Marsh & McLennan Companies Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 8% revenue and adjusted EPS growth, with strong execution across segments despite market headwinds. The company continues to invest in AI and talent, maintains a balanced capital deployment strategy, and expects similar revenue growth and margin expansion in 2026.
Fiscal Year 2025
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Delivered 10% revenue growth and 11% adjusted operating income growth in 2025, with strong free cash flow and margin expansion. Outlook for 2026 is stable, with continued investment in AI, digital infrastructure, and talent, despite headwinds from pricing and interest rates.
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Third quarter saw 11% revenue growth and 13% adjusted operating income growth, with strong performance across all segments and continued margin expansion. The Thrive program aims for $400 million in savings over three years, supporting investments in talent and AI.
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Q2 2025 saw 12% revenue growth and 14% higher adjusted operating income, with strong international and segment performance despite macro uncertainty. Margin expansion, robust capital deployment, and continued investment in AI and analytics position the business for resilience and future growth.
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Q1 2025 saw 9% revenue growth and 8% higher adjusted operating income, with all segments expanding. The McGriff integration is on track, and guidance remains for mid-single digit revenue growth and margin expansion, though macroeconomic and trade uncertainties persist.
Fiscal Year 2024
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Delivered 8% revenue growth and 11% adjusted operating income growth in 2024, driven by strong performance across all segments and record M&A activity. Outlook for 2025 is positive, with mid-single-digit revenue growth, margin expansion, and continued capital deployment expected.
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Q3 saw 5% underlying revenue growth, 12% adjusted operating income growth, and margin expansion. The $7.75B McGriff acquisition is set to close by year-end, with strong M&A activity and a positive outlook for 2024, despite macro uncertainties.
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Q2 2024 saw 6% underlying revenue growth, 11% adjusted operating income growth, and a 10% rise in adjusted EPS, with strong performance across all segments and continued margin expansion. Multiple acquisitions and innovation initiatives were completed, and the outlook remains positive for the year.