Earnings release
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Marsh212 345 5000www.marsh.com News release Exhibit 99.1 Marsh reports third quarter 2026 results • Revenue Growth of 8%; Underlying Revenue Growth of 5% • GAAP Operating Income Increases 4%; Adjusted Operating Income Increases 6% • Third Quarter GAAP EPS of $1.69; Adjusted EPS Increases 10% to $2.03 • Nine Months GAAP EPS of $6.68; Adjusted EPS Increases 9% to $8.29 NEW YORK, October 15, 2026 – Marsh (NYSE: MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, today reported financial results for the third quarter ended September 30, 2026. John Doyle, President and CEO, said: "Marsh delivered a strong third quarter, generating 5% underlying revenue growth and double-digit EPS growth. We also made significant progress in executing our Thrive program and successfully completed our brand transition." "These results reflect the strength of our market position, the value we deliver to clients, and the commitment of our colleagues around the world." Consolidated Results Effective January 14, 2026, the Company updated its brand name from Marsh McLennan to Marsh and the brand names of Marsh and Oliver Wyman Group businesses to Marsh Risk ("Risk") and Marsh Management Consulting ("Management Consulting"), respectively. As a result of the Company's previously announced brand change, results that were previously reported under our Guy Carpenter business will now be reported as "Reinsurance" and results that were previously reported as Mercer will now be reported as "People and Investments". Within People and Investments, results for Wealth will now be reported as "Investments and Retirement", Health will now be reported as "Health and Benefits" and Career will now be reported as "Workforce and Rewards". Consolidated revenue in the third quarter of 2026 was $6.9 billion, an increase of 8% compared with the third quarter of 2025, or 5% on an underlying basis. Operating income increased 4% to $1.2 billion. Adjusted operating income, which excludes noteworthy items and identified intangible amortization expense as presented in the attached supplemental schedules, rose 6% to $1.5 billion. Net income attributable to the Company was $808 million. Earnings per share were $1.69. Adjusted earnings per share increased 10% to $2.03. 1
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For the nine months ended September 30, 2026, consolidated revenue was $21.9 billion, an increase of 7% on a GAAP basis or 5% on an underlying basis, compared to the prior year period. Operating income was $4.9 billion, a decrease of 3% from the prior year period. Adjusted operating income rose 7% to $6.1 billion. Net income attributable to the Company was $3.2 billion, or $6.68 per diluted share, compared with $6.75 in the first nine months of 2025. Adjusted earnings per share increased 9% to $8.29. Risk and Insurance Services Risk and Insurance Services revenue was $4.2 billion in the third quarter of 2026, an increase of 7%, or 3% on an underlying basis. Operating income decreased 1% to $745 million, while adjusted operating income increased 4% to $1.0 billion. For the nine months ended September 30, 2026, revenue was $14.1 billion, an increase of 6%, or 3% on an underlying basis. Operating income decreased 7% to $3.5 billion, and adjusted operating income increased 5% to $4.6 billion. Risk's revenue in the third quarter of 2026 was $3.7 billion, an increase of 10%, or 5% on an underlying basis. In U.S./Canada, underlying revenue growth was 4%. In International, underlying revenue growth was 6%, and included 7% growth in EMEA, 4% growth in Asia Pacific, and flat in Latin America. For the nine months ended September 30, 2026, Risk’s underlying revenue growth was 4%. Reinsurance's revenue in the third quarter was $374 million, a decrease of 6%, on both a GAAP and underlying basis. For the nine months ended September 30, 2026, Reinsurance's revenue decreased 1% on an underlying basis. Consulting Consulting revenue was $2.7 billion in the third quarter of 2026, an increase of 9%, or 8% on an underlying basis. Operating income increased 12% to $563 million, while adjusted operating income increased 9% to $593 million. For the nine months ended September 30, 2026, revenue was $7.8 billion, an increase of 10%, or 7% on an underlying basis. Operating income rose 13% to $1.6 billion, and adjusted operating income increased 11% to $1.7 billion. People and Investments' revenue in the third quarter was $1.7 billion, an increase of 6%, or 5% on an underlying basis. Investments and Retirement revenue grew 8%, Health and Benefits revenue increased 5%, and Workforce and Rewards revenue decreased 1%, all on an underlying basis. For the nine months ended September 30, 2026, People and Investments’ revenue was $4.9 billion, an increase of 5% on an underlying basis. Management Consulting's revenue in the third quarter of 2026 was $1.0 billion, an increase of 14% on both a GAAP and underlying basis. For the nine months ended September 30, 2026, Management Consulting’s revenue was $2.9 billion, an increase of 11% on an underlying basis. Other Items The Company repurchased approximately 2.7 million shares of stock for $500 million in the third quarter of 2026. Through nine months ended September 30, 2026, the Company has repurchased 11.4 million shares of stock for $2.0 billion. In the third quarter of 2026, the Company repaid 550 million of Euro-denominated senior notes that matured in September. 2
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Conference Call A conference call to discuss third quarter 2026 results will be held today at 8:30 a.m. Eastern time. The live audio webcast may be accessed at 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 marsh.com, or follow us on LinkedIn and X. 3
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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, macroeconomic and other external factors, including 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, changes in insurance premium rates and extreme weather events; • 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, including those enabled or enhanced by artificial intelligence, 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. 4
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Marsh & McLennan Companies, Inc. Consolidated Statements of Income (In millions, except per share data) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenue $ 6,863 $ 6,351 $ 21,864 $ 20,386 Expense: Compensation and benefits 4,078 3,894 12,349 11,639 Other operating expenses 1,570 1,287 4,647 3,743 Operating expenses 5,648 5,181 16,996 15,382 Operating income 1,215 1,170 4,868 5,004 Other net benefit credits 48 52 148 143 Interest income 10 10 29 34 Interest expense (248) (237) (738) (725) Investment income 8 15 9 27 Income before income taxes 1,033 1,010 4,316 4,483 Income tax expense 221 253 1,027 1,083 Net income before non-controlling interests 812 757 3,289 3,400 Less: Net income attributable to non-controlling interests 4 10 69 61 Net income attributable to the Company $ 808 $ 747 $ 3,220 $ 3,339 Net income per share attributable to the Company: - Basic $ 1.70 $ 1.52 $ 6.71 $ 6.79 - Diluted $ 1.69 $ 1.51 $ 6.68 $ 6.75 Average number of shares outstanding: - Basic 476 491 480 492 - Diluted 479 494 482 495 Shares outstanding at September 30 475 490 475 490 5
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Marsh & McLennan Companies, Inc. Supplemental Information - Revenue Analysis Three Months Ended September 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 September 30, % ChangeGAAPRevenue* CurrencyImpact Acquisitions/Dispositions/Other Impact** Non-GAAPUnderlyingRevenue2026 2025 Risk and Insurance Services Risk $ 3,726 $ 3,400 10 % — 5 % 5 % Reinsurance 374 398 (6)% — — (6)% Subtotal 4,100 3,798 8 % — 4 % 4 % Fiduciary Interest Income 100 109 Total Risk and Insurance Services 4,200 3,907 7 % — 4 % 3 % Consulting People and Investments 1,672 1,579 6 % — 1 % 5 % Management Consulting 1,013 886 14 % — 1 % 14 % Total Consulting 2,685 2,465 9 % — 1 % 8 % Corporate Eliminations (22) (21) Total Revenue $ 6,863 $ 6,351 8 % — 3 % 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 September 30, % ChangeGAAPRevenue* CurrencyImpact Acquisitions/Dispositions/Other Impact** Non-GAAPUnderlyingRevenue2026 2025 Risk: EMEA $ 994 $ 813 22 % (1)% 16 % 7 % Asia Pacific 384 361 6 % 1 % 1 % 4 % Latin America 147 137 7 % 7 % 1 % — Total International 1,525 1,311 16 % — 10 % 6 % U.S./Canada 2,201 2,089 5 % — 1 % 4 % Total Risk $ 3,726 $ 3,400 10 % — 5 % 5 % People and Investments: Investments and Retirement $ 762 $ 705 8 % 1 % (1)% 8 % Health and Benefits 578 555 4 % — (1)% 5 % Workforce and Rewards 332 319 4 % (1)% 6 % (1)% Total People and Investments $ 1,672 $ 1,579 6 % — 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. 6
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Marsh & McLennan Companies, Inc. Supplemental Information - Revenue Analysis Nine Months Ended September 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* Nine Months Ended September 30, % ChangeGAAPRevenue* CurrencyImpact Acquisitions/Dispositions/Other Impact** Non-GAAPUnderlyingRevenue2026 2025 Risk and Insurance Services Risk $ 11,523 $ 10,702 8 % 1 % 2 % 4 % Reinsurance 2,278 2,281 — 1 % — (1)% Subtotal 13,801 12,983 6 % 1 % 2 % 3 % Fiduciary Interest Income 273 311 Total Risk and Insurance Services 14,074 13,294 6 % 1 % 2 % 3 % Consulting People and Investments 4,931 4,573 8 % 2 % 1 % 5 % Management Consulting 2,914 2,577 13 % 1 % 1 % 11 % Total Consulting 7,845 7,150 10 % 2 % 1 % 7 % Corporate Eliminations (55) (58) Total Revenue $ 21,864 $ 20,386 7 % 1 % 1 % 5 % Revenue Details The following table provides more detailed revenue information for certain of the components presented above: Components of Revenue Change* Nine Months Ended September 30, % ChangeGAAPRevenue* CurrencyImpact Acquisitions/Dispositions/Other Impact** Non-GAAPUnderlyingRevenue2026 2025 Risk: EMEA $ 3,265 $ 2,878 13 % 3 % 5 % 6 % Asia Pacific 1,192 1,105 8 % 2 % 1 % 5 % Latin America 436 393 11 % 7 % 1 % 3 % Total International 4,893 4,376 12 % 3 % 3 % 5 % U.S./Canada 6,630 6,326 5 % — 1 % 4 % Total Risk $ 11,523 $ 10,702 8 % 1 % 2 % 4 % People and Investments: Investments and Retirement $ 2,254 $ 2,060 9 % 3 % — 7 % Health and Benefits 1,850 1,757 5 % 1 % (1)% 5 % Workforce and Rewards 827 756 9 % 1 % 9 % (1)% Total People and Investments $ 4,931 $ 4,573 8 % 2 % 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. 7
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Marsh & McLennan Companies, Inc. Reconciliation of Non-GAAP Measures Three Months Ended September 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 accordancewith "GAAP" or "reported" results). The Company also refers to and presents certain additional non-GAAP financial measures, within the meaning of Regulation G anditem 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 financialmeasures 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’sperformance across periods. Management also uses these measures internally to assess the operating performance of its businesses and to decide how to allocateresources. However, investors should not consider these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Companyreports in accordance with GAAP. The Company's non-GAAP measures include adjustments that reflect how management views its businesses, and may differ fromsimilarly 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'sGAAP operating income (loss). The following tables reconcile adjusted operating income (loss) to GAAP operating income (loss) on a consolidated and reportablesegment basis for the three and nine months ended September 30, 2026 and 2025. The following tables also present adjusted operating margin. For the three and ninemonths ended September 30, 2026 and 2025, adjusted operating margin is calculated by dividing the sum of adjusted operating income by consolidated or segmentadjusted revenue. The Company's adjusted revenue used in the determination of adjusted operating margin is calculated by excluding the impact of certain noteworthyitems from the Company's GAAP revenue. Risk & Insurance Services Consulting Corporate/ Eliminations Total Three Months Ended September 30, 2026 Operating income (loss) $ 745 $ 563 $ (93) $ 1,215 Operating margin 17.8 % 21.0 % N/A 17.7 % Add (deduct) impact of noteworthy items: Restructuring (a) 44 10 25 79 Changes in contingent and deferred consideration (b) 11 1 — 12 McGriff integration and retention related costs 33 — 2 35 Greensill litigation (c) 144 — — 144 Legal matter (d) 30 — — 30 Gain on consolidation of entity (e) (126) — — (126) Acquisition and disposition related gains (1) (1) (2) (4) Total noteworthy items 135 10 25 170 Identified intangible amortization expense 122 20 — 142 Operating income adjustments 257 30 25 312 Adjusted operating income (loss) $ 1,002 $ 593 $ (68) $ 1,527 Adjusted operating margin 24.6 % 22.1 % N/A 22.7 % Three Months Ended September 30, 2025 Operating income (loss) $ 750 $ 501 $ (81) $ 1,170 Operating margin 19.2 % 20.3 % N/A 18.4 % Add (deduct) impact of noteworthy items: Restructuring (a) 20 18 8 46 Changes in contingent and deferred consideration (b) 32 2 — 34 McGriff integration and retention related costs 50 — 2 52 Acquisition related costs — 7 — 7 Acquisition and disposition related gains (3) — — (3) Total noteworthy items 99 27 10 136 Identified intangible amortization expense 116 17 — 133 Operating income adjustments 215 44 10 269 Adjusted operating income (loss) $ 965 $ 545 $ (71) $ 1,439 Adjusted operating margin 24.7 % 22.1 % N/A 22.7 % (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 settlement and legal expenses related to the Greensill litigation, net of insurance recoveries. (d) Legal costs related to a restrictive covenant litigation against a competitor. (e) Reflects gain from the fair value remeasurement of the Company's previously held equity method investment in Deasterra Partners upon the Company's acquisition of the remaining 60% ownership share. The gain is 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. 8
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Marsh & McLennan Companies, Inc. Reconciliation of Non-GAAP Measures Nine Months Ended September 30 (Millions) (Unaudited) Risk & InsuranceServices Consulting Corporate/Eliminations Total Nine Months Ended September 30, 2026 Operating income (loss) $ 3,534 $ 1,590 $ (256) $ 4,868 Operating margin 25.1 % 20.3 % N/A 22.3 % Add (deduct) impact of noteworthy items: Restructuring (a) 110 31 41 182 Change in contingent and deferred consideration (b) 37 6 — 43 McGriff integration and retention related costs 116 — 8 124 Legal matter (d) 38 — — 38 Greensill litigation (e) 569 — — 569 Gain on consolidation of entity (f) (126) — — (126) Acquisition and disposition related gains (1) (6) (2) (9) Total noteworthy items 743 31 47 821 Identified intangible amortization expense 360 57 — 417 Operating income adjustments 1,103 88 47 1,238 Adjusted operating income (loss) $ 4,637 $ 1,678 $ (209) $ 6,106 Adjusted operating margin 33.2 % 21.4 % N/A 28.1 % Nine Months Ended September 30, 2025 Operating income (loss) $ 3,806 $ 1,413 $ (215) $ 5,004 Operating margin 28.6 % 19.8 % N/A 24.5 % Add (deduct) impact of noteworthy items: Restructuring (a) 51 32 13 96 Change in contingent and deferred consideration (b) 62 9 — 71 McGriff integration and retention related costs 164 — 2 166 Acquisition related costs (c) 7 12 — 19 Acquisition and disposition related gains (g) (31) (6) — (37) Total noteworthy items 253 47 15 315 Identified intangible amortization expense 357 55 — 412 Operating income adjustments 610 102 15 727 Adjusted operating income (loss) $ 4,416 $ 1,515 $ (200) $ 5,731 Adjusted operating margin 33.3 % 21.2 % N/A 28.2 % (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 change in 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 settlement and legal expenses related to the Greensill litigation, net of insurance recoveries. (f) Reflects gain from the fair value remeasurement of the Company's previously held equity method investment in Deasterra Partners upon the Company's acquisition of the remaining 60% ownership share. The gain is 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. (g) 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 thecalculation of adjusted operating margin. 9
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Marsh & McLennan Companies, Inc. Reconciliation of Non-GAAP Measures Three and Nine Months Ended September 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 nine months ended September 30, 2026 and 2025. Three Months EndedSeptember 30, 2026 Three Months EndedSeptember 30, 2025 Amount AdjustedEPS Amount AdjustedEPS Net income before non-controlling interests, as reported $ 812 $ 757 Less: Non-controlling interest, net of tax 4 10 Subtotal $ 808 $ 1.69 $ 747 $ 1.51 Operating income adjustments $ 312 $ 269 Other net benefit credits (48) (52) Investments adjustment (1) (1) Income tax effect of adjustments (a) (99) (52) 164 0.34 164 0.34 Adjusted income, net of tax $ 972 $ 2.03 $ 911 $ 1.85 Nine Months EndedSeptember 30, 2026 Nine Months EndedSeptember 30, 2025 Amount AdjustedEPS Amount AdjustedEPS Net income before non-controlling interests, as reported $ 3,289 $ 3,400 Less: Non-controlling interest, net of tax 69 61 Subtotal $ 3,220 $ 6.68 $ 3,339 $ 6.75 Operating income adjustments $ 1,238 $ 727 Other net benefit credits (148) (143) Investments adjustment (3) (2) Income tax effect of adjustments (a) (310) (148) 777 1.61 434 0.88 Adjusted income, net of tax $ 3,997 $ 8.29 $ 3,773 $ 7.63 (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. 10
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Marsh & McLennan Companies, Inc. Supplemental Information Three and Nine Months Ended September 30 (Millions) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Consolidated Compensation and benefits $ 4,078 $ 3,894 $ 12,349 $ 11,639 Other operating expenses 1,570 1,287 4,647 3,743 Total expenses $ 5,648 $ 5,181 $ 16,996 $ 15,382 Depreciation and amortization expense $ 89 $ 91 $ 268 $ 270 Identified intangible amortization expense 142 133 417 412 Total $ 231 $ 224 $ 685 $ 682 Risk and Insurance Services Compensation and benefits $ 2,521 $ 2,424 $ 7,710 $ 7,337 Other operating expenses 934 733 2,830 2,151 Total expenses $ 3,455 $ 3,157 $ 10,540 $ 9,488 Depreciation and amortization expense $ 50 $ 52 $ 151 $ 153 Identified intangible amortization expense 122 116 360 357 Total $ 172 $ 168 $ 511 $ 510 Consulting Compensation and benefits $ 1,523 $ 1,429 $ 4,522 $ 4,190 Other operating expenses 599 535 1,733 1,547 Total expenses $ 2,122 $ 1,964 $ 6,255 $ 5,737 Depreciation and amortization expense $ 26 $ 25 $ 75 $ 74 Identified intangible amortization expense 20 17 57 55 Total $ 46 $ 42 $ 132 $ 129 11
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Marsh & McLennan Companies, Inc. Consolidated Balance Sheets (Millions) (Unaudited)September 30,2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 1,842 $ 2,687 Cash and cash equivalents held in a fiduciary capacity 12,273 11,473 Net receivables 8,548 7,670 Other current assets 1,444 1,370 Total current assets 24,107 23,200 Goodwill and intangible assets 29,117 29,083 Fixed assets, net 815 829 Pension related assets 2,301 2,140 Right of use assets 1,414 1,460 Deferred tax assets 195 212 Other assets 1,857 1,786 TOTAL ASSETS $ 59,806 $ 58,710 LIABILITIES AND EQUITY Current liabilities: Short-term debt $ 1,644 $ 1,267 Accounts payable and accrued liabilities 3,583 3,652 Accrued compensation and employee benefits 3,329 3,962 Current lease liabilities 324 333 Accrued income taxes 485 373 Dividends payable 471 — Fiduciary liabilities 12,273 11,473 Total current liabilities 22,109 21,060 Long-term debt 18,889 18,320 Pension, post-retirement and post-employment benefits 693 786 Long-term lease liabilities 1,475 1,529 Liabilities for errors and omissions 281 288 Other liabilities 1,449 1,412 Total equity 14,910 15,315 TOTAL LIABILITIES AND EQUITY $ 59,806 $ 58,710 12
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Marsh & McLennan Companies, Inc. Consolidated Statements of Cash Flows (Millions) (Unaudited) Nine Months Ended September 30, 2026 2025 Operating cash flows: Net income before non-controlling interests $ 3,289 $ 3,400 Adjustments to reconcile net income to cash provided by operations: Depreciation and amortization 685 682 Non-cash lease expense 223 219 Gain on consolidation of entity (126) (13) Share-based compensation expense 329 305 Net (gain) on investments, disposition of assets and other (52) (26) Changes in assets and liabilities: Accrued compensation and employee benefits (639) (610) Provision for taxes, net of payments and refunds 69 197 Net receivables (872) (388) Other changes to assets and liabilities (131) (196) Contributions to pension and other benefit plans in excess of current year credit (210) (190) Operating lease liabilities (252) (249) Net cash provided by (used for) operations 2,313 3,131 Financing cash flows: Purchase of treasury shares (2,016) (1,002) Net proceeds from issuance of commercial paper 1,623 — Proceeds from issuance of debt 595 — Repayments of debt (1,247) (514) Payment to acquire non-controlling interest (54) — Net issuance of common stock from treasury shares (6) 64 Net distributions of non-controlling interests and deferred/contingent consideration (174) (110) Dividends paid (1,354) (1,255) Change in fiduciary liabilities 869 231 Net cash provided by (used for) financing activities (1,764) (2,586) Investing cash flows: Capital expenditures (215) (186) Purchases of long-term investments and other (34) (23) Sales of long-term investments 3 96 Dispositions 16 15 Acquisitions, net of cash and cash held in a fiduciary capacity acquired (263) (224) Net cash provided by (used for) investing activities (493) (322) Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in afiduciary capacity (101) 615 Increase (Decrease) in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (45) 838 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 $ 14,115 $ 14,512 Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity to the Consolidated Balance Sheets Balance at September 30, 2026 2025 (In millions) Cash and cash equivalents $ 1,842 $ 2,511 Cash and cash equivalents held in a fiduciary capacity 12,273 12,001 Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 14,115 $ 14,512 13
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Marsh & McLennan Companies, Inc. Reconciliation of Non-GAAP Measures Three Months Ended September 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 September 30, GAAPRevenue CurrencyImpact Acquisitions/Dispositions/Other Impact Non-GAAPRevenue GAAPRevenue Acquisitions/Dispositions/Other Impact Non-GAAPRevenue Risk and Insurance Services Risk $ 3,726 $ (2) $ (170) $ 3,554 $ 3,400 $ (3) $ 3,397 Reinsurance 374 (1) — 373 398 — 398 Subtotal 4,100 (3) (170) 3,927 3,798 (3) 3,795 Fiduciary Interest Income 100 — — 100 109 — 109 Total Risk and Insurance Services 4,200 (3) (170) 4,027 3,907 (3) 3,904 Consulting People and Investments 1,672 (6) (20) 1,646 1,579 (9) 1,570 Management Consulting 1,013 3 (11) 1,005 886 1 887 Total Consulting 2,685 (3) (31) 2,651 2,465 (8) 2,457 Corporate Eliminations (22) — — (22) (21) — (21) Total Revenue $ 6,863 $ (6) $ (201) $ 6,656 $ 6,351 $ (11) $ 6,340 Revenue Details The following table provides more detailed revenue information for certain of the components presented above: 2026 2025 Three Months Ended September 30, GAAPRevenue CurrencyImpact Acquisitions/Dispositions/Other Impact Non-GAAPRevenue GAAPRevenue Acquisitions/Dispositions/Other Impact Non-GAAPRevenue Risk: EMEA $ 994 $ 8 $ (141) $ 861 $ 813 $ (10) $ 803 Asia Pacific 384 (3) (3) 378 361 2 363 Latin America 147 (9) — 138 137 1 138 Total International 1,525 (4) (144) 1,377 1,311 (7) 1,304 U.S./Canada 2,201 2 (26) 2,177 2,089 4 2,093 Total Risk $ 3,726 $ (2) $ (170) $ 3,554 $ 3,400 $ (3) $ 3,397 People and Investments: Investments and Retirement $ 762 $ (7) $ (6) $ 749 $ 705 $ (10) $ 695 Health and Benefits 578 (1) (2) 575 555 (5) 550 Workforce and Rewards 332 2 (12) 322 319 6 325 Total People and Investments $ 1,672 $ (6) $ (20) $ 1,646 $ 1,579 $ (9) $ 1,570 Note: Amounts in the tables above are rounded to whole numbers. 14
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Marsh & McLennan Companies, Inc. Reconciliation of Non-GAAP Measures Nine Months Ended September 30 (Millions) (Unaudited) The following table provides the reconciliation of GAAP revenue to non-GAAP revenue: 2026 2025 Nine Months Ended September 30, GAAPRevenue CurrencyImpact Acquisitions/Dispositions/Other Impact Non-GAAPRevenue GAAPRevenue Acquisitions/Dispositions/Other Impact Non-GAAPRevenue Risk and Insurance Services Risk $ 11,523 $ (138) $ (239) $ 11,146 $ 10,702 $ (25) $ 10,677 Reinsurance 2,278 (27) (1) 2,250 2,281 (12) 2,269 Subtotal 13,801 (165) (240) 13,396 12,983 (37) 12,946 Fiduciary Interest Income 273 (2) — 271 311 — 311 Total Risk and Insurance Services 14,074 (167) (240) 13,667 13,294 (37) 13,257 Consulting People and Investments 4,931 (97) (72) 4,762 4,573 (28) 4,545 Management Consulting 2,914 (33) (16) 2,865 2,577 1 2,578 Total Consulting 7,845 (130) (88) 7,627 7,150 (27) 7,123 Corporate Eliminations (55) — — (55) (58) — (58) Total Revenue $ 21,864 $ (297) $ (328) $ 21,239 $ 20,386 $ (64) $ 20,322 Revenue Details The following table provides more detailed revenue information for certain of the components presented above: 2026 2025 Nine Months Ended September 30, GAAPRevenue CurrencyImpact Acquisitions/Dispositions/Other Impact Non-GAAPRevenue GAAPRevenue Acquisitions/Dispositions/Other Impact Non-GAAPRevenue Risk: EMEA $ 3,265 $ (83) $ (152) $ 3,030 $ 2,878 $ (20) $ 2,858 Asia Pacific 1,192 (25) (11) 1,156 1,105 — 1,105 Latin America 436 (28) — 408 393 2 395 Total International 4,893 (136) (163) 4,594 4,376 (18) 4,358 U.S./Canada 6,630 (2) (76) 6,552 6,326 (7) 6,319 Total Risk $ 11,523 $ (138) $ (239) $ 11,146 $ 10,702 $ (25) $ 10,677 People and Investments: Investments and Retirement $ 2,254 $ (62) $ (22) $ 2,170 $ 2,060 $ (30) $ 2,030 Health and Benefits 1,850 (25) (5) 1,820 1,757 (18) 1,739 Workforce and Rewards 827 (10) (45) 772 756 20 776 Total People and Investments $ 4,931 $ (97) $ (72) $ 4,762 $ 4,573 $ (28) $ 4,545 Note: Amounts in the tables above are rounded to whole numbers. 15