Marsh Q2 2026: revenue $7.40B, up 6%; adjusted EPS $2.96
Marsh's second quarter was solid rather than clean: revenue rose to $7.40 billion and adjusted EPS reached $2.96, but GAAP operating margin slipped to 25.6% from 26.2% and first-half GAAP operating income fell 5%. The adjusted figures strip out $267 million of quarterly charges, including McGriff integration and restructuring. Read revenue first, then the adjustments — the gap between $2.63 GAAP EPS and $2.96 adjusted is where the story lives.
1 · Expected vs. Actual
Free preview belowGAAP EPS was $2.63, while adjusted EPS rose 9% to $2.96 against a $2.9557 consensus estimate. The $0.33 difference comes from $267 million of operating income adjustments plus the related tax effects. For the six months, GAAP EPS was $4.99 and adjusted EPS was $6.25, up 8%.
Second-quarter revenue was $7.40 billion against $6.97 billion a year earlier, which the company reports as 6% growth and 5% on an underlying basis. Risk & Insurance Services brought in $4.82 billion and Consulting $2.60 billion. Consulting grew fastest at 10% overall and 8% underlying, while Risk & Insurance Services managed 4% overall and 3% underlying.
Log in to read 35 analyses a week for free
Create a free account to read 35 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.