Marsh (MRSH) Q3 2026 Earnings Call: EPS Up 10%, Thrive Target Raised

Key Takeaways

• Marsh reported Q3 2026 revenue of $6.9 billion, up 8% year over year and 5% on an underlying basis. Adjusted operating income rose 6% to $1.5 billion, while adjusted EPS increased 10% to $2.03.
• Consulting led growth with underlying revenue up 8%. Management Consulting grew 14%, supported by broad-based demand, AI-related work and favorable timing of success fees.
• Risk delivered 5% underlying growth despite softer commercial insurance pricing. Reinsurance revenue declined 6% in the quarter as lower property reinsurance rates and a difficult prior-year comparison weighed on results.
• Marsh raised its Thrive savings target from $400 million to $600 million, citing additional opportunities from Business & Client Services, process redesign, right-shoring, automation and technology.
• The company repurchased $500 million of shares during Q3, bringing year-to-date repurchases to $2 billion. Management continues to expect approximately $5.5 billion of total capital deployment in 2026.
• Management maintained its full-year outlook for underlying revenue growth similar to 2025, company-wide margin expansion and solid adjusted EPS growth, subject to economic, geopolitical and market conditions.

Core Financial Data