Marsh & Mclennan Companies, Inc.

Company facts

Industry

Insurance Agents, Brokers & Service

Headquarters

New York, New York

Most recent report

10-Q, filed Oct 15, 2026

Incorporated

Delaware

Filings on record

1,006+ filings

On EDGAR

CIK 62709

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 2 of 13 sections worth reading, with 9 positive, 9 notable, and 4 negative flags.

• Financial Statements (Item 1)

  Operating cash flow fell 26%, buybacks doubled, litigation charges large, segment profit down.
  Notable

  • Effective tax rate fell to 21.3% in Q3 2026 from 25.1%, helped by Deasterra gain.
  • Thrive restructuring cost estimate raised to $750M from $500M; $310M incurred through Sep 2026.
  • Revenue includes a one-time $126M gain from consolidating Deasterra Partners in Q3 2026.

• Management's Discussion (Item 2)

  Greensill charge, restructuring cost increase, and operating income decline in Risk segment need attention.
  Positive

  • Revenue up 8% to $6.9B in Q3 2026 and 7% to $21.9B YTD; underlying growth 5% both periods.
  • Revenue up 7% to $4.2B in Q3 2026 and 6% YTD, with underlying growth of 3%.
  • Up 10% to $3.7B in Q3 2026; underlying growth 5% driven by new business.
  • Up 9% to $2.7B in Q3 2026 and 10% YTD; underlying growth 8% and 7%.
  • Up 12% to $563M in Q3 2026 from $501M; YTD up 13% to $1.6B.
  • Up 6% to $1.7B in Q3 2026; underlying growth 5% driven by Investments and Retirement.
  • Up 14% to $1.0B in Q3 2026; underlying growth 14% driven by most regions.
  • Repurchased $2.0B of shares YTD 2026, up from $1.0B YTD 2025; $3.7B authorization remaining.
  • Quarterly dividend increased to $0.990 per share in Q3 2026, up from $0.900 earlier in the year.
  Notable

  • Charge of $144M in Q3 and $569M YTD 2026, net of insurance, for the settlement.
  • Remeasurement gain of $126M in Q3 2026 from acquiring remaining 60% of Spain-based broker.
  • Restructuring costs of $79M in Q3 and $182M YTD 2026 under the Thrive program.
  • 8 acquisitions in 2026 for total purchase consideration of $550M.
  • Repaid €550M 1.349% senior note in September 2026.
  • Short-term commercial paper program increased to $4.25B; $1.6B outstanding at 4.13% in Q3 2026.
  Negative

  • YTD operating income down 3% to $4.9B (Q3 2026) as Greensill charge and expense growth outpaced revenue.
  • YTD operating income down 7% to $3.5B (Q3 2026) from $3.8B; margin fell to 25.1% from 28.6%.
  • Declined 6% to $374M in Q3 2026 due to falling reinsurance premium rates.
  • Operating cash flow fell 26% YTD to $2.3B (Q3 2026) from $3.1B.

What changed: Sep 2026 vs. Jun 2026

About 5% of MRSH's Sep 2026 10-Q is new information. 28 paragraphs were added, 247 changed, and 39 removed. Below are the most important lines SECSift identified.

• Item 1 110
• Item 2 107
• Item 6 12
• Item 3 3