Marsh reported third-quarter group revenue growth of 8% on 15 October 2026, alongside 5% growth on its non-GAAP underlying basis. The two percentages describe different measurements, not conflicting results. Investors also need to distinguish the group’s figures from those of its Risk and Insurance Services segment.
The quarter ended 30 September produced consolidated revenue of $6.863 billion and GAAP diluted earnings of $1.69 a share. Adjusted diluted EPS was $2.03, up 10% year on year. The issuer’s announcement and detailed SEC earnings exhibit explicitly label the adjusted presentation.
Marsh Q3 results: group and segment are separate
| Measure | Q3 2026 | Comparison or basis | Primary evidence |
|---|---|---|---|
| Group revenue | $6.863 billion | 8% reported growth;5% underlying growth | Official results |
| Group GAAP diluted EPS | $1.69 | Reported accounting basis | Official results |
| Group adjusted diluted EPS | $2.03 | Non-GAAP;up10% | Official results |
| Net income attributable to the company | $808 million | Reported result | Official results |
| Risk and Insurance Services revenue | $4.200 billion | Segment;7% reported growth;3% underlying growth | Official results |
What “underlying” removes
Marsh’s underlying-revenue measure isolates currency movements and acquisition, disposition and other specified effects to aid comparison. It is a supplemental, non-GAAP measure; it should not replace the reported revenue number.
The distinction is visible in the group’s revenue table: the reported 8% increase includes a rounded 3-percentage-point contribution from acquisitions, dispositions and other effects, leaving 5% underlying growth. Components are rounded, so readers should use the company’s reconciliation rather than assume every displayed component is exact.
The Risk and Insurance Services segment grew 7% reported and 3% underlying. Quoting those as the company-wide growth rates would miss the contribution of the group’s other activities. A segment is one part of a consolidated business, not a different name for the whole company.
How to read adjusted EPS
The $2.03 adjusted EPS figure excludes items identified in the company’s reconciliation; the $1.69 GAAP figure includes the applicable accounting effects. The gap is not additional cash profit on top of reported earnings. Both views should remain visible when comparing periods.
This report does not verify an analyst-consensus beat, a current stock-market reaction or future growth. The useful next check is whether later reports maintain comparable definitions and show how excluded items affect reported earnings.
This report was prepared with AI assistance and checked against the linked primary documents. It is not an independent human editorial approval or investment recommendation.
Related reading: M&T Bank: reported earnings versus adjusted EPS.
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