v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Selected Information and Details for MMC's Operating Segments
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.
Schedule of Details of Operating Segment Revenue
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