EarningsQ2 2026 Earnings Report
CH:MRSH Q2 2026 EPS Results
Actual EPSCHF2.40
Consensus EPSCHF2.35
Beat/MissBeat by +CHF0.05
One Year Ago EPSCHF2.21
CH:MRSH Q2 2026 Revenue Results
Actual RevenueCHF6.01B
Expected RevenueCHF5.91B
Beat/MissBeat by +CHF96.99M
YoY Revenue Growth+5.99%
Earnings Announcement Details
QuarterQ2 2026
Date07/21/2026
TimeBefore Open
Conference CallTuesday, July 21, 2026
CH:MRSH Upcoming Earnings
Marsh & McLennan Companies's next earnings date is estimated for October 15, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
CH:MRSH Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call conveyed a constructive tone: the company delivered solid top-line growth (+6%), margin and EPS expansion (adjusted EPS +9%), strong consulting and Mercer momentum, meaningful AI and brand initiatives (Thrive), and increased shareholder returns (dividend +10%, increased buyback guidance). However, significant headwinds persist in property and reinsurance pricing that pressured Guy Carpenter and parts of the insurance market, along with lower fiduciary interest income and planned one-time charges related to Thrive. On balance, the positive operational and financial progress and strategic investments outweigh the near-term market-driven challenges.Company Guidance
Consolidated Revenue and Growth
Consolidated revenue increased 6% year-over-year to $7.4 billion in Q2 2026, with underlying revenue growth accelerating to 5% (from 4% in prior quarter).
Earnings and Margins Improvement
Adjusted operating income rose 5% to $2.2 billion with an adjusted operating margin of 29.3%. Adjusted EPS was $2.96, up 9% year-over-year; GAAP EPS was $2.63. For the first half, adjusted operating income grew 7% to $4.6 billion and adjusted EPS increased 8% to $6.25.
Strong Consulting Performance
Consulting revenue grew 10% reported (8% underlying) to $2.6 billion in Q2; consulting adjusted operating income increased 11% with a 20.5% adjusted operating margin. Marsh Management Consulting revenue was $1.0 billion, up 15% reported (13% underlying).
Marsh Risk Resilience and New Business
Marsh Risk revenue was $4.1 billion, up 6% reported (4% underlying). U.S. & Canada underlying growth accelerated to 4% sequentially; international underlying growth remained solid at 5% (EMEA +5%, Asia Pacific +5%, Latin America +8%). Strong new business wins and producer hiring noted.
Mercer and Wealth Momentum
Mercer revenue rose to $1.6 billion, up 7% reported (5% underlying). Wealth/Investments led performance with AUM at $846 billion, up 16% sequentially and 26% year-over-year; wealth was up 8%.
Capital Deployment and Shareholder Returns
Company expects to deploy ~ $5.5 billion of capital in 2026 (raised from $5.0B), including share repurchases ($750M in the quarter, $1.5B YTD) and announced a 10% increase in the quarterly dividend (17th consecutive year of increases).
Thrive Program and Cost Savings
Thrive strategy underway to invest in brand, sales capacity and AI; company remains on track to deliver $400 million of total savings (incurring ~ $500 million of charges to generate savings).
AI and Technology Initiatives
Multiple AI initiatives launched or expanded: Marsh Risk Companion, coverage intelligence for middle market, Atlas for reinsurance insights, Claims IQ rolled out to 3,000 claims professionals, LenWork (internal agentic assistant) and partnership with AWS/Oliver Wyman to reengineer mid-/back-office processes.
CH:MRSH Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed