Marsh & McLennan Cos.: 2Q26: Organic Growth Beat Driven by Consulting; Adj EPS in Line on Stronger Total Revenue but Weaker Margins

研报英文原文证据摘录

Marsh & McLennan Cos.: 2Q26: Organic Growth Beat Driven by Consulting; Adj EPS in Line on Stronger Total Revenue but Weaker Margins

Equity Research

North America Insurance/Non-Life

21 July 2026

Marsh & McLennan Cos.

2Q26: Organic Growth Beat Driven

by Consulting; Adj EPS in Line on

MRSH OVERWEIGHTStronger Total Revenue but

North America Insurance/ NEUTRAL Non-LifeWeaker Margins Price Target USD 206.00

Price (20-Jul-26) USD 182.10

Adj EPS were in line with expectations due to stronger total Potential Upside/Downside +13.1%

revenue that was offset by higher operating expenses, as Source: Bloomberg, Barclays Research

organic growth beat on robust growth in Consulting and in-

line results in RIS. Alex Scott, CFA

+1 212 526 1561

alex.scott@barclays.comAdj EPS of $2.96 vs $2.94 Barc and $2.90 Street. The result was driven by stronger total

BCI, US

revenue, driven by a beat on organic growth (5% vs 3.5% Barc and 3.6% Street), but a modestly

weaker overall adjusted margin. Organic growth for RIS was in line, driven by results in Marsh Justin Lee, CFA

Risk (which came in at 4% vs 4.0% Barc and 3.6% Street), offsetting weaker than expected +1 212 526 0912

justin.lee@barclays.comgrowth in Guy Carpenter, which recorded a 2% organic decline (vs Barc 3% vs 2.3% Street).

Consulting delivered another quarter of organic growth beat as both Mercer (strong growth in

Wealth and Career offset weaker growth in Health) and Marsh Management Consulting Anling Chen

outperformed against both our estimates and Street expectations. Adj operating margins for the +1 212 526 5995

anling.chen@barclays.comgroup was a slight miss, which was driven by slight misses in Consulting and RIS. On capital, the

company had another quarter of strong repurchases, buying back 4.5m shares for $750m total