Marsh reported steady top-line growth in Q2 2026, with gains in insurance broking and consulting partly offset by a decline in reinsurance revenue.
The company posted US$7.4 billion in consolidated revenue for the period, up 6% from the same period last year, or 5% on an underlying basis. Risk and insurance services generated US$4.8 billion of that total, a 4% GAAP increase and 3% on an underlying basis.
Adjusted earnings per share rose 9% to US$2.96, while GAAP EPS came in at US$2.63. Adjusted operating income for the quarter reached US$2.2 billion, up 5% year over year, and GAAP operating income grew 4% to US$1.9 billion.
President and CEO John Doyle said the company generated "6% overall revenue growth, 5% underlying revenue growth, and 9% growth in adjusted EPS" for the quarter. Doyle said demand for the firm's expertise remained strong across risk, people, strategy, and investments in the first half of 2026.
Within risk and insurance services, Marsh Risk generated US$4.1 billion in Q2 revenue, up 6% on a GAAP basis and 4% on an underlying basis. US and Canada underlying revenue grew 4%, while international markets gained 5% overall, with EMEA and Asia Pacific each up 5% and Latin America leading at 8%.
Guy Carpenter, Marsh's reinsurance broking unit, reported Q2 revenue of US$664 million, a 2% decline on both a GAAP and underlying basis. For the six months ended June 30, Guy Carpenter's underlying revenue was flat against the prior year period.
Global commercial insurance rates fell 5% in Q1 2026, the seventh consecutive quarterly decline, according to Marsh's Global Insurance Market Index. Guy Carpenter's July 2026 renewal report put the global property catastrophe rate-on-line index down 16% at the midyear renewal. That pricing environment compresses commission income tied to premium volume.
The consulting segment posted Q2 revenue of US$2.6 billion, up 10% on a GAAP basis and 8% on an underlying basis. Marsh Management Consulting was the top-performing business unit, with 13% underlying revenue growth for the quarter.
Restructuring costs related to Marsh's three-year Thrive program totaled US$58 million in Q2 and US$103 million for the first six months of 2026. The program targets savings through process automation and changes to the company's global operating model.
For the six months ended June 30, consolidated revenue was US$15 billion, up 7% on a GAAP basis and 4% on an underlying basis. Adjusted EPS for the half-year period increased 8% to US$6.25, compared with GAAP diluted EPS of US$4.99.
A US$425 million Greensill-related charge, recorded in Q1 2026, weighed on the risk and insurance services segment's half-year GAAP results. Claimants in omnibus proceedings before Australia's Federal Court have asserted losses of approximately US$5 billion plus interest and costs.
The Australian trial is scheduled to run for five months beginning August 2026. Six-month GAAP operating income fell 5% to US$3.7 billion, though adjusted operating income for the period rose 7% to US$4.6 billion.
Marsh repurchased approximately 4.5 million shares for US$750 million during Q2. Through the first six months of 2026, total buybacks reached 8.7 million shares for US$1.5 billion.
The board approved a 10% increase in the quarterly dividend to US$0.990 per share, payable on August 14. Stockholders of record as of July 23 are eligible.
Cash and cash equivalents stood at US$1.7 billion at June 30, down from US$2.69 billion at December 31, 2025. Fiduciary cash held on behalf of clients reached US$12.2 billion at the same date.
Marsh employs more than 95,000 people and advises clients in 130 countries. The company trades under the ticker MRSH on the New York Stock Exchange.
