Form 8-K
8-K — MARSH & MCLENNAN COMPANIES, INC.
Accession: 0000062709-26-000096
Filed: 2026-04-16
Period: 2026-04-16
CIK: 0000062709
SIC: 6411 (INSURANCE AGENTS BROKERS & SERVICES)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — mmc-20260416.htm (Primary)
EX-99.1 — PRESS RELEASE MARCH 31, 2026 (mmc1q2026ex991newsrelease.htm)
GRAPHIC — MARSH LOGO (imagea.jpg)
GRAPHIC — MARSH LOGO (mmc-20260416_g1.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: mmc-20260416.htm · Sequence: 1
mmc-20260416
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported) April 16, 2026
Marsh & McLennan Companies, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware 1-5998 36-2668272
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer
Identification No.)
1166 Avenue of the Americas, New York, NY 10036
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code (212) 345-5000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol(s) Name of exchange on which registered
Common Stock, par value $1.00 per share MRSH New York Stock Exchange
NYSE Texas
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On April 16, 2026, Marsh & McLennan Companies, Inc. issued a press release reporting financial results for the first quarter ended March 31, 2026, and announcing that a conference call to discuss such results will be held at 8:30 a.m. Eastern time on April 16, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. For purposes of Section 18 of the Securities Exchange Act of 1934, the press release is deemed furnished not filed.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1 Press release issued by Marsh & McLennan Companies, Inc. on April 16, 2026.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MARSH & McLENNAN COMPANIES, INC.
By: /s/ Connor Kuratek
Name: Connor Kuratek
Title: Deputy General Counsel &
Corporate Secretary
Date: April 16, 2026
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EXHIBIT INDEX
Exhibit No. Exhibit
99.1
Press release issued by Marsh & McLennan Companies, Inc. on April 16, 2026
4
EX-99.1 — PRESS RELEASE MARCH 31, 2026
EX-99.1
Filename: mmc1q2026ex991newsrelease.htm · Sequence: 2
Document
Marsh
212 345 5000
www.corporate.marsh.com
News release
Exhibit 99.1
Marsh reports strong first quarter 2026 results
•Revenue Growth of 8%; Underlying Revenue Growth of 4%
•GAAP Operating Income Decreases 12%; Adjusted Operating Income Increases 8%
•First Quarter GAAP EPS of $2.36; Adjusted EPS Increases 8% to $3.29
NEW YORK, April 16, 2026 – Marsh (NYSE: MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, today reported financial results for the first quarter ended March 31, 2026.
John Doyle, President and CEO, said: "We had a solid start to the year, and I am pleased with our execution in a dynamic and challenging environment. For the quarter, we generated 8% overall revenue growth, 4% underlying revenue growth, 8% adjusted operating income growth, and 8% adjusted EPS growth."
"Our results reflect Marsh's market leadership, our clients' trust in our team's expertise, and the strength of our data and insights."
Consolidated Results
Consolidated revenue in the first quarter of 2026 was $7.6 billion, an increase of 8% compared with the first quarter of 2025, or 4% on an underlying basis. Operating income fell 12% to $1.8 billion and included a $425 million charge related to the Greensill litigation. Adjusted operating income, which excludes noteworthy items and identified intangible amortization expense as presented in the attached supplemental schedules, rose 8% to $2.4 billion. Net income attributable to the Company was $1.1 billion. Earnings per share were $2.36. Adjusted earnings per share increased 8% to $3.29.
1
Risk and Insurance Services
Risk & Insurance Services revenue was $5.1 billion in the first quarter of 2026, an increase of 6%, or 3% on an underlying basis. Operating income decreased 19% to $1.3 billion and included the charge related to the Greensill litigation, while adjusted operating income increased 7% to $1.9 billion.
Marsh Risk's revenue in the first quarter of 2026 was $3.7 billion, an increase of 8%, or 4% on an underlying basis. In U.S./Canada, underlying revenue growth was 3%. In International, underlying revenue growth was 5%, and included 6% growth in EMEA, 5% growth in Asia Pacific, and 2% growth in Latin America.
Guy Carpenter's revenue in the first quarter was $1.2 billion, an increase of 3%, or 2% on an underlying basis.
Consulting
Consulting revenue was $2.6 billion in the first quarter of 2026, an increase of 11%, or 5% on an underlying basis. Operating income increased 15% to $525 million, while adjusted operating income increased 13% to $552 million.
Mercer's revenue in the first quarter was $1.7 billion, an increase of 11%, or 5% on an underlying basis. Wealth revenue grew 5%, Health revenue increased 6%, and Career revenue declined 2%, all on an underlying basis.
Marsh Management Consulting's revenue in the first quarter of 2026 was $897 million, an increase of 10%, or 6% on an underlying basis.
Other Items
The Company repurchased approximately 4.2 million shares of stock for $750 million in the first quarter of 2026.
In the first quarter of 2026, the Company issued $600 million of senior notes and repaid $600 million of senior notes that matured.
Conference Call
A conference call to discuss first quarter 2026 results will be held today at 8:30 a.m. Eastern time. The live audio webcast may be accessed at corporate.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 corporate.marsh.com, or follow us on LinkedIn and X.
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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 or macroeconomic conditions on us, our clients and the countries and industries in which we operate, including from 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 and changes in insurance premium rates;
•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, 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.
3
Marsh & McLennan Companies, Inc.
Consolidated Statements of Income
(In millions, except per share data)
(Unaudited)
Three Months Ended
March 31,
2026 2025
Revenue $ 7,597 $ 7,061
Expense:
Compensation and benefits 4,130 3,850
Other operating expenses 1,713 1,206
Operating expenses
5,843 5,056
Operating income 1,754 2,005
Other net benefit credits 50 43
Interest income 11 19
Interest expense (240) (245)
Investment income 6 5
Income before income taxes 1,581 1,827
Income tax expense 395 415
Net income before non-controlling interests 1,186 1,412
Less: Net income attributable to non-controlling interests 40 31
Net income attributable to the Company $ 1,146 $ 1,381
Net income per share attributable to the Company:
- Basic $ 2.37 $ 2.81
- Diluted $ 2.36 $ 2.79
Average number of shares outstanding:
- Basic 484 492
- Diluted 486 495
Shares outstanding at March 31 482 493
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Marsh & McLennan Companies, Inc.
Supplemental Information - Revenue Analysis
Three Months Ended March 31
(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.
Components of Revenue Change*
Three Months Ended
March 31, % Change
GAAP Revenue* Currency Impact Acquisitions/
Dispositions/ Other Impact** Non-GAAP
Underlying Revenue
2026 2025
Risk and Insurance Services
Marsh Risk $ 3,726 $ 3,453 8 % 3 % 1 % 4 %
Guy Carpenter 1,240 1,206 3 % 2 % (1) % 2 %
Subtotal 4,966 4,659 7 % 3 % — 4 %
Fiduciary Interest Income 85 103
Total Risk and Insurance Services 5,051 4,762 6 % 3 % — 3 %
Consulting
Mercer 1,661 1,496 11 % 5 % 2 % 5 %
Marsh Management Consulting 897 818 10 % 3 % — 6 %
Total Consulting 2,558 2,314 11 % 4 % 1 % 5 %
Corporate Eliminations (12) (15)
Total Revenue $ 7,597 $ 7,061 8 % 3 % 1 % 4 %
Revenue Details
The following table provides more detailed revenue information for certain of the components presented above:
Components of Revenue Change*
Three Months Ended
March 31, % Change
GAAP Revenue* Currency Impact Acquisitions/
Dispositions/ Other Impact** Non-GAAP
Underlying Revenue
2026 2025
Marsh Risk:
EMEA $ 1,208 $ 1,059 14 % 8 % 1 % 6 %
Asia Pacific 369 335 10 % 4 % 1 % 5 %
Latin America 136 124 10 % 7 % — 2 %
Total International 1,713 1,518 13 % 7 % 1 % 5 %
U.S./Canada 2,013 1,935 4 % — — 3 %
Total Marsh Risk $ 3,726 $ 3,453 8 % 3 % 1 % 4 %
Mercer:
Wealth $ 752 $ 670 12 % 6 % 1 % 5 %
Health 661 608 9 % 3 % (1) % 6 %
Career 248 218 13 % 5 % 11 % (2) %
Total Mercer $ 1,661 $ 1,496 11 % 5 % 2 % 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.
5
Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Three Months Ended March 31
(Millions) (Unaudited)
Overview
The Company 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 Company 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 months ended March 31, 2026 and 2025. The following tables also present adjusted operating margin. For the three months ended March 31, 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.
Risk & Insurance Services Consulting Corporate/
Eliminations Total
Three Months Ended March 31, 2026
Operating income (loss) $ 1,311 $ 525 $ (82) $ 1,754
Operating margin 26.0 % 20.5 % N/A 23.1 %
Add (deduct) impact of noteworthy items:
Restructuring (a) 27 13 5 45
Changes in contingent and deferred consideration (b) 15 1 — 16
McGriff integration and retention related costs 39 — 3 42
Greensill litigation (c) 425 — — 425
Acquisition and disposition related gains (1) (6) — (7)
Total noteworthy items 505 8 8 521
Identified intangible amortization expense 119 19 — 138
Operating income adjustments 624 27 8 659
Adjusted operating income (loss) $ 1,935 $ 552 $ (74) $ 2,413
Adjusted operating margin 38.3 % 21.6 % N/A 31.8 %
Three Months Ended March 31, 2025
Operating income (loss) $ 1,613 $ 456 $ (64) $ 2,005
Operating margin 33.9 % 19.7 % N/A 28.4 %
Add (deduct) impact of noteworthy items:
Restructuring (a) 23 8 1 32
Changes in contingent and deferred consideration (b) 3 6 — 9
McGriff integration and retention related costs 69 — — 69
Acquisition related costs (d) 7 2 — 9
Acquisition and disposition related gains (e) (28) — — (28)
Total noteworthy items 74 16 1 91
Identified intangible amortization expense 120 19 — 139
Operating income adjustments 194 35 1 230
Adjusted operating income (loss) $ 1,807 $ 491 $ (63) $ 2,235
Adjusted operating margin 38.2 % 21.2 % N/A 31.8 %
(a)In the third quarter of 2025, the Company launched a three-year program, Thrive, which focuses on our brand strategy, delivering greater value to clients, accelerating growth and improving efficiency. The program will generate savings from process and automation efficiencies and optimization of our global operating model. Costs in 2025 relate primarily to severance and lease exit charges.
(b)Reflects the change in the fair value of contingent consideration and deferred acquisition related costs.
(c)Reflects estimated liability and legal expenses related to the Greensill litigation.
(d)Reflects one-time acquisition and disposition related retention and other costs.
(e)Risk and Insurance Services in 2025 includes a gain on the sale of a business and a gain on the remeasurement of an investment. These amounts are included in revenue in the consolidated statements of income and excluded from non-GAAP underlying revenue and adjusted revenue used in the calculation of adjusted operating margin.
6
Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Three Months Ended March 31
(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 months ended March 31, 2026 and 2025.
Three Months Ended
March 31, 2026
Three Months Ended
March 31, 2025
Amount Adjusted EPS Amount Adjusted EPS
Net income before non-controlling interests, as reported $ 1,186 $ 1,412
Less: Non-controlling interest, net of tax 40 31
Subtotal $ 1,146 $ 2.36 $ 1,381 $ 2.79
Operating income adjustments $ 659 $ 230
Other net benefit credits (50) (43)
Investments adjustment (2) (2)
Income tax effect of adjustments (a)
(153) (50)
454 0.93 135 0.27
Adjusted income, net of tax $ 1,600 $ 3.29 $ 1,516 $ 3.06
(a)For items with an income tax impact, the tax effect was calculated using an estimated effective tax rate for each item based on jurisdiction with a blended rate for items occurring in multiple jurisdictions.
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Marsh & McLennan Companies, Inc.
Supplemental Information
Three Months Ended March 31
(Millions) (Unaudited)
Three Months Ended
March 31,
2026 2025
Consolidated
Compensation and benefits $ 4,130 $ 3,850
Other operating expenses 1,713 1,206
Total expenses $ 5,843 $ 5,056
Depreciation and amortization expense $ 89 $ 88
Identified intangible amortization expense 138 139
Total $ 227 $ 227
Risk and Insurance Services
Compensation and benefits
$ 2,606 $ 2,451
Other operating expenses
1,134 698
Total expenses $ 3,740 $ 3,149
Depreciation and amortization expense $ 50 $ 50
Identified intangible amortization expense 119 120
Total $ 169 $ 170
Consulting
Compensation and benefits
$ 1,475 $ 1,363
Other operating expenses
558 495
Total expenses $ 2,033 $ 1,858
Depreciation and amortization expense $ 25 $ 24
Identified intangible amortization expense 19 19
Total $ 44 $ 43
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Marsh & McLennan Companies, Inc.
Consolidated Balance Sheets
(Millions)
(Unaudited)
March 31,
2026 December 31,
2025
ASSETS
Current assets:
Cash and cash equivalents $ 1,611 $ 2,687
Cash and cash equivalents held in a fiduciary capacity 11,744 11,473
Net receivables 8,427 7,670
Other current assets 1,454 1,370
Total current assets 23,236 23,200
Goodwill and intangible assets 28,880 29,083
Fixed assets, net 814 829
Pension related assets 2,168 2,140
Right of use assets 1,460 1,460
Deferred tax assets 193 212
Other assets 1,801 1,786
TOTAL ASSETS $ 58,552 $ 58,710
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt $ 1,702 $ 1,267
Accounts payable and accrued liabilities 4,180 3,652
Accrued compensation and employee benefits 1,945 3,962
Current lease liabilities 326 333
Accrued income taxes 572 373
Dividends payable 436 —
Fiduciary liabilities 11,744 11,473
Total current liabilities 20,905 21,060
Long-term debt 18,900 18,320
Pension, post-retirement and post-employment benefits 752 786
Long-term lease liabilities 1,523 1,529
Liabilities for errors and omissions 286 288
Other liabilities 1,380 1,412
Total equity 14,806 15,315
TOTAL LIABILITIES AND EQUITY $ 58,552 $ 58,710
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Marsh & McLennan Companies, Inc.
Consolidated Statements of Cash Flows
(Millions) (Unaudited)
Three Months Ended
March 31,
2026 2025
Operating cash flows:
Net income before non-controlling interests $ 1,186 $ 1,412
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization 227 227
Non-cash lease expense 76 73
Share-based compensation expense 139 112
Net (gain) on investments, disposition of assets and other (3) (39)
Changes in assets and liabilities:
Accrued compensation and employee benefits (2,004) (1,858)
Provision for taxes, net of payments and refunds 157 178
Net receivables (784) (599)
Other changes to assets and liabilities 465 9
Contributions to pension and other benefit plans in excess of current year credit (61) (55)
Operating lease liabilities (86) (82)
Net cash provided by (used for) operations (688) (622)
Financing cash flows:
Purchase of treasury shares (755) (300)
Net proceeds from issuance of commercial paper 1,049 1,048
Proceeds from issuance of debt 595 —
Repayments of debt (605) (505)
Net issuance of common stock from treasury shares (55) (9)
Net distributions of non-controlling interests and deferred/contingent consideration (36) (53)
Dividends paid (440) (405)
Change in fiduciary liabilities 361 86
Net cash provided by (used for) financing activities 114 (138)
Investing cash flows:
Capital expenditures (62) (55)
Purchases of long-term investments and other (14) (10)
Sales of long-term investments 1 84
Dispositions 12 25
Acquisitions, net of cash and cash held in a fiduciary capacity acquired (41) (18)
Net cash provided by (used for) investing activities (104) 26
Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (127) 243
Increase (Decrease) in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (805) (491)
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of period 14,160 13,674
Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of period $ 13,355 $ 13,183
Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity to the Consolidated Balance Sheets
Balance at March 31,
2026 2025
(In millions)
Cash and cash equivalents $ 1,611 $ 1,604
Cash and cash equivalents held in a fiduciary capacity 11,744 11,579
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 13,355 $ 13,183
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Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Three Months Ended March 31
(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:
2026 2025
Three Months Ended March 31, GAAP Revenue Currency Impact Acquisitions/
Dispositions/
Other Impact Non-GAAP Revenue GAAP Revenue Acquisitions/
Dispositions/
Other Impact Non-GAAP Revenue
Risk and Insurance Services
Marsh Risk $ 3,726 $ (108) $ (36) $ 3,582 $ 3,453 $ (18) $ 3,435
Guy Carpenter 1,240 (26) — 1,214 1,206 (12) 1,194
Subtotal 4,966 (134) (36) 4,796 4,659 (30) 4,629
Fiduciary Interest Income 85 (1) — 84 103 — 103
Total Risk and Insurance Services 5,051 (135) (36) 4,880 4,762 (30) 4,732
Consulting
Mercer 1,661 (68) (31) 1,562 1,496 (2) 1,494
Marsh Management Consulting 897 (26) (1) 870 818 — 818
Total Consulting 2,558 (94) (32) 2,432 2,314 (2) 2,312
Corporate Eliminations (12) — — (12) (15) — (15)
Total Revenue $ 7,597 $ (229) $ (68) $ 7,300 $ 7,061 $ (32) $ 7,029
Revenue Details
The following table provides more detailed revenue information for certain of the components presented above:
2026 2025
Three Months Ended March 31, GAAP Revenue Currency Impact Acquisitions/
Dispositions/
Other Impact Non-GAAP Revenue GAAP Revenue Acquisitions/
Dispositions/
Other Impact Non-GAAP Revenue
Marsh Risk:
EMEA $ 1,208 $ (82) $ (9) $ 1,117 $ 1,059 $ (2) $ 1,057
Asia Pacific 369 (13) (4) 352 335 (1) 334
Latin America 136 (9) — 127 124 — 124
Total International 1,713 (104) (13) 1,596 1,518 (3) 1,515
U.S./Canada 2,013 (4) (23) 1,986 1,935 (15) 1,920
Total Marsh Risk $ 3,726 $ (108) $ (36) $ 3,582 $ 3,453 $ (18) $ 3,435
Mercer:
Wealth $ 752 $ (38) $ (12) $ 702 $ 670 $ (4) $ 666
Health 661 (20) (2) 639 608 (5) 603
Career 248 (10) (17) 221 218 7 225
Total Mercer $ 1,661 $ (68) $ (31) $ 1,562 $ 1,496 $ (2) $ 1,494
Note: Amounts in the tables above are rounded to whole numbers.
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v3.26.1
Document and Entity Information
Apr. 16, 2026
Entity Information [Line Items]
Document Type
8-K
Document Period End Date
Apr. 16, 2026
Entity Registrant Name
Marsh & McLennan Companies, Inc.
Entity Incorporation, State or Country Code
DE
Entity File Number
1-5998
Entity Tax Identification Number
36-2668272
Entity Address, Address Line One
1166 Avenue of the Americas,
Entity Address, City or Town
New York,
Entity Address, State or Province
NY
Entity Address, Postal Zip Code
10036
City Area Code
(212)
Local Phone Number
345-5000
Written Communications
false
Soliciting Material
false
Pre-commencement Tender Offer
false
Pre-commencement Issuer Tender Offer
false
Title of 12(b) Security
Common Stock, par value $1.00 per share
Trading Symbol
MRSH
Entity Emerging Growth Company
false
Entity Central Index Key
0000062709
Amendment Flag
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New York Stock Exchange
Entity Information [Line Items]
Security Exchange Name
NYSE
NYSE Texas
Entity Information [Line Items]
Security Exchange Name
CHX
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Area code of city
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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
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Address Line 1 such as Attn, Building Name, Street Name
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Name of the City or Town
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Code for the postal or zip code
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Name of the state or province.
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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
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Indicate if registrant meets the emerging growth company criteria.
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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
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Two-character EDGAR code representing the state or country of incorporation.
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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
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Local phone number for entity.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
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Trading symbol of an instrument as listed on an exchange.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
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