Q2 2026 Earnings

Reported July 21, 2026

Quarter Comparison

Revenue

Operating Income

Net Margin

Free Cash Flow

Income Statement

Cash Flow Statement

Balance Sheet

Operating metrics disclosed this quarter

Read from the filing itself — XBRL does not carry these, so no standard financial dataset has them.

Net Uncollected Premiums and Claims
$18
Net uncollected premiums and claims and the related payables were $ 18.0 billion at June 30, 2026 and $ 14.6 billion at December 31, 2025. The Company is not a principal to the contracts under which the right to receive premiums or the right to receive reimbursement of insured losses arises. Accordingly, net uncollected premiums and claims and the related payables are not assets and liabilities of the Company and are not included in the accompanying consolidated balance sheets.
Consulting Underlying Revenue Growth
8.0%
Three Months Ended June 30, (In millions, except percentages) GAAP Revenue | % Change GAAP Revenue | Non-GAAP Revenue | Non-GAAP Underlying Revenue 2026 | 2025 | 2026 | 2025 Total Consulting | 2,602 | 2,371 | 10% | 2,544 | 2,354 | 8%
Guy Carpenter Underlying Revenue Growth
-2.0%
Three Months Ended June 30, (In millions, except percentages) GAAP Revenue | % Change GAAP Revenue | Non-GAAP Revenue | Non-GAAP Underlying Revenue 2026 | 2025 | 2026 | 2025 Guy Carpenter | 664 | 677 | (2)% | 663 | 677 | (2)%
Marsh Management Consulting Underlying Revenue Growth
13.0%
Three Months Ended June 30, (In millions, except percentages) GAAP Revenue | % Change GAAP Revenue | Non-GAAP Revenue | Non-GAAP Underlying Revenue 2026 | 2025 | 2026 | 2025 Marsh Management Consulting | 1,004 | 873 | 15% | 990 | 873 | 13%
Marsh Risk Asia Pacific Underlying Revenue Growth
5.0%
Three Months Ended June 30, (In millions, except percentages) GAAP Revenue | % Change GAAP Revenue | Non-GAAP Revenue | Non-GAAP Underlying Revenue 2026 | 2025 | 2026 | 2025 Asia Pacific | 439 | 409 | 8% | 426 | 408 | 5%

Marsh Risk EMEA Underlying Revenue Growth

5.0%

Three Months Ended June 30, (In millions, except percentages) GAAP Revenue | % Change GAAP Revenue | Non-GAAP Revenue | Non-GAAP Underlying Revenue 2026 | 2025 | 2026 | 2025 EMEA | $1,063 | $1,006 | 6% | $1,052 | $998 | 5%

Marsh Risk International Underlying Revenue Growth

5.0%

Three Months Ended June 30, (In millions, except percentages) GAAP Revenue | % Change GAAP Revenue | Non-GAAP Revenue | Non-GAAP Underlying Revenue 2026 | 2025 | 2026 | 2025 Total International | 1,655 | 1,547 | 7% | 1,621 | 1,539 | 5%

Marsh Risk Latin America Underlying Revenue Growth

8.0%

Three Months Ended June 30, (In millions, except percentages) GAAP Revenue | % Change GAAP Revenue | Non-GAAP Revenue | Non-GAAP Underlying Revenue 2026 | 2025 | 2026 | 2025 Latin America | 153 | 132 | 16% | 143 | 133 | 8%

Marsh Risk U.S./Canada Underlying Revenue Growth

4.0%

Three Months Ended June 30, (In millions, except percentages) GAAP Revenue | % Change GAAP Revenue | Non-GAAP Revenue | Non-GAAP Underlying Revenue 2026 | 2025 | 2026 | 2025 U.S./Canada | 2,416 | 2,302 | 5% | 2,389 | 2,306 | 4%

Marsh Risk Underlying Revenue Growth

4.0%

Three Months Ended June 30, (In millions, except percentages) GAAP Revenue | % Change GAAP Revenue | Non-GAAP Revenue | Non-GAAP Underlying Revenue 2026 | 2025 | 2026 | 2025 Marsh Risk | $4,071 | $3,849 | 6% | $4,010 | $3,845 | 4%

Mercer Career Underlying Revenue Growth

2.0%

Three Months Ended June 30, (In millions, except percentages) GAAP Revenue | % Change GAAP Revenue | Non-GAAP Revenue | Non-GAAP Underlying Revenue 2026 | 2025 | 2026 | 2025 Career | 247 | 219 | 13% | 229 | 226 | 2%

Mercer Health Underlying Revenue Growth

3.0%

Three Months Ended June 30, (In millions, except percentages) GAAP Revenue | % Change GAAP Revenue | Non-GAAP Revenue | Non-GAAP Underlying Revenue 2026 | 2025 | 2026 | 2025 Health | 611 | 594 | 3% | 606 | 586 | 3%

Mercer Underlying Revenue Growth

5.0%

Three Months Ended June 30, (In millions, except percentages) GAAP Revenue | % Change GAAP Revenue | Non-GAAP Revenue | Non-GAAP Underlying Revenue 2026 | 2025 | 2026 | 2025 Mercer | 1,598 | 1,498 | 7% | 1,554 | 1,481 | 5%

Mercer Wealth Underlying Revenue Growth

8.0%

Three Months Ended June 30, (In millions, except percentages) GAAP Revenue | % Change GAAP Revenue | Non-GAAP Revenue | Non-GAAP Underlying Revenue 2026 | 2025 | 2026 | 2025 Wealth | $740 | $685 | 8% | $719 | $669 | 8%

Risk and Insurance Services Underlying Revenue Growth

3.0%

Three Months Ended June 30, (In millions, except percentages) GAAP Revenue | % Change GAAP Revenue | Non-GAAP Revenue | Non-GAAP Underlying Revenue 2026 | 2025 | 2026 | 2025 Total Risk and Insurance Services | 4,823 | 4,625 | 4% | 4,760 | 4,621 | 3%

Underlying Revenue Growth

5.0%

Three Months Ended June 30, (In millions, except percentages) GAAP Revenue | % Change GAAP Revenue | Non-GAAP Revenue | Non-GAAP Underlying Revenue 2026 | 2025 | 2026 | 2025 Total Revenue | $7,404 | $6,974 | 6% | $7,283 | $6,953 | 5%