Marsh Q3 2026: revenue $6.9B up 8%, adjusted EPS up 10% to $2.03; Reinsurance revenue down 6%

MARSH & MCLENNAN COMPANIES, INC.

Q3 revenue $6.9B, up 8% reported / 5% underlying; net income attributable to the Company $808M; GAAP EPS $1.69, adjusted EPS up 10% to $2.03.
Risk revenue $3.7B (+10%, +5% underlying): U.S./Canada +4%, EMEA +7%, Asia Pacific +4%, Latin America flat; Reinsurance revenue fell 6% to $374M.
Consulting revenue $2.7B (+9%, +8% underlying) with operating income +12% to $563M; People and Investments $1.7B (+6%, +5% underlying); Management Consulting $1.0B (+14%).
Nine months: revenue $21.9B (+7%, +5% underlying), operating income down 3% to $4.9B, GAAP EPS $6.68 vs $6.75, adjusted EPS up 9% to $8.29.
Repurchased 2.7M shares for $500M in Q3 (11.4M shares / $2.0B through nine months); repaid EUR 550M of Euro-denominated senior notes that matured in September.

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