Marsh & McLennan Companies (MMC) operates as a leading global professional services organization, delivering expert guidance and innovative solutions to clients worldwide ...
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Est. EPS $1.96 · Revenue $6.66B · 5 analysts
Est. EPS $2.17 · Revenue $6.89B · 5 analysts
Est. EPS $10.31 · Revenue $28.29B · 13 analysts
Est. EPS $3.50 · Revenue $7.79B · 5 analysts
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $27.0B | +10.3% | -2.5% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $4.2B | +2.5% | +10.5% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +100.0% | +133.8% | 0.0% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +23.1% | -3.0% | +11.1% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +15.4% | -7.1% | +13.4% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $5.0B | +25.5% | +293.5% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +18.5% | +13.7% | +298.5% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 142.0% | -13.3% | -4.4% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 1.10x | -2.8% | +2.5% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $58.7B | +3.9% | +1.9% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 8.43 vs 9.61 | -12.3% | 2.63 vs 1.96 | +34.2% |
| Revenue Surprise | $27.0B vs $26.9B | +0.1% | $7.4B vs $6.7B | +11.2% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Feb 28, 2024 | Beswick Paul | officer: SVP, Chief Information Officer | Common Stock | A | 8,510 | — |
| Feb 28, 2024 | Beswick Paul | officer: SVP, Chief Information Officer | Common Stock | D | 4,115 | $202.99 |
| Feb 28, 2024 | Beswick Paul | officer: SVP, Chief Information Officer | Restricted Stock Units | D | 8,510 | — |
| Jan 1, 2016 | MCGIVNEY MARK C | officer: Chief Financial Officer | Common Stock | — | 0 | — |
| Jan 1, 2016 | MCGIVNEY MARK C | officer: Chief Financial Officer | Stock Options (Right to Buy) | — | 15,433 | $56.84 |
Operator: Welcome to Marsh's earnings conference call. Today's call is being recorded. Second quarter 2026 financial results and supplemental information were issued earlier this morning. They are available on the company's website at corporate.marsh.com. Please note that remarks made today may include forward-looking statements. Forward-looking statements are subject to risks and uncertainties, and a variety of factors may cause actual results to differ materially from those contemplated by such statements. For a more detailed discussion of those factors, please refer to our earnings release for this quarter and to our most recent SEC filings, including our most recent Form 10-K, all of which are available on the Marsh website. During the call today, we may also discuss certain non-GAAP financial measures. For a reconciliation of these measures to the most closely comparable GAAP measures, please refer to the schedule in today's earnings release. I'll now turn this over to John Doyle, President and CEO of Marsh. John Doyle: Thanks, Andrew. Good morning, and thank you for joining us today to discuss our second quarter results. I'm John Doyle, President and CEO of Marsh. On the call with me is Mark McGivney, our COO and CFO and the CEOs of our businesses; Nick Studer of Marsh Risk; Dean Klisura of Guy Carpenter; Pat Tomlinson of Mercer; and Ted Moynihan of Marsh Management Consulting. Also with us this morning is Jay Gelb, Head of Investor Relations. To start, I'd like to acknowledge the United States 250th anniversary commemorated earlier this month. Marsh is proud to be a U.S.-based company and of the ideals embodied in our nation's founding. We are also proud of the contributions Marsh has made to the U.S. economy and society, supporting growth since our founding in Chicago 155 years ago, and we are grateful to our clients for the trust that lets us do the same today all around the world. I would also like to extend our sympathies and concern for the people of Venezuela. We recently celebrated our 70th anniversary in Venezuela, and we have 100 colleagues in the country. We are grateful that they're all safe, and we will continue to support them and our clients with their recovery. Turning to results. We had a solid second quarter as demand for our advice and capabilities remain strong. Overall, revenue grew 6% in the quarter. Underlying revenue growth accelerated to 5% from 4% in the prior quarter. Adjusted operating income grew 5%, adjusted EPS grew million of stock in the quarter, now totaling $1.5 billion for the first half of 2026. I want to spend a moment on our Thrive program, an important part of our strategy. We aspire to be the most impactful professional services firm in the world, and we have the talent, capabilities and market position to achieve this. We are leaders in most markets in which we operate and have a truly unique set of capabilities across risk, strategy, people and investments that differentiates us and drives …
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
John Quinlan Doyle | President, Chief Executive Officer & Director | USD 8,385,904 | Male | 1964 | Active |
Dean Klisura | Vice Chair | USD 4,670,475 | Male | 1964 | Active |
Martin C. South | Vice Chair | USD 4,670,475 | Male | 1965 | Active |
Patrick Tomlinson | Vice Chair | USD 4,670,475 | Male | 1971 | Active |
Mark Christopher McGivney | Senior Vice President & Chief Financial Officer | USD 4,330,975 | Male | 1968 | Active |
Jay H. Gelb | Head of Investor Relations | — | Male | — | Active |
Paul Beswick | SVP, Chief Information & Operations Officer | — | Male | 1976 | Active |
Stacy Mills | Vice President, Controller & Chief Accounting Officer | — | Female | 1965 | Active |
Katherine J. Brennan | Senior Vice President & General Counsel | — | Female | 1979 | Active |
John Jones | Senior Vice President, Chief Marketing & Communications Officer | — | Male | 1972 | Active |
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