Marsh Reports Third Quarter 2026 Results

For best results when printing this announcement, please click on link below: Marsh Reports Third Quarter 2026 Results Revenue Growth of 8%; Underlying Revenue Growth of 5% GAAP Operating Income Increases 4%; Adjusted Operating Income Increases 6% Third Quarter GAAP EPS of $1.69; Adjusted EPS Increases 10% to $2.03 Nine Months GAAP EPS of $6.68; Adjusted EPS Increases 9% to $8.29 Marsh (NYSE: MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, today reported financial results for the third quarter ended September 30, 2026.

John Doyle, President and CEO, said: "Marsh delivered a strong third quarter, generating 5% underlying revenue growth and double-digit EPS growth.

We also made significant progress in executing our Thrive program and successfully completed our brand transition." "These results reflect the strength of our market position, the value we deliver to clients, and the commitment of our colleagues around the world." Consolidated Results Effective January 14, 2026, the Company updated its brand name from Marsh McLennan to Marsh and the brand names of Marsh and Oliver Wyman Group businesses to Marsh Risk ("Risk") and Marsh Management Consulting ("Management Consulting"), respectively.

As a result of the Company's previously announced brand change, results that were previously reported under our Guy Carpenter business will now be reported as "Reinsurance" and results that were previously reported as Mercer will now be reported as "People and Investments". Within People and Investments, results for Wealth will now be reported as "Investments and Retirement", Health will now be reported as "Health and Benefits" and Career will now be reported as "Workforce and Rewards". 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.

Operating income increased 4% to $1.2 billion. 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. Net income attributable to the Company was $808 million. Earnings per share were $1.69.

Adjusted earnings per share increased 10% to $2.03. For the nine months ended September 30, 2026, 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 was $4.9 billion, a decrease of 3% from the prior year period. Adjusted operating income rose 7% to $6.1 billion.

Net income attributable to the Company was $3.2 billion, or $6.68 per diluted share, compared with $6.75 in the first nine months of 2025. Adjusted earnings per share increased 9% to $8.29. Risk and Insurance Services 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. Operating income decreased 1% to $745 million, while adjusted operating income increased 4% to $1.0 billion.

For the nine months ended September 30, 2026, revenue was $14.1 billion, an increase of 6%, or 3% on an underlying basis. Operating income decreased 7% to $3.5 billion, and adjusted operating income increased 5% to $4.6 billion. Risk's revenue in the third quarter of 2026 was $3.7 billion, an increase of 10%, or 5% on an underlying basis. In U.S./Canada, underlying revenue growth was 4%.

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 months ended September 30, 2026, Risk’s underlying revenue growth was 4%. Reinsurance's revenue in the third quarter was $374 million, a decrease of 6%, on both a GAAP and underlying basis. For the nine months ended September 30, 2026, Reinsurance's revenue decreased 1% on an underlying basis.

Consulting Consulting revenue was $2.7 billion in the third quarter of 2026, an increase of 9%, or 8% on an underlying basis. Operating income increased 12% to $563 million, while adjusted operating income increased 9% to $593 million. For the nine months ended September 30, 2026, revenue was $7.8 billion, an increase of 10%, or 7% on an underlying basis. Operating income rose 13% to $1.6 billion, and adjusted operating income increased 11% to $1.7 billion.

People and Investments' revenue in the third quarter was $1.7 billion, an increase of 6%, or 5% on an underlying basis. Investments and Retirement revenue grew 8%, Health and Benefits revenue increased 5%, and Workforce and Rewards revenue decreased 1%, all on an underlying basis. For the nine months ended September 30, 2026, People and Investments’ revenue was $4.9 billion, an increase of 5% on an underlying basis. Management Consulting's revenue in the third quarter of 2026 was $1.0 billion, an increase of 14% on both a GAAP and underlying basis.

For the nine months ended September 30, 2026, Management Consulting’s revenue was $2.9 billion, an increase of 11% on an underlying basis. Other Items The Company repurchased approximately 2.7 million shares of stock for $500 million in the third quarter of 2026. Through nine months ended September 30, 2026, the Company has repurchased 11.4 million shares of stock for $2.0 billion. In the third quarter of 2026, the Company repaid 550 million of Euro-denominated senior notes that matured in September.

Conference Call A conference call to discuss third quarter 2026 results will be held today at 8:30 a.m. Eastern time. The live audio webcast may be accessed at marsh.com ( ). A replay of the webcast will be available approximately two hours after the event.

The webcast is listen-only. Those interested in participating in the question-and-answer session may register here to receive the dial-in numbers and unique PIN to access the call. About Marsh Marsh (NYSE: MRSH) is a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With annual revenue of $27 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective.

For more information, visit marsh.com ( ), or follow us on LinkedIn and X Information Concerning Forward-looking Statements This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would".

Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements.

Factors that could materially affect our future results include, among other things: the impact of geopolitical, macroeconomic and other external factors, including the conflict in the Middle East and other wars and global conflicts, social unrest, tariffs or changes in trade policies, slower GDP growth or recession, fluctuations in foreign exchange rates, lower interest rates, capital markets volatility, inflation, changes in insurance premium rates and extreme weather events; the impact from lawsuits or investigations arising from errors and omissions, breaches of fiduciary duty or other claims against us in our capacity as a broker or investment advisor, including claims related to our investment business’ ability to execute timely trades; the increasing prevalence of ransomware, supply chain and other forms of cyber attacks, including those enabled or enhanced by artificial intelligence, and their potential to disrupt our operations, or the operations of our third party vendors, and result in the disclosure of confidential client or company information; the financial and operational impact of complying with laws and regulations, including domestic and international sanctions regimes, anti-corruption laws such as the U.S.

Foreign Corrupt Practices Act, U.K.

Anti Bribery Act and cybersecurity, data privacy and artificial intelligence regulations; our ability to attract, retain and develop industry leading talent; our ability to compete effectively and adapt to competitive pressures and market changes in each of our businesses, including from disintermediation as well as technological change, digital disruption and other types of innovation such as artificial intelligence; our ability to manage potential conflicts of interest, including where our services to a client conflict, or are perceived to conflict, with the interests of another client or our own interests; our ability to fully realize the opportunities and efficiencies from the Thrive program, which focuses on our brand strategy, delivering greater value to clients, accelerating growth and improving efficiency; the regulatory, contractual and reputational risks that arise based on insurance placement activities and insurer revenue streams; and the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of challenges from tax authorities in the current global tax environment.

The factors identified above are not exhaustive. Marsh and its consolidated subsidiaries (collectively, the "Company") operate in a dynamic business environment in which new risks emerge frequently. Accordingly, we caution readers not to place undue reliance on any forward-looking statements, which are based only on information currently available to us and speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made.

Further information concerning the Company, including information about factors that could materially affect our results of operations and financial condition, is contained in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section and the "Management’s Discussion and Analysis of Financial Condition and Results of Operations" section of our most recently filed Annual Report on Form 10-K. Marsh & McLennan Companies, Inc.

Consolidated Statements of Income (In millions, except per share data) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Revenue $ 6,863 $ 6,351 $ 21,864 $ 20,386 Expense: Compensation and benefits 4,078 3,894 12,349 11,639 Other operating expenses 1,570 1,287 4,647 3,743 Operating expenses 5,648 5,181 16,996 15,382 Operating income 1,215 1,170 4,868 5,004 Other net benefit credits 48 52 148 143 Interest income 10 10 29 34 Interest expense (248 ) (237 ) (738 ) (725 ) Investment income 8 15 9 27 Income before income taxes 1,033 1,010 4,316 4,483 Income tax expense 221 253 1,027 1,083 Net income before non-controlling interests 812 757 3,289 3,400 Less: Net income attributable to non-controlling interests 4 10 69 61 Net income attributable to the Company $ 808 $ 747 $ 3,220 $ 3,339 Net income per share attributable to the Company: — Basic $ 1.70 $ 1.52 $ 6.71 $ 6.79 — Diluted $ 1.69 $ 1.51 $ 6.68 $ 6.75 Average number of shares outstanding: — Basic 476 491 480 492 — Diluted 479 494 482 495 Shares outstanding at September 30 475 490 475 490 Marsh & McLennan Companies, Inc.

Supplemental Information — Revenue Analysis Three Months Ended September 30 (Millions) (Unaudited) The Company advises clients in 130 countries. As a result, foreign exchange rate movements may impact period over period comparisons of revenue. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue. Non-GAAP underlying revenue measures the change in revenue from one period to the next by isolating these impacts.

Components of Revenue Change* Three Months Ended % Change Currency Impact Acquisitions/ Non-GAAP September 30, GAAP Revenue* Dispositions/ Other Impact** Underlying Revenue 2026 2025 Risk and Insurance Services Risk $ 3,726 $ 3,400 10 % — 5 % 5 % Reinsurance 374 398 (6 )% — — (6 )% Subtotal 4,100 3,798 8 % — 4 % 4 % Fiduciary Interest Income 100 109 Total Risk and Insurance Services 4,200 3,907 7 % — 4 % 3 % Consulting People and Investments 1,672 1,579 6 % — 1 % 5 % Management Consulting 1,013 886 14 % — 1 % 14 % Total Consulting 2,685 2,465 9 % — 1 % 8 % Corporate Eliminations (22 ) (21 ) Total Revenue $ 6,863 $ 6,351 8 % — 3 % 5 % Revenue Details The following table provides more detailed revenue information for certain of the components presented above: Components of Revenue Change* Three Months Ended % Change Currency Impact Acquisitions/ Non-GAAP September 30, GAAP Revenue* Dispositions/ Other Impact** Underlying Revenue 2026 2025 Risk: EMEA $ 994 $ 813 22 % (1 )% 16 % 7 % Asia Pacific 384 361 6 % 1 % 1 % 4 % Latin America 147 137 7 % 7 % 1 % — Total International 1,525 1,311 16 % — 10 % 6 % U.S./Canada 2,201 2,089 5 % — 1 % 4 % Total Risk $ 3,726 $ 3,400 10 % — 5 % 5 % People and Investments: Investments and Retirement $ 762 $ 705 8 % 1 % (1 )% 8 % Health and Benefits 578 555 4 % — (1 )% 5 % Workforce and Rewards 332 319 4 % (1 )% 6 % (1 )% Total People and Investments $ 1,672 $ 1,579 6 % — 1 % 5 % Rounded to whole percentages.

Components of revenue may not add due to rounding. * Acquisitions, dispositions, and other includes the impact of current and prior year items excluded from the calculation of non-GAAP underlying revenue for comparability purposes. Details on these items are provided in the reconciliation of non-GAAP revenue to GAAP revenue tables included in this release. Marsh & McLennan Companies, Inc.

Supplemental Information — Revenue Analysis Nine Months Ended September 30 (Millions) (Unaudited) The Company advises clients in 130 countries. As a result, foreign exchange rate movements may impact period over period comparisons of revenue. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue. Non-GAAP underlying revenue measures the change in revenue from one period to the next by isolating these impacts.

Components of Revenue Change* Nine Months Ended % Change Currency Impact Acquisitions/ Non-GAAP September 30, GAAP Revenue* Dispositions/ Other Impact** Underlying Revenue 2026 2025 Risk and Insurance Services Risk $ 11,523 $ 10,702 8 % 1 % 2 % 4 % Reinsurance 2,278 2,281 — 1 % — (1 )% Subtotal 13,801 12,983 6 % 1 % 2 % 3 % Fiduciary Interest Income 273 311 Total Risk and Insurance Services 14,074 13,294 6 % 1 % 2 % 3 % Consulting People and Investments 4,931 4,573 8 % 2 % 1 % 5 % Management Consulting 2,914 2,577 13 % 1 % 1 % 11 % Total Consulting 7,845 7,150 10 % 2 % 1 % 7 % Corporate Eliminations (55 ) (58 ) Total Revenue $ 21,864 $ 20,386 7 % 1 % 1 % 5 % Revenue Details The following table provides more detailed revenue information for certain of the components presented above: Components of Revenue Change* Nine Months Ended % Change Currency Impact Acquisitions/ Non-GAAP September 30, GAAP Revenue* Dispositions/ Other Impact** Underlying Revenue 2026 2025 Risk: EMEA $ 3,265 $ 2,878 13 % 3 % 5 % 6 % Asia Pacific 1,192 1,105 8 % 2 % 1 % 5 % Latin America 436 393 11 % 7 % 1 % 3 % Total International 4,893 4,376 12 % 3 % 3 % 5 % U.S./Canada 6,630 6,326 5 % — 1 % 4 % Total Risk $ 11,523 $ 10,702 8 % 1 % 2 % 4 % People and Investments: Investments and Retirement $ 2,254 $ 2,060 9 % 3 % — 7 % Health and Benefits 1,850 1,757 5 % 1 % (1 )% 5 % Workforce and Rewards 827 756 9 % 1 % 9 % (1 )% Total People and Investments $ 4,931 $ 4,573 8 % 2 % 1 % 5 % Rounded to whole percentages.

Components of revenue may not add due to rounding. * Acquisitions, dispositions and other includes the impact of current and prior year items excluded from the calculation of non-GAAP underlying revenue for comparability purposes. Details on these items are provided in the reconciliation of non-GAAP revenue to GAAP revenue tables included in this release. Marsh & McLennan Companies, Inc.

Reconciliation of Non-GAAP Measures Three Months Ended September 30 (Millions) (Unaudited) Overview The Company reports its financial results in accordance with accounting principles generally accepted in the United States (referred to in this release as in accordance with "GAAP" or "reported" results). The Company also refers to and presents certain additional non-GAAP financial measures, within the meaning of Regulation G and item 10(e) Regulation S-K in accordance with the Securities Exchange Act of 1934. These measures are: non-GAAP revenue, adjusted operating income (loss), adjusted operating margin, adjusted income, net of tax and adjusted earnings per share (EPS).

The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP in the following tables. The Company believes these non-GAAP financial measures provide useful supplemental information that enables investors to better compare the Company’s performance across periods. Management also uses these measures internally to assess the operating performance of its businesses and to decide how to allocate resources.

However, investors should not consider these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports in accordance with GAAP.