Marsh (MRSH) investor relations material

Executive summary

• Q2 2026 consolidated revenue rose 6% to $7.4B, with underlying growth of 5%; six-month revenue was $15.0B, up 7%.

• Adjusted operating income increased 5% to $2.2B; GAAP operating income rose 4% to $1.9B.

• Adjusted EPS grew 9% to $2.96 in Q2; GAAP EPS was $2.63.

• Strong new business, talent acquisition, and AI investments drove growth, especially in the U.S. and international markets.

• Significant legal settlement: $425M liability recorded for Greensill litigation.

Financial highlights

• Q2 2026 consolidated revenue: $7.4B (+6%); six-month revenue: $15.0B (+7%).

• Adjusted operating income: $2.2B (+5%); adjusted operating margin: 29.3%.

• GAAP EPS: $2.63; adjusted EPS: $2.96 (+9%).

• Six-month adjusted EPS: $6.25 (+8%).

• Operating expenses rose 7% in Q2 and 11% YTD, driven by higher compensation and legal costs.

Outlook and guidance

• Expect underlying revenue growth in 2026 similar to 2025, with continued margin expansion and solid adjusted EPS growth.

• Thrive program targets $400M in annualized savings over three years, with $500M in costs.

• Margin expansion anticipated to be more pronounced in Q4 than Q3.

• Capital deployment guidance raised to $5.5B for 2026.

• Ongoing investments in talent, technology, and innovation to support sustained performance.