Analyst Consensus ?
ConsensusHold34 ratings
Bullish1132.4%
Neutral2264.7%
Bearish12.9%
Marsh & McLennan Companies, Inc. · MRSH · FY2026 Q1 · Calendar Q2 2026
Marsh tops Q1 estimates on 8% revenue growth; AI push and AltamarCAM set 2026 tone
Marsh's Q1 print shows a business able to grow adjusted EPS and expand margins even as insurance and reinsurance pricing compresses, aided by AI-driven productivity, an active acquisition pipeline (AltamarCAM) and steady capital returns. The test over the coming year is whether underlying revenue growth near 4% and margin expansion can outpace falling pricing, lower fiduciary income and the drag from the $425M litigation charge.
Reported Before market openNYSEFinancial Services
$81.09B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$3.29
Consensus $3.22
EPS surprise
+2.2%
Reported versus consensus
Reported revenue
$7.60B
Consensus $7.41B
Revenue surprise
+2.6%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+4.4%
Event window
SPY move
+0.2%
Same window
Abnormal move
+4.1%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
-12.4%
Up to 20 sessions
MRSHSPY benchmark
Ask FN2 about MRSH FY2026 Q1
Transcript, numbers and history already loaded
Why did MRSH rise 4.4% after beating EPS estimates in FY2026 Q1?What changed in MRSH's guidance and outlook in FY2026 Q1?Give me the bull and bear case for MRSH after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter (Q4 2025 revenue +9%), Q1 2026 revenue grew 8% to $7.6B with 4% underlying growth, and adjusted EPS rose 8% to $3.29, beating consensus by roughly 2.2%. The quarter introduced a $425M one-time litigation charge tied to the Greenfield Capital collapse and the pending AltamarCAM acquisition, alongside a roughly $5B capital deployment plan including $750M of buybacks. The stock rallied about 4.4% around the print but has drifted about -12.4% since.
Guidance delta
Maintained. Management reaffirmed expectations for continued margin expansion and adjusted EPS growth in 2026, with underlying revenue growth expected similar to 2025 despite pricing headwinds. No material change to guidance.
Key takeaways
- Revenue rose 8% YoY to $7.6B with 4% underlying growth despite insurance/reinsurance pricing pressure; adjusted EPS grew 8% to $3.29.
- Executives beat consensus on both lines: EPS of $3.29 vs $3.22 est., and revenue of $7.60B vs $7.41B est.
- Management framed AI as a core growth pillar across risk, consulting and brokerage, with new tools (ADA, Centrus, GC Quotebox) driving efficiency and new revenue.
- A $425M one-time litigation charge related to the Greenfield Capital collapse was disclosed in Q1.
- The pending AltamarCAM acquisition (private-market asset manager, roughly EUR20B AUM) and $750M of buybacks headline a roughly $5B capital deployment plan.
- Guidance was maintained: management expects underlying revenue growth similar to 2025 and continued margin expansion.
Management priorities
- Execute the Thrive program to deliver $400M of cost savings.
- Roll out AI-driven tools including Renewal Companion, Captives Companion and the Marsh Risk Cortex analytics engine.
- Complete the AltamarCAM acquisition later in 2026 pending regulatory approval.
- Invest in producer talent and expand in high-growth markets.
- Balance roughly $5B of capital deployment across M&A opportunism and $750M of share repurchases.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$173.23Current
$135Low
$201.61Average
$256High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 25, 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 $173.23. 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 | +17.2% | Aug 25, 2026 |
| Morgan Stanley | Analyst unavailable | $200 | $186.37 | +15.5% | Aug 19, 2026 |
| UBS | Analyst unavailable | $216 | $184.62 | +24.7% | Jul 27, 2026 |
| Mizuho Securities | Yaron Kinar | $201 | $181.59 | +16.0% | Jul 22, 2026 |
| Wells Fargo | Analyst unavailable | $188 | $181.59 | +8.5% | Jul 22, 2026 |
| Morgan Stanley | Analyst unavailable | $180 | $182.22 | +3.9% | Jul 21, 2026 |
| Evercore ISI | Analyst unavailable | $234 | $179.91 | +35.1% | Jul 10, 2026 |
| Mizuho Securities | Analyst unavailable | $197 | $179.05 | +13.7% | Jul 9, 2026 |
| UBS | Analyst unavailable | $212 | $177.18 | +22.4% | Jul 8, 2026 |
| Morgan Stanley | Analyst unavailable | $175 | $178.54 | +1.0% | Jul 6, 2026 |
| UBS | Brian Meredith | $203 | $162.52 | +17.2% | Jun 9, 2026 |
| Piper Sandler | Analyst unavailable | $182 | $164.11 | +5.1% | May 26, 2026 |
| UBS | Analyst unavailable | $180 | $163.38 | +3.9% | May 21, 2026 |
| Mizuho Securities | Analyst unavailable | $193 | $171.93 | +11.4% | Apr 13, 2026 |
| Raymond James | Strong Buy | $225 | $174.06 | +29.9% | Feb 17, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $212 | $190.46 | +22.4% | Feb 2, 2026 |
| Mizuho Securities | Analyst unavailable | $213 | $188.19 | +23.0% | Feb 2, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $208 | $182.7 | +20.1% | Jan 14, 2026 |
| Wells Fargo | Elyse Greenspan | $199 | $185.63 | +14.9% | Jan 13, 2026 |
| Barclays | Alex Scott | $210 | $182.9 | +21.2% | Jan 8, 2026 |
| Goldman Sachs | Robert Cox | $199 | $182.9 | +14.9% | Jan 7, 2026 |
| Evercore ISI | Analyst unavailable | $236 | $182.65 | +36.2% | Jan 7, 2026 |
| Morgan Stanley | Bob Huang | $190 | $187.28 | +9.7% | Dec 16, 2025 |
| Mizuho Securities | Analyst unavailable | $212 | $187.28 | +22.4% | Dec 15, 2025 |
| RBC Capital | Analyst unavailable | $200 | $179.28 | +15.5% | Nov 24, 2025 |
| Barclays | Alex Scott | $206 | $177.13 | +18.9% | Nov 20, 2025 |
| Roth Capital | Harry Fong | $200 | $189.59 | +15.5% | Oct 20, 2025 |
| Goldman Sachs | Analyst unavailable | $195 | $189.59 | +12.6% | Oct 20, 2025 |
| Morgan Stanley | Analyst unavailable | $195 | $189.16 | +12.6% | Oct 17, 2025 |
| Evercore ISI | Analyst unavailable | $237 | $189.8 | +36.8% | Oct 17, 2025 |
| Wells Fargo | Elyse Greenspan | $212 | $186.48 | +22.4% | Oct 17, 2025 |
| UBS | Analyst unavailable | $257 | $203.84 | +48.4% | Oct 8, 2025 |
| Barclays | Alex Scott | $221 | $203.84 | +27.6% | Oct 8, 2025 |
| Morgan Stanley | Bob Huang | $215 | $203.2 | +24.1% | Oct 7, 2025 |
| Morgan Stanley | Bob Huang | $220 | $207.74 | +27.0% | Aug 18, 2025 |
| Cantor Fitzgerald | Ryan Tunis | $256 | $204.41 | +47.8% | Aug 12, 2025 |
| UBS | Brian Meredith | $258 | $212.86 | +48.9% | Jul 21, 2025 |
| BMO Capital | Michael Zaremski | $228 | $222.06 | +31.6% | Oct 22, 2024 |
| Roth Capital | Harry Fong | $230 | $225.88 | +32.8% | Oct 18, 2024 |
| RBC Capital | Mark Dwelle | $242 | $226.92 | +39.7% | Oct 18, 2024 |
| Goldman Sachs | Robert Cox | $220 | $226.92 | +27.0% | Oct 18, 2024 |
| Bank of America Securities | Joshua Shanker | $250 | $226.76 | +44.3% | Oct 10, 2024 |
| BMO Capital | Michael Zaremski | $217 | $224.01 | +25.3% | Oct 1, 2024 |
| Barclays | Alex Scott | $236 | $231.42 | +36.2% | Sep 4, 2024 |
| Roth Capital | Harry Fong | $220 | $217.42 | +27.0% | Jul 19, 2024 |
| RBC Capital | Mark Dwelle | $228 | $210.94 | +31.6% | Jun 28, 2024 |
| RBC Capital | Mark Dwelle | $210 | $201.73 | +21.2% | Apr 19, 2024 |
| Wells Fargo | Elyse Greenspan | $213 | $201.73 | +23.0% | Apr 19, 2024 |
| Evercore ISI | David Motemaden | $221 | $201.73 | +27.6% | Apr 18, 2024 |
| Piper Sandler | Paul Newsome | $211 | $196.29 | +21.8% | Apr 17, 2024 |
| Citigroup | Analyst unavailable | $190 | $175.28 | +9.7% | Feb 1, 2023 |
| Jefferies | Analyst unavailable | $178 | $170.96 | +2.8% | Jan 9, 2023 |
| Credit Suisse | Andrew Kligerman | $157 | $165.7 | -9.4% | Dec 23, 2022 |
| Citigroup | Analyst unavailable | $185 | $168.57 | +6.8% | Dec 15, 2022 |
| Morgan Stanley | Analyst unavailable | $150 | $169.58 | -13.4% | Nov 22, 2022 |
| Atlantic Equities | John Heagerty | $185 | $163.01 | +6.8% | Nov 8, 2022 |
| Raymond James | Analyst unavailable | $180 | $158.12 | +3.9% | Jul 22, 2022 |
| Jefferies | Analyst unavailable | $181 | $155.95 | +4.5% | Jul 12, 2022 |
| Morgan Stanley | Analyst unavailable | $163 | $149.77 | -5.9% | May 23, 2022 |
| Wells Fargo | Analyst unavailable | $183 | $157.93 | +5.6% | May 3, 2022 |
| Wells Fargo | Analyst unavailable | $164 | $175.32 | -5.3% | Apr 22, 2022 |
| Piper Sandler | Analyst unavailable | $197 | $175.76 | +13.7% | Apr 22, 2022 |
| Raymond James | Analyst unavailable | $190 | $178.7 | +9.7% | Apr 22, 2022 |
| RBC Capital | Analyst unavailable | $185 | $178.7 | +6.8% | Apr 22, 2022 |
| J.P. Morgan | Analyst unavailable | $163 | $179.6 | -5.9% | Apr 21, 2022 |
| Piper Sandler | Paul Newsome | $145 | $132.19 | -16.3% | Apr 28, 2021 |
| Deutsche Bank | Phil Stefano | $135 | $132.19 | -22.1% | Apr 28, 2021 |
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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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|---|---|---|---|---|
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| 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
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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 · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-25T15:11:05.393433+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-25T15:11:05.390592+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 2026-09-25. For educational purposes only; not investment advice.