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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 | 16 questions · 6% challenging |
| Dave Motemaden | Evercore ISI | 16 questions · 31% challenging |
| Greg Peters | Raymond James | 16 questions · 19% challenging |
| Meyer Shields | KBW | 14 questions · 0% challenging |
| Elyse Greenspan | Wells Fargo | 12 questions · 25% challenging |
| Jimmy Bhullar | JPMorgan | 10 questions · 20% challenging |
| Rob Cox | Goldman Sachs | 10 questions · 0% challenging |
| Alex Scott | Barclays | 9 questions · 0% challenging |
| Brian Meredith | UBS | 8 questions · 25% 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 | 16 questions · 6% challenging |
| Evercore ISI | 1 analyst | 16 questions · 31% challenging |
| Raymond James | 1 analyst | 16 questions · 19% challenging |
| KBW | 1 analyst | 14 questions · 0% challenging |
| Wells Fargo | 1 analyst | 12 questions · 25% challenging |
| JPMorgan | 2 analysts | 12 questions · 17% challenging |
| Barclays | 2 analysts | 11 questions · 0% challenging |
| Goldman Sachs | 1 analyst | 10 questions · 0% challenging |
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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.
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.
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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.
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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% |
| FY2026 Q3 | $6.86B | +8.1% | $1.69 | +11.9% | 17.7% | 11.8% |
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).
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 | |
| 2026Q2 | 8 | 4 | 4 | 3 | 1 | 1 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Revenue Growth | 7 | 5 | 5 | 9 | 5 | 4 | 8 |
| Pricing | 3 | 7 | 2 | 2 | 3 | 3 | 4 |
| Demand | 4 | 3 | 5 | 2 | 3 | 2 | 4 |
| Competitive Dynamics | 2 | 2 | 1 | 5 | 3 | 4 | 3 |
| M&A | 5 | 3 | 3 | 2 | 3 | 1 | |
| Macroeconomic | 1 | 4 | 3 | 3 | 1 | 1 | |
| Capital Allocation | 2 | 1 | 3 | 2 | 3 | 2 | |
| Margin | 4 | 1 | 1 | 2 | 1 | 2 | 1 |
GAAP revenue YoY +7.59% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
What MRSH said about other companies on its FY2026 Q1 call, and what other companies said about MRSH on their calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. 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.
| Company | Score | Trend | Rev YoY | Headline |
|---|---|---|---|---|
| MRSHMarsh & McLennan Companies, Inc. | 6 | +7.6% | AI Strategy: Growth, Productivity, and Efficiency | |
| AJGArthur J. Gallagher & Co. | 6 | +27.6% | AssuredPartners Integration Tracking to Plan | |
| AONAon | 7 | +6.5% | Broad-Based Commercial Risk Growth at 7% | |
| BROBrown & Brown | 6 | +37.3% | Brown & Brown delivered total revenue of $1.9 billion, up 35.4%, with the gain driven almost entirely by the Accession (Risk Strategies/One80) acquisition, which contributed roughly $445 million for the quarter, while organic revenue was flat year-over-year as catastrophe property rate declines of 15%-35% and a prior-year flood claims comparison weighed on growth | |
| ERIEErie Indemnity | 6 | +2.3% | Earnings Growth Resumes with Operating Income Up 10% | |
| WTWWillis Towers Watson | 5 | +8.5% | Organic growth slows to 3% at low end of plan amid macro headwinds |
AI Strategy: Growth, Productivity, and Efficiency
Brown & Brown delivered total revenue of $1.9 billion, up 35.4%, with the gain driven almost entirely by the Accession (Risk Strategies/One80) acquisition, which contributed roughly $445 million for the quarter, while organic revenue was flat year-over-year as catastrophe property rate declines of 15%-35% and a prior-year flood claims comparison weighed on growth
| Company | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|
| MRSH | 8 | 7 | 7 | 7 | 8 | 6 |
| AJG | 7 | 8 | 8 | 6 | 9 | 6 |
| AON | 8 | 6 | 6 | 7 | 8 | 7 |
| BRO | 8 | 7 | 7 | 7 | 5 | 6 |
| ERIE | 8 | 7 | 6 | 7 | 4 | 6 |
| WTW | 7 | 5 | 7 | 7 | 7 | 5 |
Organic growth slows to 3% at low end of plan amid macro headwinds