Analyst Consensus ?
ConsensusHold34 ratings
Bullish1132.4%
Neutral2264.7%
Bearish12.9%
Marsh & McLennan Companies, Inc. · MRSH · FY2025 Q4 · Calendar Q1 2026
Marsh posts double-digit growth while rates remain a headwind
The supplied analysis supports a constructive but conditional view: resilient demand, margin expansion, and investment in AI and digital infrastructure support the growth case, while rate declines and talent risks are important offsets.
Reported Before market openNYSEFinancial Services
$81.33B market cap
90quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.12
Consensus $1.97
EPS surprise
+7.6%
Reported versus consensus
Reported revenue
$6.59B
Consensus $6.56B
Revenue surprise
+0.6%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+5.5%
Event window
SPY move
-0.2%
Same window
Abnormal move
+5.7%
Stock minus SPY
Volume
1.2×
Versus trailing sessions
Subsequent drift
-0.6%
Up to 20 sessions
MRSHSPY benchmark
Ask FN2 about MRSH FY2025 Q4
Transcript, numbers and history already loaded
Why did MRSH rise 5.5% after beating EPS estimates in FY2025 Q4?What changed in MRSH's guidance and outlook in FY2025 Q4?Give me the bull and bear case for MRSH after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The quarter combined double-digit revenue and adjusted-earnings growth with continued margin expansion. Management emphasized the Thrive program, AI-enabled productivity tools, digital-infrastructure opportunities, and the McGriff integration while maintaining its 2026 growth outlook.
Guidance delta
Maintained; management indicated 2026 underlying revenue growth should be similar to 2025, with continued margin expansion.
Key takeaways
- Revenue and adjusted earnings grew at double-digit rates, with continued margin expansion.
- Management highlighted Thrive, AI-enabled tools, and digital-infrastructure advisory as growth avenues.
- Capital returns and acquisitions remained significant, while lower insurance rates remained a constraint.
Management priorities
- Execute the Thrive program through investment in talent, technology, and acquisitions.
- Expand AI, analytics, digital-infrastructure advisory, and reinsurance-capacity offerings.
- Continue capital returns while balancing acquisitions and growth investment.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$170.73Current
$135Low
$201.61Average
$256High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Aug 19, 2026 |
| UBS | Buy | Buy | Maintain | Jul 27, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 22, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jul 22, 2026 |
| Citigroup | Neutral | Buy | Downgrade | Jul 22, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 13, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 10, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Jul 9, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | May 26, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Apr 17, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | Apr 14, 2026 |
| Barclays | Overweight | Overweight | Maintain | Apr 8, 2026 |
| Raymond James | Strong Buy | Outperform | Upgrade | Feb 17, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jan 30, 2026 |
| TD Cowen | Hold | Hold | Maintain | Nov 3, 2025 |
| Goldman Sachs | Neutral | Sell | Upgrade | Oct 20, 2025 |
| Jefferies | Hold | Hold | Maintain | Oct 5, 2023 |
| BMO Capital | Market Perform | Market Perform | Maintain | May 14, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Jan 29, 2023 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Nov 7, 2022 |
| MKM Partners | Neutral | Neutral | Maintain | Apr 30, 2020 |
| CFRA | Buy | Hold | Upgrade | Apr 29, 2020 |
| Keefe Bruyette & Woods | Market Perform | Outperform | Downgrade | Jun 12, 2019 |
| Compass Point | Neutral | Neutral | Maintain | Jan 15, 2019 |
| Bank of America | Neutral | Buy | Downgrade | Jul 26, 2018 |
| Deutsche Bank | Hold | Buy | Downgrade | Oct 3, 2017 |
| Sandler O'Neill | Buy | Hold | Upgrade | Nov 7, 2016 |
| PiperJaffray | Overweight | Overweight | Maintain | Jun 4, 2015 |
| Keefe, Bruyette& Woods | Market Perform | Market Perform | Maintain | Feb 8, 2015 |
| Macquarie | Neutral | Outperform | Downgrade | Sep 24, 2014 |
| Evercore Partners | Overweight | Overweight | Maintain | Jul 9, 2014 |
| Nomura | Neutral | Neutral | Maintain | Mar 11, 2014 |
| Miller Tabak | Hold | Buy | Downgrade | Oct 3, 2013 |
| Guggenheim | Buy | Buy | Maintain | Sep 18, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $170.73. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| BMO Capital | Analyst unavailable | $203 | $194.67 | +18.9% | Aug 25, 2026 |
| Morgan Stanley | Analyst unavailable | $200 | $186.37 | +17.1% | Aug 19, 2026 |
| UBS | Analyst unavailable | $216 | $184.62 | +26.5% | Jul 27, 2026 |
| Mizuho Securities | Yaron Kinar | $201 | $181.59 | +17.7% | Jul 22, 2026 |
| Wells Fargo | Analyst unavailable | $188 | $181.59 | +10.1% | Jul 22, 2026 |
| Morgan Stanley | Analyst unavailable | $180 | $182.22 | +5.4% | Jul 21, 2026 |
| Evercore ISI | Analyst unavailable | $234 | $179.91 | +37.1% | Jul 10, 2026 |
| Mizuho Securities | Analyst unavailable | $197 | $179.05 | +15.4% | Jul 9, 2026 |
| UBS | Analyst unavailable | $212 | $177.18 | +24.2% | Jul 8, 2026 |
| Morgan Stanley | Analyst unavailable | $175 | $178.54 | +2.5% | Jul 6, 2026 |
| UBS | Brian Meredith | $203 | $162.52 | +18.9% | Jun 9, 2026 |
| Piper Sandler | Analyst unavailable | $182 | $164.11 | +6.6% | May 26, 2026 |
| UBS | Analyst unavailable | $180 | $163.38 | +5.4% | May 21, 2026 |
| Mizuho Securities | Analyst unavailable | $193 | $171.93 | +13.0% | Apr 13, 2026 |
| Raymond James | Strong Buy | $225 | $174.06 | +31.8% | Feb 17, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $212 | $190.46 | +24.2% | Feb 2, 2026 |
| Mizuho Securities | Analyst unavailable | $213 | $188.19 | +24.8% | Feb 2, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $208 | $182.7 | +21.8% | Jan 14, 2026 |
| Wells Fargo | Elyse Greenspan | $199 | $185.63 | +16.6% | Jan 13, 2026 |
| Barclays | Alex Scott | $210 | $182.9 | +23.0% | Jan 8, 2026 |
| Goldman Sachs | Robert Cox | $199 | $182.9 | +16.6% | Jan 7, 2026 |
| Evercore ISI | Analyst unavailable | $236 | $182.65 | +38.2% | Jan 7, 2026 |
| Morgan Stanley | Bob Huang | $190 | $187.28 | +11.3% | Dec 16, 2025 |
| Mizuho Securities | Analyst unavailable | $212 | $187.28 | +24.2% | Dec 15, 2025 |
| RBC Capital | Analyst unavailable | $200 | $179.28 | +17.1% | Nov 24, 2025 |
| Barclays | Alex Scott | $206 | $177.13 | +20.7% | Nov 20, 2025 |
| Roth Capital | Harry Fong | $200 | $189.59 | +17.1% | Oct 20, 2025 |
| Goldman Sachs | Analyst unavailable | $195 | $189.59 | +14.2% | Oct 20, 2025 |
| Morgan Stanley | Analyst unavailable | $195 | $189.16 | +14.2% | Oct 17, 2025 |
| Evercore ISI | Analyst unavailable | $237 | $189.8 | +38.8% | Oct 17, 2025 |
| Wells Fargo | Elyse Greenspan | $212 | $186.48 | +24.2% | Oct 17, 2025 |
| UBS | Analyst unavailable | $257 | $203.84 | +50.5% | Oct 8, 2025 |
| Barclays | Alex Scott | $221 | $203.84 | +29.4% | Oct 8, 2025 |
| Morgan Stanley | Bob Huang | $215 | $203.2 | +25.9% | Oct 7, 2025 |
| Morgan Stanley | Bob Huang | $220 | $207.74 | +28.9% | Aug 18, 2025 |
| Cantor Fitzgerald | Ryan Tunis | $256 | $204.41 | +49.9% | Aug 12, 2025 |
| UBS | Brian Meredith | $258 | $212.86 | +51.1% | Jul 21, 2025 |
| BMO Capital | Michael Zaremski | $228 | $222.06 | +33.5% | Oct 22, 2024 |
| Roth Capital | Harry Fong | $230 | $225.88 | +34.7% | Oct 18, 2024 |
| RBC Capital | Mark Dwelle | $242 | $226.92 | +41.7% | Oct 18, 2024 |
| Goldman Sachs | Robert Cox | $220 | $226.92 | +28.9% | Oct 18, 2024 |
| Bank of America Securities | Joshua Shanker | $250 | $226.76 | +46.4% | Oct 10, 2024 |
| BMO Capital | Michael Zaremski | $217 | $224.01 | +27.1% | Oct 1, 2024 |
| Barclays | Alex Scott | $236 | $231.42 | +38.2% | Sep 4, 2024 |
| Roth Capital | Harry Fong | $220 | $217.42 | +28.9% | Jul 19, 2024 |
| RBC Capital | Mark Dwelle | $228 | $210.94 | +33.5% | Jun 28, 2024 |
| RBC Capital | Mark Dwelle | $210 | $201.73 | +23.0% | Apr 19, 2024 |
| Wells Fargo | Elyse Greenspan | $213 | $201.73 | +24.8% | Apr 19, 2024 |
| Evercore ISI | David Motemaden | $221 | $201.73 | +29.4% | Apr 18, 2024 |
| Piper Sandler | Paul Newsome | $211 | $196.29 | +23.6% | Apr 17, 2024 |
| Citigroup | Analyst unavailable | $190 | $175.28 | +11.3% | Feb 1, 2023 |
| Jefferies | Analyst unavailable | $178 | $170.96 | +4.3% | Jan 9, 2023 |
| Credit Suisse | Andrew Kligerman | $157 | $165.7 | -8.0% | Dec 23, 2022 |
| Citigroup | Analyst unavailable | $185 | $168.57 | +8.4% | Dec 15, 2022 |
| Morgan Stanley | Analyst unavailable | $150 | $169.58 | -12.1% | Nov 22, 2022 |
| Atlantic Equities | John Heagerty | $185 | $163.01 | +8.4% | Nov 8, 2022 |
| Raymond James | Analyst unavailable | $180 | $158.12 | +5.4% | Jul 22, 2022 |
| Jefferies | Analyst unavailable | $181 | $155.95 | +6.0% | Jul 12, 2022 |
| Morgan Stanley | Analyst unavailable | $163 | $149.77 | -4.5% | May 23, 2022 |
| Wells Fargo | Analyst unavailable | $183 | $157.93 | +7.2% | May 3, 2022 |
| Wells Fargo | Analyst unavailable | $164 | $175.32 | -3.9% | Apr 22, 2022 |
| Piper Sandler | Analyst unavailable | $197 | $175.76 | +15.4% | Apr 22, 2022 |
| Raymond James | Analyst unavailable | $190 | $178.7 | +11.3% | Apr 22, 2022 |
| RBC Capital | Analyst unavailable | $185 | $178.7 | +8.4% | Apr 22, 2022 |
| J.P. Morgan | Analyst unavailable | $163 | $179.6 | -4.5% | Apr 21, 2022 |
| Piper Sandler | Paul Newsome | $145 | $132.19 | -15.1% | Apr 28, 2021 |
| Deutsche Bank | Phil Stefano | $135 | $132.19 | -20.9% | Apr 28, 2021 |
Track every rating change on MRSH the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationMarsh & McLennan Companies, Inc. (MRSH) functions as a leading professional services organization, delivering expert guidance and innovative solutions to clients across the vital domains of risk management, strategic planning, and human capital. Based in New York City, the firm maintains a substantial global workforce, employing approximately 65,000 full-time professionals. This entity serves as the parent company for several prominent advisory and consulting brands.…
Historical context
All MRSH earningsFinancial Services peers this season
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|---|---|---|---|---|
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
Who reports nextBeat on EPS
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Get the MRSH recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-09-30T21:06:05.793218+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-30T21:06:05.790501+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-30. For educational purposes only; not investment advice.