v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 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 June 30,

(In millions)		Revenue Compensation and benefits Depreciation
and
amortization expense		Identified intangible
amortization expense		Other segment itemsOperating
Income
(Loss)
2026 –
Risk and Insurance Services$4,823 (a)$2,583 $51 $119 $592 $1,478 
Consulting2,602 (b)1,524 24 18 534 502 
Total Segments7,425 4,107 75 137 1,126 1,980 
Corporate/Eliminations(21)34 15 — 11 (81)
Total Consolidated$7,404 $4,141 $90 $137 $1,137 $1,899 
2025 –
Risk and Insurance Services$4,625 (a)$2,462 $51 $121 $548 $1,443 
Consulting2,371 (b)1,398 25 19 473 456 
Total Segments6,996 3,860 76 140 1,021 1,899 
Corporate/Eliminations(22)35 15 — (2)(70)
Total Consolidated$6,974 $3,895 $91 $140 $1,019$1,829 
Six Months Ended June 30,

(In millions)
Revenue Compensation and benefits Depreciation
and
amortization expense		Identified intangible
amortization expense		Other segment itemsOperating
Income
(Loss)
2026 –
Risk and Insurance Services$9,874 (c)$5,189 $101 $238 $1,557 $2,789 
Consulting5,160 (d)2,999 49 37 1,048 1,027 
Total Segments15,034 8,188 150 275 2,605 3,816 
Corporate/Eliminations(33)83 29 — 18 (163)
Total Consolidated$15,001 $8,271 $179 $275 $2,623 $3,653 
2025 –
Risk and Insurance Services$9,387 (c)$4,913 $101 $241 $1,076 $3,056 
Consulting4,685 (d)2,761 49 38 925 912 
Total Segments14,072 7,674 150 279 2,001 3,968 
Corporate/Eliminations(37)71 29 — (3)(134)
Total Consolidated$14,035 $7,745 $179 $279 $1,998 $3,834 
(a)Includes inter-segment revenue of $4 million each in 2026 and 2025, interest income on fiduciary funds of $88 million and $99 million in 2026 and 2025, respectively, and equity method income of $10 million and $15 million in 2026 and 2025, respectively.
(b)Includes inter-segment revenue of $17 million and $18 million in 2026 and 2025, respectively.
(c)Includes inter-segment revenue of $4 million and $5 million in 2026 and 2025, respectively, interest income on fiduciary funds of $173 million and $202 million in 2026 and 2025, respectively, and equity method income of $18 million and $15 million in 2026 and 2025, respectively. Revenue in 2025 also includes $28 million from a gain on the sale of the TCAS business and a gain on remeasurement of a previously held equity method investment to fair value upon consolidation.
(d)Includes inter-segment revenue of $29 million and $33 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. For the six months ended June 30, 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
 June 30,		Six Months Ended
 June 30,
(In millions)2026202520262025
Risk and Insurance Services
Marsh Risk$4,131 $3,915 $7,913 $7,435 
Guy Carpenter692 710 1,961 1,952 
Total Risk and Insurance Services4,823 4,625 9,874 9,387 
Consulting  
Mercer1,598 1,498 3,259 2,994 
Marsh Management Consulting1,004 873 1,901 1,691 
Total Consulting2,602 2,371 5,160 4,685 
Total Segments7,425 6,996 15,034 14,072 
Corporate Eliminations(21)(22)(33)(37)
Total$7,404 $6,974 $15,001 $14,035