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Operating Income by Segment
Reveals the profitability of each business unit, highlighting which segments drive earnings and which may need strategic adjustments.
Risk & Insurance Services has pronounced Q1 spikes but an upward baseline — recent mid‑2026 resilience despite Guy Carpenter’s reinsurance pricing weakness suggests Marsh is offsetting rate pressure with new business, producer hiring and mix gains. Consulting’s operating income is steadily rising with far less volatility, becoming the earnings stabilizer behind margin and adjusted‑EPS expansion. Corporate eliminations remain a modest, consistent drag; with Thrive investments and heavier capital returns, consulting strength is now pivotal to sustaining overall profitability.
MRSH Operating Income by Segment
| Date | Risk and Insurance Services | Consulting | Corporate Eliminations |
|---|---|---|---|
| Sep 30, 2026 | $745.00M | $563.00M | -$93.00M |
| Jun 30, 2026 | $1.48B | $502.00M | -$81.00M |
| Dec 31, 2025 | $830.00M | $483.00M | -$94.00M |
| Sep 30, 2025 | $750.00M | $501.00M | -$81.00M |
| Jun 30, 2025 | $1.44B | $456.00M | -$70.00M |
| Mar 31, 2025 | $1.61B | $456.00M | -$64.00M |
| Dec 31, 2024 | $770.00M | $466.00M | -$94.00M |
| Sep 30, 2024 | $733.00M | $462.00M | -$87.00M |
| Jun 30, 2024 | $1.30B | $410.00M | -$65.00M |
| Mar 31, 2024 | $1.56B | $432.00M | -$72.00M |
| Dec 31, 2023 | $753.00M | $443.00M | -$93.00M |
| Sep 30, 2023 | $640.00M | $424.00M | -$68.00M |
| Jun 30, 2023 | $1.16B | $388.00M | -$88.00M |
| Mar 31, 2023 | $1.40B | $411.00M | -$80.00M |
| Dec 31, 2022 | $472.00M | $336.00M | -$128.00M |
| Sep 30, 2022 | $529.00M | $350.00M | -$88.00M |
| Jun 30, 2022 | $967.00M | $475.00M | -$78.00M |
| Mar 31, 2022 | $1.43B | $406.00M | -$68.00M |
| Dec 31, 2021 | $667.00M | $395.00M | -$76.00M |
| Sep 30, 2021 | $403.00M | $404.00M | -$67.00M |
| Jun 30, 2021 | $950.00M | $344.00M | -$66.00M |
| Mar 31, 2021 | $1.06B | $361.00M | -$63.00M |
| Dec 31, 2020 | $463.00M | $179.00M | -$71.00M |
| Sep 30, 2020 | $333.00M | $278.00M | -$71.00M |
| Jun 30, 2020 | $696.00M | $255.00M | -$66.00M |
| Mar 31, 2020 | $854.00M | $282.00M | -$66.00M |