Marsh & McLennan Cos. (NYSE:MMC) Q3 2025 Earnings: EPS Beats Estimates, Revenue Slightly Misses

Professional services firm Marsh & McLennan Cos. (NYSE:MMC) reported third-quarter financial results that demonstrated steady growth, with adjusted earnings per share surpassing analyst expectations while revenue came in slightly below forecasts.

Quarterly Performance vs. Estimates

The company delivered a solid earnings beat for the quarter ended September 30, 2025, though top-line results showed a slight miss compared to analyst projections.

• Adjusted EPS: $1.85, exceeding estimates of $1.81
• Revenue: $6.35 billion, slightly below estimates of $6.39 billion

The 11% increase in adjusted EPS compared to the prior year period was driven by strong operational performance and effective cost management. On the revenue front, while the GAAP growth of 11% appears robust, the company noted that underlying revenue growth—which excludes the impact of acquisitions, dispositions, and currency movements—was a more modest 4%.

Market Reaction

Investors responded positively to the earnings release, with the stock showing strength in pre-market trading. The positive price action suggests market participants were encouraged by the earnings beat and the company's overall performance despite the slight revenue miss. The stock's performance over recent weeks has been generally favorable, with gains of approximately 3.2% over the past month.

Business Segment Performance

The company's two main divisions showed consistent performance, with both Risk & Insurance Services and Consulting contributing to growth.

• Risk & Insurance Services: Revenue increased 13% to $3.9 billion, with underlying growth of 3%

  • Marsh revenue grew 16% to $3.4 billion, with 4% underlying growth
  • Guy Carpenter revenue increased 5% on both GAAP and underlying bases

• Consulting: Revenue rose 9% to $2.5 billion, with underlying growth of 5%

  • Mercer revenue increased 9% to $1.6 billion, with 3% underlying growth
  • Oliver Wyman revenue grew 9% to $886 million, with 8% underlying growth

Strategic Developments and Capital Allocation

Beyond the financial results, the company announced significant strategic developments that will shape its future operations and branding.

• Brand Consolidation: The company will transition to a unified "Marsh" brand effective January 2026
• New Business Unit: Creation of Business and Client Services (BCS) to accelerate client impact and efficiency
• Stock Ticker Change: NYSE symbol will change from MMC to MRSH in January 2026
• Share Repurchases: $400 million of stock repurchased in the third quarter, bringing year-to-date buybacks to $1.0 billion

Forward Outlook

While the earnings release did not provide specific quantitative forward guidance, the company's performance and strategic initiatives position it for continued growth. Analysts currently project the following for future periods:

• Q4 2025 Revenue Estimate: $6.69 billion
• Full Year 2025 Revenue Estimate: $27.27 billion

The company's focus on operational efficiency through its new BCS unit and ongoing investments in technology and data analytics suggest confidence in maintaining its growth trajectory.

Conclusion

Marsh & McLennan's third-quarter results reflect a company executing effectively in a complex global environment. The earnings beat, combined with steady underlying growth across business segments and strategic initiatives to enhance future efficiency, provided investors with sufficient positive catalysts to drive the stock higher following the announcement. The company's disciplined capital allocation through share repurchases further supports shareholder value.

For more detailed earnings analysis and future estimates, view the complete earnings and estimates overview for MMC.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. The information presented should not be interpreted as a recommendation to buy or sell any security. Readers should conduct their own research and consult with a qualified financial advisor before making investment decisions.