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Reporting soon: earnings call Thursday, Oct 15
A pre-earnings brief is ready for MRSH: the setup, what peers and partners said this season, and which analysts to watch.Reading it is a Tellvest Pro feature.
Marsh McLennan delivered consolidated revenue of $7.6 billion with 4% underlying growth and adjusted operating income of $2.4 billion growing 8%, though GAAP EPS declined 15% due to a $425 million Greenfield litigation charge unrelated to core operations. Management reiterated FY2026 guidance of underlying revenue growth similar to 2025, continued margin expansion, and solid adjusted EPS growth, while advancing AI-powered tools across the platform and announcing the AltamarCAM acquisition to expand private capital advisory capabilities.
Revenue Growth | Pricing | Demand | Competitive Dynamics | M&A | Macroeconomic | Capital Allocation | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 3 | 4 | 2 | 5 | 1 | 2 | 4 |
| 2025Q1 | 5 | 7 | 3 | 2 | 3 | 4 | 1 | |
| 2025Q2 | 5 | 2 | 5 | 1 | 3 | 1 | 1 | |
| 2025Q3 | 9 | 2 | 2 | 5 | 3 | 3 | 3 | 2 |
| 2025Q4 | 5 | 3 | 3 | 3 | 2 | 1 | 2 | 1 |
| 2026Q1 | 4 | 3 | 2 | 4 | 3 | 3 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 7 | 5 | 5 | 9 | 5 | 4 |
| Pricing | 3 | 7 | 2 | 2 | 3 | 3 |
| Demand | 4 | 3 | 5 | 2 | 3 | 2 |
| Competitive Dynamics | 2 | 2 | 1 | 5 | 3 | 4 |
| M&A | 5 | 3 | 3 | 2 | 3 | |
| Macroeconomic | 1 | 4 | 3 | 3 | 1 | |
| Capital Allocation | 2 | 1 | 3 | 2 | 3 | |
| Margin | 4 | 1 | 1 | 2 | 1 | 2 |
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Mike Zaremski | BMO Capital Markets | 14 questions · 7% challenging |
| Dave Motemaden | Evercore ISI | 14 questions · 29% challenging |
| Greg Peters | Raymond James | 14 questions · 21% challenging |
| Meyer Shields | KBW | 12 questions · 0% challenging |
| Elyse Greenspan | Wells Fargo | 10 questions · 30% challenging |
| Jimmy Bhullar | JPMorgan | 10 questions · 20% challenging |
| Brian Meredith | UBS | 8 questions · 25% challenging |
| Rob Cox | Goldman Sachs | 8 questions · 0% challenging |
| Alex Scott | Barclays | 7 questions · 0% challenging |
| Paul Newsome | Piper Sandler | 2 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| BMO Capital Markets | 1 analyst | 14 questions · 7% challenging |
| Evercore ISI | 1 analyst | 14 questions · 29% challenging |
| Raymond James | 1 analyst | 14 questions · 21% challenging |
| KBW | 1 analyst | 12 questions · 0% challenging |
| JPMorgan | 2 analysts | 12 questions · 17% challenging |
| Wells Fargo | 1 analyst | 10 questions · 30% challenging |
| Barclays | 2 analysts | 9 questions · 0% challenging |
| Goldman Sachs | 1 analyst | 8 questions · 0% challenging |
What MRSH and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“we continue to make progress in the private markets with our partnership with Cambridge Associates and Mercer.”
S&P Global partners with Mercer (Marsh McLennan) to build contributory private-markets performance data sets.
“on insurance, for example, we talked about a relationship with Marsh and Apollo as well to build out insurance.”
Marsh is named as a partner helping Uber build out AV insurance, a modest signal on Marsh's role in the autonomous-vehicle insurance ecosystem.
“we announced the acquisition of AltamarCAM. It's a private market asset manager with about $20 billion of AUM”
Marsh announced the acquisition of private-markets asset manager AltamarCAM (~$20B AUM), pending regulatory approval, to expand Mercer's private-markets platform.
No 8-K events recorded for this window.
Calendar quarter Q1 2026Earnings call Apr 16, 2026
FY2026 Q1 in brief
Marsh McLennan delivered consolidated revenue of $7.6 billion with 4% underlying growth and adjusted operating income of $2.4 billion growing 8%, though GAAP EPS declined 15% due to a $425 million Greenfield litigation charge unrelated to core operations.
Newest quarter is part of Pro ·
Sources. Tellvest earnings-call sentiment score for Marsh & McLennan Companies, Inc. (MRSH), FY2026 Q1: 6/10. Scores: Marsh & McLennan Companies, Inc.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: MRSH daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
GAAP revenue YoY +7.59% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $6.07B | +9.2% | $1.59 | +4.6% | 18.8% | 13.0% |
| FY2025 Q1 | $7.06B | +9.1% | $2.79 | -1.1% | 28.4% | 19.6% |
| FY2025 Q2 | $6.97B | +12.1% | $2.45 | +7.9% | 26.2% | 17.4% |
| FY2025 Q3 | $6.35B | +11.5% | $1.51 | 0.0% | 18.4% | 11.8% |
| FY2025 Q4 | $6.59B | +8.7% | $1.68 | +5.7% | 18.5% | 12.4% |
| FY2026 Q1Selected | $7.60B | +7.6% | $2.36 | -15.4% | 23.1% | 15.1% |
| FY2026 Q2 | $7.40B | +6.2% | $2.63 | +7.3% | 25.6% | 17.1% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MRSH Marsh & McLennan Companies, Inc. | 6 | +7.6% | |
| AJG Arthur J. Gallagher & Co. | 6 | +27.6% | |
| AON Aon | 7 | +6.5% | |
| BRO Brown & Brown | 6 | +37.3% | |
| WTW Willis Towers Watson | 5 | +8.5% |