> ## Content Index
> Fetch the complete content index at: https://www.bullished.co/llms.txt
> Use this file to discover other available public pages before exploring further.

# Marsh's Consulting Revenue Grew 8% Underlying, Risk And Insurance 3%, As Reinsurance Fell 6%
- URL: https://www.bullished.co/marshs-consulting-revenue-grew-8-underlying-risk-and-insurance-3-as-reinsurance-fell-6-823ebcb4/
- Published: 2026-10-15T12:10:57.000Z
- Updated: 2026-10-15T12:10:57.000Z
- Description: Third-quarter revenue rose 8%, or 5% underlying, while adjusted earnings per share rose 10% to $2.03.
- Author: Matteo Parrino
- Tags: Earnings, MRSH, Industry: Financials

Marsh, the company formerly named Marsh McLennan, reported [third-quarter revenue of $6.9 billion](https://www.sec.gov/Archives/edgar/data/0000062709/000006270926000256/mmc3q2026ex991newsrelease.htm?ref=bullished.co), up 8% and up 5% on an underlying basis, in an 8-K filed Thursday. The growth was uneven: consulting outran insurance brokerage, and reinsurance revenue fell.

## The finding: consulting led, reinsurance slipped

Underlying revenue strips out currency swings and the effect of acquisitions and disposals. On that basis, Consulting grew 8% in the quarter to $2.7 billion, while Risk and Insurance Services grew 3% to $4.2 billion.

Management Consulting was the fastest line, with revenue of $1.0 billion, up 14% on both a standard and underlying basis. People and Investments revenue was $1.7 billion, up 5% underlying. Within it, Investments and Retirement grew 8%, Health and Benefits 5%, and Workforce and Rewards fell 1%.

Inside Risk and Insurance Services, Risk revenue was $3.7 billion, up 10%, or 5% underlying. U.S./Canada grew 4% underlying and International 6%, including 7% in EMEA, 4% in Asia Pacific and flat in Latin America. Reinsurance revenue was $374 million, down 6% on both bases.

## Earnings and the catch in the adjustments

Earnings per share were $1.69 on standard accounting. Adjusted earnings per share rose 10% to $2.03\. Net income attributable to the company was $808 million.

Operating income rose 4% to $1.2 billion. Adjusted operating income, which excludes noteworthy items and intangible amortization, rose 6% to $1.5 billion.

The gap between the two measures is sizable. Noteworthy items totaled $170 million, including $144 million for the Greensill litigation, net of insurance recoveries, and $79 million of restructuring, which the company says primarily reflects its three-year Thrive program. A $126 million gain on consolidating an entity partly offset them.

For the nine months, standard earnings per share were $6.68 against $6.75 a year earlier, and operating income fell 3% to $4.9 billion. Adjusted earnings per share rose 9% to $8.29.

## Buybacks, debt and the call

Marsh bought back about 2.7 million shares for $500 million in the quarter, and 11.4 million shares for $2.0 billion over nine months. It also repaid 550 million of euro-denominated senior notes that matured in September.

CEO John Doyle said Marsh "delivered a strong third quarter" and made "significant progress in executing our Thrive program." Management held its earnings call at 8:30 a.m. Eastern on Thursday.

Nine-month underlying revenue growth was 5% for the company, with Reinsurance down 1% and Management Consulting up 11%.

### Sources

- [8-K Filing — MARSH & MCLENNAN COMPANIES, INC. (MRSH)](https://www.sec.gov/Archives/edgar/data/0000062709/000006270926000256/mmc-20261015.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit mmc3q2026ex991newsrelease.htm — MARSH & MCLENNAN COMPANIES, INC. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000062709/000006270926000256/mmc3q2026ex991newsrelease.htm?ref=bullished.co) — SEC EDGAR
- [Can Marsh Beat Q3 Earnings on Risk and Insurance Services Strength?](https://finance.yahoo.com/markets/stocks/articles/marsh-beat-q3-earnings-risk-150900027.html?ref=bullished.co) — Yahoo Finance