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MMC reported Q1 2026 revenue growth of 7.6% to $7.60B, but operating income fell 12.5% and net income dropped 17.0% to $1.15B, reflecting significant margin compression and negative operating cash flow.
营业收入
$7.6B
同比 ++7.59%
每股收益（基本）
$2.37
同比 -15.66%
营业利润
$1.75B
同比 -12.52%
提交于 · 来源: SEC EDGAR 10-Q 原文
Marsh & Mclennan (MMC) Q1 FY2026 营收 $7.6B，同比增长 7.6%。 净利润 $1.15B，同比下降 17.0%，稀释每股收益 $2.36。
MMC grew total revenue 7.6% year-over-year from $7.06B to $7.60B in Q1 2026, indicating continued demand for its risk, strategy, and people consulting services despite a challenging macro environment.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Operating margin declined sharply from 28.4% in Q1 2025 to 23.1% in Q1 2026, a contraction of approximately 530 basis points, suggesting that cost growth materially outpaced revenue growth during the quarter.
来源: Source: 10-Q Income Statement & Key Ratios (XBRL Financial Data)
Net income fell 17.0% year-over-year to $1.15B, and diluted EPS dropped 15.4% from $2.79 to $2.36, reflecting both the margin compression and higher costs relative to the prior-year period.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Operating cash flow was -$688M in Q1 2026, worsening from -$622M in Q1 2025, a 10.6% deterioration. This is a seasonal pattern common in Q1 for MMC due to compensation-related cash outflows, but the year-over-year decline warrants monitoring.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
MMC significantly increased share repurchases to $755M in Q1 2026, up 151.7% from $300M in Q1 2025, signaling management confidence in the long-term value of the business despite near-term earnings pressure.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Operating margin contracted by approximately 530 basis points year-over-year to 23.1%, while net margin stands at 15.1%. If cost pressures — such as compensation, integration costs, or restructuring charges — persist, profitability could continue to erode even as revenues grow.
来源: Source: 10-Q Income Statement & Key Ratios (XBRL Financial Data)
MMC generated -$688M in operating cash flow in Q1 2026, worse than the -$622M in Q1 2025. While Q1 seasonality is a known factor, a sustained inability to generate positive operating cash flow could pressure liquidity and limit financial flexibility.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Long-term debt stands at $19.55B against total assets of $58.55B, representing a substantial leverage position. With a current ratio of only 1.11, the company has limited near-term liquidity cushion relative to its current obligations of $20.91B.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
MMC repurchased $755M in shares in Q1 2026 — more than double the prior year — while simultaneously generating negative operating cash flow. This combination of returning capital to shareholders while burning cash operationally could strain the balance sheet if conditions deteriorate.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Return on assets declined to approximately 1.96%, reflecting that the company's growing asset base ($58.55B, up 2.7% YoY) is generating proportionally lower earnings. This signals reduced capital efficiency and may indicate integration or investment costs weighing on returns.
来源: Source: 10-Q Balance Sheet & Key Ratios (XBRL Financial Data)
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $7.6B | $7.06B | +7.59% |
营业利润 | $1.75B | $2B | -12.52% |
净利润 | $1.15B | $1.38B | -17.02% |
每股收益（基本） | $2.37 | $2.81 | -15.66% |
每股收益（稀释） | $2.36 | $2.79 | -15.41% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $58.55B | $57.02B | +2.70% |
流动资产 | $23.24B | $22.46B | +3.45% |
流动负债 | $20.91B | $19.77B | +5.71% |
现金及等价物 | $1.61B | $1.6B | +0.44% |
长期债务 | $19.55B | $19.48B | +0.37% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $-688M | $-622M | -10.61% |
投资活动现金流 | $-104M | $26M | -500.00% |
筹资活动现金流 | $114M | $-138M | +182.61% |
股票回购 | $755M | $300M | +151.67% |
折旧及摊销 | $89M | $88M | +1.14% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 23.1% | 28.4% | -5.31% |
净利率 | 15.1% | — | — |
总资产收益率 | 2.0% | — | — |
流动比率 | $1.112 | — | — |
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.
MMC delivered strong FY2025 revenue growth of 10.3% to $26.98B, with operating cash flow surging 23.0% to $5.29B, though net income grew more modestly at 2.5% to $4.16B amid a slight operating margin compression.
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MMC reported Q1 2026 revenue of $7.60B, up 7.6% year-over-year, but profitability declined sharply with net income falling 17% to $1.15B and diluted EPS dropping from $2.79 to $2.36. Operating margin compressed by approximately 530 basis points to 23.1%, suggesting costs grew significantly faster than revenues during the quarter.
Yes, MMC's earnings declined in Q1 2026 despite revenue growth. Net income fell 17.0% to $1.15B and diluted EPS dropped 15.4% to $2.36, compared to $1.38B and $2.79 respectively in Q1 2025, driven by significant operating cost increases that outpaced the 7.6% revenue growth.
MMC's revenue grew 7.6% year-over-year, rising from $7.06B in Q1 2025 to $7.60B in Q1 2026, reflecting continued demand for its professional services across risk management, insurance brokerage, and consulting. However, this top-line growth was more than offset by rising costs that compressed margins.
MMC's near-term liquidity is tight, with a current ratio of just 1.11 and negative operating cash flow of -$688M in Q1 2026. The company carries $19.55B in long-term debt against total assets of $58.55B, and while it aggressively repurchased $755M in shares, the combination of negative cash flow and high leverage warrants close attention.
MMC's operating margin fell from 28.4% in Q1 2025 to 23.1% in Q1 2026, a decline of approximately 530 basis points, as operating income dropped 12.5% to $1.75B even as revenues grew 7.6%. The specific drivers are not detailed in the available data, but the divergence between revenue growth and operating income decline points to a significant increase in operating expenses during the quarter.