Marsh (MRSH) investor relations material

Executive summary

• Consolidated revenue for Q2 2026 was $7.4 billion, up 6% year-over-year, with underlying growth of 5%; six-month revenue was $15.0 billion, up 7%.

• Adjusted operating income increased 5% to $2.2 billion, and adjusted EPS grew 9% year-over-year to $2.96; GAAP operating income rose 4% to $1.9 billion.

• Strong new business and talent acquisition, especially in the U.S., contributed to growth despite pricing headwinds.

• The Thrive program accelerated investments in brand, sales capacity, and AI-driven capabilities, targeting $400 million in annualized savings over three years.

• Significant legal settlement: $425 million liability recorded for Greensill litigation.

Financial highlights

• Q2 2026 consolidated revenue: $7.4 billion, up 6% year-over-year; six-month revenue: $15.0 billion, up 7%.

• Adjusted operating income: $2.2 billion, up 5%; adjusted operating margin: 29.3%.

• GAAP EPS: $2.63; adjusted EPS: $2.96, up 9% year-over-year; six-month adjusted EPS: $6.25, up 8%.

• Q2 net income attributable: $1.3 billion; six-month net income: $2.4 billion.

• Operating expenses rose 7% in Q2 and 11% YTD, driven by higher compensation and legal costs.

Outlook and guidance

• Expect underlying revenue growth in 2026 similar to 2025, with continued margin expansion and solid adjusted EPS growth.

• Margin expansion anticipated to be more pronounced in Q4 than Q3.

• Thrive restructuring program expected to generate $400 million in annualized savings, with $500 million in costs over three years.

• Management highlights strong demand across risk, people, strategy, and investments.