Form 8-K

8-K — MARSH & MCLENNAN COMPANIES, INC.

Accession: 0000062709-26-000193

Filed: 2026-07-21

Period: 2026-07-21

CIK: 0000062709

SIC: 6411 (INSURANCE AGENTS BROKERS & SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — mmc-20260721.htm (Primary)

EX-99.1 — PRESS RELEASE JUNE 30, 2026 (mmc2q2026ex991newsrelease.htm)

GRAPHIC — MARSH LOGO (imagea.jpg)

GRAPHIC — MARSH LOGO (mmc-20260721_g1.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: mmc-20260721.htm · Sequence: 1

mmc-20260721

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported) July 21, 2026

Marsh & McLennan Companies, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware 1-5998 36-2668272

(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer

Identification No.)

1166 Avenue of the Americas, New York, NY 10036

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code (212) 345-5000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading symbol(s) Name of exchange on which registered

Common Stock, par value $1.00 per share MRSH New York Stock Exchange

NYSE Texas

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On July 21, 2026, Marsh & McLennan Companies, Inc. issued a press release reporting financial results for the second quarter ended June 30, 2026, and announcing that a conference call to discuss such results will be held at 8:30 a.m. Eastern time on July 21, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. For purposes of Section 18 of the Securities Exchange Act of 1934, the press release is deemed furnished not filed.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1 Press release issued by Marsh & McLennan Companies, Inc. on July 21, 2026.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MARSH & McLENNAN COMPANIES, INC.

By: /s/ Connor Kuratek

Name: Connor Kuratek

Title: Deputy General Counsel &

Corporate Secretary

Date: July 21, 2026

EXHIBIT INDEX

Exhibit No. Exhibit

99.1

Press release issued by Marsh & McLennan Companies, Inc. on July 21, 2026

EX-99.1 — PRESS RELEASE JUNE 30, 2026

EX-99.1

Filename: mmc2q2026ex991newsrelease.htm · Sequence: 2

Document

Marsh

212 345 5000

www.corporate.marsh.com

News release

Exhibit 99.1

Marsh reports second quarter 2026 results

•Revenue Growth of 6%; Underlying Revenue Growth of 5%

•GAAP Operating Income Increases 4%; Adjusted Operating Income Increases 5%

•Second Quarter GAAP EPS of $2.63; Adjusted EPS Increases 9% to $2.96

•Six Months GAAP EPS of $4.99; Adjusted EPS Increases 8% to $6.25

NEW YORK, July 21, 2026 – Marsh (NYSE: MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, today reported financial results for the second quarter ended June 30, 2026.

John Doyle, President and CEO, said: "I am pleased with our solid results in the quarter and our execution in a dynamic environment. Our performance in the first half underscores strong demand for Marsh's expertise and capabilities across risk, people, strategy, and investments.

"For the quarter, we generated 6% overall revenue growth, 5% underlying revenue growth, and 9% growth in adjusted EPS."

Consolidated Results

Consolidated revenue in the second quarter of 2026 was $7.4 billion, an increase of 6% compared with the second quarter of 2025, or 5% on an underlying basis. Operating income increased 4% to $1.9 billion. Adjusted operating income, which excludes noteworthy items and identified intangible amortization expense as presented in the attached supplemental schedules, rose 5% to $2.2 billion. Net income attributable to the Company was $1.3 billion. Earnings per share were $2.63. Adjusted earnings per share increased 9% to $2.96.

For the six months ended June 30, 2026, consolidated revenue was $15.0 billion, an increase of 7% on a GAAP basis or 4% on an underlying basis, compared to the prior year period. Operating income was $3.7 billion, a decrease of 5% from the prior year period. Adjusted operating income rose 7% to $4.6 billion. Net income attributable to the Company was $2.4 billion, or $4.99 per diluted share, compared with $5.23 in the first six months of 2025. Adjusted earnings per share increased 8% to $6.25.

Risk & Insurance Services

Risk & Insurance Services revenue was $4.8 billion in the second quarter of 2026, an increase of 4%, or 3% on an underlying basis. Operating income increased 2% to $1.5 billion, while adjusted operating income increased 3% to $1.7 billion. For the six months ended June 30, 2026, revenue was $9.9 billion, an increase of 5%, or 3% on an underlying basis. Operating income decreased 9% to $2.8 billion, and adjusted operating income increased 5% to $3.6 billion.

Marsh Risk's revenue in the second quarter of 2026 was $4.1 billion, an increase of 6%, or 4% on an underlying basis. In U.S./Canada, underlying revenue growth was 4%. In International, underlying revenue growth was 5%, and included 5% growth in EMEA, 5% growth in Asia Pacific, and 8% growth in Latin America. For the six months ended June 30, 2026, Marsh Risk’s underlying revenue growth was 4%.

Guy Carpenter's revenue in the second quarter was $664 million, a decrease of 2%, on both a GAAP and underlying basis. For the six months ended June 30, 2026, Guy Carpenter’s revenue was flat on an underlying basis.

Consulting

Consulting revenue was $2.6 billion in the second quarter of 2026, an increase of 10%, or 8% on an underlying basis. Operating income increased 10% to $502 million, while adjusted operating income increased 11% to $533 million. For the six months ended June 30, 2026, revenue was $5.2 billion, an increase of 10%, or 7% on an underlying basis. Operating income rose 12% to $1.0 billion, and adjusted operating income increased 12% to $1.1 billion.

Mercer's revenue in the second quarter was $1.6 billion, an increase of 7%, or 5% on an underlying basis. Wealth revenue grew 8%, Health revenue increased 3%, and Career revenue increased 2%, all on an underlying basis. For the six months ended June 30, 2026, Mercer’s revenue was $3.3 billion, an increase of 5% on an underlying basis.

Marsh Management Consulting's revenue in the second quarter of 2026 was $1.0 billion, an increase of 15%, or 13% on an underlying basis. For the six months ended June 30, 2026, Marsh Management Consulting’s revenue was $1.9 billion, an increase of 10% on an underlying basis.

Other Items

The Company repurchased approximately 4.5 million shares of stock for $750 million in the second quarter of 2026. Through six months ended June 30, 2026, the Company has repurchased 8.7 million shares of stock for $1.5 billion.

On July 8, the Board of Directors increased the quarterly dividend by 10% to $0.990 per share, with the third quarter dividend payable on August 14, 2026.

Conference Call

A conference call to discuss second quarter 2026 results will be held today at 8:30 a.m. Eastern time. The live audio webcast may be accessed at corporate.marsh.com. A replay of the webcast will be available approximately two hours after the event. The webcast is listen-only. Those interested in participating in the question-and-answer session may register here to receive the dial-in numbers and unique PIN to access the call.

About Marsh

Marsh (NYSE: MRSH) is a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With annual revenue of $27 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective. For more information, visit corporate.marsh.com, or follow us on LinkedIn and X.

INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would".

Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. Factors that could materially affect our future results include, among other things:

•the impact of geopolitical or macroeconomic conditions on us, our clients and the countries and industries in which we operate, including from the conflict in the Middle East and other wars and global conflicts, social unrest, tariffs or changes in trade policies, slower GDP growth or recession, fluctuations in foreign exchange rates, lower interest rates, capital markets volatility, inflation and changes in insurance premium rates;

•the impact from lawsuits or investigations arising from errors and omissions, breaches of fiduciary duty or other claims against us in our capacity as a broker or investment advisor, including claims related to our investment business’ ability to execute timely trades;

•the increasing prevalence of ransomware, supply chain and other forms of cyber attacks, and their potential to disrupt our operations, or the operations of our third party vendors, and result in the disclosure of confidential client or company information;

•the financial and operational impact of complying with laws and regulations, including domestic and international sanctions regimes, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act, U.K. Anti Bribery Act and cybersecurity, data privacy and artificial intelligence regulations;

•our ability to attract, retain and develop industry leading talent;

•our ability to compete effectively and adapt to competitive pressures and market changes in each of our businesses, including from disintermediation as well as technological change, digital disruption and other types of innovation such as artificial intelligence;

•our ability to manage potential conflicts of interest, including where our services to a client conflict, or are perceived to conflict, with the interests of another client or our own interests;

•our ability to fully realize the opportunities and efficiencies from the Thrive program, which focuses on our brand strategy, delivering greater value to clients, accelerating growth and improving efficiency;

•the regulatory, contractual and reputational risks that arise based on insurance placement activities and insurer revenue streams; and

•the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of challenges from tax authorities in the current global tax environment.

The factors identified above are not exhaustive. Marsh and its consolidated subsidiaries (collectively, the "Company") operate in a dynamic business environment in which new risks emerge frequently. Accordingly, we caution readers not to place undue reliance on any forward-looking statements, which are based only on information currently available to us and speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made.

Further information concerning the Company, including information about factors that could materially affect our results of operations and financial condition, is contained in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section and the "Management’s Discussion and Analysis of Financial Condition and Results of Operations" section of our most recently filed Annual Report on Form 10-K.

Marsh & McLennan Companies, Inc.

Consolidated Statements of Income

(In millions, except per share data)

(Unaudited)

Three Months Ended

June 30, Six Months Ended

June 30,

2026 2025 2026 2025

Revenue $ 7,404 $ 6,974 $ 15,001 $ 14,035

Expense:

Compensation and benefits 4,141 3,895 8,271 7,745

Other operating expenses 1,364 1,250 3,077 2,456

Operating expenses

5,505 5,145 11,348 10,201

Operating income 1,899 1,829 3,653 3,834

Other net benefit credits 50 48 100 91

Interest income 8 5 19 24

Interest expense (250) (243) (490) (488)

Investment (loss) income (5) 7 1 12

Income before income taxes 1,702 1,646 3,283 3,473

Income tax expense 411 415 806 830

Net income before non-controlling interests 1,291 1,231 2,477 2,643

Less: Net income attributable to non-controlling interests 25 20 65 51

Net income attributable to the Company $ 1,266 $ 1,211 $ 2,412 $ 2,592

Net income per share attributable to the Company:

- Basic $ 2.64 $ 2.46 $ 5.00 $ 5.27

- Diluted $ 2.63 $ 2.45 $ 4.99 $ 5.23

Average number of shares outstanding:

- Basic 480 492 482 492

- Diluted 482 495 484 495

Shares outstanding at June 30 478 492 478 492

Marsh & McLennan Companies, Inc.

Supplemental Information - Revenue Analysis

Three Months Ended June 30

(Millions) (Unaudited)

The Company advises clients in 130 countries. As a result, foreign exchange rate movements may impact period over period comparisons of revenue. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue. Non-GAAP underlying revenue measures the change in revenue from one period to the next by isolating these impacts.

Components of Revenue Change*

Three Months Ended

June 30, % Change

GAAP Revenue* Currency Impact Acquisitions/

Dispositions/ Other Impact** Non-GAAP

Underlying Revenue

2026 2025

Risk and Insurance Services

Marsh Risk $ 4,071 $ 3,849 6 % 1 % 1 % 4 %

Guy Carpenter 664 677 (2) % — — (2) %

Subtotal 4,735 4,526 5 % 1 % 1 % 3 %

Fiduciary Interest Income 88 99

Total Risk and Insurance Services 4,823 4,625 4 % 1 % 1 % 3 %

Consulting

Mercer 1,598 1,498 7 % 2 % — 5 %

Marsh Management Consulting 1,004 873 15 % 1 % — 13 %

Total Consulting 2,602 2,371 10 % 1 % — 8 %

Corporate Eliminations (21) (22)

Total Revenue $ 7,404 $ 6,974 6 % 1 % 1 % 5 %

Revenue Details

The following table provides more detailed revenue information for certain of the components presented above:

Components of Revenue Change*

Three Months Ended

June 30, % Change

GAAP Revenue* Currency Impact Acquisitions/

Dispositions/ Other Impact** Non-GAAP

Underlying Revenue

2026 2025

Marsh Risk:

EMEA $ 1,063 $ 1,006 6 % 1 % (1) % 5 %

Asia Pacific 439 409 8 % 2 % 1 % 5 %

Latin America 153 132 16 % 7 % 1 % 8 %

Total International 1,655 1,547 7 % 2 % — 5 %

U.S./Canada 2,416 2,302 5 % — 1 % 4 %

Total Marsh Risk $ 4,071 $ 3,849 6 % 1 % 1 % 4 %

Mercer:

Wealth $ 740 $ 685 8 % 2 % (2) % 8 %

Health 611 594 3 % 1 % (1) % 3 %

Career 247 219 13 % 1 % 11 % 2 %

Total Mercer $ 1,598 $ 1,498 7 % 2 % — 5 %

* Rounded to whole percentages. Components of revenue may not add due to rounding.

** Acquisitions, dispositions, and other includes the impact of current and prior year items excluded from the calculation of non-GAAP underlying revenue for comparability purposes. Details on these items are provided in the reconciliation of non-GAAP revenue to GAAP revenue tables included in this release.

Marsh & McLennan Companies, Inc.

Supplemental Information - Revenue Analysis

Six Months Ended June 30

(Millions) (Unaudited)

Components of Revenue Change*

Six Months Ended

June 30, % Change

GAAP Revenue* Currency Impact Acquisitions/

Dispositions/ Other Impact** Non-GAAP

Underlying Revenue

2026 2025

Risk and Insurance Services

Marsh Risk $ 7,797 $ 7,302 7 % 2 % 1 % 4 %

Guy Carpenter 1,904 1,883 1 % 1 % (1) % —

Subtotal 9,701 9,185 6 % 2 % — 3 %

Fiduciary Interest Income 173 202

Total Risk and Insurance Services 9,874 9,387 5 % 2 % — 3 %

Consulting

Mercer 3,259 2,994 9 % 3 % 1 % 5 %

Marsh Management Consulting 1,901 1,691 12 % 2 % — 10 %

Total Consulting 5,160 4,685 10 % 3 % 1 % 7 %

Corporate Eliminations (33) (37)

Total Revenue $ 15,001 $ 14,035 7 % 2 % 1 % 4 %

Revenue Details

The following table provides more detailed revenue information for certain of the components presented above:

Components of Revenue Change*

Six Months Ended

June 30, % Change

GAAP Revenue* Currency Impact Acquisitions/

Dispositions/ Other Impact** Non-GAAP

Underlying Revenue

2026 2025

Marsh Risk:

EMEA $ 2,271 $ 2,065 10 % 4 % — 6 %

Asia Pacific 808 744 9 % 3 % 1 % 5 %

Latin America 289 256 13 % 7 % — 5 %

Total International 3,368 3,065 10 % 4 % — 5 %

U.S./Canada 4,429 4,237 5 % — 1 % 4 %

Total Marsh Risk $ 7,797 $ 7,302 7 % 2 % 1 % 4 %

Mercer:

Wealth $ 1,492 $ 1,355 10 % 4 % — 6 %

Health 1,272 1,202 6 % 2 % (1) % 5 %

Career 495 437 13 % 3 % 11 % —

Total Mercer $ 3,259 $ 2,994 9 % 3 % 1 % 5 %

* Rounded to whole percentages. Components of revenue may not add due to rounding.

** Acquisitions, dispositions and other includes the impact of current and prior year items excluded from the calculation of non-GAAP underlying revenue for comparability purposes. Details on these items are provided in the reconciliation of non-GAAP revenue to GAAP revenue tables included in this release.

Marsh & McLennan Companies, Inc.

Reconciliation of Non-GAAP Measures

Three Months Ended June 30

(Millions) (Unaudited)

Overview

The Company reports its financial results in accordance with accounting principles generally accepted in the United States (referred to in this release as in accordance with "GAAP" or "reported" results). The Company also refers to and presents certain additional non-GAAP financial measures, within the meaning of Regulation G and item 10(e) Regulation S-K in accordance with the Securities Exchange Act of 1934. These measures are: non-GAAP revenue, adjusted operating income (loss), adjusted operating margin, adjusted income, net of tax and adjusted earnings per share (EPS). The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP in the following tables.

The Company believes these non-GAAP financial measures provide useful supplemental information that enables investors to better compare the Company’s performance across periods. Management also uses these measures internally to assess the operating performance of its businesses and to decide how to allocate resources. However, investors should not consider these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports in accordance with GAAP. The Company's non-GAAP measures include adjustments that reflect how management views its businesses, and may differ from similarly titled non-GAAP measures presented by other companies.

Adjusted Operating Income (Loss) and Adjusted Operating Margin

Adjusted operating income (loss) is calculated by excluding the impact of certain noteworthy items and identified intangible amortization expense from the Company's GAAP operating income (loss). The following tables reconcile adjusted operating income (loss) to GAAP operating income (loss) on a consolidated and reportable segment basis for the three and six months ended June 30, 2026 and 2025. The following tables also present adjusted operating margin. For the three and six months ended June 30, 2026 and 2025, adjusted operating margin is calculated by dividing the sum of adjusted operating income by consolidated or segment adjusted revenue. The Company's adjusted revenue used in the determination of adjusted operating margin is calculated by excluding the impact of certain noteworthy items from the Company's GAAP revenue.

Risk & Insurance Services Consulting Corporate/

Eliminations Total

Three Months Ended June 30, 2026

Operating income (loss) $ 1,478 $ 502 $ (81) $ 1,899

Operating margin 30.6 % 19.3 % N/A 25.6 %

Add (deduct) impact of noteworthy items:

Restructuring (a) 39 8 11 58

Changes in contingent and deferred consideration (b) 11 4 — 15

McGriff integration and retention related costs 44 — 3 47

Acquisition related costs (c) 1 1 — 2

Legal matter (d) 8 — — 8

Total noteworthy items 103 13 14 130

Identified intangible amortization expense 119 18 — 137

Operating income adjustments 222 31 14 267

Adjusted operating income (loss) $ 1,700 $ 533 $ (67) $ 2,166

Adjusted operating margin 35.3 % 20.5 % N/A 29.3 %

Three Months Ended June 30, 2025

Operating income (loss) $ 1,443 $ 456 $ (70) $ 1,829

Operating margin 31.2 % 19.2 % N/A 26.2 %

Add (deduct) impact of noteworthy items:

Restructuring (a) 8 6 4 18

Changes in contingent and deferred consideration (b) 27 1 — 28

McGriff integration and retention related costs 45 — — 45

Acquisition related costs (c) — 3 — 3

Acquisition and disposition related gains — (6) — (6)

Total noteworthy items 80 4 4 88

Identified intangible amortization expense 121 19 — 140

Operating income adjustments 201 23 4 228

Adjusted operating income (loss) $ 1,644 $ 479 $ (66) $ 2,057

Adjusted operating margin 35.6 % 20.2 % N/A 29.5 %

(a)Primarily reflects costs related to the Company's three-year program, Thrive, which focuses on our brand strategy, delivering greater value to clients, accelerating growth and improving efficiency. The program will generate savings from process and automation efficiencies and optimization of our global operating model.

(b)Reflects the change in the fair value of contingent consideration and deferred acquisition related costs.

(c)Reflects one-time acquisition and disposition related retention and other costs.

(d)Legal costs related to a restrictive covenant litigation against a competitor.

Marsh & McLennan Companies, Inc.

Reconciliation of Non-GAAP Measures

Six Months Ended June 30

(Millions) (Unaudited)

Risk & Insurance Services Consulting Corporate/

Eliminations Total

Six Months Ended June 30, 2026

Operating income (loss) $ 2,789 $ 1,027 $ (163) $ 3,653

Operating margin 28.2 % 19.9 % N/A 24.3 %

Add (deduct) impact of noteworthy items:

Restructuring (a) 66 21 16 103

Change in contingent and deferred consideration (b) 26 5 — 31

McGriff integration and retention related costs 83 — 6 89

Acquisition related costs (c) 1 1 — 2

Legal matter (d) 8 — — 8

Greensill litigation (e) 425 — — 425

Acquisition and disposition related gains (1) (6) — (7)

Total noteworthy items 608 21 22 651

Identified intangible amortization expense 238 37 — 275

Operating income adjustments 846 58 22 926

Adjusted operating income (loss) $ 3,635 $ 1,085 $ (141) $ 4,579

Adjusted operating margin 36.8 % 21.0 % N/A 30.5 %

Six Months Ended June 30, 2025

Operating income (loss) $ 3,056 $ 912 $ (134) $ 3,834

Operating margin 32.6 % 19.5 % N/A 27.3 %

Add (deduct) impact of noteworthy items:

Restructuring (a) 31 14 5 50

Change in contingent and deferred consideration (b) 30 7 — 37

McGriff integration and retention related costs 114 — — 114

Acquisition related costs (c) 7 5 — 12

Acquisition and disposition related gains (f) (28) (6) — (34)

Total noteworthy items 154 20 5 179

Identified intangible amortization expense 241 38 — 279

Operating income adjustments 395 58 5 458

Adjusted operating income (loss) $ 3,451 $ 970 $ (129) $ 4,292

Adjusted operating margin 36.9 % 20.7 % N/A 30.7 %

(b)Reflects the change in the fair value of contingent consideration and deferred acquisition related costs.

(c)Reflects one-time acquisition and disposition related retention and other costs.

(d)Legal costs related to a restrictive covenant litigation against a competitor.

(e)Reflects estimated liability and legal expenses related to the Greensill litigation.

(f)Risk and Insurance Services in 2025 includes a gain on the sale of a business and a gain on the remeasurement of an investment. These amounts are included in revenue in the consolidated statements of income and excluded from non-GAAP underlying revenue and adjusted revenue used in the calculation of adjusted operating margin.

Marsh & McLennan Companies, Inc.

Reconciliation of Non-GAAP Measures

Three and Six Months Ended June 30

(In millions, except per share data)

(Unaudited)

Adjusted income, net of tax is calculated as the Company's GAAP income from continuing operations, adjusted to reflect the after tax impact of the operating income adjustments in the preceding tables and the additional items listed below. Adjusted EPS is calculated by dividing the Company’s adjusted income, net of tax, by the average number of shares outstanding-diluted for the relevant period. The following tables reconcile adjusted income, net of tax to GAAP income from continuing operations and adjusted EPS to GAAP EPS for the three and six months ended June 30, 2026 and 2025.

Three Months Ended

June 30, 2026

Three Months Ended

June 30, 2025

Amount Adjusted EPS Amount Adjusted EPS

Net income before non-controlling interests, as reported $ 1,291 $ 1,231

Less: Non-controlling interest, net of tax 25 20

Subtotal $ 1,266 $ 2.63 $ 1,211 $ 2.45

Operating income adjustments $ 267 $ 228

Other net benefit credits (50) (48)

Investments adjustment — 1

Income tax effect of adjustments (a)

(58) (46)

159 0.33 135 0.27

Adjusted income, net of tax $ 1,425 $ 2.96 $ 1,346 $ 2.72

Six Months Ended

June 30, 2026

Six Months Ended

June 30, 2025

Amount Adjusted EPS Amount Adjusted EPS

Net income before non-controlling interests, as reported $ 2,477 $ 2,643

Less: Non-controlling interest, net of tax 65 51

Subtotal $ 2,412 $ 4.99 $ 2,592 $ 5.23

Operating income adjustments $ 926 $ 458

Other net benefit credits (100) (91)

Investments adjustment (2) (1)

Income tax effect of adjustments (a) (211) (96)

613 1.26 270 0.55

Adjusted income, net of tax $ 3,025 $ 6.25 $ 2,862 $ 5.78

(a)For items with an income tax impact, the tax effect was calculated using an estimated effective tax rate for each item based on jurisdiction with a blended rate for items occurring in multiple jurisdictions.

Marsh & McLennan Companies, Inc.

Supplemental Information

Three and Six Months Ended June 30

(Millions) (Unaudited)

Three Months Ended

June 30, Six Months Ended

June 30,

2026 2025 2026 2025

Consolidated

Compensation and benefits $ 4,141 $ 3,895 $ 8,271 $ 7,745

Other operating expenses 1,364 1,250 3,077 2,456

Total expenses $ 5,505 $ 5,145 $ 11,348 $ 10,201

Depreciation and amortization expense $ 90 $ 91 $ 179 $ 179

Identified intangible amortization expense 137 140 275 279

Total $ 227 $ 231 $ 454 $ 458

Risk and Insurance Services

Compensation and benefits

$ 2,583 $ 2,462 $ 5,189 $ 4,913

Other operating expenses

762 720 1,896 1,418

Total expenses $ 3,345 $ 3,182 $ 7,085 $ 6,331

Depreciation and amortization expense $ 51 $ 51 $ 101 $ 101

Identified intangible amortization expense 119 121 238 241

Total $ 170 $ 172 $ 339 $ 342

Consulting

Compensation and benefits

$ 1,524 $ 1,398 $ 2,999 $ 2,761

Other operating expenses

576 517 1,134 1,012

Total expenses $ 2,100 $ 1,915 $ 4,133 $ 3,773

Depreciation and amortization expense $ 24 $ 25 $ 49 $ 49

Identified intangible amortization expense 18 19 37 38

Total $ 42 $ 44 $ 86 $ 87

Marsh & McLennan Companies, Inc.

Consolidated Balance Sheets

(Millions)

(Unaudited)

June 30,

2026 December 31, 2025

ASSETS

Current assets:

Cash and cash equivalents $ 1,700 $ 2,687

Cash and cash equivalents held in a fiduciary capacity 12,203 11,473

Net receivables 8,943 7,670

Other current assets 1,487 1,370

Total current assets 24,333 23,200

Goodwill and intangible assets 28,857 29,083

Fixed assets, net 806 829

Pension related assets 2,225 2,140

Right of use assets 1,428 1,460

Deferred tax assets 199 212

Other assets 1,834 1,786

TOTAL ASSETS $ 59,682 $ 58,710

LIABILITIES AND EQUITY

Current liabilities:

Short-term debt $ 1,670 $ 1,267

Accounts payable and accrued liabilities 4,051 3,652

Accrued compensation and employee benefits 2,629 3,962

Current lease liabilities 327 333

Accrued income taxes 479 373

Fiduciary liabilities 12,203 11,473

Total current liabilities 21,359 21,060

Long-term debt 18,891 18,320

Pension, post-retirement and post-employment benefits 739 786

Long-term lease liabilities 1,494 1,529

Liabilities for errors and omissions 280 288

Other liabilities 1,486 1,412

Total equity 15,433 15,315

TOTAL LIABILITIES AND EQUITY $ 59,682 $ 58,710

Marsh & McLennan Companies, Inc.

Consolidated Statements of Cash Flows

(Millions) (Unaudited)

Six Months Ended

June 30,

2026 2025

Operating cash flows:

Net income before non-controlling interests $ 2,477 $ 2,643

Adjustments to reconcile net income to cash provided by operations:

Depreciation and amortization 454 458

Non-cash lease expense 151 145

Share-based compensation expense 235 210

Net (gain) on investments, disposition of assets and other (41) (29)

Changes in assets and liabilities:

Accrued compensation and employee benefits (1,319) (1,334)

Provision for taxes, net of payments and refunds 169 190

Net receivables (1,365) (921)

Other changes to assets and liabilities 367 (31)

Contributions to pension and other benefit plans in excess of current year credit (123) (117)

Operating lease liabilities (170) (165)

Net cash provided by (used for) operations 835 1,049

Financing cash flows:

Purchase of treasury shares (1,512) (600)

Net proceeds from issuance of commercial paper 1,024 150

Proceeds from issuance of debt 595 —

Repayments of debt (610) (510)

Payment to acquire non-controlling interest (54) —

Net issuance of common stock from treasury shares (32) 33

Net distributions of non-controlling interests and deferred/contingent consideration (79) (77)

Dividends paid (878) (810)

Change in fiduciary liabilities 860 (19)

Net cash provided by (used for) financing activities (686) (1,833)

Investing cash flows:

Capital expenditures (134) (114)

Purchases of long-term investments and other (15) (18)

Sales of long-term investments 1 84

Dispositions 12 15

Acquisitions, net of cash and cash held in a fiduciary capacity acquired (129) (62)

Net cash provided by (used for) investing activities (265) (95)

Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (141) 753

Increase (Decrease) in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (257) (126)

Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of period 14,160 13,674

Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of period $ 13,903 $ 13,548

Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity to the Consolidated Balance Sheets

Balance at June 30,

2026 2025

(In millions)

Cash and cash equivalents $ 1,700 $ 1,677

Cash and cash equivalents held in a fiduciary capacity 12,203 11,871

Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 13,903 $ 13,548

Marsh & McLennan Companies, Inc.

Reconciliation of Non-GAAP Measures

Three Months Ended June 30

(Millions) (Unaudited)

Non-GAAP revenue isolates the impact of foreign exchange rate movements and certain transaction-related items from the current period GAAP revenue. The non-GAAP revenue measure is presented on a constant currency basis, excluding the impact of foreign currency fluctuations. The Company isolates the impact of foreign exchange rate movements period over period, by translating the current period foreign currency GAAP revenue into U.S. Dollars based on the difference in the current and corresponding prior period exchange rates. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue and are consistently excluded from current and prior period GAAP revenues for comparability purposes. Percentage changes, referred to as non-GAAP underlying revenue, are calculated by dividing the period over period change in non-GAAP revenue by the prior period non-GAAP revenue.

The following table provides the reconciliation of GAAP revenue to non-GAAP revenue:

2026 2025

Three Months Ended June 30, GAAP Revenue Currency Impact Acquisitions/

Dispositions/

Other Impact Non-GAAP Revenue GAAP Revenue Acquisitions/

Dispositions/

Other Impact Non-GAAP Revenue

Risk and Insurance Services

Marsh Risk $ 4,071 $ (28) $ (33) $ 4,010 $ 3,849 $ (4) $ 3,845

Guy Carpenter 664 — (1) 663 677 — 677

Subtotal 4,735 (28) (34) 4,673 4,526 (4) 4,522

Fiduciary Interest Income 88 (1) — 87 99 — 99

Total Risk and Insurance Services 4,823 (29) (34) 4,760 4,625 (4) 4,621

Consulting

Mercer 1,598 (23) (21) 1,554 1,498 (17) 1,481

Marsh Management Consulting 1,004 (10) (4) 990 873 — 873

Total Consulting 2,602 (33) (25) 2,544 2,371 (17) 2,354

Corporate Eliminations (21) — — (21) (22) — (22)

Total Revenue $ 7,404 $ (62) $ (59) $ 7,283 $ 6,974 $ (21) $ 6,953

Revenue Details

The following table provides more detailed revenue information for certain of the components presented above:

2026 2025

Three Months Ended June 30, GAAP Revenue Currency Impact Acquisitions/

Dispositions/

Other Impact Non-GAAP Revenue GAAP Revenue Acquisitions/

Dispositions/

Other Impact Non-GAAP Revenue

Marsh Risk:

EMEA $ 1,063 $ (9) $ (2) $ 1,052 $ 1,006 $ (8) $ 998

Asia Pacific 439 (9) (4) 426 409 (1) 408

Latin America 153 (10) — 143 132 1 133

Total International 1,655 (28) (6) 1,621 1,547 (8) 1,539

U.S./Canada 2,416 — (27) 2,389 2,302 4 2,306

Total Marsh Risk $ 4,071 $ (28) $ (33) $ 4,010 $ 3,849 $ (4) $ 3,845

Mercer:

Wealth $ 740 $ (17) $ (4) $ 719 $ 685 $ (16) $ 669

Health 611 (4) (1) 606 594 (8) 586

Career 247 (2) (16) 229 219 7 226

Total Mercer $ 1,598 $ (23) $ (21) $ 1,554 $ 1,498 $ (17) $ 1,481

Note: Amounts in the tables above are rounded to whole numbers.

Marsh & McLennan Companies, Inc.

Reconciliation of Non-GAAP Measures

Six Months Ended June 30

(Millions) (Unaudited)

The following table provides the reconciliation of GAAP revenue to non-GAAP revenue:

2026 2025

Six Months Ended June 30, GAAP Revenue Currency Impact Acquisitions/

Dispositions/

Other Impact Non-GAAP Revenue GAAP Revenue Acquisitions/

Dispositions/

Other Impact Non-GAAP Revenue

Risk and Insurance Services

Marsh Risk $ 7,797 $ (136) $ (69) $ 7,592 $ 7,302 $ (22) $ 7,280

Guy Carpenter 1,904 (26) (1) 1,877 1,883 (12) 1,871

Subtotal 9,701 (162) (70) 9,469 9,185 (34) 9,151

Fiduciary Interest Income 173 (2) — 171 202 — 202

Total Risk and Insurance Services 9,874 (164) (70) 9,640 9,387 (34) 9,353

Consulting

Mercer 3,259 (91) (52) 3,116 2,994 (19) 2,975

Marsh Management Consulting 1,901 (36) (5) 1,860 1,691 — 1,691

Total Consulting 5,160 (127) (57) 4,976 4,685 (19) 4,666

Corporate Eliminations (33) — — (33) (37) — (37)

Total Revenue $ 15,001 $ (291) $ (127) $ 14,583 $ 14,035 $ (53) $ 13,982

Revenue Details

The following table provides more detailed revenue information for certain of the components presented above:

2026 2025

Six Months Ended June 30, GAAP Revenue Currency Impact Acquisitions/

Dispositions/

Other Impact Non-GAAP Revenue GAAP Revenue Acquisitions/

Dispositions/

Other Impact Non-GAAP Revenue

Marsh Risk:

EMEA $ 2,271 $ (91) $ (11) $ 2,169 $ 2,065 $ (10) $ 2,055

Asia Pacific 808 (22) (8) 778 744 (2) 742

Latin America 289 (19) — 270 256 1 257

Total International 3,368 (132) (19) 3,217 3,065 (11) 3,054

U.S./Canada 4,429 (4) (50) 4,375 4,237 (11) 4,226

Total Marsh Risk $ 7,797 $ (136) $ (69) $ 7,592 $ 7,302 $ (22) $ 7,280

Mercer:

Wealth $ 1,492 $ (55) $ (16) $ 1,421 $ 1,355 $ (20) $ 1,335

Health 1,272 (24) (3) 1,245 1,202 (13) 1,189

Career 495 (12) (33) 450 437 14 451

Total Mercer $ 3,259 $ (91) $ (52) $ 3,116 $ 2,994 $ (19) $ 2,975

Note: Amounts in the tables above are rounded to whole numbers.

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