Marsh & McLennan Companies, Inc. (MRSH) Earnings Call Transcripts
Marsh & McLennan Companies, Inc.'s Latest Earnings Call - Q2 FY2026
In the second quarter of 2026, Marsh & McLennan Companies, Inc. reported consolidated revenue of $7.4 billion, reflecting a 6% increase year-over-year, with underlying revenue growth accelerating to 5%. Adjusted EPS rose 9% to $2.96, surpassing expectations. Management maintained guidance for the fiscal year, anticipating underlying revenue growth to remain consistent with 2025 levels, alongside margin expansion and solid adjusted EPS growth. The company also announced an increase in capital deployment expectations from $5 billion to $5.5 billion, indicating confidence in its operational strategy and growth prospects.
Reported metrics
| Metric | Value |
|---|---|
| Revenue | $7.4 billion (beat) |
| Adjusted EPS | $2.96 (beat) |
| Underlying Revenue Growth | 5% (positive) |
| Adjusted Operating Income | $2.2 billion (inline) |
| Consulting Revenue | $2.6 billion (beat) |
| Guy Carpenter Revenue | $664 million (miss) |
Guidance from management
Management expects underlying revenue growth for 2026 to be similar to 2025 levels, alongside continued margin expansion and solid adjusted EPS growth. They anticipate fiduciary interest income to be approximately $95 million in Q3 2026.
What management said
Thanks, Dean. So Greg, hopefully, that was helpful. Some unsurprising headwinds for us from a pricing point of view, but execution is strong, and we feel good about our growth prospects. And do you have a follow-up?
Yes. Brian, we're very excited, obviously, about that growth. Ted and the team have been executing well. It's an incredibly complex environment that businesses are operating through. So the opportunities for us to not only help clients understand the risks and manage those risks more effectively, but to capitalize on the opportunities amidst the complexity and all the change that drives opportunity for us in our cons...
What analysts pressed on
Analysts expressed concerns regarding the impact of declining pricing in the reinsurance market on Guy Carpenter's growth. There were also inquiries about the potential offset of rising technology costs against efficiency gains from AI investments, indicating uncertainty about future profitability.
Main topics on the call
- Revenue Growth and Performance — Marsh reported a consolidated revenue increase of 6% to $7.4 billion for Q2 2026, with underlying growth at 5%. CEO John Doyle noted, "Overall, revenue grew 6% in the quarter," highlighting strong demand for their servic...
- Thrive Program and Strategic Investments — The Thrive program is set to enhance growth by investing in brand and sales capacity. Doyle stated, "We're focused on allocating capital and resources to strategic priorities where we see significant growth potential," s...
- AI and Technology Integration — Marsh is leveraging AI to enhance operational efficiency and client solutions. Doyle mentioned, "Our strategy is to drive AI development in 3 areas: growth, productivity and efficiency," indicating a strong focus on tech...
- Market Conditions and Pricing Headwinds — The global insurance market is experiencing softening rates, with primary commercial insurance rates down 6%. Doyle noted, "Rates in the U.S. decreased 2%... Global property rates decreased 12% year-over-year," which pos...
Read the full Marsh & McLennan Companies, Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Marsh & McLennan Companies, Inc.
Marsh & McLennan Companies, Inc. (MRSH) is a publicly listed company in the Insurance industry, within the Financials sector. It trades on NYSE and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 27 calls on record spanning January 30, 2020 to July 21, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 27 Marsh & McLennan Companies, Inc. earnings call transcripts on record, spanning January 30, 2020 to July 21, 2026. Based on this history, Marsh & McLennan Companies, Inc. reports quarterly. The most recent call on file is dated July 21, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- MRSH
- Exchange
- NYSE
- Country
- US
- Sector
- Financials
- Industry
- Insurance
- Calls on record
- 27
- First call
- January 30, 2020
- Most recent
- July 21, 2026
- Reporting cadence
- quarterly