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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Marsh
Marsh (MRSH) investor relations material
Marsh Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary15 Oct, 2026
Executive summary
Q3 revenue rose 8% to $6.863B, or 5% underlying; adjusted operating income increased 6% to $1.5B and adjusted EPS rose 10% to $2.03.
Nine-month adjusted EPS rose 9% to $8.29, while reported operating income declined 3% to $4.868B, including Greensill-related charges.
Financial highlights
Q3 reported operating income increased 4% to $1.215B; net income attributable to shareholders was $808M and diluted GAAP EPS was $1.69, versus $1.51 a year earlier.
Nine-month revenue grew 7% to $21.864B, or 5% underlying; adjusted operating income rose 7% to $6.1B.
Nine-month net income was $3.220B and diluted GAAP EPS was $6.68, versus $3.339B and $6.75 in 2025.
Q3 operating expenses rose 9% to $5.648B, including higher salaries and incentive compensation.
Outlook and guidance
FY26 underlying revenue growth expected similar to 2025, with further margin expansion and solid adjusted EPS growth, assuming current market conditions.
Thrive annualized savings target rose from $400M to $600M over three years; estimated program costs increased to ~$750M, with savings and costs expected fairly evenly over the period.
Growth priorities include talent, capabilities, technology, innovation and strategic, financially accretive acquisitions.
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Latest events from Marsh
- Q2 2026 revenue up 6%, adjusted EPS up 9%, $1.5B buybacks, and a 10% dividend hike.MRSH
Q2 2026 - Revenue hit $27B, AI and acquisitions drove growth, and all voting items passed.MRSHAGM 2026
- Q1 2026 revenue and adjusted EPS grew 8%, but legal charges weighed on GAAP results.MRSHQ1 2026
- Annual meeting to vote on directors, executive pay, and auditor ratification, all board-backed.MRSHProxy filing
- Strong 2025 results, robust governance, and high say-on-pay support highlight this proxy filing.MRSHProxy filing
- 2025 revenue up 10%, adjusted EPS up 9%, and $2.0B in share repurchases.MRSHQ4 2025
- Q3 revenue up 6%, strong segment growth, and $7.75B McGriff acquisition announced.MRSHQ3 2024
- Q1 2025 revenue up 9% to $7.1B, adjusted EPS up 5%, with strong capital returns.MRSHQ1 2025
- 8% revenue growth, record M&A, and margin expansion set up continued gains for 2025.MRSHQ4 2024
Next Marsh earnings date
Q4 202628 Jan, 2027
Marsh
Next Marsh earnings date
Q4 202628 Jan, 2027
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Frequently asked questions
Multinational Professional Services
Marsh McLennan Companies is an American professional services firm with multinational operations. The company operates through four main subsidiaries: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Through these subsidiaries, it offers a variety of services in consulting, risk management, investments, insurance, and more. The company is headquartered in NYC, and its shares are listed on the NYSE.
Insurance Broking to Comprehensive Professional Services
Founded in 1905 in Chicago by Henry W. Marsh and Donald R. McLennan, the firm initially focused on insurance broking. The early decades saw steady growth and expansion in the insurance sector, something which continued into the latter half of the century. Some notable milestones for the company include the acquisition of Guy Carpenter, a reinsurance specialist, and the formation of Mercer, focusing on human resource consulting. The early 2000s were marked by strategic acquisitions to broaden its service portfolio, most notably acquiring Oliver Wyman. Professional services is a competitive field, and some of the company’s peers are Aon, Willis Towers Watsons, and Brown & Brown.
The Subsidiaries
The company operates through four main subsidiaries, each specializing in different aspects of professional services.
Marsh: Specializing in insurance broking and risk management, Marsh provides clients with strategic advice and solutions for managing risk. The subsidiary works across various industries, offering tailored risk management solutions to meet the specific needs of their clients.
Guy Carpenter: This subsidiary focuses on providing risk and reinsurance intermediary services. It helps its clients manage and mitigate risks, particularly in the reinsurance sector.
Mercer: Mercer's expertise lies in health, wealth, and career consulting. This subsidiary provides guidance on health benefits, retirement planning, and talent management, among other areas.
Oliver Wyman: Delivers services in strategy, operations, risk management, and organization transformation. They work with clients across various sectors to develop and implement customized solutions to complex business challenges.
Client Centricity
Marsh & McLennan's operating model emphasizes a client-centric approach, using the specialized expertise of its subsidiaries to provide comprehensive, integrated solutions to its clients. Each of these subsidiaries operates semi-autonomously under the broader Marsh & McLennan umbrella, allowing them to specialize deeply in their respective fields while benefiting from the resources and global reach of the parent company.