Analyst Consensus ?
ConsensusHold34 ratings
Bullish1132.4%
Neutral2264.7%
Bearish12.9%
Marsh & McLennan Companies, Inc. · MRSH · FY2026 Q2 · Calendar Q3 2026
Marsh & McLennan Q2 2026: Revenue Up 6%, EPS Beats on AI and Thrive Momentum
Marsh & McLennan posted a solid Q2 2026, with revenue rising 6% year-over-year to $7.4 billion and adjusted EPS up 9% to $2.96, edging past the $2.88 consensus. Underlying revenue growth accelerated to 5% from 4% in Q1, a notable signal given persistent softness in property and reinsurance pricing. The Thrive program, an ongoing brand unification (Guy Carpenter and Mercer will transition to the Marsh brand in September), and a deepening AI toolkit including the newly launched LenWork LLM assistant are collectively driving productivity and new-business momentum. Record catastrophe-bond issuance ($5 billion across 20 deals in H1) and digital-infrastructure solutions for energy and data-center clients are helping offset pricing headwinds. The market's initial response was lukewarm: the stock underperformed its benchmark by roughly 1.1% on the report session. However, shares subsequently…
Reported Before market openNYSEFinancial Services
$91.72B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.96
Consensus $2.88
EPS surprise
+2.8%
Reported versus consensus
Reported revenue
$7.40B
Consensus $7.28B
Revenue surprise
+1.7%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-0.3%
Event window
SPY move
+0.8%
Same window
Abnormal move
-1.1%
Stock minus SPY
Volume
1.2×
Versus trailing sessions
Subsequent drift
+5.8%
Up to 20 sessions
MRSHSPY benchmark
Ask FN2 about MRSH FY2026 Q2
Transcript, numbers and history already loaded
Why did MRSH fall 0.3% after beating EPS estimates in FY2026 Q2?What changed in MRSH's guidance and outlook in FY2026 Q2?Give me the bull and bear case for MRSH after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared to Q1 2026, reported revenue growth decelerated from 8% to 6% while underlying growth accelerated from 4% to 5%. The $425 million Greenfield Capital litigation charge that weighed on Q1 did not recur. Capital deployment plans were scaled up from $5.0 billion to $5.5 billion. Management introduced LenWork, an in-house LLM-based assistant designed to mitigate rising third-party token costs, and disclosed a record 20 catastrophe-bond issuances totaling $5 billion of limit in H1 2026. The Guy Carpenter and Mercer brands are set to transition to the unified Marsh brand in September.
Guidance delta
Management maintained its full-year outlook, consistent with the prior quarter. The company continues to expect underlying revenue growth similar to 2025, continued margin expansion, and EPS growth. Planned capital deployment was modestly raised from $5.0 billion (Q1) to $5.5 billion across dividends, share repurchases, and acquisitions.
Key takeaways
- Revenue grew 6% to $7.4 billion with underlying growth accelerating to 5% despite soft pricing.
- Adjusted EPS rose 9% year-over-year to $2.96, beating the $2.88 consensus by 2.8%.
- Thrive program and unified Marsh brand are driving sales capacity and brand efficiency; Guy Carpenter and Mercer will transition to the Marsh brand in September.
- AI initiatives—Marsh Risk Companion, Atlas, LenWork, and Claims IQ—are positioned as growth and productivity engines.
- Record 20 catastrophe-bond issuances in H1 2026 totaling $5 billion of limit supported reinsurance activity.
- Capital deployment increased to $5.5 billion for dividends, buybacks, and selective acquisitions.
Management priorities
- Complete the brand transition of Guy Carpenter and Mercer to Marsh in September.
- Expand AI tools (LenWork, Atlas, Quotient) and launch AI-native banking solutions.
- Accelerate sales capacity hiring in the United States and internationally.
- Deploy $5.5 billion of capital through dividends, share repurchases, and acquisitions.
- Continue to grow digital-infrastructure and alternative-capital insurance solutions.
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Beat
Miss
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Analyst 52W Price Targets
$190.67Previous close
$135Low
$202.19Average
$256High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 28, 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 |
|---|---|---|---|---|
| JP Morgan | Overweight | Overweight | Maintain | Oct 20, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Oct 19, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Oct 19, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 16, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Oct 16, 2026 |
| UBS | Buy | Buy | Maintain | Oct 6, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 6, 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 |
| 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 previous close $190.67. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Mizuho Securities | Analyst unavailable | $200 | $188.35 | +4.9% | Oct 19, 2026 |
| Wells Fargo | Analyst unavailable | $197 | $186.54 | +3.3% | Oct 16, 2026 |
| Mizuho Securities | Analyst unavailable | $190 | $171.75 | -0.4% | Oct 7, 2026 |
| UBS | Analyst unavailable | $222 | $170.43 | +16.4% | Oct 6, 2026 |
| BMO Capital | Analyst unavailable | $203 | $194.67 | +6.5% | Aug 25, 2026 |
| Morgan Stanley | Analyst unavailable | $200 | $186.37 | +4.9% | Aug 19, 2026 |
| UBS | Analyst unavailable | $216 | $184.62 | +13.3% | Jul 27, 2026 |
| Mizuho Securities | Yaron Kinar | $201 | $181.59 | +5.4% | Jul 22, 2026 |
| Wells Fargo | Analyst unavailable | $188 | $181.59 | -1.4% | Jul 22, 2026 |
| Morgan Stanley | Analyst unavailable | $180 | $182.22 | -5.6% | Jul 21, 2026 |
| Evercore ISI | Analyst unavailable | $234 | $179.91 | +22.7% | Jul 10, 2026 |
| Mizuho Securities | Analyst unavailable | $197 | $179.05 | +3.3% | Jul 9, 2026 |
| UBS | Analyst unavailable | $212 | $177.18 | +11.2% | Jul 8, 2026 |
| Morgan Stanley | Analyst unavailable | $175 | $178.54 | -8.2% | Jul 6, 2026 |
| UBS | Brian Meredith | $203 | $162.52 | +6.5% | Jun 9, 2026 |
| Piper Sandler | Analyst unavailable | $182 | $164.11 | -4.5% | May 26, 2026 |
| UBS | Analyst unavailable | $180 | $163.38 | -5.6% | May 21, 2026 |
| Mizuho Securities | Analyst unavailable | $193 | $171.93 | +1.2% | Apr 13, 2026 |
| Raymond James | Strong Buy | $225 | $174.06 | +18.0% | Feb 17, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $212 | $190.46 | +11.2% | Feb 2, 2026 |
| Mizuho Securities | Analyst unavailable | $213 | $188.19 | +11.7% | Feb 2, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $208 | $182.7 | +9.1% | Jan 14, 2026 |
| Wells Fargo | Elyse Greenspan | $199 | $185.63 | +4.4% | Jan 13, 2026 |
| Barclays | Alex Scott | $210 | $182.9 | +10.1% | Jan 8, 2026 |
| Goldman Sachs | Robert Cox | $199 | $182.9 | +4.4% | Jan 7, 2026 |
| Evercore ISI | Analyst unavailable | $236 | $182.65 | +23.8% | Jan 7, 2026 |
| Morgan Stanley | Bob Huang | $190 | $187.28 | -0.4% | Dec 16, 2025 |
| Mizuho Securities | Analyst unavailable | $212 | $187.28 | +11.2% | Dec 15, 2025 |
| RBC Capital | Analyst unavailable | $200 | $179.28 | +4.9% | Nov 24, 2025 |
| Barclays | Alex Scott | $206 | $177.13 | +8.0% | Nov 20, 2025 |
| Roth Capital | Harry Fong | $200 | $189.59 | +4.9% | Oct 20, 2025 |
| Goldman Sachs | Analyst unavailable | $195 | $189.59 | +2.3% | Oct 20, 2025 |
| Morgan Stanley | Analyst unavailable | $195 | $189.16 | +2.3% | Oct 17, 2025 |
| Evercore ISI | Analyst unavailable | $237 | $189.8 | +24.3% | Oct 17, 2025 |
| Wells Fargo | Elyse Greenspan | $212 | $186.48 | +11.2% | Oct 17, 2025 |
| UBS | Analyst unavailable | $257 | $203.84 | +34.8% | Oct 8, 2025 |
| Barclays | Alex Scott | $221 | $203.84 | +15.9% | Oct 8, 2025 |
| Morgan Stanley | Bob Huang | $215 | $203.2 | +12.8% | Oct 7, 2025 |
| Morgan Stanley | Bob Huang | $220 | $207.74 | +15.4% | Aug 18, 2025 |
| Cantor Fitzgerald | Ryan Tunis | $256 | $204.41 | +34.3% | Aug 12, 2025 |
| UBS | Brian Meredith | $258 | $212.86 | +35.3% | Jul 21, 2025 |
| BMO Capital | Michael Zaremski | $228 | $222.06 | +19.6% | Oct 22, 2024 |
| Roth Capital | Harry Fong | $230 | $225.88 | +20.6% | Oct 18, 2024 |
| RBC Capital | Mark Dwelle | $242 | $226.92 | +26.9% | Oct 18, 2024 |
| Goldman Sachs | Robert Cox | $220 | $226.92 | +15.4% | Oct 18, 2024 |
| Bank of America Securities | Joshua Shanker | $250 | $226.76 | +31.1% | Oct 10, 2024 |
| BMO Capital | Michael Zaremski | $217 | $224.01 | +13.8% | Oct 1, 2024 |
| Barclays | Alex Scott | $236 | $231.42 | +23.8% | Sep 4, 2024 |
| Roth Capital | Harry Fong | $220 | $217.42 | +15.4% | Jul 19, 2024 |
| RBC Capital | Mark Dwelle | $228 | $210.94 | +19.6% | Jun 28, 2024 |
| RBC Capital | Mark Dwelle | $210 | $201.73 | +10.1% | Apr 19, 2024 |
| Wells Fargo | Elyse Greenspan | $213 | $201.73 | +11.7% | Apr 19, 2024 |
| Evercore ISI | David Motemaden | $221 | $201.73 | +15.9% | Apr 18, 2024 |
| Piper Sandler | Paul Newsome | $211 | $196.29 | +10.7% | Apr 17, 2024 |
| Citigroup | Analyst unavailable | $190 | $175.28 | -0.4% | Feb 1, 2023 |
| Jefferies | Analyst unavailable | $178 | $170.96 | -6.6% | Jan 9, 2023 |
| Credit Suisse | Andrew Kligerman | $157 | $165.7 | -17.7% | Dec 23, 2022 |
| Citigroup | Analyst unavailable | $185 | $168.57 | -3.0% | Dec 15, 2022 |
| Morgan Stanley | Analyst unavailable | $150 | $169.58 | -21.3% | Nov 22, 2022 |
| Atlantic Equities | John Heagerty | $185 | $163.01 | -3.0% | Nov 8, 2022 |
| Raymond James | Analyst unavailable | $180 | $158.12 | -5.6% | Jul 22, 2022 |
| Jefferies | Analyst unavailable | $181 | $155.95 | -5.1% | Jul 12, 2022 |
| Morgan Stanley | Analyst unavailable | $163 | $149.77 | -14.5% | May 23, 2022 |
| Wells Fargo | Analyst unavailable | $183 | $157.93 | -4.0% | May 3, 2022 |
| Wells Fargo | Analyst unavailable | $164 | $175.32 | -14.0% | Apr 22, 2022 |
| Piper Sandler | Analyst unavailable | $197 | $175.76 | +3.3% | Apr 22, 2022 |
| Raymond James | Analyst unavailable | $190 | $178.7 | -0.4% | Apr 22, 2022 |
| RBC Capital | Analyst unavailable | $185 | $178.7 | -3.0% | Apr 22, 2022 |
| J.P. Morgan | Analyst unavailable | $163 | $179.6 | -14.5% | Apr 21, 2022 |
| Piper Sandler | Paul Newsome | $145 | $132.19 | -24.0% | Apr 28, 2021 |
| Deutsche Bank | Phil Stefano | $135 | $132.19 | -29.2% | 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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Latest beats and misses
Who reports nextBeat on EPS
Missed on EPS
- ARCCFY2026 Q3 · October 27, 2026-3.4% EPS-0.5% move
- WSOFY2026 Q3 · October 27, 2026-8.0% EPS-1.4% move
- IVZFY2026 Q3 · October 27, 2026-2.7% EPS-0.4% move
- SHWFY2026 Q3 · October 27, 2026-1.6% EPS-2.7% move
- BAFY2026 Q3 · October 27, 2026-33.4% EPS-10.7% move
- AREFY2026 Q3 · October 26, 2026-13401.8% EPS-5.9% move
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 · 2026-07-21T17:03:44.241368+00:00
- FN2 earnings calendar · 2026-07-29T01:23:15.868211+00:00
- Polygon adjusted daily market bars · 2026-07-29T06:22:22.074870+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T06:22:22.072171+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 2026-07-29. For educational purposes only; not investment advice.