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Marsh MRSH Risk and Insurance Services — Revenue, excluding fiduciary interest income

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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$91.05B+2.0%
Enterprise value$111.08B
P/E22.9×
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 mrsh:RevenueFromContractWithCustomerExcludingAssessedTaxExcludingFiduciaryInterestIncome.

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, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
U.S./Canada2,4162,3024,4294,237
Total Marsh Risk4,0713,8497,7977,302
Guy Carpenter6646771,9041,883
Subtotal4,7354,5269,7019,185
Fiduciary interest income8899173202
Total Risk and Insurance Services$4,823$4,625$9,874$9,387
Mercer:
Wealth$740$685$1,492$1,355

Item 1.Financial Statements.

FAQ

What is Marsh's risk and insurance services — revenue, excluding fiduciary interest income?
Marsh (MRSH) reported risk and insurance services — revenue, excluding fiduciary interest income of $4.74B in Q2 2026.
How has Marsh's risk and insurance services — revenue, excluding fiduciary interest income changed year-over-year?
Marsh's risk and insurance services — revenue, excluding fiduciary interest income increased by 4.6% year-over-year, from $4.53B to $4.74B.
What is the long-term trend for Marsh's risk and insurance services — revenue, excluding fiduciary interest income?
Over 4 years (2021 to 2025), Marsh's risk and insurance services — revenue, excluding fiduciary interest income has grown at a 8.7% compound annual growth rate (CAGR), from $12.07B to $16.86B.
What does risk and insurance services — revenue, excluding fiduciary interest income mean?
This metric represents the core operating revenue generated by the risk and insurance services segment, excluding income earned on fiduciary funds held on behalf of clients. It reflects the underlying organic growth and service fee performance of the insurance brokerage and reinsurance business. By stripping out interest income, it provides a clearer view of the segment's operational productivity.

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