The GAAP vs adjusted EPS divergence is unusually large this quarter due to Greensill litigation settlement ($144M) and Thrive restructuring costs ($79M). Monitor the Q4 earnings call for updates on the Greensill resolution finality and Thrive program savings trajectory. The 6% decline in Reinsurance revenue (Guy Carpenter) bears watching as a potential headwind to the Risk & Insurance segment.
Price Chart
Executive Summary
Marsh reported Q3 2026 GAAP EPS of $1.69 and adjusted EPS of $2.03, with revenue of $6.9B (+8% GAAP, +5% underlying). The adjusted EPS of $2.03 beat the Street consensus of $1.96 by 3.6%, while GAAP EPS of $1.69 missed the consensus estimate of $2.21 by 23.5% due to large noteworthy items including Greensill litigation settlement costs and restructuring charges. Revenue was roughly in line with the $6.91B consensus. The company continues to execute its Thrive program and completed its brand transition, while repurchasing $500M in shares during the quarter.
Key Financial Metrics
Key Facts
- Q3 2026 GAAP EPS of $1.69 vs consensus $2.21 (miss of 23.5%) — driven by $312M in operating income adjustments including $144M Greensill litigation costs and $79M restructuring
- Adjusted EPS of $2.03 beat Street consensus of $1.96 by 3.6% — the metric the market tracks for this insurance broker
- Revenue of $6.9B (+8% GAAP, +5% underlying) roughly in line with $6.91B consensus
- Risk and Insurance Services revenue $4.2B (+7% GAAP, +3% underlying); Risk segment grew 10% GAAP / 5% underlying; Reinsurance declined 6%
- Consulting revenue $2.7B (+9% GAAP, +8% underlying); Management Consulting grew 14% underlying; People and Investments grew 5% underlying
- Company repurchased 2.7M shares for $500M in Q3; YTD repurchases of 11.4M shares for $2.0B
- Repaid €550M of Euro-denominated senior notes in Q3
- GAAP operating margin 17.7%; adjusted operating margin 22.7%
Financial Impact
GAAP EPS of $1.69 missed consensus by $0.52 (23.5%) due to $312M in adjustments; adjusted EPS of $2.03 beat by $0.07 (3.6%). Revenue of $6.9B was in line with $6.91B consensus.
Risk Factors
- Greensill litigation costs may continue — $569M YTD charge with $144M in Q3 alone
- Reinsurance revenue declining 6% in Q3 and 1% YTD on underlying basis signals softening in the reinsurance brokerage cycle
- GAAP operating income declined 3% YTD; adjusted operating income up 7% but gap driven by large one-time items
- Operating cash flow of $2.3B YTD vs $3.1B in prior year period — a 26% decline
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000062709-26-000256 |
| Document: mmc-20261015.htm | 0000062709-26-000256 |
| Document: 0000062709-26-000256-index-headers.html | 0000062709-26-000256 |
| Document: 0000062709-26-000256-index.html | 0000062709-26-000256 |
| Document: 0000062709-26-000256.txt | 0000062709-26-000256 |
| 8-K Data (Synthetic) | 0000062709-26-000256 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 8-K | $190.67 | awaiting T+20 | — | $194.72 (+2.12%) |
Oct 26, 2026 1d ago | Insider Cluster | $194.72 | awaiting T+20 | — | $194.72 (+0.00%) |
Oct 23, 2026 4d ago | Institutional Cluster | $197.48 | awaiting T+20 | — | $194.72 (−1.40%) |
Oct 15, 2026 12d ago | 8-K | $186.54 | awaiting T+20 | — | $194.72 (+4.39%) |
Sep 3, 2026 7w ago | Insider Cluster | $185.74 $170.43 | ▼ −8.24% | ▼ −8.85% | $194.72 (+4.83%) |
Jul 31, 2026 12w ago | Insider Cluster | $192.84 $189.80 | ▼ −1.58% | ▼ −2.81% | $194.72 (+0.97%) |
Jul 29, 2026 12w ago | Insider Cluster | $191.51 $190.00 | ▼ −0.79% | ▼ −4.75% | $194.72 (+1.68%) |
Jul 23, 2026 13w ago | 144 | $176.40 $190.21 | ▲ +7.83% | ▲ +4.52% | $194.72 (+10.39%) |
Jul 21, 2026 14w ago | 8-K | $181.59 $186.37 | ▲ +2.63% | ▲ +0.07% | $194.72 (+7.23%) |
Apr 16, 2026 27w ago | 8-K | $182.57 $159.14 | ▼ −12.83% | ▼ −18.65% | $194.72 (+6.65%) |
US Market Status
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