Marsh (NYSE:MRSH) reported third-quarter 2026 earnings and revenue above analysts’ expectations, supported by growth across its insurance, risk management and consulting operations.
The global professional services group reported adjusted earnings of $2.03 per share for the quarter ended 30 September 2026, exceeding the consensus estimate of $1.97.
Quarterly revenue reached $6.86 billion, ahead of analysts’ forecasts of $6.64 billion and representing an 8% increase compared with the same period last year.
On an underlying basis, which adjusts for factors affecting reported comparisons, revenue increased 5%.
Marsh shares rose 2.02% following the announcement, as investors responded to the earnings beat and continued growth across the group’s principal business divisions.
Adjusted Earnings Increase 10% Year-on-Year
Marsh reported adjusted earnings per share of $2.03, compared with $1.85 in the third quarter of 2025, representing an increase of approximately 10%.
The result exceeded analysts’ expectations by $0.06 per share.
Revenue of $6.86 billion was approximately $220 million above the consensus estimate, reflecting stronger-than-anticipated performance across the company’s operations.
The 8% increase in reported revenue was accompanied by underlying growth of 5%, indicating continued expansion after adjusting for items affecting year-on-year comparisons.
John Doyle, Chief Executive Officer of Marsh, highlighted the company’s financial performance and progress with its operational initiatives.
“Marsh delivered a strong third quarter, generating 5% underlying revenue growth and double-digit EPS growth. We also made significant progress in executing our Thrive program and successfully completed our brand transition,” Doyle said.
The comments reflected management’s focus on revenue growth, profitability and the implementation of the group’s Thrive programme.
The company also confirmed that it had completed its brand transition during the quarter, marking another stage in its broader organisational development.
Risk and Insurance Services Revenue Reaches $4.2 Billion
Marsh’s Risk and Insurance Services business reported third-quarter revenue of $4.2 billion, representing an increase of 7% compared with the corresponding period last year.
On an underlying basis, revenue in the division increased 3%.
Within the business, the Risk division generated revenue of $3.7 billion, up 10% on a reported basis and 5% on an underlying basis.
The figures reflected continued demand for the group’s insurance brokerage and risk-related services across its international operations.
Underlying revenue in the United States and Canada increased 4%, while international markets recorded growth of 6%.
Within the international business, Europe, the Middle East and Africa (EMEA) reported underlying revenue growth of 7%.
Asia Pacific recorded underlying growth of 4%.
The regional figures indicated that Marsh continued to expand across several major markets, although growth rates varied geographically.
The stronger performance in EMEA contributed to the overall increase in international revenue, while the US and Canadian operations maintained positive underlying growth.
Consulting Revenue Increases 9% to $2.7 Billion
Marsh’s Consulting business also contributed to the group’s third-quarter revenue growth.
Revenue in the division increased 9% year-on-year to $2.7 billion, while underlying revenue rose 8%.
Management Consulting recorded the strongest growth within the segment, with revenue increasing 14% to $1.0 billion.
The division also reported underlying growth of 14%, indicating that its expansion was consistent across both reported and adjusted measures.
The People and Investments business generated revenue of $1.7 billion, representing a 6% increase compared with the third quarter of 2025.
On an underlying basis, People and Investments revenue grew 5%.
The results showed that Marsh’s consulting activities continued to expand across both management advisory services and its people-related and investment operations.
The performance of Management Consulting was particularly notable, with its 14% revenue increase exceeding the growth rates recorded by the group’s other principal business areas.
Overall, the Consulting division’s underlying growth of 8% was stronger than the 3% recorded by Risk and Insurance Services.
Nine-Month Revenue Rises 7% to $21.9 Billion
Marsh also reported higher revenue and adjusted earnings for the first nine months of 2026.
Consolidated revenue for the period ended 30 September reached $21.9 billion, representing an increase of 7% compared with the corresponding period in 2025.
On an underlying basis, nine-month revenue increased 5%.
Adjusted earnings per share for the period rose 9% to $8.29, compared with $7.63 a year earlier.
The year-to-date figures indicated that the company’s third-quarter performance was consistent with broader revenue and earnings growth across the first three quarters of the financial year.
The increase in adjusted earnings per share also showed that profitability continued to improve alongside revenue expansion.
Marsh’s underlying revenue growth of 5% for the nine-month period matched the rate recorded during the third quarter.
Share Buybacks Reach $2 Billion in First Nine Months
Alongside its operating results, Marsh reported continued share repurchase activity during the third quarter.
The company bought back approximately 2.7 million shares for a total of $500 million during the three-month period.
For the first nine months of 2026, Marsh repurchased 11.4 million shares at an aggregate cost of $2.0 billion.
The repurchases formed part of the company’s capital allocation activities and reduced the number of shares outstanding.
Share buybacks can support earnings per share by distributing profits across a smaller share base, although their overall financial effect depends on the purchase price and other factors.
The company did not provide additional details in the announcement regarding changes to its future repurchase plans.
Investors Assess Continued Growth Across Business Divisions
Marsh’s third-quarter results showed growth across its major business divisions, with both earnings and revenue exceeding market expectations.
Risk and Insurance Services revenue increased 7%, supported by expansion in the Risk division and positive underlying growth across international markets.
Consulting revenue rose 9%, led by a 14% increase in Management Consulting.
The company also reported higher adjusted earnings for the quarter and the first nine months of 2026, alongside $2.0 billion in year-to-date share repurchases.
The 2.02% increase in Marsh shares following the announcement reflected a positive initial market response to the results.
Looking ahead, investors will continue to assess the company’s ability to sustain underlying revenue growth, maintain profitability and deliver the expected benefits of its Thrive programme.
The latest figures indicated that Marsh entered the final quarter of 2026 with continued revenue growth across its insurance, risk management and consulting operations.