Marsh McLennan
Combines insurance and reinsurance brokerage with workforce, investment, and management consulting.
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Profile
Provides insurance and reinsurance brokerage, risk advice, employee health and investment consulting, and specialized management consulting through Marsh Risk, Guy Carpenter, Mercer, and Marsh Management Consulting. Fees and commissions drive revenue, with the larger Risk and Insurance Services segment exposed to premium rates and intermediary regulation.
Organizes professional services across two segments: Risk and Insurance Services, and Consulting. Marsh Risk brokers insurance and advises on risk; Guy Carpenter arranges reinsurance and capital solutions; Mercer covers employee health, wealth and career needs; Marsh Management Consulting provides management, strategic, economic and brand advice. Together they serve clients in 130 countries.
Earns commissions and fees, with Mercer also charging against assets or plan members. Combines placement, analytics, actuarial work, benefits advice and specialized consulting, while Business and Client Services centralizes technology, data and operations.
Operates through regulated intermediaries requiring licenses across U.S. states and many foreign jurisdictions. A significant share of risk-and-insurance revenue depends on commissions linked to insurance and reinsurance premiums; client funds held in a fiduciary capacity face segregation and investment rules.
Company facts
Key statistics
Year to date +5.6% · Average volume (30d) 2.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 25, 2026 | BMO Capital | Reiterate | Market Perform | $228 | $203 | |
| Aug 19, 2026 | Morgan Stanley | Reiterate | Equal Weight | $180 | $200 | |
| Jul 27, 2026 | UBS | Reiterate | Buy | $212 | $216 | |
| Jul 22, 2026 | Mizuho Securities | Target | $197 | $201 | ||
| Jul 22, 2026 | Wells Fargo | Reiterate | Negative | $199 | $188 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 21, 2026Q2 FY26 | $2.88 | $2.96 | +2.8% | $7.28B | $7.40B | +1.7% | −3.08% |
| Apr 16, 2026Q1 FY26 | $3.22 | $3.29 | +2.2% | $7.41B | $7.30B | −1.4% | −3.71% |
| Jan 29, 2026Q4 FY25 | $1.97 | $2.12 | +7.6% | $6.56B | $6.60B | +0.6% | +0.14% |
| Oct 16, 2025Q3 FY25 | $1.78 | $1.85 | +3.9% | $6.32B | $6.35B | +0.4% | +1.67% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $7.06B | $6.97B | $6.35B | $6.60B | $7.60B | $7.40B | |
| Gross profit | $3.21B | $3.08B | $2.46B | $2.66B | $3.47B | $3.26B | |
| Operating income | $2.01B | $1.83B | $1.17B | $1.22B | $1.75B | $1.90B | |
| Net income | $1.38B | $1.21B | $747.0M | $821.0M | $1.15B | $1.27B | |
| Diluted EPS | $2.79 | $2.45 | $1.51 | $1.68 | $2.36 | $2.63 | |
| Gross margin | 45.5% | 44.1% | 38.7% | 40.3% | 45.6% | 44.1% | |
| Operating margin | 28.4% | 26.2% | 18.4% | 18.5% | 23.1% | 25.6% |
Fiscal years (4-quarter sums)FY21 $19.82B · FY22 $20.72B · FY23 $22.74B · FY24 $24.46B · FY25 $26.98B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.70B · Total debt $22.38B · Total assets $59.68B · Shareholders' equity $15.18B
Dividends
Raised for 20 straight years — most recently to $0.99 from $0.90 in Jul 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 23, 2026 | Jul 23 | Aug 14 | $0.99 | raised from $0.90 |
| Apr 9, 2026 | Apr 9 | May 15 | $0.90 | |
| Jan 29, 2026 | Jan 29 | Feb 13 | $0.90 | |
| Oct 2, 2025 | Oct 2 | Nov 14 | $0.90 | |
| Jul 24, 2025 | Jul 24 | Aug 15 | $0.90 | raised from $0.815 |
| Apr 3, 2025 | Apr 3 | May 15 | $0.815 | |
| Jan 30, 2025 | Jan 30 | Feb 14 | $0.815 | |
| Oct 4, 2024 | Oct 4 | Nov 15 | $0.815 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 477.21M · Float 476.72M · 99.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 39.50M | 8.28% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 31.47M | 6.60% | 13F | Aug 13, 2026 |
| State Street Corp | 22.40M | 4.69% | 13F | Aug 7, 2026 |
| Capital World Investors | 18.12M | 3.80% | 13F | Aug 12, 2026 |
| Wellington Management Group LLP | 16.98M | 3.56% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 6, 2026 | John Jude Jones | officer: Chief Marketing Officer | −6,500 | $191.96 |
| Jul 29, 2026 | Paul Beswick | officer: SVP, Chief Information Officer | −713 | $198.00 |
| Jul 28, 2026 | Martin South | officer: Chief Client Officer | −7,100 | $189.99 |
| Jul 23, 2026 | Lloyd M. Yates | director | −12,000 | $175.65 |
| Mar 11, 2026 | John Jude Jones | officer: Chief Marketing Officer | −2,362 | $173.61 |
Peers
- Aon
The world's #2 insurance broker, competing across all MRSH revenue pillars.
- Willis Towers Watson
The #3 global broker, competing in both insurance brokerage and HR consulting.
- Arthur J. Gallagher
Fast-growing #3–4 broker with Gallagher Re directly contesting Guy Carpenter.
- Brown & Brown
US middle-market broker competing directly with Marsh McLennan Agency.
- Accenture
Largest management consulting firm; competes with Oliver Wyman in fin. services.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Marsh McLennan | $185.69 | −3.61% | $91.93B | 23.6 | 17.6 | 3.3 | +6.2% |
| Aon | $355.40 | −0.01% | $75.39B | 19.6 | 17.6 | 4.3 | +2.2% |
| Willis Towers Watson | $342.03 | −0.49% | $31.92B | 21.1 | 16.4 | 3.2 | +9.1% |
| Arthur J. Gallagher | $250.73 | −6.27% | $68.74B | 44.3 | 19.0 | 4.4 | +22.8% |
| Brown & Brown | $73.31 | 0.00% | $24.53B | 21.7 | 15.9 | 3.6 | +34.2% |
| Accenture | $189.20 | −0.17% | $116.03B | 15.1 | 13.2 | 1.6 | +5.6% |
| Median | 21.1 | 16.4 | 3.6 | +9.1% |