Income StatementBalance SheetCash FlowSegments
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Marsh Business Segments

Business, geographic, and product segment breakdowns

Marsh generates $27.5B in annual revenue across 2 key segments: Consulting ($10.0B), and Risk and Insurance Services ($16.3B). The company-wide operating margin is 21.7%. Based on the Q1 2026 filing.

Consulting (TTM)$10.0BRisk and Insurance Services (TTM)$16.3B
Latest FilingQ1 2026
Report Date2026-04-16
Market Cap$78.0B
P/E Ratio19.88

Geographic

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Equity Method Investment, Realized Gain (Loss) on Disposal—$3.3M$3.3M$3.3M$3.3M—
Fixed Assets, Net$215.0M———$224.0M—
Revenue$2.3B$2.5B$2.5B$2.5B$2.5B—

Business Segments

Intangible Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk and Insurance Services$93.0M$120.0M$121.0M$116.0M$118.0M$119.0M
Consulting$12.8M$19.0M———$19.0M

Compensation and benefits

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk and Insurance Services$2.2B$2.5B$2.5B$2.4B$2.4B$2.6B
Consulting$1.3B$1.4B———$1.5B

Depreciation and amortization expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk and Insurance Services$48.0M$50.0M———$50.0M
Consulting$26.0M$24.0M$25.0M$25.0M$26.0M$25.0M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk and Insurance Services————$19.5B$19.5B
Consulting————$4.8B$4.7B

Goodwill expected to be tax deductible

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk and Insurance Services$1.8B———$264.0M$3.0M
Consulting$88.0M———$29.0M—

Number of acquisitions made (in acquisitions)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Consulting—1.501.501.501.501.00
Risk and Insurance Services2.503.503.503.503.501.00

Operating Income (Loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk and Insurance Services$1.1B$1.6B———$1.3B
Consulting$466.0M$456.0M$456.0M$501.0M$483.0M$525.0M

Other Costs And Expenses, Operating, Excluding Depreciation, Depletion, And Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Consulting$460.0M$452.0M———$514.0M

Restructuring Charges

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk and Insurance Services$37.0M$23.0M———$27.0M
Consulting$49.0M$8.0M$6.0M$18.0M$32.0M$13.0M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk and Insurance Services$3.8B$4.8B———$5.1B
Consulting$2.4B$2.3B$2.4B$2.5B$2.6B$2.6B

Revenue from contract with customer, percent

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Consulting—12.8%12.8%12.8%12.8%—

Fiduciary interest income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk and Insurance Services$124.3M$103.0M———$85.0M

Gain related to investments in private equity funds and other investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk and Insurance Services$5.5M$6.0M$6.0M$6.0M$6.0M$8.0M

Net gain included in revenue consolidated statements of income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk and Insurance Services—$28.0M———$28.0M

Other operating expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk and Insurance Services$554.0M$528.0M$548.0M$565.0M$598.0M$965.0M

Revenue, excluding fiduciary interest income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk and Insurance Services$3.5B$4.7B$4.5B$3.8B$3.9B$5.0B