Marsh & McLennan Companies, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsMarsh & McLennan Companies, Inc., now branded as Marsh, is a global professional services firm providing risk, reinsurance, and consulting services across 130 countries.
What they do
Marsh operates through two segments: Risk and Insurance Services (Marsh Risk and Guy Carpenter) and Consulting (Mercer and Marsh Management Consulting). Marsh Risk offers insurance broking, risk management, and advisory services; Guy Carpenter provides reinsurance broking and analytics. Mercer delivers health, wealth, and career consulting, while Marsh Management Consulting offers management, strategic, and economic consulting.
Revenue drivers
- Marsh Risk — The largest business, generating approximately 54% of total revenue in 2025, offering insurance broking, risk management, and specialty advisory services.
- Guy Carpenter — Reinsurance intermediary and advisor, contributing about 10% of 2025 revenue, with revenue of $2.5 billion in 2025.
- Mercer — Part of the Consulting segment, providing health, wealth, and career services; 2025 revenue was $6.2 billion, up 8%.
- Marsh Management Consulting — Part of the Consulting segment, offering management and strategic consulting; 2025 revenue was $3.6 billion, up 6%.
Recent performance
For the second quarter of 2026, consolidated revenue was $7.4 billion, up 6% (5% underlying), with GAAP EPS of $2.63 and adjusted EPS of $2.96, up 9%. Six-month revenue was $15.0 billion, up 7% (4% underlying), but GAAP operating income decreased 5% to $3.7 billion, with EPS of $4.99 versus $5.23 in the prior-year period. Risk and Insurance Services revenue rose 4% to $4.8 billion in Q2, while Consulting revenue rose 10% to $2.6 billion. Full-year 2025 revenue was $26.98 billion, with net income of $4.16 billion and diluted EPS of $8.43.
Strategy
Management focuses on organic growth, with underlying revenue growth of 4-5% across segments, and strategic acquisitions, completing 20 acquisitions in 2025 for $857 million, including McGriff. The company is investing in technology and digital capabilities, while addressing restructuring costs (e.g., $222 million in 2025). Brand consolidation to 'Marsh' aims to streamline market presence. Capital deployment includes share repurchases ($1.5 billion in the first half of 2026) and dividend increases (10% to $0.990 per share).
Risks
- Macroeconomic and geopolitical conditions — Adverse economic or geopolitical events could impact client demand for risk and consulting services, as noted in the 10-K risk factors.
- Errors and omissions liability — The company faces significant uninsured exposures from errors and omissions, breach of fiduciary duty, and other claims.
- Regulatory compliance — Non-compliance with U.S., EU, and other laws (e.g., GDPR, CCPA, AI Act) could lead to material adverse effects.
- Cybersecurity and data protection — A breach of information systems or failure to protect client data could cause significant liability and reputational damage.
Outlook
Management expects continued demand for risk and consulting expertise, citing 'solid results' in a dynamic environment. Underlying growth is projected to remain in the mid-single digits, with particular strength in Marsh Management Consulting (13% underlying growth in Q2 2026). The company plans to continue acquisitions and capital returns, with the quarterly dividend raised to $0.990 per share for Q3 2026.