Marsh Posts 8% Revenue Growth and Beats Q3 Earnings Forecasts as Shares Rise

Marsh (MRSH), the company that rebranded from Marsh McLennan in January, reported third-quarter 2026 revenue of $6.9 billion, up 8% from a year earlier and 5% on an underlying basis. Adjusted EPS came in at $2.03 against a consensus of $1.97, a $0.06 beat, and revenue of $6.86 billion topped the $6.64 billion consensus estimate. GAAP EPS was $1.69, so the headline beat refers to the adjusted figure.

The company-wide numbers hide a split between segments. Risk and Insurance Services revenue was $4.2 billion, up 7% reported but only 3% underlying, while Consulting revenue was $2.7 billion, up 9% reported and 8% underlying. Within the businesses, Management Consulting grew 14% to $1.0 billion, while the company's release shows Reinsurance revenue falling 6% to $374 million. The company also repurchased about 2.7 million shares for $500 million in the quarter.

Reports on the share move differ because they were written at different times. Yahoo Finance put the gain at 2.02% shortly after the release, while Investing.com showed the stock at $188.19, up 5.49%, by midday. Neither is an official close.

The beat arrived against a lowered bar: Morgan Stanley, Wells Fargo and KBW had trimmed price targets to $180, $183 and $186 in October, and EPS estimates carried 12 negative revisions against 2 positive ones in the prior 90 days. What to watch next is whether the 3% underlying pace in Risk and Insurance Services improves, how property and reinsurance pricing evolves, and what management says about growth heading into 2027.