Marsh & McLennan tops second-quarter forecasts as demand drives revenue growth (MRSH)

Earnings beat expectations as shares edge higher

Marsh & McLennan Companies (NYSE:MRSH) reported stronger-than-expected second-quarter results on Tuesday, exceeding Wall Street forecasts for both earnings and revenue as demand remained healthy across its core businesses.

Shares rose 1.04% in pre-market trading following the announcement.

Adjusted earnings came in at $2.96 per share, ahead of the analyst consensus estimate of $2.90. Revenue reached $7.4 billion, surpassing expectations of $7.28 billion.

Total revenue increased 6% year over year, or 5% on an underlying basis.

Operating profit continues to expand

Adjusted operating income rose 5% from the prior-year period to $2.2 billion.

For the first six months of 2026, adjusted earnings per share increased 8% year over year to $6.25.

“I am pleased with our solid results in the quarter and our execution in a dynamic environment,” said John Doyle, President and CEO. “Our performance in the first half underscores strong demand for Marsh’s expertise and capabilities across risk, people, strategy, and investments.”

Consulting business delivers strongest growth

Risk & Insurance Services generated revenue of $4.8 billion, up 4% from a year earlier, or 3% on an underlying basis.

Within the segment, Marsh Risk revenue increased 6% to $4.1 billion, supported by underlying growth of 4% in the U.S. and Canada and 5% across international markets.

Guy Carpenter revenue declined 2% to $664 million.

Consulting was the company’s fastest-growing division, with revenue climbing 10%, or 8% on an underlying basis, to $2.6 billion.

Mercer reported revenue growth of 7% to $1.6 billion, with underlying growth of 5%, while Marsh Management Consulting posted a 15% increase in revenue to $1.0 billion and underlying growth of 13%.

Company boosts shareholder returns

During the second quarter, Marsh repurchased 4.5 million shares for approximately $750 million.

The board also approved a 10% increase in the quarterly dividend to $0.990 per share on July 8. The dividend is scheduled to be paid on August 14, 2026.

Marsh McLennan stock price