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Marsh MRSH Consulting — Operating Income (Loss)

Other segment segments

Risk and Insurance Services
$1.48B

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Other financials

Income statement

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Revenue$7.4B+6.2%
Operating income$1.9B+3.8%
Net income$1.3B+4.5%
EPS (diluted)$2.63+7.3%

Balance sheet

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Cash & equivalents$1.7B+1.4%
Total debt$21.7B+3.5%
Total assets$59.7B+1.9%

Cash flow

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Operating cash flow$1.5B-8.9%
CapEx$72.0M+22.0%
Free cash flow$1.5B-10.0%

Valuation

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Market cap$92.24B+2.4%
Enterprise value$112.28B
P/E23.2×
P/S3.3×

Profitability

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Operating margin21.6%-2.0pp
Net margin14.2%-1.8pp
FCF margin17.1%-1.0pp

Returns & leverage

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Current ratio1.1×-0.1×

Where this comes from

Reported directly by Marsh in its filing.

Tagged under the XBRL concept us-gaap:OperatingIncomeLoss.

The source filing: Marsh’s 10-Q, filed July 21, 2026.

Filed
Jul 21, 2026, 8:13 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000062709-26-000195
(In millions)Three Months Ended June 30, / RevenueThree Months Ended June 30, / Compensation and benefitsThree Months Ended June 30, / Depreciationandamortization expenseThree Months Ended June 30, / Identified intangibleamortization expenseThree Months Ended June 30, / Other segment itemsThree Months Ended June 30, / Operating Income(Loss)
2026 –
Risk and Insurance Services$4,823$2,583$51$119$592$1,478
Consulting2,6021,5242418534502
Total Segments7,4254,107751371,1261,980
Corporate/Eliminations(21)341511(81)
Total Consolidated$7,404$4,141$90$137$1,137$1,899
2025 –
Risk and Insurance Services$4,625$2,462$51$121$548$1,443

Item 1.Financial Statements.

FAQ

What is Marsh's consulting — operating income (loss)?
Marsh (MRSH) reported consulting — operating income (loss) of $502M in Q2 2026.
How has Marsh's consulting — operating income (loss) changed year-over-year?
Marsh's consulting — operating income (loss) increased by 10.1% year-over-year, from $456M to $502M.
What is the long-term trend for Marsh's consulting — operating income (loss)?
Over 2 years (2023 to 2025), Marsh's consulting — operating income (loss) has grown at a 6.7% compound annual growth rate (CAGR), from $1.67B to $1.9B.
What does consulting — operating income (loss) mean?
Measures the profitability of the consulting segment by subtracting all operating expenses from the segment's revenue. This is the primary indicator of the segment's core operational performance and its ability to generate profit from its professional services. It excludes interest, taxes, and corporate-level allocations to focus on segment-specific efficiency.

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