Filing Flows › Marsh & McLennan Companies (MRSH) › Q3 2026 › vs Q2 2026
Marsh & McLennan Companies (MRSH) Q3 2026 vs Q2 2026 (quarter over quarter)
Marsh & McLennan Companies's revenue fell $541M (-7%) from $7.4B in Q2 2026 to $6.9B in Q3 2026. Operating margin 17.7% against 25.6% (-7.9 pts).
Marsh & McLennan Companies, Q3 2026: revenue $6.9B (+8% year over year), operating margin 17.7%, net earnings $808M, operating cash flow $1.5B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 17.7% | 25.6% | -7.9 pts |
| Net margin | 11.8% | 17.1% | -5.3 pts |
| Free cash flow margin | 20.4% | 19.6% | +0.8 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $6.9B | $7.4B | −$541M | -7% |
| Operating profit | $1.2B | $1.9B | −$684M | -36% |
| Costs & expenses | $5.6B | $5.5B | $143M | +3% |
| Pre-tax earnings | $1.0B | $1.7B | −$669M | -39% |
| Other expense, net | $182M | $197M | −$15.0M | -8% |
| Net earnings | $808M | $1.3B | −$458M | -36% |
| Minority interests | $4.0M | $25.0M | −$21.0M | -84% |
| Income tax | $221M | $411M | −$190M | -46% |
| Depreciation & amortization | $89.0M | $90.0M | −$1.0M | -1% |
| Share-based compensation | $94.0M | $96.0M | −$2.0M | -2% |
| Working capital & other | $487M | $71.0M | $416M | +586% |
| Operating cash flow | $1.5B | $1.5B | −$45.0M | -3% |
| Free cash flow (OCF − capex) | $1.4B | $1.5B | −$54.0M | -4% |
| Capital expenditures | $81.0M | $72.0M | $9.0M | +12% |
Questions
How much did Marsh & McLennan Companies's revenue grow quarter over quarter in Q3 2026?
Marsh & McLennan Companies's revenue fell $541M (-7%) from $7.4B in Q2 2026 to $6.9B in Q3 2026. Operating margin 17.7% against 25.6% (-7.9 pts).