News release Exhibit 99.1
, October 15, 2026 – 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."
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. 1 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 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 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.
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. 2 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.
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
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 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. 4
(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.
The following table provides more detailed revenue information for certain of the components presented above:
* 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.
(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.
The following table provides more detailed revenue information for certain of the components presented above:
* 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.
The Compan y 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 Comp any 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. The Company's non-GAAP measures include adjustments that reflect how management views its businesses, and may differ from similarly titled non-GAAP measures presented by other companies.
Adjusted operating income (loss) is calculated by excluding the impact of certain noteworthy items and identified intangible amortization expense from the Company's GAAP operating income (loss). The following tables reconcile adjusted operating income (loss) to GAAP operating income (loss) on a consolidated and reportable segment basis for the three and nine months ended September 30, 2026 and 2025. The following tables also present adjusted operating margin. For the three and nine months ended September 30, 2026 and 2025, adjusted operating margin is calculated by dividing the sum of adjusted operating income by consolidated or segment adjusted revenue. The Company's adjusted revenue used in the determination of adjusted operating margin is calculated by excluding the impact of certain noteworthy items from the Company's GAAP revenue.
(Unaudited) Adjusted income, net of tax is calculated as the Company's GAAP income from continuing operations, adjusted to reflect the after tax impact of the operating income adjustments in the preceding tables and the additional items listed below. Adjusted EPS is calculated by dividing the Company’s adjusted income, net of tax , by the average number of shares outstanding-diluted for the relevant period. The following tables reconcile adjusted income, net of tax to GAAP income from continuing operations and adjusted EPS to GAAP EPS for the three and nine months ended September 30, 2026 and 2025.
(Unaudited) September 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── ASSETS Current assets: Cash and cash equivalents $ 1,842 $ 2,687 Cash and cash equivalents held in a 12,273 11,473 fiduciary capacity Net receivables 8,548 7,670 Other current assets 1,444 1,370 Total current assets 24,107 23,200 Goodwill and intangible assets 29,117 29,083 Fixed assets, net 815 829 Pension related assets 2,301 2,140 Right of use assets 1,414 1,460 Deferred tax assets 195 212 Other assets 1,857 1,786 TOTAL ASSETS $ 59,806 $ 58,710 LIABILITIES AND EQUITY Current liabilities: Short-term debt $ 1,644 $ 1,267 Accounts payable and accrued 3,583 3,652 liabilities Accrued compensation and employee 3,329 3,962 benefits Current lease liabilities 324 333 Accrued income taxes 485 373 Dividends payable 471 — Fiduciary liabilities 12,273 11,473 Total current liabilities 22,109 21,060 Long-term debt 18,889 18,320 Pension, post-retirement and 693 786 post-employment benefits Long-term lease liabilities 1,475 1,529 Liabilities for errors and 281 288 omissions Other liabilities 1,449 1,412 Total equity 14,910 15,315 TOTAL LIABILITIES AND EQUITY $ 59,806 $ 58,710
Nine Months Ended Operating cash flows: September 30, 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income before non-controlling $ 3,289 $ 3,400 interests Adjustments to reconcile net income to cash provided by operations: Depreciation and 685 682 amortization Non-cash lease expense 223 219 Gain on consolidation -126 -13 of entity Share-based 329 305 compensation expense Net (gain) on investments, -52 -26 disposition of assets and other Changes in assets and liabilities: Accrued compensation and employee -639 -610 benefits Provision for taxes, net of payments and 69 197 refunds Net receivables -872 -388 Other changes to -131 -196 assets and liabilities Contributions to pension and other benefit plans in -210 -190 excess of current year credit Operating lease -252 -249 liabilities Net cash provided by (used for) 2,313 3,131 operations Financing cash flows: Purchase of treasury -2,016 -1,002 shares Net proceeds from issuance of commercial 1,623 — paper Proceeds from issuance 595 — of debt Repayments of debt -1,247 -514 Payment to acquire non-controlling -54 — interest Net issuance of common stock from -6 64 treasury shares Net distributions of non-controlling interests and -174 -110 deferred/contingent consideration Dividends paid -1,354 -1,255 Change in fiduciary 869 231 liabilities Net cash provided by (used for) -1,764 -2,586 financing activities Investing cash flows: Capital expenditures -215 -186 Purchases of long-term investments and -34 -23 other Sales of long-term 3 96 investments Dispositions 16 15 Acquisitions, net of cash and cash held -263 -224 in a fiduciary capacity acquired Net cash provided by (used for) -493 -322 investing activities Effect of exchange rate changes on cash, cash equivalents, and -101 615 cash and cash equivalents held in a fiduciary capacity Increase (Decrease) in cash, cash equivalents, and cash -45 838 and cash equivalents held in a fiduciary capacity Cash, cash equivalents, and cash and cash equivalents held 14,160 13,674 in a fiduciary capacity at beginning of period Cash, cash equivalents, and cash and cash equivalents held $ 14,115 $ 14,512 in a fiduciary capacity at end of period
Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity to the Consolidated Balance Sheets Balance at September 30, 2026 2025 ────────────────────────────────────────────────────────────────────────────── (In millions) Cash and cash equivalents $ 1,842 $ 2,511 Cash and cash equivalents held in a 12,273 12,001 fiduciary capacity Total cash, cash equivalents, and cash and cash equivalents held in a $ 14,115 $ 14,512 fiduciary capacity
(Millions) (Unaudited) Non-GAAP revenue isolates the impact of foreign exchange rate movements and certain transaction-related items from the current period GAAP revenue. The non- GAAP revenue measure is presented on a constant currency basis, excluding the impact of foreign currency fluctuations. The Company isolates the impact of foreign exchange rate movements period over period, by translating the current period foreign currency GAAP revenue into U.S. Dollars based on the difference in the current and corresponding prior period exchange rates. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue and are consistently excluded from current and prior period GAAP revenues for comparability purposes. Percentage changes, referred to as non-GAAP underlying revenue , are calculated by dividing the period over period change in non-GAAP revenue by the prior period non-GAAP revenue.
The following table provides the reconciliation of GAAP revenue to non-GAAP revenue:
The following table provides more detailed revenue information for certain of the components presented above:
(Millions) (Unaudited) The following table provides the reconciliation of GAAP revenue to non-GAAP revenue:
The following table provides more detailed revenue information for certain of the components presented above:
Full text with the tables
Marsh
212 345 5000
www.marsh.com
News release Exhibit 99.1
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
NEW YORK
, October 15, 2026 – 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.
1
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.
2
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.
3
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.
4
Marsh & McLennan Companies, Inc.
Consolidated Statements of Income
(In millions, except per share data)
(Unaudited)
Thr… Nine
Mon… Mon…
End… End…
Sep… Sep…
30, 2026 2025 30, 2026 20…
──────────────────────────────────────────────────────────────────────────────
Re… $ 6,8… $ 6,3… $ 21,… $ 20,…
Ex…
Co…
and 4,0… 3,8… 12,… 11,…
be…
Ot…
op… 1,5… 1,2… 4,6… 3,7…
ex…
Op… 5,6… 5,1… 16,… 15,…
ex…
Op… 1,2… 1,1… 4,8… 5,0…
in…
Ot…
net 48 52 148 143
be…
cr…
In… 10 10 29 34
in…
In… -248 -237 -738 -725
ex…
In… 8 15 9 27
in…
In…
be… 1,0… 1,0… 4,3… 4,4…
in…
ta…
In…
tax 221 253 1,0… 1,0…
ex…
Net
in…
be… 812 757 3,2… 3,4…
no…
in…
Le…
Net
in…
at… 4 10 69 61
to
no…
in…
Net
in…
at… $ 808 $ 747 $ 3,2… $ 3,3…
to
the
Co…
Net
in…
per
sh…
at…
to
the
Co…
- $ 1.70 $ 1.52 $ 6.71 $ 6.79
Ba…
- $ 1.69 $ 1.51 $ 6.68 $ 6.75
Di…
Av…
nu…
of
sh…
ou…
- 476 491 480 492
Ba…
- 479 494 482 495
Di…
Sh…
ou…
at 475 490 475 490
Se…
30
5
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.
C…
T… of
… M… % R… A…
… E… C… C… D… N…
… S… G… C… O… U…
… 3… 2… 2… R… I… I… R…
──────────────────────────────────────────────────────────────────────────────
… $ 3… $ 3… 10 % — 5 % 5 %
… 3… 3… -6 % — — … %
… 4… 3… 8 % — 4 % 4 %
…
… 1… 1…
…
…
…
… 4… 3… 7 % — 4 % 3 %
…
…
…
…
… 1… 1… 6 % — 1 % 5 %
…
… 1… 8… 14 % — 1 % … %
…
… 2… 2… 9 % — 1 % 8 %
…
… -… -…
…
… $ 6… $ 6… 8 % — 3 % 5 %
…
Revenue Details
The following table provides more detailed revenue information for certain of
the components presented above:
C…
T… of
M… % R… A…
E… C… C… D… N…
S… G… C… O… U…
… 3… 2… 2… R… I… I… R…
──────────────────────────────────────────────────────────────────────────────
… $ 9… $ 8… … % … % … % 7 %
… 3… 3… 6 % 1 % 1 % 4 %
…
… 1… 1… 7 % 7 % 1 % —
…
… 1… 1… … % — … % 6 %
…
… 2… 2… 5 % — 1 % 4 %
… $ 3… $ 3… … % — 5 % 5 %
…
…
…
…
…
… $ 7… $ 7… 8 % 1 % … % 8 %
…
…
… 5… 5… 4 % — … % 5 %
…
…
… 3… 3… 4 % … % 6 % … %
…
…
… $ 1… $ 1… 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.
6
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.
C…
N… of
… M… % R… …
… E… C… C… … N…
… S… G… C… … U…
… 3… 2… 2… R… I… … R…
──────────────────────────────────────────────────────────────────────────────
… $ 1… $ 1… 8 % 1 % 2 % 4 %
… 2… 2… — 1 % — … %
… 1… 1… 6 % 1 % 2 % 3 %
…
… 2… 3…
…
…
…
… 1… 1… 6 % 1 % 2 % 3 %
…
…
…
…
… 4… 4… 8 % 2 % 1 % 5 %
…
… 2… 2… 13 % 1 % 1 % … %
…
… 7… 7… 10 % 2 % 1 % 7 %
…
… -… -…
…
… $ 2… $ 2… 7 % 1 % 1 % 5 %
…
Revenue Details
The following table provides more detailed revenue information for certain of
the components presented above:
…
N… …
M… % … A…
E… C… … D… N…
S… G… … O… U…
… 3… 2… 2… R… … I… R…
──────────────────────────────────────────────────────────────────────────────
… $ 3… $ 2… 13 % 3 % 5 % 6 %
… 1… 1… 8 % 2 % 1 % 5 %
…
… 4… 3… 11 % 7 % 1 % 3 %
…
… 4… 4… 12 % 3 % 3 % 5 %
…
… 6… 6… 5 % — 1 % 4 %
… $ 1… $ 1… 8 % 1 % 2 % 4 %
…
…
…
…
…
… $ 2… $ 2… 9 % 3 % — 7 %
…
…
… 1… 1… 5 % 1 % … % 5 %
…
…
… 8… 7… 9 % 1 % 9 % … %
…
…
… $ 4… $ 4… 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.
7
Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Three Months Ended September 30
(Millions) (Unaudited)
Overview
The Compan y 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 Comp any 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. The Company's non-GAAP measures include
adjustments that reflect how management views its businesses, and may differ
from similarly titled non-GAAP measures presented by other companies.
Adjusted Operating Income (Loss) and Adjusted Operating Margin
Adjusted operating income (loss) is calculated by excluding the impact of
certain noteworthy items and identified intangible amortization expense from the
Company's GAAP operating income (loss). The following tables reconcile adjusted
operating income (loss) to GAAP operating income (loss) on a consolidated and
reportable segment basis for the three and nine months ended September 30, 2026
and 2025. The following tables also present adjusted operating margin. For the
three and nine months ended September 30, 2026 and 2025, adjusted operating
margin is calculated by dividing the sum of adjusted operating income by
consolidated or segment adjusted revenue. The Company's adjusted revenue used in
the determination of adjusted operating margin is calculated by excluding the
impact of certain noteworthy items from the Company's GAAP revenue.
Th…
Mo…
En… Risk
Se… &
30, Ins… Cor…
20… Ser… Con… Eli… To…
──────────────────────────────────────────────────────────────────────────────
Op…
in… $ 745 $ 563 $ -93 $ 1,…
(l…
Op… 17.8 % 21… % N/A 17.7 %
ma…
Add
(d…
im…
of
no…
it…
Re… 44 10 25 79
(a)
Ch…
in
co…
and 11 1 — 12
de…
co…
(b)
Mc…
in…
and 33 — 2 35
re…
re…
co…
Gr…
li… 144 — — 144
(c)
Le…
ma… 30 — — 30
(d)
Ga…
on
co… -1… — — -1…
of
en…
(e)
Ac…
and
di… -1 -1 -2 -4
re…
ga…
To…
no… 135 10 25 170
it…
Id…
in… 122 20 — 142
am…
ex…
Op…
in… 257 30 25 312
ad…
Ad…
op… $ 1,… $ 593 $ -68 $ 1,…
in…
(l…
Ad…
op… 24.6 % 22… % N/A 22.7 %
ma…
Th…
Mo…
En…
Se…
30,
20…
Op…
in… $ 750 $ 501 $ -81 $ 1,…
(l…
Op… 19.2 % 20… % N/A 18.4 %
ma…
Add
(d…
im…
of
no…
it…
Re… 20 18 8 46
(a)
Ch…
in
co…
and 32 2 — 34
de…
co…
(b)
Mc…
in…
and 50 — 2 52
re…
re…
co…
Ac…
re… — 7 — 7
co…
Ac…
and
di… -3 — — -3
re…
ga…
To…
no… 99 27 10 136
it…
Id…
in… 116 17 — 133
am…
ex…
Op…
in… 215 44 10 269
ad…
Ad…
op… $ 965 $ 545 $ -71 $ 1,…
in…
(l…
Ad…
op… 24.7 % 22… % N/A 22.7 %
ma…
(a…
re…
co…
re…
to
the
Co…
th…
pr…
Th…
wh…
fo…
on
our
br…
st…
de…
gr…
va…
to
cl…
ac…
gr…
and
im…
ef…
The
pr…
wi…
ge…
sa…
fr…
pr…
and
au…
ef…
and
op…
of
our
gl…
op…
mo…
(b…
the
ch…
in
the
fa…
va…
of
co…
co…
and
de…
ac…
re…
co…
(c…
se…
and
le…
ex…
re…
to
the
Gr…
li…
net
of
in…
re…
(d…
co…
re…
to
a
re…
co…
li…
ag…
a
co…
(e…
ga…
fr…
the
fa…
va…
re…
of
the
Co…
pr…
he…
eq…
me…
in…
in
De…
Pa…
up…
the
Co…
ac…
of
the
re…
60%
ow…
sh…
The
ga…
is
in…
in
re…
in
the
co…
st…
of
in…
and
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fr…
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us…
in
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ca…
of
ad…
op…
ma…
8
Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Nine Months Ended September 30
(Millions) (Unaudited)
Ni…
Mo…
En… Risk
Se… &
30, Ins… Cor…
20… Ser… Con… Eli… Total
──────────────────────────────────────────────────────────────────────────────
Op…
in… $ 3,534 $ 1,590 $ -256 $ 4,8…
(l…
Op… 25.1 % 20.3 % N/A 22.3 %
ma…
Add
(d…
im…
of
no…
it…
Re… 110 31 41 182
(a)
Ch…
in
co…
and 37 6 — 43
de…
co…
(b)
Mc…
in…
and 116 — 8 124
re…
re…
co…
Le…
ma… 38 — — 38
(d)
Gr…
li… 569 — — 569
(e)
Ga…
on
co… -126 — — -126
of
en…
(f)
Ac…
and
di… -1 -6 -2 -9
re…
ga…
To…
no… 743 31 47 821
it…
Id…
in… 360 57 — 417
am…
ex…
Op…
in… 1,103 88 47 1,2…
ad…
Ad…
op… $ 4,637 $ 1,678 $ -209 $ 6,1…
in…
(l…
Ad…
op… 33.2 % 21.4 % N/A 28.1 %
ma…
Ni…
Mo…
En…
Se…
30,
20…
Op…
in… $ 3,806 $ 1,413 $ -215 $ 5,0…
(l…
Op… 28.6 % 19.8 % N/A 24.5 %
ma…
Add
(d…
im…
of
no…
it…
Re… 51 32 13 96
(a)
Ch…
in
co…
and 62 9 — 71
de…
co…
(b)
Mc…
in…
and 164 — 2 166
re…
re…
co…
Ac…
re… 7 12 — 19
co…
(c)
Ac…
and
di… -31 -6 — -37
re…
ga…
(g)
To…
no… 253 47 15 315
it…
Id…
in… 357 55 — 412
am…
ex…
Op…
in… 610 102 15 727
ad…
Ad…
op… $ 4,416 $ 1,515 $ -200 $ 5,7…
in…
(l…
Ad…
op… 33.3 % 21.2 % N/A 28.2 %
ma…
(a…
re…
co…
re…
to
the
Co…
th…
pr…
Th…
wh…
fo…
on
our
br…
st…
de…
gr…
va…
to
cl…
ac…
gr…
and
im…
ef…
The
pr…
wi…
ge…
sa…
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pr…
and
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ef…
and
op…
of
our
gl…
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ch…
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fa…
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of
co…
co…
and
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ac…
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co…
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one
ti…
ac…
and
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re…
re…
and
ot…
co…
(d…
co…
re…
to
a
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co…
li…
ag…
a
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(e…
se…
and
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to
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li…
net
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in…
re…
(f…
ga…
fr…
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eq…
me…
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in
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ac…
of
the
re…
60%
ow…
sh…
The
ga…
is
in…
in
re…
in
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and
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(g…
and
In…
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20…
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on
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and
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ca…
of
ad…
op…
ma…
9
Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Three and Nine Months Ended September 30
(In millions, except per share data)
(Unaudited)
Adjusted income, net of tax is calculated as the Company's GAAP income from
continuing operations, adjusted to reflect the after tax impact of the operating
income adjustments in the preceding tables and the additional items listed
below. Adjusted EPS is calculated by dividing the Company’s adjusted income, net
of tax , by the average number of shares outstanding-diluted for the relevant
period. The following tables reconcile adjusted income, net of tax to GAAP
income from continuing operations and adjusted EPS to GAAP EPS for the three and
nine months ended September 30, 2026 and 2025.
Thr… Th…
Mon… Mo…
End… En…
30, 30,
2026 20…
──────────────────────────────────────────────────────────────────────────────
Amo… Ad… Am… Adj…
EPS EPS
Net
in…
be…
no… $ 812 $ 757
in…
as
re…
Le…
No…
in… 4 10
net
of
tax
Su… $ 808 $ 1.69 $ 747 $ 1.…
Op…
in… $ 312 $ 269
ad…
Ot…
net -48 -52
be…
cr…
In… -1 -1
ad…
In…
tax
ef… -99 -52
of
ad…
(a)
164 0.34 164 0.…
Ad…
in…
net $ 972 $ 2.03 $ 911 $ 1.…
of
tax
Nine Ni…
Mon… Mo…
End… En…
30, 30,
2026 20…
Amo… Ad… Am… Adj…
EPS EPS
Net
in…
be…
no… $ 3,2… $ 3,…
in…
as
re…
Le…
No…
in… 69 61
net
of
tax
Su… $ 3,2… $ 6.68 $ 3,… $ 6.…
Op…
in… $ 1,… $ 727
ad…
Ot…
net -1… -143
be…
cr…
In… -3 -2
ad…
In…
tax
ef… -3… -148
of
ad…
(a)
777 1.61 434 0.…
Ad…
in…
net $ 3,9… $ 8.29 $ 3,… $ 7.…
of
tax
(a…
it…
wi…
an
in…
tax
im…
the
tax
ef…
was
ca…
us…
an
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ef…
tax
ra…
for
ea…
it…
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on
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wi…
a
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ra…
for
it…
oc…
in
mu…
ju…
10
Marsh & McLennan Companies, Inc.
Supplemental Information
Three and Nine Months Ended September 30
(Millions) (Unaudited)
Thr… Nine
Mon… Mon…
End… End…
Sep… Sep…
Co… 30, 2026 2025 30, 2026 20…
──────────────────────────────────────────────────────────────────────────────
Co…
and $ 4,0… $ 3,8… $ 12,… $ 11,…
be…
Ot…
op… 1,5… 1,2… 4,6… 3,7…
ex…
To… $ 5,6… $ 5,1… $ 16,… $ 15,…
ex…
De…
and $ 89 $ 91 $ 268 $ 270
am…
ex…
Id…
in… 142 133 417 412
am…
ex…
To… $ 231 $ 224 $ 685 $ 682
Ri…
and
In…
Se…
Co…
and $ 2,5… $ 2,4… $ 7,7… $ 7,3…
be…
Ot…
op… 934 733 2,8… 2,1…
ex…
To… $ 3,4… $ 3,1… $ 10,… $ 9,4…
ex…
De…
and $ 50 $ 52 $ 151 $ 153
am…
ex…
Id…
in… 122 116 360 357
am…
ex…
To… $ 172 $ 168 $ 511 $ 510
Co…
Co…
and $ 1,5… $ 1,4… $ 4,5… $ 4,1…
be…
Ot…
op… 599 535 1,7… 1,5…
ex…
To… $ 2,1… $ 1,9… $ 6,2… $ 5,7…
ex…
De…
and $ 26 $ 25 $ 75 $ 74
am…
ex…
Id…
in… 20 17 57 55
am…
ex…
To… $ 46 $ 42 $ 132 $ 129
11
Marsh & McLennan Companies, Inc.
Consolidated Balance Sheets
(Millions)
(Unaudited)
September 30,
2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
ASSETS
Current assets:
Cash and cash equivalents $ 1,842 $ 2,687
Cash and cash equivalents held
in a 12,273 11,473
fiduciary capacity
Net receivables 8,548 7,670
Other current assets 1,444 1,370
Total current assets 24,107 23,200
Goodwill and intangible assets 29,117 29,083
Fixed assets, net 815 829
Pension related assets 2,301 2,140
Right of use assets 1,414 1,460
Deferred tax assets 195 212
Other assets 1,857 1,786
TOTAL ASSETS $ 59,806 $ 58,710
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt $ 1,644 $ 1,267
Accounts payable and accrued 3,583 3,652
liabilities
Accrued compensation and
employee 3,329 3,962
benefits
Current lease liabilities 324 333
Accrued income taxes 485 373
Dividends payable 471 —
Fiduciary liabilities 12,273 11,473
Total current liabilities 22,109 21,060
Long-term debt 18,889 18,320
Pension, post-retirement and 693 786
post-employment benefits
Long-term lease liabilities 1,475 1,529
Liabilities for errors and 281 288
omissions
Other liabilities 1,449 1,412
Total equity 14,910 15,315
TOTAL LIABILITIES AND EQUITY $ 59,806 $ 58,710
12
Marsh & McLennan Companies, Inc.
Consolidated Statements of Cash Flows
(Millions) (Unaudited)
Nine Months Ended
Operating cash flows: September 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income before
non-controlling $ 3,289 $ 3,400
interests
Adjustments to
reconcile net income
to
cash provided by
operations:
Depreciation and 685 682
amortization
Non-cash lease expense 223 219
Gain on consolidation -126 -13
of entity
Share-based 329 305
compensation expense
Net (gain) on
investments, -52 -26
disposition
of assets and other
Changes in assets and
liabilities:
Accrued compensation
and employee -639 -610
benefits
Provision for taxes,
net of payments and 69 197
refunds
Net receivables -872 -388
Other changes to -131 -196
assets and liabilities
Contributions to
pension and other
benefit plans in -210 -190
excess of current year
credit
Operating lease -252 -249
liabilities
Net cash provided by
(used for) 2,313 3,131
operations
Financing cash flows:
Purchase of treasury -2,016 -1,002
shares
Net proceeds from
issuance of commercial 1,623 —
paper
Proceeds from issuance 595 —
of debt
Repayments of debt -1,247 -514
Payment to acquire
non-controlling -54 —
interest
Net issuance of common
stock from -6 64
treasury shares
Net distributions of
non-controlling
interests and -174 -110
deferred/contingent
consideration
Dividends paid -1,354 -1,255
Change in fiduciary 869 231
liabilities
Net cash provided by
(used for) -1,764 -2,586
financing activities
Investing cash flows:
Capital expenditures -215 -186
Purchases of long-term
investments and -34 -23
other
Sales of long-term 3 96
investments
Dispositions 16 15
Acquisitions, net of
cash and cash held -263 -224
in a fiduciary
capacity acquired
Net cash provided by
(used for) -493 -322
investing activities
Effect of exchange
rate changes on cash,
cash equivalents, and -101 615
cash and cash
equivalents held in a
fiduciary capacity
Increase (Decrease) in
cash, cash
equivalents, and cash -45 838
and cash
equivalents held in a
fiduciary capacity
Cash, cash
equivalents, and cash
and
cash equivalents held 14,160 13,674
in a fiduciary
capacity at beginning
of period
Cash, cash
equivalents, and cash
and
cash equivalents held $ 14,115 $ 14,512
in a fiduciary
capacity at end of
period
Reconciliation of cash, cash
equivalents, and cash and cash
equivalents held in a fiduciary
capacity to the Consolidated Balance
Sheets
Balance at September 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
(In millions)
Cash and cash equivalents $ 1,842 $ 2,511
Cash and cash equivalents held in a 12,273 12,001
fiduciary capacity
Total cash, cash equivalents, and cash
and cash equivalents held in a $ 14,115 $ 14,512
fiduciary
capacity
13
Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Three Months Ended September 30
(Millions) (Unaudited)
Non-GAAP revenue isolates the impact of foreign exchange rate movements and
certain transaction-related items from the current period GAAP revenue. The non-
GAAP revenue measure is presented on a constant currency basis, excluding the
impact of foreign currency fluctuations. The Company isolates the impact of
foreign exchange rate movements period over period, by translating the current
period foreign currency GAAP revenue into U.S. Dollars based on the difference
in the current and corresponding prior period exchange rates. Similarly, certain
other items such as acquisitions and dispositions, including transfers among
businesses, may impact period over period comparisons of revenue and are
consistently excluded from current and prior period GAAP revenues for
comparability purposes. Percentage changes, referred to as non-GAAP underlying
revenue , are calculated by dividing the period over period change in non-GAAP
revenue by the prior period non-GAAP revenue.
The following table provides the reconciliation of GAAP revenue to non-GAAP
revenue:
…
…
…
…
…
… Ac… Ac…
… 2… Di… 20… Di…
… G… C… Ot… No… GA… Ot… No…
… R… I… Im… Re… Re… Im… Re…
──────────────────────────────────────────────────────────────────────────────
… $ 3… $ -2 $ -… $ 3… $ 3… $ -3 $ 3…
… 3… -1 — 3… 3… — 3…
… 4… -3 -… 3… 3… -3 3…
…
… 1… — — 1… 1… — 1…
…
…
…
… 4… -3 -… 4… 3… -3 3…
…
…
…
…
… 1… -6 -… 1… 1… -9 1…
…
… 1… 3 -… 1… 8… 1 8…
…
… 2… -3 -… 2… 2… -8 2…
…
… -… — — -… -… — -…
…
… $ 6… $ -6 $ -… $ 6… $ 6… $ -… $ 6…
…
Revenue Details
The following table provides more detailed revenue information for certain of
the components presented above:
…
…
… Ac… Ac…
… 2… Di… 20… Di…
… G… C… Ot… No… GA… Ot… No…
… R… I… Im… Re… Re… Im… Re…
──────────────────────────────────────────────────────────────────────────────
… $ 9… $ 8 $ -… $ 8… $ 8… $ -… $ 8…
… 3… -3 -3 3… 3… 2 3…
…
… 1… -9 — 1… 1… 1 1…
…
… 1… -4 -… 1… 1… -7 1…
…
… 2… 2 -… 2… 2… 4 2…
… $ 3… $ -2 $ -… $ 3… $ 3… $ -3 $ 3…
…
…
…
…
…
… $ 7… $ -7 $ -6 $ 7… $ 7… $ -… $ 6…
…
…
… 5… -1 -2 5… 5… -5 5…
…
…
… 3… 2 -… 3… 3… 6 3…
…
…
… $ 1… $ -6 $ -… $ 1… $ 1… $ -9 $ 1…
…
…
…
…
…
…
…
…
…
…
…
…
…
14
Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Nine Months Ended September 30
(Millions) (Unaudited)
The following table provides the reconciliation of GAAP revenue to non-GAAP
revenue:
…
…
…
…
…
… Ac… Ac…
… 2… Di… 20… Di…
… G… C… Ot… No… GA… Ot… No…
… R… I… Im… Re… Re… Im… Re…
──────────────────────────────────────────────────────────────────────────────
… $ 1… $ -… $ -… $ 1… $ 1… $ -… $ 1…
… 2… -… -1 2… 2… -… 2…
… 1… -… -… 1… 1… -… 1…
…
… 2… -2 — 2… 3… — 3…
…
…
…
… 1… -… -… 1… 1… -… 1…
…
…
…
…
… 4… -… -… 4… 4… -… 4…
…
… 2… -… -… 2… 2… 1 2…
…
… 7… -… -… 7… 7… -… 7…
…
… -… — — -… -… — -…
…
… $ 2… $ -… $ -… $ 2… $ 2… $ -… $ 2…
…
Revenue Details
The following table provides more detailed revenue information for certain of
the components presented above:
…
…
… Ac… Ac…
… 2… Di… 20… Di…
… G… C… Ot… No… GA… Ot… No…
… R… I… Im… Re… Re… Im… Re…
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15