Marsh Q3 2026 10-Q: EPS Up 12%, Greensill Settlements Concluded, Thrive Cost Estimate Raised to $750M
MRSH sits 15% above its 52-week low of $156.6.
Summary
Marsh's Q3 2026 10-Q confirms 12% EPS growth and concludes the Greensill litigation with settlements, while raising the Thrive restructuring budget to ~$750M for ~$600M in expected annual savings.
Key Events · Earnings and Guidance · MRSH
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Q3 EPS Up 12% to $1.69
Q3 2026 revenue of $6.863B rose 8% GAAP and 5% underlying; diluted EPS of $1.69 rose 12% from $1.51, with net income attributable to the company of $808M.
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Greensill Settlements Conclude Litigation
Settlements with Credit Suisse (September 2026) and Greensill Bank (June 2026) conclude Marsh's involvement in the Australian proceedings; Q3 charge was $144M and nine-month charge $569M, net of insurance, with no further charges expected.
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Thrive Restructuring Budget Raised to $750M
The three-year Thrive program's cost estimate increased to approximately $750M from $500M, with expected annualized savings raised to about $600M from $400M; $310M of costs incurred through September 30, 2026.
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Nine-Month Operating Cash Flow Falls to $2.3B
Operating cash flow declined to $2.313B from $3.131B a year earlier, and nine-month operating income fell 3% to $4.868B on the Greensill charges.
Analysis · MRSH · Finance
The full Q3 2026 financials confirm the quarter's headline growth — revenue of $6.9B (up 8% GAAP, 5% underlying) and diluted EPS of $1.69, up 12% — but the detail matters more than the headline. Marsh disclosed that its settlements with Credit Suisse (September 2026) and Greensill Bank (June 2026) conclude its involvement in the Australian Greensill proceedings, with no further charges expected; the $144M Q3 charge and $569M nine-month charge are the last of it. Against that, the Thrive restructuring program's cost estimate was raised to roughly $750M from $500M, with expected annualized savings lifted to about $600M from $400M — a bigger spend for a bigger payoff. Nine-month operating cash flow fell to $2.3B from $3.1B, and nine-month operating income slipped 3% to $4.9B on the Greensill charges, even as Q3 operating income rose 4%. The company returned capital aggressively: 11.4M shares repurchased for $2.0B through nine months, $3.7B remaining on the authorization, and the quarterly dividend raised to $0.990 from $0.900.
How filings like this one have moved
In the 30 days to Nov 2, 2026, 32.7% of the 1910 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, MRSH was trading at $180.38 on NYSE in the Finance sector, with a market capitalization of approximately $85.1B. The 52-week trading range was $156.60 to $207.28. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.