v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company is organized based on the types of services provided. Under this structure, the Company’s operating segments are: Marsh Risk, Guy Carpenter, Mercer and Marsh Management Consulting. The four segments are aggregated into two operating and reporting segments as follows:
•Risk and Insurance Services, comprising Marsh Risk (insurance services) and Guy Carpenter (reinsurance services); and
•Consulting, comprising Mercer and Marsh Management Consulting.
The accounting policies of the segments are the same as those used for the consolidated financial statements described in Note 1, Summary of Significant Accounting Policies, in the Company's 2025 Form 10-K. Revenues are attributed to geographic areas based on the location out of which the services are performed.
The Chief Executive Officer, as the Company's Chief Operating Decision Maker ("CODM"), evaluates segment performance and allocates resources based on segment operating income, which includes directly related expenses and charges or credits related to restructuring but not the Company's corporate level expenses. Segment operating income is also used to monitor budget versus actual results.
Selected information about the Company’s segments is as follows:
Three Months Ended March 31,

(In millions)
Revenue Compensation and benefits Depreciation
and
amortization expense		Identified intangible
amortization expense		Other segment itemsOperating
Income
(Loss)
2026 –
Risk and Insurance Services$5,051 (a)$2,606 $50 $119 $965 $1,311 
Consulting2,558 (b)1,475 25 19 514 525 
Total Segments7,609 4,081 75 138 1,479 1,836 
Corporate/Eliminations(12)49 14 — 7 (82)
Total Consolidated$7,597 $4,130 $89 $138 $1,486 $1,754 
2025 –
Risk and Insurance Services$4,762 (a)$2,451 $50 $120 $528 $1,613 
Consulting2,314 (b)1,363 24 19 452 456 
Total Segments7,076 3,814 74 139 980 2,069 
Corporate/Eliminations(15)36 14 — (1)(64)
Total Consolidated$7,061 $3,850 $88 $139 $979 $2,005 
(a)Includes interest income on fiduciary funds of $85 million and $103 million in 2026 and 2025, respectively, and equity method income of $8 million in 2026. Revenue in 2025 also includes $28 million from a gain on the sale of the TCAS business and a gain on the remeasurement of a previously held equity method investment to fair value upon consolidation.
(b)Includes inter-segment revenue of $12 million and $15 million in 2026 and 2025, respectively.
Other Risk and Insurance Services and Consulting segment items consist primarily of costs such as travel and entertainment, outside services, information and technology, facilities and equipment, and taxes and insurance. In the first quarter of 2026, Risk and Insurance Services also includes the recording of an estimated liability and legal expenses of $425 million related to the Greensill litigation. Additional information on this matter is included in Note 17, Claims, Lawsuits and Other Contingencies.
The reconciliation of total consolidated operating income (loss) to income before income taxes is provided on the consolidated statements of income.
The Company does not report its assets by segment, including capital expenditures, as that information is not used by the CODM in assessing segment performance and allocating resources.
Details of operating segment revenue are as follows:
Three Months Ended
 March 31,
(In millions)20262025
Risk and Insurance Services
Marsh Risk$3,782 $3,520 
Guy Carpenter1,269 1,242 
Total Risk and Insurance Services5,051 4,762 
Consulting
Mercer1,661 1,496 
Marsh Management Consulting897 818 
Total Consulting2,558 2,314 
Total Segments7,609 7,076 
Corporate Eliminations(12)(15)
Total$7,597 $7,061