MRSH

EX-99.1

2 mmc2q2026ex991newsrelease.htm

PRESS RELEASE JUNE 30, 2026

Document

Marsh 212 345 5000 www.corporate.marsh.com

News release Exhibit 99.1

Marsh reports second quarter 2026 results

•Revenue Growth of 6%; Underlying Revenue Growth of 5%

•GAAP Operating Income Increases 4%; Adjusted Operating Income Increases 5%

•Second Quarter GAAP EPS of $2.63; Adjusted EPS Increases 9% to $2.96

•Six Months GAAP EPS of $4.99; Adjusted EPS Increases 8% to $6.25

NEW YORK, July 21, 2026 – Marsh (NYSE: MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, today reported financial results for the second quarter ended June 30, 2026.

John Doyle, President and CEO, said: "I am pleased with our solid results in the quarter and our execution in a dynamic environment. Our performance in the first half underscores strong demand for Marsh's expertise and capabilities across risk, people, strategy, and investments.

"For the quarter, we generated 6% overall revenue growth, 5% underlying revenue growth, and 9% growth in adjusted EPS."

Consolidated Results

Consolidated revenue in the second quarter of 2026 was $7.4 billion, an increase of 6% compared with the second quarter of 2025, or 5% on an underlying basis. Operating income increased 4% to $1.9 billion. Adjusted operating income, which excludes noteworthy items and identified intangible amortization expense as presented in the attached supplemental schedules, rose 5% to $2.2 billion. Net income attributable to the Company was $1.3 billion. Earnings per share were $2.63. Adjusted earnings per share increased 9% to $2.96.

For the six months ended June 30, 2026, consolidated revenue was $15.0 billion, an increase of 7% on a GAAP basis or 4% on an underlying basis, compared to the prior year period. Operating income was $3.7 billion, a decrease of 5% from the prior year period. Adjusted operating income rose 7% to $4.6 billion. Net income attributable to the Company was $2.4 billion, or $4.99 per diluted share, compared with $5.23 in the first six months of 2025. Adjusted earnings per share increased 8% to $6.25.

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Risk & Insurance Services

Risk & Insurance Services revenue was $4.8 billion in the second quarter of 2026, an increase of 4%, or 3% on an underlying basis. Operating income increased 2% to $1.5 billion, while adjusted operating income increased 3% to $1.7 billion. For the six months ended June 30, 2026, revenue was $9.9 billion, an increase of 5%, or 3% on an underlying basis. Operating income decreased 9% to $2.8 billion, and adjusted operating income increased 5% to $3.6 billion.

Marsh Risk's revenue in the second quarter of 2026 was $4.1 billion, an increase of 6%, or 4% on an underlying basis. In U.S./Canada, underlying revenue growth was 4%. In International, underlying revenue growth was 5%, and included 5% growth in EMEA, 5% growth in Asia Pacific, and 8% growth in Latin America. For the six months ended June 30, 2026, Marsh Risk’s underlying revenue growth was 4%.

Guy Carpenter's revenue in the second quarter was $664 million, a decrease of 2%, on both a GAAP and underlying basis. For the six months ended June 30, 2026, Guy Carpenter’s revenue was flat on an underlying basis.

Consulting

Consulting revenue was $2.6 billion in the second quarter of 2026, an increase of 10%, or 8% on an underlying basis. Operating income increased 10% to $502 million, while adjusted operating income increased 11% to $533 million. For the six months ended June 30, 2026, revenue was $5.2 billion, an increase of 10%, or 7% on an underlying basis. Operating income rose 12% to $1.0 billion, and adjusted operating income increased 12% to $1.1 billion.

Mercer's revenue in the second quarter was $1.6 billion, an increase of 7%, or 5% on an underlying basis. Wealth revenue grew 8%, Health revenue increased 3%, and Career revenue increased 2%, all on an underlying basis. For the six months ended June 30, 2026, Mercer’s revenue was $3.3 billion, an increase of 5% on an underlying basis.

Marsh Management Consulting's revenue in the second quarter of 2026 was $1.0 billion, an increase of 15%, or 13% on an underlying basis. For the six months ended June 30, 2026, Marsh Management Consulting’s revenue was $1.9 billion, an increase of 10% on an underlying basis.

Other Items

The Company repurchased approximately 4.5 million shares of stock for $750 million in the second quarter of 2026. Through six months ended June 30, 2026, the Company has repurchased 8.7 million shares of stock for $1.5 billion.

On July 8, the Board of Directors increased the quarterly dividend by 10% to $0.990 per share, with the third quarter dividend payable on August 14, 2026.

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Conference Call

A conference call to discuss second quarter 2026 results will be held today at 8:30 a.m. Eastern time. The live audio webcast may be accessed at corporate.marsh.com. A replay of the webcast will be available approximately two hours after the event. The w

EX-99.1

2 mmc1q2026ex991newsrelease.htm

PRESS RELEASE MARCH 31, 2026

Document

Marsh 212 345 5000 www.corporate.marsh.com

News release Exhibit 99.1

Marsh reports strong first quarter 2026 results

•Revenue Growth of 8%; Underlying Revenue Growth of 4%

•GAAP Operating Income Decreases 12%; Adjusted Operating Income Increases 8%

•First Quarter GAAP EPS of $2.36; Adjusted EPS Increases 8% to $3.29

NEW YORK, April 16, 2026 – Marsh (NYSE: MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, today reported financial results for the first quarter ended March 31, 2026.

John Doyle, President and CEO, said: "We had a solid start to the year, and I am pleased with our execution in a dynamic and challenging environment. For the quarter, we generated 8% overall revenue growth, 4% underlying revenue growth, 8% adjusted operating income growth, and 8% adjusted EPS growth."

"Our results reflect Marsh's market leadership, our clients' trust in our team's expertise, and the strength of our data and insights."

Consolidated Results

Consolidated revenue in the first quarter of 2026 was $7.6 billion, an increase of 8% compared with the first quarter of 2025, or 4% on an underlying basis. Operating income fell 12% to $1.8 billion and included a $425 million charge related to the Greensill litigation. Adjusted operating income, which excludes noteworthy items and identified intangible amortization expense as presented in the attached supplemental schedules, rose 8% to $2.4 billion. Net income attributable to the Company was $1.1 billion. Earnings per share were $2.36. Adjusted earnings per share increased 8% to $3.29.

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Risk and Insurance Services

Risk & Insurance Services revenue was $5.1 billion in the first quarter of 2026, an increase of 6%, or 3% on an underlying basis. Operating income decreased 19% to $1.3 billion and included the charge related to the Greensill litigation, while adjusted operating income increased 7% to $1.9 billion.

Marsh Risk's revenue in the first quarter of 2026 was $3.7 billion, an increase of 8%, or 4% on an underlying basis. In U.S./Canada, underlying revenue growth was 3%. In International, underlying revenue growth was 5%, and included 6% growth in EMEA, 5% growth in Asia Pacific, and 2% growth in Latin America.

Guy Carpenter's revenue in the first quarter was $1.2 billion, an increase of 3%, or 2% on an underlying basis.

Consulting

Consulting revenue was $2.6 billion in the first quarter of 2026, an increase of 11%, or 5% on an underlying basis. Operating income increased 15% to $525 million, while adjusted operating income increased 13% to $552 million.

Mercer's revenue in the first quarter was $1.7 billion, an increase of 11%, or 5% on an underlying basis. Wealth revenue grew 5%, Health revenue increased 6%, and Career revenue declined 2%, all on an underlying basis.

Marsh Management Consulting's revenue in the first quarter of 2026 was $897 million, an increase of 10%, or 6% on an underlying basis.

Other Items

The Company repurchased approximately 4.2 million shares of stock for $750 million in the first quarter of 2026.

In the first quarter of 2026, the Company issued $600 million of senior notes and repaid $600 million of senior notes that matured.

Conference Call

A conference call to discuss first quarter 2026 results will be held today at 8:30 a.m. Eastern time. The live audio webcast may be accessed at corporate.marsh.com. A replay of the webcast will be available approximately two hours after the event. The webcast is listen-only. Those interested in participating in the question-and-answer session may register here to receive the dial-in numbers and unique PIN to access the call.

About Marsh

Marsh (NYSE: MRSH) is a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With annual revenue of $27 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective. For more information, visit corporate.marsh.com, or follow us on LinkedIn and X.

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INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would".

Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. Factors that could materially affect our future results include, among other things:

•the impact of geopolitical or macroeconomic conditions on us, our

EX-99.1

2 mmc4q2025ex991newsrelease.htm

PRESS RELEASE DECEMBER 31, 2025

Document

Marsh 212 345 5000 www.corporate.marsh.com

News release Exhibit 99.1

Marsh reports solid fourth quarter and full-year 2025 results

•Full-Year Revenue Growth of 10%; Underlying Revenue Growth of 4%

•Full-Year GAAP Operating Income Increases 7%; Adjusted Operating Income Increases 11%

•Full-Year GAAP EPS of $8.43; Adjusted EPS Increases 9% to $9.75

•Fourth Quarter GAAP EPS of $1.68; Adjusted EPS Increases 10% to $2.12

NEW YORK, January 29, 2026 – Marsh (NYSE: MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, today reported financial results for the fourth quarter and year ended December 31, 2025.

John Doyle, President and CEO, said: "Our fourth quarter results capped another solid year for Marsh. For the full year, we generated 10% revenue growth, 4% underlying revenue growth, double-digit adjusted NOI growth, 9% adjusted EPS growth and our 18th consecutive year of reported margin expansion. We also launched our new brand, successfully completed the integration of McGriff and announced our Thrive program."

"Our team performed well in a complex environment, and we are positioned for sustained momentum in 2026."

Consolidated Results

As a result of the Company's previously announced brand change, results that were previously reported under our Marsh business will now be reported as "Marsh Risk" and results that were previously reported as "Oliver Wyman Group" will now be reported as "Marsh Management Consulting." Mercer and Guy Carpenter will continue to be reported under their current brands through a transition period.

Consolidated revenue in the fourth quarter of 2025 was $6.6 billion, an increase of 9% compared with the fourth quarter of 2024, or 4% on an underlying basis. Operating income rose 7% to $1.2 billion. Adjusted operating income, which excludes noteworthy items and identified intangible amortization expense as presented in the attached supplemental schedules, rose 12% to $1.6 billion. Net income attributable to the Company was $821 million. Earnings per share were $1.68.

Adjusted earnings per share increased 10% to $2.12, and included a benefit of 7 cents per share from favorable discrete tax items as well as a benefit of 2 cents per share from foreign exchange.

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For the full year 2025, revenue was $27.0 billion, an increase of 10% on a GAAP basis or 4% on an underlying basis compared to 2024. Operating income was $6.2 billion, an increase of 7% from 2024. Adjusted operating income rose 11% to $7.3 billion. Net income attributable to the Company was $4.2 billion or $8.43 per diluted share, compared with $8.18 in 2024. Adjusted earnings per share increased 9% to $9.75.

Risk & Insurance Services

Risk & Insurance Services revenue was $4.0 billion in the fourth quarter of 2025, an increase of 9%, or 2% on an underlying basis. Operating income increased 8% to $830 million, while adjusted operating income increased 11% to $1.1 billion. For the year 2025, revenue was $17.3 billion, an increase of 12%, or 4% on an underlying basis. Operating income rose 6% to $4.6 billion, and adjusted operating income increased 12% to $5.5 billion.

Marsh Risk's revenue in the fourth quarter of 2025 was $3.7 billion, an increase of 10%, or 3% on an underlying basis. In U.S./Canada, underlying revenue growth was 3%. In International, underlying revenue growth was 4%, and included 6% growth in EMEA, 2% growth in Asia Pacific, and a 4% decline in Latin America. For the year 2025, Marsh Risk’s revenue was $14.4 billion, an increase of 15% compared to a year ago, or 4% on an underlying basis.

Guy Carpenter's revenue in the fourth quarter was $215 million, an increase of 7%, or 5% on an underlying basis. For the year 2025, Guy Carpenter’s revenue was $2.5 billion, an increase of 6% compared to a year ago, or 5% on an underlying basis.

Consulting

Consulting revenue was $2.6 billion in the fourth quarter of 2025, an increase of 8%, or 5% on an underlying basis. Operating income increased 4% to $483 million, while adjusted operating income increased 10% to $550 million. For the year 2025, revenue was $9.8 billion, an increase of 7%, or 5% on an underlying basis. Operating income rose 7% to $1.9 billion, and adjusted operating income increased 10% to $2.1 billion.

Mercer’s revenue in the fourth quarter was $1.6 billion, an increase of 9%, or 4% on an underlying basis. Wealth revenue grew 5%, Health revenue increased 6%, and Career revenue declined 2%, all on an underlying basis. For the year 2025, Mercer’s revenue was $6.2 billion, an increase of 8%, or 4% on an underlying basis.

Marsh Management Consulting’s revenue in the fourth quarter of 2025 was $1.0 billion, an increase of 8% on a GAAP and underlying basis. For the year 2025, Marsh Management Consulting’s revenue was $3.6 billion, an increase of 6% on a GAAP and underlying basis.

Other Items

The Company repurcha