Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
In the quiet quarter, Consulting carries nearly half the profit
With broking in its lightest season, Consulting's 21.0% margin beat broking's 17.7% and lifted its weight in profit.
For investorsWhat the quarter's margin looks like once the one-time items drop out
For foundersThe roll-up playbook behind a global advice firm
Pay grew 4.7% against revenue's 8.1%, yet the margin still slipped because other operating costs rose far faster.
Operating income rose 3.9%, yet a lower tax bill and a smaller share count lifted diluted earnings to $1.69.
Clients' premiums and claims worth $15.4B are in transit through the broker, yet capital spending is just 1.2% of revenue.
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Business Lens describes Marsh McLennan from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
