Filing Flows › Financials › Marsh & McLennan Companies (MRSH)
Marsh & McLennan Companies (MRSH) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 15, 2026 · Marsh & McLennan Companies (MRSH) Q3 2026 earnings results →
Q3 2026 Revenue up 8% year over year to $6.9B · 12¢ of every $1 of revenue kept as net profit · operating margin 17.7%
Marsh & McLennan Companies made $6.9B in Q3 2026 (+8% Y/Y). Operating margin 17.7%, net earnings $808M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 15, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $6.9B in Q3 2026, up 8% year over year and down 7% from the previous quarter.
Operating profit was $1.2B, a 17.7% margin (down 0.7 points year over year). Of the extra revenue versus Q3 2025, 9% reached operating profit, below the 18% margin then. Total costs grew 9% against revenue growth of 8%. Net earnings were $0.81B, up 8% year over year. The effective tax rate was 21.4%.
Operating cash flow was $1.5B (down 29% year over year), 182% of net earnings. Non-cash charges added back $0.09B of depreciation and amortization and $0.09B of share-based compensation. Working capital and other items added $0.48B. Capital expenditures of $0.08B left free cash flow of $1.4B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 15, 2026 | $6.9B | +8% | 17.7% | $808M | $1.5B |
| Q2 2026 | 10-Q | Jul 21, 2026 | $7.4B | +6% | 25.6% | $1.3B | $1.5B |
| Q1 2026 | 10-Q | Apr 16, 2026 | $7.6B | +8% | 23.1% | $1.1B | −$688M |
| Q4 2025 | 10-K | Feb 9, 2026 | $6.6B | +9% | 18.5% | $821M | $2.2B |
| Q3 2025 | 10-Q | Oct 16, 2025 | $6.4B | +12% | 18.4% | $747M | $2.1B |
| Q2 2025 | 10-Q | Jul 17, 2025 | $7.0B | +12% | 26.2% | $1.2B | $1.7B |
| Q1 2025 | 10-Q | Apr 17, 2025 | $7.1B | +9% | 28.4% | $1.4B | −$622M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Marsh & McLennan Companies
References in this report to "we", "us" and "our" are to Marsh & McLennan Companies, Inc. and its consolidated subsidiaries (the "Company" or "Marsh"), unless the context otherwise requires. Effective January 14, 2026, we updated our brand name from Marsh McLennan to Marsh and the brand names of our Marsh and Oliver Wyman Group businesses to Marsh Risk and Marsh Management Consulting, respectively. References to the Company and its businesses in this report reflect these changes. Mercer and Guy Carpenter will continue to report under their current brands through a transition period.
In its own words, from its 10-K, filed Feb 9, 2026.
Marsh & McLennan Companies against its Insurance Agents, Brokers & Service peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +8%. Operating margin: 17.7% against the peers' median 17.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MRSH Marsh & McLennan Companies | Q3 2026 | $6.9B | +8% | 17.7% |
| AON Aon | Q3 2026 | $4.1B | +3% | 19.7% |
| AJG Arthur J. Gallagher | Q3 2026 | $4.0B | +18% | 13.0% |
| EQH Equitable Holdings | Q3 2026 | $3.9B | +168% | 35.8% |
| WTW Willis Towers Watson | Q3 2026 | $2.5B | +8% | 17.4% |
| BRO Brown & Brown | Q3 FY27 | $1.7B | +7% | 18.6% |
| ERIE Erie Indemnity | Q3 2026 | $1.1B | +0.3% | 19.4% |
| RYAN Ryan Specialty Holdings | Q3 2026 | $790M | +5% | 17.8% |
| BWIN Baldwin Insurance Group | Q2 2026 | $493M | +30% | -1.7% |
Source: Marsh & McLennan Companies 10-Q on SEC EDGAR · CIK 62709 · Insurance Agents, Brokers & Service
Guidance and outlook
13F: who owns MRSH and who is buying
More on MRSH
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results