Marsh Q3 Revenue Rises 8% to $6.9 Billion as Consulting Segment Leads Growth
Marsh reported Q3 2026 GAAP EPS of $1.69 and adjusted EPS of $2.03, driven by strong performance in management consulting despite a 6% decline in reinsurance revenue.
What they reported
- Consolidated revenue for the third quarter of 2026 reached $6.9 billion, up 8% on a GAAP basis and 5% on an underlying basis.
- GAAP net income attributable to the company was $808 million, with GAAP EPS of $1.69. Adjusted EPS rose 10% to $2.03.
- Risk and Insurance Services revenue grew 7% to $4.2 billion, though its operating income decreased 1% to $745 million.
- Consulting revenue rose 9% to $2.7 billion, with operating income increasing 12% to $563 million.
- The company repurchased 2.7 million shares of stock for $500 million during the quarter, bringing the nine-month total to 11.4 million shares for $2.0 billion.
Against the forecast and a year ago
- A consensus forecast was not available in our data to compare against these results.
- Compared to the third quarter of 2025, GAAP revenue increased from $6.351 billion to $6.9 billion.
- GAAP net income rose to $808 million from $747 million in the year-ago quarter, while GAAP EPS increased to $1.69 from $1.51.
What management said
President and CEO John Doyle stated that the company delivered a strong third quarter with 5% underlying revenue growth and double-digit EPS growth. He highlighted significant progress in executing the Thrive program and completing the brand transition to Marsh.
What to watch next
- Reinsurance performance: Reinsurance revenue declined 6% to $374 million in the quarter, and fell 1% on an underlying basis for the first nine months of 2026.
- Management Consulting momentum: This sub-segment grew 14% on both a GAAP and underlying basis to $1.0 billion, making it the fastest-growing business line in the quarter.
- Thrive program execution: Watch for future operational efficiencies and costs associated with this restructuring and brand transition program.