on current exchange rates, we expect FX will have an immaterial effect on earnings in the fourth quarter.”