Filing Flows › Marsh & McLennan Companies (MRSH) › Q1 2026
Marsh & McLennan Companies (MRSH) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 16, 2026
Marsh & McLennan Companies (MRSH) reported revenue of $7.6B for the first quarter 2026 (Q1 2026), +8% from a year earlier and +15% from the quarter before. Operating margin was 23.1%, net earnings $1.1B (15.1% of revenue).
Marsh & McLennan Companies, Q1 2026: revenue $7.6B (+8% year over year), operating margin 23.1%, net earnings $1.1B, operating cash flow −$688M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.6B | +15% | +8% |
| Operating profit | $1.8B | +44% | -13% |
| Net earnings | $1.1B | +40% | -17% |
| Operating cash flow | −$688M | -132% | — |
What changed
Revenue was $7.6B in Q1 2026, up 8% year over year and up 15% from the previous quarter.
Operating profit was $1.8B, a 23.1% margin (down 5.3 points year over year). Operating profit fell $0.25B even though revenue rose $0.54B versus Q1 2025, so costs grew faster than sales. Total costs grew 16% against revenue growth of 8%. Net earnings were $1.1B, down 17% year over year. The effective tax rate was 25.0%.
Operating cash flow was −$0.69B. Non-cash charges added back $0.23B of depreciation and amortization and $0.14B of share-based compensation. Working capital and other items used $2.2B. Capital expenditures of $0.06B exceeded it, leaving free cash flow of −$0.75B.
Questions
What was Marsh & McLennan Companies' revenue in the first quarter 2026?
Marsh & McLennan Companies (MRSH) reported revenue of $7.6B for the first quarter 2026 (Q1 2026), +8% from a year earlier and +15% from the quarter before.
Was Marsh & McLennan Companies profitable in the first quarter 2026?
Operating profit was $1.8B (23.1% of revenue) and net earnings $1.1B.