Marsh & McLennan Reports 8% Revenue Growth to $6.9 Billion in Q3 2026

Marsh & McLennan Companies, Inc. reported a solid financial performance for the third quarter of 2026, with consolidated revenue reaching $6.9 billion, an increase of 8% compared to $6.4 billion in the same period last year. For the nine months ending September 30, 2026, revenue totaled $21.9 billion, up 7% from $20.4 billion in 2025. The growth was driven by both the Risk and Insurance Services and Consulting segments, which saw revenue increases of 7% and 9%, respectively. Operating income for the quarter was $1.2 billion, reflecting a 4% increase year-over-year, while net income attributable to the company was $808 million, resulting in diluted earnings per share of $1.69, a 12% rise from the previous year.

In terms of expenses, Marsh & McLennan experienced a 9% increase in operating expenses, totaling $5.6 billion for the third quarter, primarily due to higher compensation and benefits costs and a significant charge of $144 million related to the Greensill settlement. For the nine-month period, total operating expenses rose to $17.0 billion, a 10% increase from the prior year. The company noted that the increase in expenses was also influenced by restructuring costs associated with its ongoing Thrive program, which aims to enhance operational efficiency and client service.

Strategically, Marsh & McLennan has been active in expanding its portfolio through acquisitions, completing eight transactions in 2026 for a total purchase consideration of $550 million. Notable acquisitions included the remaining 60% ownership of Deasterra Partners, S.L., a Spain-based insurance broker, which resulted in a remeasurement gain of $126 million. The company also reported a restructuring program that has seen costs increase from an initial estimate of $500 million to approximately $750 million, with expected annualized savings rising to around $600 million.

Operationally, Marsh & McLennan's Risk and Insurance Services segment generated $4.2 billion in revenue for the third quarter, a 7% increase from the previous year, while the Consulting segment reported $2.7 billion, up 9%. The company noted that underlying revenue growth was driven by new business and renewal revenue, particularly in the Risk segment, despite declining insurance premium rates. The company also highlighted a decrease in interest earned on fiduciary funds, which fell to $100 million for the quarter, reflecting lower average interest rates.

Looking ahead, Marsh & McLennan remains optimistic about its growth trajectory, supported by strong demand for its services and strategic initiatives aimed at enhancing operational efficiency. The company continues to monitor macroeconomic factors that could impact its performance, including foreign exchange fluctuations and geopolitical developments. The effective tax rate for the third quarter was reported at 21.3%, down from 25.1% in the prior year, reflecting the impact of discrete tax items. Overall, the company is well-positioned to navigate the challenges ahead while pursuing its growth objectives.