MMC is expected to release its Q3 2026 10-Q filing in the upcoming earnings season. Last quarter: MMC's Q2 FY2026 revenue grew 6% to $7.4 billion and diluted EPS rose 7% to $2.63, driven by strong Consulting segment growth (10%), while operating cash flow declined 20.4% YTD partly due to a $425 million Greensill litigation charge recorded in Q1 2026.
Drawn from management commentary in the Q2 2026 10-Q:
Consolidated revenue increased $430 million, or 6%, to $7.4 billion for Q2 FY2026, with 5% underlying growth, 1% from FX translation, and 1% from acquisitions. Consulting segment revenue grew 10% (8% underlying) to $2.6 billion, outpacing Risk and Insurance Services' 4% growth (3% underlying) to $4.8 billion, driven by Marsh Management Consulting's 15% revenue increase.
In Q1 2026, the Company recorded an estimated liability and legal expenses of $425 million related to the Greensill litigation, which drove the 11% increase in six-month consolidated operating expenses and contributed to the 5% decline in six-month operating income to $3.7 billion.
The Company incurred $58 million and $103 million in restructuring costs for the three and six months ended June 30, 2026, respectively, primarily related to severance under its three-year 'Thrive' program launched in Q3 2025, which is expected to generate approximately $500 million in total costs and $400 million in annualized savings.
Revenue
$7.4B
++6.17% YoY
EPS (Basic)
$2.64
++7.32% YoY
Operating Income
$1.9B
++3.83% YoY
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