Marsh & McLennan Companies (MRSH) Q1 FY2026 earnings: revenue $7.6 billion, up 7.6% on the year

Marsh & McLennan Companies, Inc. (MRSH) reported revenue of $7.6 billion for Q1 FY2026, the quarter ended 31 March 2026, up 7.6% on the same quarter a year earlier. Net income was $1.1 billion, down 17.0% on the year, and diluted earnings per share $2.36. The figures are the company's own, from the 10-Q it filed with the SEC on 16 April 2026.

Revenue

$7.6 billion

+7.6% on the year · +15.2% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

23.1%

28.4% a year earlier

Q2 FY2024Q1 FY2026

Net income

$1.1 billion

-17.0% on the year · +39.6% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$2.36

-15.4% on the year · +40.5% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Revenue grew 8%, 4% underlying: Revenue was $7.6 billion, up from $7.1 billion. Currency added 3 points and acquisitions and other items added 1 point, leaving 4% underlying growth.
Operating income fell 12%: Operating income was $1.8 billion, down from $2.0 billion. The company included a Greensill litigation charge in operating income and excluded it from adjusted operating income.
Adjusted operating income rose 8%: Adjusted operating income was $2.4 billion, up from $2.2 billion. It excludes noteworthy items and identified intangible amortization expense.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	7,597	6,595	7,061	+15.2%	+7.6%
Operating income	1,754	1,219	2,005	+43.9%	-12.5%
Operating margin	23.1%	18.5%	28.4%
Interest expense	240	235	245	+2.1%	-2.0%
Pre-tax income	1,581	1,056	1,827	+49.7%	-13.5%
Income tax	395	222	415	+77.9%	-4.8%
Effective tax rate	25.0%	21.0%	22.7%
Net income	1,146	821	1,381	+39.6%	-17.0%
Net margin	15.1%	12.4%	19.6%
Diluted EPS	$2.36	$1.68	$2.79	+40.5%	-15.4%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	-688	2,161	-622
Capital expenditure	62.0	105	55.0	-41.0%	+12.7%
Free cash flow	-750	2,056	-677
Free cash flow margin	-9.9%	31.2%	-9.6%
Cash from investing	-104	-523	26.0
Cash from financing	114	-2,048	-138
Depreciation and amortisation	89.0	91.0	88.0	-2.2%	+1.1%
Share-based compensation	139	89.0	112	+56.2%	+24.1%
Buybacks	755	1,010	300	-25.2%	+151.7%
Dividends paid	440	444	405	-0.9%	+8.6%
Dividend per share	$1.80	n/a	$1.63		+10.4%
Diluted shares, weighted	486m	490m	495m	-0.8%	-1.8%
Shares outstanding at period end	482m	485m	493m	-0.6%	-2.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	14,806	15,315	14,268	-3.3%	+3.8%
Short-term borrowings	1,049	0.0	n/a
Debt	19,553	19,587	19,481	-0.2%	+0.4%
Operating lease liabilities	1,523	1,529	1,563	-0.4%	-2.6%
Other liabilities	21,621	22,279	21,703	-3.0%	-0.4%
Total liabilities and equity	58,552	58,710	57,015	-0.3%	+2.7%
Fixed assets	814	829	840	-1.8%	-3.1%
Goodwill	24,273	24,337	23,538	-0.3%	+3.1%
Intangible assets	4,607	4,746	4,736	-2.9%	-2.7%
Cash and equivalents	1,611	2,687	1,604	-40.0%	+0.4%
Receivables	8,427	7,670	7,872	+9.9%	+7.1%
Other assets	18,820	18,441	18,425	+2.1%	+2.1%
Total assets	58,552	58,710	57,015	-0.3%	+2.7%

Questions

What was Marsh & McLennan Companies' revenue in Q1 FY2026?

Marsh & McLennan Companies (MRSH) reported revenue of $7.6 billion for Q1 FY2026, the quarter ended 31 March 2026, up 7.6% on the same quarter a year earlier.

How much did Marsh & McLennan Companies earn in Q1 FY2026?

Net income for Q1 FY2026 was $1.1 billion, down 17.0% on the year, and diluted earnings per share $2.36.

When did Marsh & McLennan Companies report Q1 FY2026 results?

Marsh & McLennan Companies filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 16 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,137	5,549	5,379	4,770	5,022	5,924	5,876	5,382	5,554	6,473	6,221	5,697	6,067	7,061	6,974	6,351	6,595	7,597	7,404	6,863
Operating income	986	1,445	1,364	791	680	1,726	1,457	996	1,103	1,925	1,642	1,108	1,142	2,005	1,829	1,170	1,219	1,754	1,899	1,215
Operating margin	19%	26%	25%	17%	14%	29%	25%	19%	20%	30%	26%	19%	19%	28%	26%	18%	18%	23%	26%	18%
Interest expense	109	110	114	118	127	136	146	145	151	159	156	154	231	245	243	237	235	240	250	248
Pre-tax income	961	1,424	1,312	733	613	1,664	1,384	930	1,048	1,871	1,565	1,035	1,009	1,827	1,646	1,010	1,056	1,581	1,702	1,033
Tax rate	16%	24%	25%	25%	23%	25%	24%	21%	27%	24%	27%	27%	21%	23%	25%	25%	21%	25%	24%	21%
Net income	803	1,071	967	546	466	1,235	1,035	730	756	1,400	1,125	747	788	1,381	1,211	747	821	1,146	1,266	808
Net margin	16%	19%	18%	11%	9%	21%	18%	14%	14%	22%	18%	13%	13%	20%	17%	12%	12%	15%	17%	12%
Diluted EPS	$1.57	$2.10	$1.91	$1.08	$0.93	$2.47	$2.07	$1.47	$1.52	$2.82	$2.27	$1.51	$1.59	$2.79	$2.45	$1.51	$1.68	$2.36	$2.63	$1.69
Operating cash flow	1,442	-702	1,282	1,383	1,502	-819	1,484	1,810	1,783	-781	1,215	1,912	1,956	-622	1,671	2,082	2,161	-688	1,523	1,478
Capital expenditure	138	122	117	128	103	84.0	101	111	120	87.0	80.0	73.0	76.0	55.0	59.0	72.0	105	62.0	72.0	81.0
Free cash flow	1,304	-824	1,165	1,255	1,399	-903	1,383	1,699	1,663	-868	1,135	1,839	1,880	-677	1,612	2,010	2,056	-750	1,451	1,397
Buybacks	425	500	600	500	350	300	300	300	250	300	300	300	0.0	300	300	402	1,010	755	757	504
Dividends paid	276	272	275	293	298	296	295	353	354	354	352	404	403	405	405	445	444	440	438	476
Shares outstanding	504m	502m	499m	497m	495m	495m	494m	493m	492m	493m	492m	491m	491m	493m	492m	490m	485m	482m	478m	475m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 16 April 2026: the filing.