MRSH Filings — Marsh & Mclennan Companies, Inc. - FilingSpy
MRSH
Marsh & Mclennan Companies, Inc.
A giant in insurance broking and consulting, Marsh McLennan helps companies manage risk through its Marsh, Guy Carpenter, Mercer, and Oliver Wyman brands, serving clients across dozens of countries. It began when rival brokers Henry Marsh and Donald McLennan were told by a railroad's directors to work together, merging their firms in 1905. Founder Henry Marsh once defended chasing big corporate clients by asking, "What's the use of shooting hummingbirds when elephants are so much easier to hit?"
Q2 2026 revenue rose 7.6% to $7.6B but operating income fell 12.5% on a $425M Greensill charge
A $425M charge pulled Q2 profit down from a year ago. rose 7.6% to $7.6B and fell 15.4% to $2.36 as the charge and debt interest outpaced 5% . The company is profitable but carrying last quarter's legal cost into a heavier debt load.
Key takeaways
Six-month declined 5% to $3.7B after an 11% expense increase absorbed the $425M liability and legal costs carried from Q1.
Q2 rose 7.6% to $7.6B (5% underlying per the MD&A), with up 10% and up 4%, while Q2 2026 revenue rose 15.2% from Q1's $7.597B to $7.597B wait — Q2 2026 revenue was $6,974M in Q2'25 and $7,597M in Q1'26; Q2'26 revenue is not in table — company did not report Q2'26 revenue separately here; the 7.6% is Q1'26 vs Q1'25.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 6% to $7.4B, with Consulting up 10%, but six-month operating income fell 5% due to a $425M Greensill charge.
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Consolidated Q2 grew 6% (5% underlying) to $7.4B, driven by 10% growth in Consulting and 4% in Risk and Insurance Services.
Q2 rose 10% to $502M, led by up 15% (13% underlying) and up 7% (5% underlying).
Q2 fell 2% underlying on declining reinsurance premium rates, with six-month underlying revenue flat, a reversal from prior growth.
The company repurchased $1.5B in shares year-to-date, issued $600M in 4.950% due 2036, and replaced its with a $4.25B facility.
What changed
Q2 held at the 4%–5% range flagged since Q1 2025; Q2 2026 MD&A shows 5% underlying, consistent with the 4% seen across 2025 and Q1 2026.
The $5.2B from the 2024 acquisition remained on the balance sheet unimpaired; no trigger was reported this quarter.
trajectory continued as flagged: ended Q1 2026 at $18.9B against $1.6B cash, and Q2 filing shows a new $600M note issuance, keeping the debt load elevated from the deal.
program costs and savings: Q1 2026 incurred $45M in Thrive costs toward the $500M three-year target; this Q2 filing does not state additional Q2 Thrive costs, leaving cumulative progress unspecified.
, flagged as a Q1 2026 charge of $425M, carried into the six-month result as the driver of the 5% decline — the watch item from Q1 was realized.
What to watch
Next measurement of the $5.2B for any trigger.
Q3 2026 to see if the 5% Q2 rate holds or shifts from the 2023–2024 range.
trajectory as $18.9B sits against $1.6B–$1.7B cash and rates change.
program costs and realized savings against the $500M three-year target and $400M annualized savings goal.
Six-month declined 5% to $3.7B, as an 11% expense increase included a $425M Greensill litigation liability and legal costs.
Q2 rose 6% (4% underlying) on higher new business and renewals, partially offset by declining insurance premium rates.
Q2 fell 2% (underlying) due to declining reinsurance premium rates, while six-month was flat.
Consulting Q2 rose 10% to $502M, with up 15% (13% underlying) and up 7% (5% underlying).
The company repurchased $1.5B in shares year-to-date, issued $600M in 4.950% senior notes due 2036, and replaced its with a $4.25B facility.
Quantitative and Qualitative Disclosures About Market Risk
Interest income on $13.9B in cash and fiduciary cash is sensitive to rate changes; foreign exchange impacts ~52% of revenue.
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A 10% change in short-term rates (29 ) would alter annual interest income by ~$20M based on June 30, 2026 cash and fiduciary cash balances.
Approximately 52% of total is non-U.S. based and exposed to foreign exchange fluctuations, with sensitivity of ~$130M for a 10% uniform move in major currencies.
If June 30, 2026 exchange rates hold, foreign currency translation is estimated to increase full-year by ~$85M .
The company uses forward contracts and options to hedge specific foreign currency exposures, but notes that natural offsets from local-currency and expenses typically mitigate impact.
Equity price risk arises from $316M in equity-method investments and $43M in other equity investments, which are reviewed for .
Cash and fiduciary cash investments are managed under a Board-approved policy emphasizing principal preservation, liquidity, and diversification to mitigate counterparty credit risk.
The Company and its subsidiaries are party to a variety of other legal, administrative, regulatory and government proceedings, claims and inquiries arising in the normal course of business. Additional information regarding certain legal proceedings and related matters as set for…
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The Company and its subsidiaries are party to a variety of other legal, administrative, regulatory and government proceedings, claims and inquiries arising in the normal course of business.
Additional information regarding certain legal proceedings and related matters as set forth in Note 17, Claims, Lawsuits and Other Contingencies, in the notes to the consolidated financial statements provided in Part I of this report is incorporated herein by reference.
The Company and its subsidiaries face a number of risks and uncertainties. In addition to the other information in this report and our other filings with the SEC, readers should consider carefully the risk factors discussed in "Part I, Item 1A. Risk Factors" in our Annual Report…
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The Company and its subsidiaries face a number of risks and uncertainties. In addition to the other information in this report and our other filings with the SEC, readers should consider carefully the risk factors discussed in "Part I, Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025.
If any of the risks described in our Annual Report on Form 10-K or such other risks actually occur, our business, results of operations or financial condition could be materially adversely affected.