Marsh McLennan Q3 2026 Earnings Beat on Revenue and Adjusted EPS as Consulting Surges

Marsh McLennan posted a broad earnings beat for its third quarter of 2026, with revenue rising 8% year over year to $6.86 billion against analyst estimates of $6.64 billion, and adjusted EPS climbing 10% to $2.03, ahead of the $1.97 consensus. Underlying revenue growth of 5% outpaced expectations of 3.9%, which management credited to broad-based business growth across its segments. Shares jumped roughly 7% to $190.41 on the results.

The Consulting segment was the standout driver, with total consulting revenue growing 8% to $2.7 billion and Management Consulting revenue surging 14% to $1.0 billion. Consulting adjusted operating income reached $593 million, ahead of the $565.7 million estimate. Risk and Insurance Services contributed $4.2 billion in revenue with 3% underlying growth, though reinsurance revenue declined 6% on an underlying basis to $374 million, a notable weak spot within an otherwise strong report.

GAAP EPS came in at $1.69, with the gap to the adjusted figure reflecting $164 million, or $0.34 per share, in after-tax adjustments. Noteworthy items totaled $170 million and included $79 million in restructuring charges, $144 million related to Greensill litigation, $35 million in McGriff integration and retention costs, and $30 million in other legal expenses. The company repurchased $500 million of shares during the quarter. Fiduciary interest income was $100 million.