Marsh (MRSH) investor relations material

Executive summary

• Q3 revenue rose 8% to $6.863B, or 5% underlying; adjusted EPS increased 10% to $2.03, while diluted GAAP EPS rose 12% to $1.69.

• Nine-month revenue grew 7% to $21.864B, or 5% underlying; adjusted EPS rose 9% to $8.29, while reported operating income declined 3% to $4.868B, including Greensill charges.

Financial highlights

• Q3 reported operating income rose 4% to $1.215B; adjusted operating income increased 6% to $1.5B, with adjusted operating margin of 22.7%.

• Nine-month adjusted operating income rose 7% to $6.1B; adjusted operating margin was 28.1%.

• Q3 net income attributable to shareholders was $808M, versus $747M a year earlier; nine-month net income was $3.220B versus $3.339B.

• Q3 revenue included a $126M Deasterra remeasurement gain; Greensill-related charges, net of insurance proceeds, were $144M in Q3 and $569M for nine months.

Outlook and guidance

• FY26 underlying revenue growth is expected to be similar to 2025, with another year of margin expansion and solid adjusted EPS growth, assuming current market conditions.

• Thrive annualized savings target increased from $400M to ~$600M, with expected program costs of ~$750M over three years; costs and savings are expected to be distributed fairly evenly.

• FY26 adjusted effective tax rate is expected at ~25%; Q4 fiduciary interest income is forecast at ~$94M, adjusted corporate expense at ~$80M and interest expense at $255M.