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证券交易委员会

华盛顿特区 20549

_____________________________________________

10-Q 表格

_____________________________________________

(打一项)


☒	根据 1934 年《证券交易法》第 13 条或 15(d) 条提交的季度报告

截至 2026 年 9 月 30 日的季度

或


☐	根据 1934 年《证券交易法》第 13 条或 15(d) 条提交的过渡报告

从________ 到________ 的过渡期。

____________________________________________

Marsh & McLennan Companies, Inc.

1166 Avenue of the Americas

New York, New York 10036

(212) 345-5000

_____________________________________________

申报文件编号 1-5998

注册地：特拉华州

IRS 雇主识别号 36-2668272

_____________________________________________

根据该法案第 12(b) 条注册的证券：

每类证券的名称

交易代码

注册交易所的名称

普通股，每股面值 1.00 美元

MRSH

纽约证券交易所

NYSE Texas

通过打勾符号表明申报人 (1) 是否在上一财年（或申报人被要求提交此类报告的较短期间）内提交了根据 1934 年《证券交易法》第 13 条或 15(d) 条要求提交的所有报告，以及 (2) 是否在过去 90 天内一直受到此类报告提交要求的约束。是 ý 否 ¨

通过打勾符号表明申报人是否在上一财年（或申报人被要求提交和发布此类文件的较短期间）内，根据 S-T 规则第 405 条（本章第 232.405 条）提交并发布了要求提交和发布的每份交互式数据文件。是 ý 否 ¨

通过打勾符号表明申报人是否为大加速申报人、加速申报人、非加速申报人、较小的报告公司或新兴增长公司。请参阅《交易法》第 12b-2 条中“大加速申报人”、“加速申报人”、“较小的报告公司”和“新兴增长公司”的定义。

大加速申报人

☒

加速申报人

☐

非加速申报人

☐ (如果是较小的报告公司，请勿打勾)

较小的报告公司

☐

新兴增长公司

☐

如果是新兴增长公司，请通过打勾符号表明申报人是否已选择不使用根据《交易法》第 13(a) 条提供的关于遵守任何新的或修订的财务会计准则的过渡期。 ¨

通过打勾符号表明申报人是否为空壳公司（根据《交易法》第 12b-2 条定义）。是 ☐ 否 ý

截至 2026 年 10 月 12 日，申报人已发行 475,514,327 股普通股，每股面值 1.00 美元。

关于前瞻性陈述的信息

本季度 10-Q 表格报告包含“前瞻性陈述”，该术语定义于 1995 年《私人证券诉讼改革法》中。这些陈述表达了管理层对未来的事件或结果的当前观点，使用了诸如“预期”、“假定”、“相信”、“继续”、“估计”、“期望”、“意图”、“计划”、“预测”等词语以及“可能”、“可以”、“应当”、“将”、“会”等将来时或条件时态动词。

前瞻性陈述受固有风险和不确定性的影响，这些风险和不确定性可能导致实际结果与我们在前瞻性陈述中表达或暗示的内容存在重大差异。可能实质性影响我们未来结果的因素包括：

•地缘政治、宏观经济和其他外部因素的影响，包括中东冲突和其他战争及全球冲突、社会动荡、关税或贸易政策变化、GDP 增长放缓或衰退、外汇汇率波动、利率下降、资本市场波动、通胀、保险费率变化和极端天气事件；

•因错误和遗漏、违反信托责任或以经纪商或投资顾问身份对我们提出的其他索赔而引发的诉讼或调查的影响；

•勒索软件、供应链和其他形式网络攻击日益普遍的影响，包括由人工智能增强或促成的攻击，以及它们可能扰乱我们的运营或第三方供应商运营的风险，并导致机密客户或公司信息的披露；

•遵守法律和法规的财务和运营影响，包括国内和国际制裁制度、反腐败法律（如美国《反海外腐败法》、英国《反贿赂法》）以及网络安全、数据隐私和人工智能法规；

•我们吸引、留住和发展行业领先人才的能力；

•我们在各个业务中有效竞争并适应竞争压力和市场变化的能力，包括去中介化以及技术变革、数字颠覆和其他创新（如人工智能）带来的影响；

•我们管理潜在利益冲突的能力，包括当我们的客户服务与另一客户的利益或我们自身的利益冲突或被视为冲突时；

•我们充分实现 Thrive 计划所带来机遇和效率的能力，该计划专注于我们的品牌战略，为客户创造更大价值，加速增长并提高效率；

•基于保险承保活动和保险公司收入流而产生的监管、合同和声誉风险；以及

•税收法律、指引和解释变化的影响，例如经济合作与发展组织国际税收框架的实施，或当前全球税收环境中税务机关提出的挑战日益增多。

上述因素并非详尽无遗。Marsh 及其合并子公司（统称“公司”）在一个新风险频繁出现的动态商业环境中运营。因此，我们提醒读者不要过度依赖任何前瞻性陈述，这些陈述仅基于我们目前可获得的信息，并仅在其作出之日时有效。公司不承担更新或修订任何前瞻性陈述以反映在其作出之日之后发生的事件或情况的义务。

关于公司的进一步信息，包括可能实质性影响我们经营业绩和财务状况的因素的信息，包含在向美国证券交易委员会提交的文件中，包括本季度报告 Form 10-Q 的“风险因素”部分以及我们最近提交的年度报告 Form 10-K 的“管理层对财务状况和经营成果的讨论与分析”部分。


第一部分. 财务信息	4

项目 1.	财务报表 (未审计)	4

	合并收益表	4

	合并综合收益表	5

	合并资产负债表	6

	合并现金流量表	8

	合并股东权益变动表	9

	合并财务报表附注	10

项目 2.	管理层对财务状况和经营成果的讨论与分析	42
	OF OPERATIONS
项目 3.	市场风险定量和定性披露	61

项目 4.	控制与程序	62

第二部分. 其他信息	63

项目 1.	法律诉讼	63

项目 1A.	风险因素	63

项目 2.	未注册的股权证券出售及收益的使用	63

项目 3.	高级证券违约	63

项目 4.	矿山安全披露	63

项目 5.	其他信息	63

项目 6.	附注	63

第一部分. 财务信息

项目 1.财务报表。

MARSH & McLENNAN COMPANIES, INC. AND SUBSIDIARIES

合并收益表

(未审计)


	截至9月30日的三个月		截至9月30日的九个月
(单位：百万美元，每股数据除外)	2026		2025		2026		2025
收入	$	6,863			$	6,351		$	21,864	$	20,386
费用：
薪酬及福利	4,078			3,894			12,349		11,639
其他经营费用	1,570			1,287			4,647		3,743
经营费用	5,648			5,181			16,996		15,382
经营收入	1,215			1,170			4,868		5,004
其他净收益	48			52			148		143
利息收入	10			10			29		34
利息费用	(248)			(237)			(738)		(725)

投资收益	8			15			9		27

所得税前收入	1,033			1,010			4,316		4,483
所得税费用	221			253			1,027		1,083


非控制性权益前的净收益	812			757			3,289		3,400
减：归属于非控制性权益的净收益	4			10			69		61
归属于公司的净收入	$	808			$	747		$	3,220	$	3,339
归属于公司的每股净收益：
– 基本每股收益	$	1.70			$	1.52		$	6.71	$	6.79

– 稀释每股收益	$	1.69			$	1.51		$	6.68	$	6.75

平均已发行股数：
– 基本每股收益	476			491			480		492
– 稀释每股收益	479			494			482		495
截至9月30日的已发行股份	475			490			475		490

附注是这些未审计合并报表的组成部分。

MARSH & McLENNAN COMPANIES, INC. 及其子公司

合并综合收益表

（未审计）


	截至9月30日的三个月		截至9月30日的九个月
（单位：百万美元）	2026		2025		2026		2025
非控制性权益前的净收入	$	812			$	757		$	3,289	$	3,400
其他综合收益（损失），税前：
外币折算调整	47			(263)			(197)		926

与养老金/退休后计划相关的收益（损失）	18			89			161		(207)
其他综合（损失）收益，税前	65			(174)			(36)		719
其他综合损失所得税费用（收益）	4			23			49		(80)
其他综合（损失）收益，税后净额	61			(197)			(85)		799
综合收益	873			560			3,204		4,199
减：归属于非控制性权益的综合收益	4			10			69		61
归属于公司的综合收益	$	869			$	550		$	3,135	$	4,138

附注是这些未审计合并报表的组成部分。

MARSH & McLENNAN COMPANIES, INC. 及其子公司

合并资产负债表


（单位：百万美元，股份数据除外）	（未审计） 2026年9月30日		2025年12月31日
资产
流动资产：
现金及现金等价物	$	1,842			$	2,687
以信托方式持有的现金及现金等价物	12,273			11,473
应收款项
佣金及费用	7,859			7,015
高级保费和理赔	92			67

其他	760			750
	8,711			7,832
信贷损失减值准备	(163)			(162)
应收款项净额	8,548			7,670


其他流动资产	1,444			1,370
流动资产总额	24,107			23,200

商誉	24,613			24,337
其他无形资产	4,504			4,746
固定资产（减去截至2026年9月30日和2025年12月31日累计折旧及摊销额分别为1,754美元和1,669美元后的净额）	815			829
与养老金相关的资产	2,301			2,140
使用权资产	1,414			1,460
递延税资产	195			212
其他资产	1,857			1,786
	$	59,806			$	58,710

附注是这些未经审计合并报表的组成部分。

MARSH & McLENNAN COMPANIES, INC. AND SUBSIDIARIES

合并资产负债表（续）


（金额以百万计，每股数据除外）	（未经审计） 2026年9月30日		2025年12月31日
负债和权益
流动负债：
短期债务	$	1,644			$	1,267
应付账款和应计负债	3,583			3,652
应计薪酬和员工福利	3,329			3,962
租赁负债	324			333
应计所得税	485			373
应付股利	471			—
信托负债	12,273			11,473
流动负债总额	22,109			21,060

长期债务	18,889			18,320
养老金、退休后和离职后福利	693			786
长期租赁负债	1,475			1,529
错误和遗漏负债	281			288
其他负债	1,449			1,412
承诺和或有事项	—			—

权益：
优先股，每股面值1美元，授权6,000,000股，未发行	—			—
普通股，面值1美元，授权股数16亿股，2026年9月30日和2025年12月31日发行股数560,641,640股	561			561
额外实收资本	1,615			1,547
留存收益	29,162			27,767
累计其他综合损失	(5,514)			(5,429)
非控制性权益	235			215
	26,059			24,661
减 – 库藏股，按成本计价，2026年9月30日为85,230,515股 2025年12月31日为75,783,063股	(11,149)			(9,346)
股东权益总额	14,910			15,315
	$	59,806			$	58,710

附注是这些未经审计合并报表的组成部分。

MARSH & McLENNAN COMPANIES, INC. AND SUBSIDIARIES

合并现金流量表

(未经审计)


截至9月30日的九个月
(单位：百万美元)	2026		2025
经营活动产生的现金流量：
非控制性权益前的净利润	$	3,289			$	3,400
将经营活动提供的净利润调节至现金流的调整项：
固定资产及资本化软件的折旧和摊销	268			270
无形资产摊销	417			412
非现金租赁费用	223			219
与或有对价资产和负债相关的调整及付款	(31)			18
实体合并收益	(126)			(13)
投资净(收益)	(9)			(27)
资产处置净(收益)	(12)			(17)
基于股份的薪酬费用	329			305
资产和负债的变动：
应收款项净额	(872)			(388)
其他资产	(197)			(39)

应计薪酬和员工福利	(639)			(610)
税费准备，扣除付款和退款后净额	69			197
向养老金和其他福利计划的缴款超过当年信用额度的部分	(210)			(190)
其他负债	66			(157)
经营租赁负债	(252)			(249)

经营活动提供(使用)的净现金	2,313			3,131
筹资活动产生的现金流量：
回购库藏股	(2,016)			(1,002)
发行商业票据的净收益	1,623			—



发行债务的收益	595			—
债务偿还	(1,247)			(514)


支付以获取非控制性权益	(54)			—

为行使单位税扣缴的股份 – 库藏股	(124)			(148)
从库藏股发行普通股	118			212
支付收购的递延和或有对价	(145)			(64)
处置的递延和或有对价收款	12			—
非控制性权益分配	(41)			(46)
已支付股利	(1,354)			(1,255)
信托负债变动	869			231
筹资活动提供(使用)的净现金	(1,764)			(2,586)
投资活动产生的现金流量：
资本性支出	(215)			(186)
长期投资购买	(20)			(17)
长期投资出售	3			96


处置	16			15
收购，扣除收购的现金及以信托方式持有的现金	(263)			(224)

其他，净额	(14)			(6)
投资活动提供(使用)的净现金	(493)			(322)
汇率变动对现金、现金等价物及以信托方式持有的现金和现金等价物的影响	(101)			615
现金、现金等价物及以信托方式持有的现金和现金等价物的增加(减少)	(45)			838
期初现金、现金等价物及以信托方式持有的现金和现金等价物	14,160			13,674
期末现金、现金等价物以及受托持有的现金和现金等价物	$	14,115			$	14,512


现金、现金等价物以及受托持有的现金和现金等价物与合并资产负债表的调节表
9月30日的余额	2026		2025
（以百万美元计）
现金和现金等价物	$	1,842			$	2,511
受托持有的现金和现金等价物	12,273			12,001
现金、现金等价物以及受托持有的现金和现金等价物总额	$	14,115			$	14,512

附注是这些未审计合并报表不可分割的一部分。

MARSH & McLENNAN COMPANIES, INC. 和子公司

合并权益表

（未审计）


	截至9月30日的三个月		截至9月30日的九个月
（以百万美元计，除非另有说明）	2026		2025		2026		2025
普通股
期初和期末余额	$	561			$	561		$	561	$	561
额外实收资本
期初余额	$	1,566			$	1,362		$	1,547	$	1,370
应计股票薪酬成本的变化	91			83			(28)		(48)
通过股票薪酬和员工股票购买计划发行的股票	4			12			142		135
购买非控制性权益	(46)			—			(46)		—

期末余额	$	1,615			$	1,457		$	1,615	$	1,457
留存收益
期初余额	$	29,301			$	27,088		$	27,767	$	25,306


归属于公司的净利润	808			747			3,220		3,339
已宣布的股息	(942)			(883)			(1,814)		(1,685)
已宣布的股息等值	(5)			(4)			(11)		(12)
期末余额	$	29,162			$	26,948		$	29,162	$	26,948
其他综合亏损累计额
期初余额	$	(5,575)			$	(5,244)		$	(5,429)	$	(6,240)




其他综合收益（亏损），税后	61			(197)			(85)		799
期末余额	$	(5,514)			$	(5,441)		$	(5,514)	$	(5,441)
库藏股
期初余额	$	(10,670)			$	(8,000)		$	(9,346)	$	(7,655)
通过股票补偿和员工股票购买计划发行的股票	25			30			213		285

购买库藏股	(504)			(402)			(2,016)		(1,002)
期末余额	$	(11,149)			$	(8,372)		$	(11,149)	$	(8,372)
非控股权益
期初余额	$	250			$	209		$	215	$	193
归属于非控股权益的净收益	4			10			69		61


分配及其他变动	(19)			(13)			(49)		(48)

期末余额	$	235			$	206		$	235	$	206
总权益	$	14,910			$	15,359		$	14,910	$	15,359
每股已宣布股息	$	1.98			$	1.80		$	3.78	$	3.43

附注是这些未审计合并报表的组成部分。

MARSH & McLENNAN COMPANIES, INC. 和其子公司

合并财务报表附注

(未审计)

1. 业务性质

MARSH & McLennan Companies, Inc. 及其合并子公司（“公司”或“Marsh”）是一家全球性的专业服务公司，业务领域包括风险、再保险和资本、人员和投资以及管理咨询。

自2026年1月14日起，公司将其品牌名称从Marsh McLennan更改为Marsh，同时将Marsh和Oliver Wyman Group业务的品牌名称分别更改为Marsh Risk（“Risk”）和Marsh Management Consulting（“Management Consulting”）。由于公司此前宣布的品牌变更，此前在我们的Guy Carpenter业务下报告的业绩现在将作为“再保险”报告，此前作为Mercer报告的业绩现在将作为“人员与投资”报告。在“人员与投资”中，财富相关的业绩现在将作为“投资与退休”报告，健康相关的业绩现在将作为“健康与福利”报告，职业相关的业绩现在将作为“劳动力与奖励”报告。在Marsh Risk中，公司已将Marsh McLennan Agency的品牌名称更改为Marsh Agency。合并财务报表中对公司及其业务的引用反映了这些变化。

品牌名称的更改对公司的运营和报告分部没有影响。

公司根据其提供的不同服务进行组织。在此结构下，公司的两个业务分部是风险与保险服务（Risk and Insurance Services）和咨询（Consulting）。

风险与保险服务分部（“RIS”）包括通过Risk和Reinsurance进行的风险管理活动以及保险/再保险经纪和相关服务。Risk是一家保险经纪商和风险顾问，为各种企业、政府机构、专业服务机构和个人提供风险管理、保险经纪、保险计划管理、风险咨询、分析建模和替代风险融资服务。再保险是公司的再保险中介和顾问，提供专业的再保险经纪、战略咨询和精算服务以及分析解决方案。

咨询分部包括投资与退休、健康与福利、劳动力与奖励解决方案和产品，以及通过People and Investments和Management Consulting提供的专业管理、战略、经济和品牌咨询服务。People and Investments通过建议、解决方案和产品帮助客户实现投资目标，塑造未来的工作方式，并改善健康和退休成果。Management Consulting为各个行业提供管理咨询和咨询服务。

2. 合并原则及其他事项

公司根据证券交易委员会的规则和法规编制本合并财务报表。对于中期申报，根据这些规则和法规，某些通常在按照美国通用会计原则（U.S.）编制的财务报表中包含的信息和披露内容已被省略。公司认为，所呈现的信息和披露内容足够充分，不会产生误导。应结合公司截至2025年12月31日的年度报告10-K表（“2025年10-K表”）中的合并财务报表及附注阅读这些合并财务报表。

附注的合并财务报表包括所有全资和多数控股子公司。所有重大的内部交易和余额均已抵销。此处包含的财务信息反映了管理层认为对于公允列报公司截至2026年9月30日止九个月及2025年同期的合并财务报表所必需的所有正常经常性调整。

编制合并财务报表需要管理层作出估计和假设，这些估计和假设会影响财务报表中列示的资产和负债金额以及财务报表日的资产和负债披露，以及报告期间的收入和费用金额。公司会持续评估其估计、判断和方法。这些估计基于历史经验以及公司认为合理的各种其他假设。

此类事项包括：

•收入的估计；

•减值评估和费用；

•长期资产的可回收性；

•错误和遗漏的负债；

•递延税资产、不确定的税务立场和所得税费用；

•基于股票的和激励性薪酬费用；

•应收账款预期信用损失的拨备；

•长期资产的使用寿命，以及折旧和摊销；以及

•与收购或出售相关的或有对价的公允价值估计。

公司认为这些估计在做出时根据当时可获得的信息是合理的。公司还考虑了地缘政治、宏观经济和其他外部因素的潜在影响，包括中东冲突和其他战争及全球冲突、社会动荡、关税或贸易政策变化、较慢的GDP增长或经济衰退、外汇汇率波动、较低的利率、资本市场波动、通货膨胀、其客户群在不同行业和地区的保险费率变化以及极端天气事件。受变量因素影响的保险风险可能会进行中期和期末调整，以及保单审计，这可能会减少保费和相应的佣金。估计值已根据内部和行业特定的经济数据进行了更新。实际结果可能与这些估计不同。

现金及现金等价物

现金及现金等价物主要包括原始到期日为三个月或更短的存款证明和定期存款，以及货币市场基金。公司现金及现金等价物的估计公允价值接近其账面价值。

公司需要主要针对美国以外的监管要求或担保保险安排下的担保品维持运营资金。截至2026年9月30日，公司维持了6.22亿美元，相比之下，截至2025年12月31日，与这些监管要求相关的金额为5.53亿美元。

应收账款的信用损失拨备

公司的应收账款信用损失准备政策基于多种因素的组合，包括历史核销、余额账龄以及其他定性和定量分析。与预期信用损失相关的费用对截至2026年9月30日和2025年9月30日的三个月和九个月合并损益表而言并不重大。

投资

合并损益表中的“投资收益”标题包括从确认在收益中的投资中实现和未实现的收益和损失。当适用时，它包括证券价值的非暂时性下降、具有可确定公允价值的权益投资的公允价值变动以及公司对私募股权基金投资的权益法收益或损失。

公司持有某些私募股权基金的投资。私募股权基金的投资按照权益法进行会计核算，采用一致应用的三个月滞后期，并根据从滞后期到公司报告日的已知重大变化进行调整。底层私募股权基金遵循投资公司会计准则，基金内的投资按公允价值计量。公司对其基金公允价值变动的按比例份额的投资收益或损失记录在收益中。按照权益法进行会计核算的投资在合并资产负债表中作为其他资产列示。

公司于截至2026年9月30日的三个月和九个月分别记录了800万美元和900万美元的净投资收益，而去年同期相应期间的净投资收益分别为1500万美元和2700万美元。

所得税

公司截至2026年9月30日的三个月的有效税率为21.3%，而2025年同期季度的有效税率为25.1%。截至2026年9月30日和2025年9月30日的九个月有效税率为23.8%和24.2%。

各期间的税率反映了诸如与基于股票的薪酬相关的超额税务收益、已颁布的税务法规、不确定税务立场的变化、递延税调整、与收购的或有对价相关的非应税调整以及某些税务抵免和属性的估值准备金等离散税务项目的影响。

截至2026年9月30日的三个月和九个月，最重要的离散项目是公司之前持有的Deasterra Partners, S.L.权益法投资的公允价值重新计量产生的收益的税务影响，分别使有效税率降低了2.8%和0.7%。截至2025年9月30日的三个月和九个月，最重要的离散项目是与基于股票的支付相关的超额税务收益，分别使有效税率降低了0.3%和1.0%。

公司的税率反映了其收入、法定税率以及在运营的各个司法管辖区的税务筹划。确定年度有效税率和评估不确定税务立场需要重大判断。一个司法管辖区的亏损通常不能抵销另一司法管辖区的盈利，在某些司法管辖区，公司之间的利润和亏损可能也不能抵销。因此，某些司法管辖区的亏损可能需要计提减值准备，从而影响有效税率，这取决于对相关递延税资产可实现性的估计。税率还对未确认的税务利益变化敏感，包括已解决税务审计和过期诉讼时效的影响。

公司就税务申报中已采取或预期采取的不确定税务立场产生的未确认税务负债进行报告。截至2026年9月30日，公司未确认的税务负债为1.17亿美元，截至2025年12月31日为1.09亿美元。

2024年，公司收到英国（U.K.）税务机关关于其2016-2020年税务检查的结案通知和评估，该评估否定了某些利息费用扣除。公司已对评估提出上诉，通过诉讼或替代性争议解决方式解决此问题可能需要数年。

公司已就其运营所在司法管辖区的潜在评估建立了与不确定税务立场相关的负债。公司认为税务事项的解决不会对公司的合并财务状况产生重大影响。然而，税务事项的不利解决可能会对公司的净利润或现金流以及特定未来期间的有效税率产生重大影响。

税法、裁定、政策或相关法律和监管解释的变更频繁发生，可能对我们的有效税率产生重大有利或不利影响。

2025年7月4日，美国税法被签署成为法律（称为“一个巨大的美丽法案”或“OBBBA”），该法案将2017年《减税与就业法案》中许多税法条款变为永久性条款。此外，OBBBA对某些美国公司税条款进行了修改，这些修改自2026年起生效。OBBBA的颁布对本年度及未来年度的运营结果没有重大影响。

经济合作与发展组织（“OECD”）提供了15%全球最低税率的示范规则，称为“支柱二”。目前，大多数公司运营的关键非美国司法管辖区已实施“支柱二”，包括英国和爱尔兰。最低税率规则的部分内容适用于2024年，其余条款将于2025年全面生效。该最低税率被视作期间费用，对本公司当期的运营财务结果没有重大影响。

尽管美国已与现有美国最低税率达成“并行”安排，旨在使美国跨国公司免于某些“支柱二”条款，但该安排的实施仍存在不确定性。

公司将继续监测立法进展，以及已实施第二支柱立法的国家的额外指导，并确保其遵守任何变更。

重组成本

与重组活动相关的费用根据适用的会计指导进行确认，这包括对处置或退出活动的会计处理、与房地产租赁相关的使用权（\"ROU\"）资产减值的相关指导，以及由于加速折旧或摊销租赁改善和其他财产和设备产生的其他成本。

裁员及相关成本根据已建立的裁员计划下的应付金额或预计一次性福利进行确认。通常，裁员福利在受影响的同事被告知其预期解雇，并且预计在法定通知期内解雇时确认。这些成本包含在合并损益表中的薪酬和福利中。

房地产整合成本根据成本类型以及设施的预期未来用途进行确认。对于公司预计不会转租的场所，从决策日期到停用日期，任何ROU资产的摊销都会加速。对于公司预计在搬离后会转租的场所，ROU资产会在停用日期或签订转租协议日期中较早的一个日期进行潜在减值审查。为了确定减值金额，ROU资产的公允价值根据与该物业相关的预计净现金流的现值确定。ROU资产以外的合同成本根据公司不会获得任何收益的预期未来现金流出的净现值进行确认。这些金额依赖于对未来转租收入和未来合同成本的估计。这些成本包含在合并损益表中的其他运营费用中。

与重组相关的其他成本，如搬迁、法律或咨询成本，在发生时确认。这些成本包含在合并损益表中的其他运营费用中。

外币

国际子公司的财务报表从功能货币折算为美元，资产和负债使用期末汇率，收入和费用使用当期的平均月度汇率。汇率折算调整记录在合并权益表中的累计其他综合收益（损失）（\"AOCI\"）中。由于将交易货币转换为功能货币而产生的外币交易收益和损失包含在合并损益表的运营收入中。

3. 收入

收入确认指导的核心原则是，企业应确认收入以反映承诺的商品或服务向客户的转移，并且金额应反映企业预期因这些商品或服务而获得的对价。

为实现这一原则，实体采取以下步骤：识别与客户签订的合同、识别合同中的履约义务、确定交易价格、将交易价格分配至合同中的履约义务，并在（或当）实体履行履约义务时确认收入。根据会计准则，履约义务的履行要么在“某一时间点”，要么在“一段时间内”，具体取决于所提供产品或服务的性质以及与客户的合同具体条款。

包含在合并损益表中且不是来自与客户合同的其他收入占总收入的不到1%，并且不作为单独的项目列示。

公司的收入政策在2025年10-K表的第2号附注，收入部分中有更详细的说明。

下表分解了公司收入的各个组成部分：


	截至 9月30日的三个月		截至 9月30日的九个月
（以百万美元计）	2026		2025		2026		2025
风险：
EMEA	$	994			$	813		$	3,265	$	2,878
亚太地区	384			361			1,192		1,105
拉丁美洲	147			137			436		393
国际总计	1,525			1,311			4,893		4,376
美国/加拿大	2,201			2,089			6,630		6,326
总风险	3,726			3,400			11,523		10,702
再保险	374			398			2,278		2,281
小计	4,100			3,798			13,801		12,983
受托利益收入	100			109			273		311
总风险与保险服务	$	4,200			$	3,907		$	14,074	$	13,294

人员与投资：
投资与退休	$	762			$	705		$	2,254	$	2,060
健康与福利	578			555			1,850		1,757
员工与奖励	332			319			827		756
总人员与投资	1,672			1,579			4,931		4,573
管理咨询	1,013			886			2,914		2,577
总咨询	$	2,685			$	2,465		$	7,845	$	7,150
总业务部门	$	6,885			$	6,372		$	21,919	$	20,444
公司/抵消	(22)			(21)			(55)		(58)
总计	$	6,863			$	6,351		$	21,864	$	20,386

下表提供了来自与客户合同的合同资产和合同负债信息：


（以百万美元计）	2026年9月30日		2025年12月31日
合同资产	$	675		$	540
合同负债	$	1,020		$	927

公司在权利无条件获得对价时记录应收账款，仅受时间流逝的限制。合同资产主要与分保佣金和或有保险公司收入有关。在分保经纪的底层保单由转分保人签订并附属于协议之前，公司无权开具发票并收取分保佣金收入。与达到数量或损失率指标相关的估计收入在所有相关保单安排完成且或有事项解决之前无法开具发票或收取。合同资产包含在公司合并资产负债表的其他流动资产中。

合同负债主要与从客户处收到的预付款有关。合同负债包含在公司合并资产负债表的流动负债中。

截至2026年9月30日的三个月和九个月期间确认的收入，包含在各期间开始时的合同负债余额中，分别为1.16亿美元和7.29亿美元，相比之下，去年同期相应期间确认的收入分别为1.19亿美元和7.05亿美元。

截至2026年9月30日的三个月和九个月期间，由于来自保险公司合同、分保业务和之前被认为受限的咨询合同的可变对价，从以前期间履行的履约义务中确认的收入分别为1500万美元和7.5亿美元，而去年同期相应期间分别为1800万美元和7.5亿美元。

公司采用实务做法，不披露以下（1）原始合同期限为一年或更短的合同以及（2）公司有权就已提供的服务开具发票的合同的未履行履约义务的价值。

4. 受托资产和负债

作为保险经纪人或代理人的公司通常从被保险人处收取保费，在扣除其佣金后，将保费转交给相应的保险公司承保人。公司还代表被保险人从承保人处收取索赔或退款。未转交的保险费和索赔款项由公司以受托身份持有。公司的受托资产主要包括银行或短期定期存款和流动性货币市场基金，归类为现金及现金等价物。由于以受托身份持有的现金及现金等价物不可用于公司用途，因此在合并资产负债表中作为以受托身份持有的现金及现金等价物单独列示，并在流动负债中相应金额列示。

风险与保险服务收入包括截至2026年9月30日的三个月和九个月期间的受托资金利息1亿美元和2.73亿美元，以及截至2025年9月30日的三个月和九个月期间的1.09亿美元和3.11亿美元。

截至2026年9月30日未收保费和索赔及其相关应付款为154亿美元，截至2025年12月31日为146亿美元。公司并非在产生收取保费的权利或产生赔偿被保险人损失的权利的合同中的主要责任人。因此，未收保费和索赔及其相关应付款并非公司的资产和负债，也不包含在附带的合并资产负债表中。

在某些情况下，公司在未收取保费、退款或索赔前，会向保险公司承保人或被保险人预先支付保费、退款或索赔。这些预付款来自公司资金，并在附带的合并资产负债表中作为应收款列示。

5. 每股数据

归属于公司的基本每股净收入是通过将归属于公司的税后收入除以公司普通股的加权平均流通股数计算得出的。

归属于公司的稀释每股净收入是通过将归属于公司的税后收入除以已考虑潜在可发行普通股的稀释效应调整后的公司普通股的加权平均流通股数计算得出的。


基本每股收益和稀释每股收益的计算	截至 9月30日的三个月		截至 9月30日的九个月
（以百万为单位，每股数据除外）	2026		2025		2026		2025
扣除非控制性权益前的净收入	$	812			$	757		$	3,289	$	3,400
减：归属于非控制性权益的净收入	4			10			69		61
归属于公司的净收入	$	808			$	747		$	3,220	$	3,339
基本加权平均普通股股数	476			491			480		492
潜在可发行普通股的稀释效应	3			3			2		3
稀释加权平均普通股股数	479			494			482		495
用于计算普通股等价物的平均股价	$	182.95			$	205.60		$	176.66	$	219.35

6. 合并现金流量表的补充披露

下表提供了截至2026年9月30日和2025年9月30日的九个月期间有关收购、利息和所得税支付的额外信息：


（以百万为单位）	2026		2025
收购的资产（不包括现金、现金等价物和以托管方式持有的现金及现金等价物）	$	595			$	367

承担的托管负债	(18)			(17)
承担的负债	(82)			(43)

先前持有的权益投资公允价值	(142)			(15)
或有/递延购买对价	(90)			(68)
收购的净现金流出	$	263			$	224


（以百万为单位）	2026		2025
支付的利息	$	836		$	775
支付的所得税（扣除退税）	$	958		$	886

或有对价在合并现金流量表中的分类取决于其收取或支付是否属于收购日建立的初始负债（融资）或对收购日负债的调整（运营）。

以下金额在合并现金流量表中作为运营和融资活动列示：


截至九个月结束的 September 30,
（以百万为单位）	2026		2025
运营：
针对前一年收购的或有对价支付	$	(59)			$	(27)

与收购/处置相关的调整净费用	28			45


与或有对价的调整和支付	$	(31)			$	18
融资：
针对前一年收购的或有对价	$	(44)			$	(11)
针对前一年收购的递延对价	(101)			(53)
支付收购的递延和或有对价	$	(145)			$	(64)

处置的递延和或有对价的收入	$	12			$	—

公司根据其股权激励计划在截至2026年9月30日和2025年9月30日的九个月期间，非现金发行了价值36100万美元和35600万美元的普通股。

公司记录了与限制性股票单位、业绩股票单位和股票期权相关的股权激励费用，截至2026年9月30日的三个月和九个月分别为9400万美元和32900万美元，截至2025年9月30日的三个月和九个月分别为9500万美元和30500万美元。

7. 其他综合（损失）收入

截至2026年9月30日和2025年9月30日的三个月和九个月期间，每个AOCI组成部分的余额变化（税后），包括从AOCI转出的金额如下：


（以百万为单位）	养老金/退休后计划收益（损失）		外币折算调整		总计
2026年7月1日余额	$	(3,598)			$	(1,977)		$	(5,575)
重分类前的其他综合（损失）收入	(5)			48			43
从累计其他综合收益中重分类的金额	18			—			18
当期其他综合收益（损失）净额	13			48			61
2026年9月30日余额 (a)	$	(3,585)			$	(1,929)		$	(5,514)


（以百万美元计）	养老金/退休后计划收益（损失）		外币折算调整项		总计
2025年7月1日余额	$	(3,632)			$	(1,612)		$	(5,244)
重分类前的其他综合收益（损失）	58			(263)			(205)
从累计其他综合收益中重分类的金额	8			—			8
当期其他综合收益（损失）净额	66			(263)			(197)
2025年9月30日余额 (a)	$	(3,566)			$	(1,875)		$	(5,441)

(a)在2026年和2025年9月30日，养老金和退休后计划收益（损失）的递延税资产净值为16亿美元。


（以百万美元计）	养老金/退休后计划收益（损失）		外币折算调整项		总计
2026年1月1日余额	$	(3,707)			$	(1,722)		$	(5,429)
重分类前的其他综合收益（损失）	68			(207)			(139)
从累计其他综合收益中重分类的金额	54			—			54
当期其他综合收益（损失）净额	122			(207)			(85)
2026年9月30日余额 (a)	$	(3,585)			$	(1,929)		$	(5,514)


（以百万美元计）	养老金/退休后计划收益（损失）		外币折算调整项		总计
2025年1月1日余额	$	(3,408)			$	(2,832)		$	(6,240)
重分类前的其他综合收益（损失）	(182)			957			775
从累计其他综合收益中重分类的金额	24			—			24
当期其他综合收益（损失）净额	(158)			957			799
2025年9月30日余额 (a)	$	(3,566)			$	(1,875)		$	(5,441)

(a)在2026年和2025年9月30日，养老金和退休后计划收益（损失）的递延税资产净值为16亿美元。

截至2026年和2025年9月30日止三个月及九个月期间的其他综合（损失）收益的组成如下：


截至9月30日的三个月	2026		2025
（以百万美元计）	税前	税（贷方）	税后		税前	税（贷方）	税后
外币折算调整	$	47		$	(1)		$	48		$	(263)	$	—	$	(263)

养老金/退休后计划：
包含在净福利（贷方）成本中的损失（收益）摊销：
前期服务贷方（a）	1		—		1			1	—		1
净精算损失（a）	23		6		17			10	3		7
小计	24		6		18			11	3		8
外币折算调整	(9)		(2)		(7)			79	20		59

重新计量的影响	—		—		—			(1)	—		(1)

结算的影响	3		1		2			—	—		—


养老金/退休后计划收益（损失）	18		5		13			89	23		66
其他综合（损失）收益	$	65		$	4		$	61		$	(174)	$	23	$	(197)

(a) 包含在合并损益表中的其他净福利贷方中。净精算损失的所得税费用包含在所得税费用中。


截至9月30日的九个月	2026		2025
（以百万美元计）	税前	税（贷方）	税后		税前	税（贷方）	税后
外币折算调整	$	(197)		$	10		$	(207)		$	926	$	(31)	$	957

养老金/退休后计划：
包含在净福利（贷方）成本中的损失（收益）摊销：
前期服务贷方（a）	1		—		1			1	—		1
净精算损失 (a)	70		17		53			31	8		23
小计	71		17		54			32	8		24
外币折算调整	85		21		64			(245)	(58)		(187)

重新计量的影响	—		—		—			(4)	(1)		(3)

结算的影响	5		1		4			10	2		8


养老金/退休计划收益（损失）	161		39		122			(207)	(49)		(158)
其他综合（损失）收益	$	(36)		$	49		$	(85)		$	719	$	(80)	$	799

(a) 包含在合并损益表中的其他净福利信贷中。净精算损失的所得税费用包含在所得税费用中。

8. 收购与处置

公司的收购已按企业合并进行会计处理。净资产和经营成果自 respective purchase closing dates 起包含在公司的合并财务报表中。在收购交易中，公司记录所购净有形资产和可识别无形资产的估计价值，这些通常包括客户关系、开发技术、商标和非竞争协议。所购无形资产的估值涉及重大估计和假设。公司通过确定各资产剩余经济寿命内未来现金流的现值，主要使用收益法估计所购无形资产的公允价值。在此方法中使用的重大估计和假设包括折现率的确定、经济寿命、未来收入增长率、预期账户流失率和盈利边际。净资产最终估值的完善和完成可能会影响有形资产、商誉和可识别无形资产的账面价值。

风险与保险服务部门在截至2026年9月30日的九个月内完成了六项收购：

•1月 – Marsh Agency 收购了 Robinson & Son, LLC，这是一家位于纽约的保险公司，为商业和个人客户提供财产和责任保险解决方案，特别专注于海事保险。

•4月 – Marsh Agency 收购了 Seitz Insurance Agency，这是一家位于蒙大拿州的保险公司，为商业和家庭客户提供商业和人身保险，特别专注于农业、农作物和能源行业。

•6月 – Marsh Agency 收购了 TriBridge Partners, LLC 和 TriBridge Partners Financial, LLC，这是一家位于马里兰州的保险公司和退休与财富顾问，为大西洋中部地区的客户提供员工健康和福利、退休计划咨询、财富管理和个人保险服务。

•7月 – Risk 收购了 Deasterra Partners, S.L. 剩余的60%股权，这是一家位于西班牙的保险公司，提供保险和再保险经纪服务以及专业的风险管理解决方案。

•8月 – Marsh Agency 收购了 Theodore P. Botten III Insurance Agency，这是一家位于明尼苏达州的保险公司，提供个人医疗保险和小团体福利服务。

•9月 – Risk 收购了 ENEOS Insurance Service Co., Ltd. 以及 ENEOS Material Trading Co., Ltd. 的保险业务，这是一家位于日本的保险公司，通过个人保险产品提供广泛解决方案。

咨询业务部门截至2026年9月30日的九个月内完成了两项收购：

•1月 – 人员与投资部门收购了Profils M Beratung für Human Resources Management GmbH & Co. KG.，这是一家德国公司，提供领导力评估、高管发展、领导力文化与转型领域的咨询服务。

•6月 – 管理咨询部门收购了CR3 Partners LLC，这是一家位于德克萨斯州的转型与绩效转型咨询公司，专注于过渡、转型和困境情况。

截至2026年9月30日的九个月内，公司为收购支付的总对价为5.5亿美元，其中包括3.18亿美元现金支付、9000万美元的递延和估计或有对价，以及在合并时对先前持有的权益法投资进行公允价值重估的1.42亿美元。或有对价安排通常基于2至4年内的息税折旧及摊销前利润（\"EBITDA\"）或收入目标。或有对价的公允价值基于被收购实体的预计收入和收益。

截至2026年9月30日的九个月内，公司还支付了1.01亿美元的递延对价和1.03亿美元的或有对价，这些对价与前一年的收购相关。所收购资产和承担负债的估计公允价值可能会在购买会计处理完成前进行调整。

下表展示了根据2026年各收购在各自收购日的估计公允价值，对收购对价在所收购资产和所承担负债之间的初步分配。


截至2026年9月30日的收购
（以百万美元计）	总计
现金	$	318
递延/或有对价的估计公允价值	90
先前持有的权益法投资的公允价值	142
总对价	$	550
购买价格分配：
现金及现金等价物	$	37
以托管方式持有的现金及现金等价物	18
净应收款	36

商誉	364
其他无形资产	192
净固定资产	1



其他资产	2
所收购的总资产	650
流动负债	46
托管负债	18




其他负债	36
所承担的总负债	100

所收购的净资产	$	550

所收购资产和所承担负债的购买价格分配基于初步估计，可能会进行调整，这些调整可能具有重大影响。任何必要的调整必须在计量期间内完成，对于某项资产、负债或少数股东权益，计量期间在收购方确定（1）已获得必要信息或（2）无法获得信息时结束。然而，所有项目的计量期间自收购日起不得超过一年。

可能发生变化的项目包括：

•无形资产、固定资产、资本化软件资产和使用权资产的金额，需待估值工作最终确定。

•amounts for contingencies, pending the finalization of the Company’s assessment of the portfolio of contingencies;

•amounts for deferred tax assets and liabilities, pending the finalization of valuations of the assets acquired, liabilities assumed and associated goodwill; and

•amounts for income tax assets, receivables and liabilities, pending the filing of the acquired companies' pre-acquisition income tax returns and receipt of information from taxing authorities which may change certain estimates and assumptions used.

The estimation of fair value requires numerous judgments, assumptions and estimates about future events and uncertainties, which could materially impact these values, and the related amortization, where applicable, in the Company’s results of operations.

The following table provides information about other intangible assets acquired in 2026:

Other intangible assets through September 30, 2026

(In millions)

Amount

Weighted Average Amortization Period

Client relationships

185

11.8 years

Other

4.2 years

Total other intangible assets

192

The consolidated statements of income include the results of operations of acquired companies since their respective acquisition dates. The following table provides information about the consolidated statements of income for each respective period:


	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions)	2026		2025	2026		2025
Revenue	$	34		$	19		$	51	$	34
Operating income	$	1		$	2		$	—	$	5

The Company incurred acquisition related expenses for the three and nine months ended September 30, 2026 of approximately $41 million and $144 million, respectively, and $81 million and $218 million, for the corresponding periods in the prior year. These costs included approximately $35 million and $124 million of integration and retention related costs in connection with the acquisition of McGriff Insurance Services for the three and nine months ended September 30, 2026, and $52 million and $166 million, respectively, for the corresponding periods in the prior year. Acquisition related expenses are included in compensation and benefits or other operating expenses in the Company's consolidated statements of income, depending on the nature of the items.

Prior year acquisitions

The Risk and Insurance Services segment completed 14 acquisitions in 2025:

•January – Reinsurance acquired the remaining 51.5% ownership share in Carpenter Turner Cyprus Ltd., a Greece-based insurance broker that provides reinsurance and advisory services, including treaty and facultative reinsurance, data and analytics, strategic advisory, and capital markets solutions.

•February – Risk acquired Fontana Rava-Toscano & Partners S.r.l., an Italy-based insurance broker that offers property and casualty insurance brokerage and risk consulting.

•March – Risk acquired the business of Cohere Insurance Solutions, an Australia-based insurance broker that specializes in life sciences, start-up and professional services businesses.

•April – Marsh Agency acquired Arthur C. Hall Insurance, Inc., a Pennsylvania-based insurance broker that provides commercial and personal lines solutions to clients, with specialties in life sciences, information management, non-profit, craft beverage manufacturing and municipal industries.

•May – Risk acquired Thornton Harvey Group, LLC (d/b/a ProWriters), a Pennsylvania-based wholesale insurance broker that provides solutions for cyber, management and professional liability insurance to a network of retail brokers in the U.S.

•July – Marsh Agency acquired Excel Insurance LLC, a Florida-based insurance broker that provides property and casualty insurance solutions to small businesses and individuals in South Florida, with specialties in watercraft and motor vehicle protection; and Donald S. Barberie Insurance Agency, Inc. (d/b/a Olympic Insurance Agency), a California-based insurance broker that provides business insurance, employee benefits, and personal asset protection expertise to clients in Southern California, serving real estate investors, property managers, and manufacturing businesses.

•August – Marsh Agency acquired Robins Insurance Agency Inc., a Tennessee-based insurance broker that provides business insurance and personal lines solutions, with expertise in real estate, construction, hospitality, community associations and manufacturing.

•October – Marsh Agency acquired Robison Insurance Services Inc., a North Carolina-based insurance broker that provides life, health, disability and long term care insurance services to businesses and individuals; and Hayden Wood Insurance Agency, a Massachusetts-based insurance broker that provides personal lines insurance solutions to clients nationally, with a specialty in collector auto and motorsports products.

•November – Risk acquired Mitsubishi Electric Insurance Service Co, Ltd., a Japan-based insurance broker offering clients access to high-value, cost-effective insurance solutions across a broad range of commercial lines, including liability, property, cargo, workers compensation, commercial auto, commercial umbrella, directors and officers, and cyber, as well as non-life/life insurance, medical care, and nursing care; and Jointly – il Welfare Condiviso S.r.l., an Italy-based provider of integrated corporate well-being solutions for organizations and their employees, including parenting and family care support programs, mental and physical well-being initiatives, and flexible benefits.

•December – Marsh Agency acquired three insurance brokers, Atlas Insurance Agency, Inc., Pyramid Insurance Centre, Ltd., and NMF Insurance, Inc. d/b/a IC International, a collective group of Hawaii-based insurance brokers offering insurance solutions to businesses and individuals throughout Hawaii with a niche industry specialization in municipality, transportation and hospitality; and Risk acquired Finassur, a France-based insurance broker offering tailored insurance solutions in Northern France, specializing in property and casualty, and health and life insurance risk management.

The Consulting segment completed 6 acquisitions in 2025:

•April – People and Investments acquired the business of Cerebrus Consultants Private Limited., an India-based provider of human resources consulting and advisory services.

•May – People and Investments acquired SECOR Asset Management, L.P., a U.S. and United Kingdom based global provider of bespoke strategic and portfolio solutions to institutional investors, including investment advisory and implementation, fiduciary and asset liability management.

•August – Management Consulting acquired Validate Health Inc., an Illinois-based healthcare analytics consultancy that provides analytics solutions to healthcare providers and accountable care organizations to help clients to better manage costs, risk and performance. People and Investments acquired ConvictionsRH, a France-based consulting firm specializing in Human Resources transformation, supporting companies of all sizes in their strategic, organizational, digital, technological and cultural changes.

•October – People and Investments acquired Fundhouse Limited and Fundhouse Bespoke Limited, a United Kingdom-based provider of investment advisory and model portfolio services to financial advisors and institutional wealth investors.

•November – People and Investments acquired Hexarem Inc., a Canada-based human resources consulting firm specializing in executive compensation and governance advisory services.

Total purchase consideration for acquisitions made for the nine months ended September 30, 2025 was $337 million, which consisted of cash paid of $254 million, deferred and estimated contingent purchase consideration of $68 million, and the remeasurement to fair value of a previously held equity method investment upon consolidation of $15 million. Contingent purchase consideration arrangements are generally based primarily on EBITDA or revenue targets over a period of 2 to 4 years. The fair value of the contingent purchase consideration was based on projected revenue and earnings of the acquired entities.

For the nine months ended September 30, 2025, the Company also paid $53 million of deferred purchase consideration and $38 million of contingent purchase consideration related to prior year acquisitions. Estimated fair values of assets acquired and liabilities assumed are subject to adjustment when purchase accounting is finalized.

In the first quarter of 2025, in connection with its increased investment in Carpenter Turner Cyprus Ltd., the Company recorded a gain of $13 million related to the remeasurement of its previously held equity method investment to fair value upon consolidation. The fair value of the pre-existing equity method investment was calculated considering both an income approach based on discounted future cash flows and market approach.

Prior year dispositions

In the first quarter of 2025, the Company sold Marsh Agency's Technology Consulting and Administrative Solutions (\"TCAS\") business for approximately $25 million, and recorded a gain of $15 million, which is included in revenue in the consolidated statements of income.

Purchases of remaining ownership interests

In June 2026, the Company made a payment for the purchase of the remaining interest in a subsidiary for $54 million, which was completed in July 2026.

In July 2026, in connection with its increased investment in Deasterra Partners, S.L., the Company recorded a gain of $126 million related to the remeasurement of its previously held equity method investment to fair value upon consolidation. The fair value of the pre-existing equity method investment was calculated considering both an income approach based on discounted future cash flows and market approach.

Pro-Forma Information

The following unaudited pro-forma financial data gives effect to the acquisitions made by the Company in 2026 and 2025. In accordance with accounting guidance related to pro-forma disclosures, the information presented for acquisitions made in 2026 is as if they occurred on January 1, 2025, and reflects acquisitions made in 2025, as if they occurred on January 1, 2024. The unaudited pro-forma financial data includes the effects of amortization of acquired intangibles and acquisition related costs in all years.

The unaudited pro-forma financial data is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved if such acquisitions had occurred on the dates indicated, nor is it necessarily indicative of future consolidated results.


	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions, except per share data)	2026		2025	2026		2025
Revenue	$	6,865		$	6,428		$	21,925	$	20,638

Net income attributable to the Company	$	809		$	751		$	3,224	$	3,358

Basic net income per share attributable to the Company	$	1.70		$	1.53		$	6.71	$	6.83


Diluted net income per share attributable to the Company	$	1.69		$	1.52		$	6.69	$	6.79

9. Goodwill and Other Intangibles

The Company is required to assess goodwill and any indefinite-lived intangible assets for impairment annually, or more frequently if circumstances indicate an impairment may have occurred. The Company performs the annual impairment assessment for each of its reporting units during the third quarter of each year. The reporting unit level is defined at the same level as the Company's operating segments. A company can assess qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. Alternatively, a company may elect to proceed directly to the quantitative goodwill impairment test.

In 2026, the Company performed a quantitative goodwill impairment assessment. Fair values for the reporting units were estimated using both an income and market valuation approach. The carrying values were based on balances at June 30, 2026 and included directly identified assets and liabilities, as well as an allocation of those assets and liabilities not recorded at the reporting unit level. The Company concluded that goodwill was not impaired, as the fair value of each reporting unit exceeded the carrying value.

Other intangible assets that are not deemed to have an indefinite life are amortized over their estimated lives and assessed for impairment upon the occurrence of certain triggering events in accordance with applicable accounting literature. Based on its assessment, the Company concluded that other intangible assets were not impaired. The Company had no indefinite-lived intangible assets at September 30, 2026 and December 31, 2025.

Changes in the carrying amount of goodwill are as follows:



(In millions)	2026		2025
Balance at January 1,	$	24,337			$	23,306
Goodwill acquired	364			234
Other adjustments (a)	(88)			409
Balance at September 30,	$	24,613			$	23,949

(a)Primarily reflects the impact of foreign exchange.

The goodwill from acquisitions in 2026 and 2025 consists largely of the synergies and economies of scale expected from combining the operations of the Company and the acquired entities and the trained and assembled workforce acquired.

The goodwill acquired in 2026 included approximately $56 million and $51 million in the Risk and Insurance Services and Consulting segments, respectively, which is expected to be deductible for tax purposes.

Goodwill allocated to the Company’s reportable segments at September 30, 2026 is $19.8 billion for Risk and Insurance Services and $4.8 billion for Consulting.

The gross cost and accumulated amortization of other identified intangible assets at September 30, 2026 and December 31, 2025 are as follows:


	September 30, 2026		December 31, 2025
(In millions)	Gross Cost		Accumulated Amortization		Net Carrying Amount		Gross Cost	Accumulated Amortization		Net Carrying Amount
Client relationships	$	7,184			$	2,726		$	4,458		$	7,091		$	2,422	$	4,669
Other (a)	469			423			46		476		399		77
Other intangible assets	$	7,653			$	3,149		$	4,504		$	7,567		$	2,821	$	4,746

(a)Primarily reflects non-compete agreements, trade names and developed technology.

Aggregate amortization expense for the three and nine months ended September 30, 2026 was $142 million and $417 million, respectively, compared to $133 million and $412 million, respectively, for the corresponding periods in the prior year.

The estimated future aggregate amortization expense is as follows:


For the Years Ending December 31,
(In millions)	Estimated Expense
2026 (excludes amortization through September 30, 2026)	$	154
2027	516
2028	488
2029	459
2030	445
Subsequent years	2,442
Total future amortization	$	4,504

10. Fair Value Measurements

Fair Value Hierarchy

The Company has categorized its assets and liabilities that are valued at fair value on a recurring basis into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy, for disclosure purposes, is determined based on the lowest level input that is significant to the fair value measurement. Assets and liabilities recorded in the consolidated balance sheets at fair value are categorized based on the inputs in the valuation techniques as follows:

Level 1.Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market (examples include active exchange-traded equity securities and exchange-traded money market mutual funds).

Assets and liabilities measured using Level 1 inputs include exchange-traded equity securities, daily-valued mutual funds, and money market funds.

Level 2.Assets and liabilities whose values are based on the following:

a)quoted prices for similar assets or liabilities in active markets;

b)quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);

c)pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including interest rate and currency swaps); and

d)pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full asset or liability (for example, certain mortgage loans).

Level 3.Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.

Assets and liabilities measured using Level 3 inputs relate to assets and liabilities for contingent purchase consideration.

Valuation Techniques

Equity Securities, Money Market Funds and Mutual Funds – Level 1

Investments for which market quotations are readily available are valued at the sale price on their principal exchange or, for certain markets, official closing bid price. Money market funds are valued at a readily determinable price.

Contingent Purchase Consideration Assets and Liabilities – Level 3

Purchase consideration for some acquisitions and dispositions made by the Company includes contingent consideration arrangements. Contingent consideration arrangements are based primarily on EBITDA or revenue targets over a period of 2 to 4 years. The fair value of the contingent purchase consideration asset and liability is estimated as the present value of future cash flows to be paid, based on projections of revenue and earnings and related targets of the acquired and disposed entities.

The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2026 and December 31, 2025:


	Identical Assets (Level 1)		Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
(In millions)	09/30/26	12/31/25		09/30/26	12/31/25		09/30/26	12/31/25		09/30/26	12/31/25
Assets:
Financial instruments owned:
Exchange traded equity securities (a)	$	15		$	12			$	—		$	—		$	—	$	—	$	15	$	12
Mutual funds (a)	226		202			—		—			—		—		226	202

Money market funds (b)	149		633			—		—			—		—		149	633


Total assets measured at fair value	$	390		$	847			$	—		$	—		$	—	$	—	$	390	$	847
Fiduciary Assets:



Money market funds	$	297		$	322			$	—		$	—		$	—	$	—	$	297	$	322
Total fiduciary assets measured at fair value	$	297		$	322			$	—		$	—		$	—	$	—	$	297	$	322
Liabilities:
Contingent purchase consideration liabilities (c)	$	—		$	—			$	—		$	—		$	248	$	268	$	248	$	268

Total liabilities measured at fair value	$	—		$	—			$	—		$	—		$	248	$	268	$	248	$	268

(a)Included in other assets in the consolidated balance sheets.

(b)Included in cash and cash equivalents in the consolidated balance sheets.

(c)Included in accounts payable and accrued liabilities and other liabilities in the consolidated balance sheets.

For the nine months ended September 30, 2026 and 2025, there were no assets or liabilities that were transferred between levels.

The following table sets forth a summary of the changes in fair value of the Company’s Level 3 liabilities for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions)	2026		2025		2026		2025
Balance at beginning of period	$	216			$	207		$	268	$	161
Net additions	32			20			55		57
Payments	(7)			(12)			(103)		(38)
Revaluation impact	7			15			28		45

Other	—			—			—		5
Balance at end of period	$	248			$	230		$	248	$	230

Long-Term Investments

The Company has investments in certain private equity funds as well as in public and private companies that are accounted for using the equity method of accounting. The carrying value of these investments was $327 million and $301 million at September 30, 2026 and December 31, 2025, respectively.

Private Equity Investments

The Company's investments in private equity funds were $254 million and $220 million at September 30, 2026 and December 31, 2025, respectively. The carrying values of these private equity investments approximate fair value. The underlying private equity funds follow investment company accounting, where investments within the fund are carried at fair value. The Company records in earnings its proportionate share of the change in fair value of the funds in the investment income line in the consolidated statements of income. These investments are included in other assets in the consolidated balance sheets. The Company recorded net investment income of $7 million and $6 million for the three and nine months ended September 30, 2026, respectively, and net investment income of $15 million and $25 million from these investments for the corresponding periods in 2025.

At September 30, 2026, the Company has commitments of potential future investments of approximately $201 million in private equity funds that invest primarily in financial services companies.

Investments in Public and Private Companies

The Company has investments in private insurance brokerage and consulting companies with a carrying value of $73 million and $81 million at September 30, 2026 and December 31, 2025, respectively. These investments are accounted for using the equity method of accounting, the results of which are included in revenue in the consolidated statements of income and the carrying value of which is included in other assets in the consolidated balance sheets. The Company records its share of income or loss on its equity method investments, some of which are on a one quarter lag basis. In July 2026, the Company acquired the remaining 60% ownership share in Deasterra Partners, S.L. Prior to the increase in ownership, the Company accounted for the investment under the equity method of accounting.

Other Investments

The Company held certain equity investments with readily determinable market values at September 30, 2026 and December 31, 2025, of $27 million and $24 million, respectively. For the three and nine months ended September 30, 2026, the Company recorded mark-to-market gains on these investments of $1 million and $3 million, respectively. For the nine months ended September 30, 2025, the Company recorded mark-to-market gains of $2 million on these investments.

The Company also held investments without readily determinable market values of $16 million and $17 million at September 30, 2026 and December 31, 2025, respectively.

In January 2025, the Company disposed an investment in a unit trust fund.

11. Derivatives

Net Investment Hedge

The Company has investments in various subsidiaries with Euro functional currencies. As a result, the Company is exposed to the risk of fluctuations between the Euro and U.S. dollar exchange rates. As part of its risk management program, the Company designates its €550 million senior note debt instrument (\"Euro note\") as a net investment hedge (the \"hedge\") of its Euro denominated subsidiaries. The hedge effectiveness is re-assessed each quarter to confirm that all the critical terms of the hedging instrument and the hedged net investment continue to match. If the hedge is highly effective, the change in the debt balance related to foreign exchange fluctuations is recorded in accumulated other comprehensive loss in the consolidated balance sheets.

The U.S. dollar value of the Euro denominated debt decreased by $38 million through September 30, 2026 related to the change in foreign exchange rates. The Company concluded that the hedge was highly effective and recorded a decrease to accumulated other comprehensive loss for the nine months ended September 30, 2026.

12. Leases

The Company leases office facilities under non-cancelable operating leases with terms generally ranging between 10 and 25 years. The Company utilizes these leased office facilities for use by its employees in countries in which the Company conducts its business. The Company’s leases have no restrictions on the payment of dividends, the acquisition of debt or additional lease obligations, or entering into additional lease obligations. The leases also do not contain significant purchase options.

Operating leases are recognized on the consolidated balance sheets as ROU assets and operating lease liabilities based on the present value of the remaining future minimum payments over the lease term at commencement date of the lease.

The Company determined that $1 million and $9 million of ROU assets were impaired for the three and nine months ended September 30, 2026, and $3 million and $8 million for the three and nine months ended September 30, 2025, respectively, and recorded a charge to the consolidated statements of income with an offsetting reduction to ROU assets.

The following table provides additional information about the Company’s property leases:


	Three Months Ended September 30,			Nine Months Ended September 30,
(In millions, except weighted average data)	2026		2025			2026		2025
Lease Cost:
Operating lease cost (a)	$	88			$	88				$	266	$	262
Short-term lease cost	1			1				3		4
Variable lease cost	37			35				105		101
Sublease income	(6)			(6)				(18)		(16)
Net lease cost	$	120			$	118				$	356	$	351
Other information:
Operating cash outflows from operating leases						$	304		$	300
ROU assets obtained in exchange for new operating lease liabilities						$	187		$	94
Weighted average remaining lease term – real estate leases						7.3 years		7.3 years

Weighted average discount rate – real estate leases						4.05	%		3.79	%

(a)Excludes ROU asset impairment charges.

Future minimum lease payments for the Company’s operating leases at September 30, 2026 are as follows:


(In millions)	Real Estate Leases
2026 (excludes payments through September 30, 2026)	$	99
2027	383
2028	310
2029	262
2030	225
2031	200
Subsequent years	593
Total future lease payments	2,072
Less: Imputed interest	(273)
Total	$	1,799
Current lease liabilities	$	324
Long-term lease liabilities	1,475
Total lease liabilities	$	1,799

Note: The above table excludes obligations for leases with original terms of 12 months or less which have not been recognized as a ROU asset or liability in the consolidated balance sheets.

At September 30, 2026, the Company had additional operating real estate leases that had not yet commenced of $75 million. These operating leases will commence over the next 12 months.

13. Retirement Benefits

The Company maintains qualified and non-qualified defined benefit pension plans for its U.S. and non-U.S. eligible employees. The Company’s policy for funding its tax-qualified defined benefit retirement plans is to contribute amounts at least sufficient to meet the funding requirements set forth by U.S. law and the laws of the non-U.S. jurisdictions in which the Company offers defined benefit plans.

The weighted average actuarial assumptions utilized to calculate the net periodic benefit cost or credit for the U.S. and significant non-U.S. defined benefit plans are as follows:


Combined U.S. and significant non-U.S. Plans	Pension Benefits
September 30,	2026		2025
Weighted average assumptions:
Discount rate	5.39	%		5.36	%
Expected return on plan assets	5.94	%		5.43	%
Rate of compensation increase*	3.12	%		3.16	%

(*)There are no rate of compensation increase assumptions for the primary U.S. defined benefit plans since future benefit accruals were discontinued for those plans after December 31, 2016 and earned benefits are not subject to final salary level adjustments.

The target asset allocation for the U.S. plans at September 30, 2026 is 50% equities and equity alternatives and 50% fixed income. At September 30, 2026, the actual allocation for the U.S. plans was 52% equities and equity alternatives and 48% fixed income. The target allocation for the U.K. plans at September 30, 2026 is 7% equities and equity alternatives and 93% fixed income. At September 30, 2026, the actual allocation for the U.K. plans was 8% equities and equity alternatives and 92% fixed income. The Company's U.K. plans comprised approximately 78% of non-U.S. plan assets at December 31, 2025.

The assets of the Company's defined benefit plans are diversified and are managed in accordance with applicable laws and with the goal of maximizing the plans' asset returns within acceptable risk parameters. Asset allocation is frequently monitored to ensure the actual portfolio remains consistent with target asset allocation ranges. This includes the use of threshold-based portfolio re-balancing where appropriate.

The net benefit (credit) or cost of the Company's defined benefit plans is measured on an actuarial basis using various methods and assumptions.

The components of the net benefit (credit) or cost for the defined benefit plans is as follows:


Combined U.S. and significant non-U.S. Plans
For the Three Months Ended September 30,	Pension Benefits
(In millions)	2026		2025
Service cost	$	6			$	8
Interest cost	144			151
Expected return on plan assets	(219)			(215)
Amortization of prior service (credit) cost	1			1
Recognized actuarial loss	23			11
Net periodic benefit credit	$	(45)			$	(44)


Settlement loss	3			—
Net benefit credit	$	(42)			$	(44)


Combined U.S. and significant non-U.S. Plans
For the Nine Months Ended September 30,	Pension Benefits
(In millions)	2026		2025
Service cost	$	19			$	21
Interest cost	432			445
Expected return on plan assets	(659)			(631)
Amortization of prior service (credit) cost	1			1
Recognized actuarial loss	70			32
Net periodic benefit credit	$	(137)			$	(132)


Settlement loss	5			10
Net benefit credit	$	(132)			$	(122)

The following tables provide the amounts reported in the consolidated statements of income:


Combined U.S. and significant non-U.S. Plans
For the Three Months Ended September 30,	Pension Benefits
(In millions)	2026		2025
Compensation and benefits expense	$	6			$	8
Other net benefit credits	(48)			(52)
Net benefit credit	$	(42)			$	(44)


Combined U.S. and significant non-U.S. Plans
For the Nine Months Ended September 30,	Pension Benefits
(In millions)	2026		2025
Compensation and benefits expense	$	19			$	21
Other net benefit credits (a)	(151)			(143)
Net benefit credit	$	(132)			$	(122)

(a)For the nine months ended September 30, 2026, the Company recorded $3 million of net benefit cost related to the post-retirement plans.

The components of the net benefit credit for the U.S. defined benefit plans are as follows:



U.S. Plans only
For the Three Months Ended September 30,	Pension Benefits
(In millions)	2026		2025
Service cost	$	—			$	1
Interest cost	62			64
Expected return on plan assets	(70)			(74)

Recognized actuarial loss	9			6


Net benefit cost (credit)	$	1			$	(3)



U.S. Plans only
For the Nine Months Ended September 30,	Pension Benefits
(In millions)	2026		2025
Service cost	$	—			$	1
Interest cost	186			191
Expected return on plan assets	(210)			(220)

Recognized actuarial loss	27			18
Net periodic benefit cost (credit)	$	3			$	(10)
Settlement loss	—			1
Net benefit cost (credit)	$	3			$	(9)

The components of the net benefit credit for the non-U.S. defined benefit plans are as follows:


Significant non-U.S. Plans only
For the Three Months Ended September 30,	Pension Benefits
(In millions)	2026		2025
Service cost	$	6			$	7
Interest cost	82			87
Expected return on plan assets	(149)			(141)
Amortization of prior service credit	1			1
Recognized actuarial loss	14			5
Net periodic benefit credit	$	(46)			$	(41)
Settlement loss	3			—
Net benefit credit	$	(43)			$	(41)


Significant non-U.S. Plans only
For the Nine Months Ended September 30,	Pension Benefits
(In millions)	2026		2025
Service cost	$	19			$	20
Interest cost	246			254
Expected return on plan assets	(449)			(411)
Amortization of prior service credit	1			1
Recognized actuarial loss	43			14
Net periodic benefit credit	$	(140)			$	(122)
Settlement loss	5			9
Net benefit credit	$	(135)			$	(113)

The Company made contributions to its U.S. and non-U.S. defined benefit pension plans for the three and nine months ended September 30, 2026 of approximately $45 million and $77 million, respectively, compared to contributions of $21 million and $56 million, respectively, for the corresponding periods in the prior year. The Company expects to contribute approximately $23 million to its U.S. and non-U.S. defined benefit pension plans during the remainder of 2026.

Defined Contribution Plans

The Company maintains defined contribution plans (\"DC Plans\") for its employees, the most significant being in the U.S. and the U.K. The cost of the U.S. DC Plans for the three and nine months ended September 30, 2026 was $52 million and $163 million, respectively, and $51 million and $159 million, respectively, for the corresponding periods in the prior year. The cost of the U.K. DC Plans for the three and nine months ended September 30, 2026 was $44 million and $158 million, respectively, and $43 million and $141 million, respectively, for the corresponding periods in the prior year.

14. Debt

The Company’s outstanding debt is as follows:


(In millions)	September 30, 2026		December 31, 2025
Short-term:
Commercial paper	$	1,623			$	—


Current portion of long-term debt	21			1,267
	$	1,644			$	1,267
Long-term:



Senior notes – 1.349% due 2026	$	—			$	647
Senior notes – 3.750% due 2026	—			600
Senior notes – 4.550% due 2027	948			946
Senior notes – Floating due 2027 (a)	299			299
Senior notes – 4.375% due 2029	1,500			1,499
Senior notes – 1.979% due 2030	624			646
Senior notes – 2.250% due 2030	745			744
Senior notes – 4.650% due 2030	994			992
Senior notes – 2.375% due 2031	398			398
Senior notes – 4.850% due 2031	993			992
Senior notes – 5.750% due 2032	495			494
Senior notes – 5.875% due 2033	299			298
Senior notes – 5.400% due 2033	594			594
Senior notes – 5.150% due 2034	496			496
Senior notes – 5.000% due 2035	1,984			1,983
Senior notes – 4.950% due 2036	595			—
Senior notes – 4.750% due 2039	496			496
Senior notes – 5.350% due 2044	495			495
Senior notes – 4.350% due 2047	494			494
Senior notes – 4.200% due 2048	594			594
Senior notes – 4.900% due 2049	1,240			1,240
Senior notes – 2.900% due 2051	346			346
Senior notes – 6.250% due 2052	492			492
Senior notes – 5.450% due 2053	591			591
Senior notes – 5.700% due 2053	989			989
Senior notes – 5.450% due 2054	494			493
Senior notes – 5.400% due 2055	1,480			1,479
Mortgage – 5.701% due 2035	234			249
Other	1			1
	18,910			19,587
Less: current portion	21			1,267
	$	18,889			$	18,320

(a)For the Floating Notes, interest is calculated based on a compounded SOFR benchmark rate plus 0.700%.

The senior notes in the table above are registered by the Company with the Securities and Exchange Commission and are not guaranteed.

In June 2026, the Company increased its short-term commercial paper financing program to $4.25 billion from $3.5 billion. The proceeds from the issuance of commercial paper are used for general corporate purposes. The Company had $1.6 billion of commercial paper outstanding at September 30, 2026, at an average effective interest rate of 4.13%. The Company did not have any commercial paper outstanding at December 31, 2025.

Credit Facilities

In June 2026, the Company replaced its multi-currency unsecured $3.5 billion five-year revolving credit facility with a $4.25 billion facility and extended the expiration date from October 2028 to June 2031 (the \"Credit Facility\"). Borrowings under the Credit Facility bear interest at a rate per annum, equal, at the Company's option, either at (a) the Secured Overnight Financing Rate (\"SOFR\") benchmark rate for U.S. dollar borrowings, or (b) a currency specific benchmark rate, plus an applicable margin which varies with the Company's credit ratings. The Company is required to maintain certain coverage and leverage ratios for the Credit Facility, which are evaluated quarterly.

The Credit Facility includes provisions for determining a benchmark replacement rate in the event existing benchmark rates are no longer available, or in certain other circumstances, in which an alternative rate may be required. At September 30, 2026 and December 31, 2025, the Company had no borrowings under this facility.

The Company also maintains other credit and overdraft facilities with various financial institutions aggregating $118 million and $122 million at September 30, 2026 and December 31, 2025, respectively. There were no outstanding borrowings under these facilities at September 30, 2026 and December 31, 2025.

The Company also has outstanding guarantees and letters of credit with various banks aggregating $141 million and $150 million at September 30, 2026 and December 31, 2025, respectively.

Senior Notes

In September 2026, the Company repaid €550 million of 1.349% senior notes at maturity.

In March 2026, the Company repaid $600 million of 3.750% senior notes at maturity.

In February 2026, the Company issued $600 million of 4.950% senior notes due 2036. The Company used the net proceeds from these issuances for general corporate purposes.

In March 2025, the Company repaid $500 million of 3.500% senior notes at maturity.

Fair Value of Short-term and Long-term Debt

The estimated fair value of the Company's short-term and long-term debt is provided below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown in the following table are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or need to dispose of the financial instrument.


	September 30, 2026		December 31, 2025
(In millions)	Carrying Amount		Fair Value	Carrying Amount		Fair Value


Short-term debt	$	1,644		$	1,644		$	1,267	$	1,261
Long-term debt	$	18,889		$	17,190		$	18,320	$	18,093

The fair value of the Company's short-term debt consists primarily of term debt maturing within the next year and its fair value approximates its carrying value. The estimated fair value of a primary portion of the Company's long-term debt is based on discounted future cash flows using current interest rates available for debt with similar terms and remaining maturities. Short-term and long-term debt would be classified as Level 2 in the fair value hierarchy.

15. Restructuring Costs

The Company incurred a total of $79 million and $182 million for restructuring costs for the three and nine months ended September 30, 2026, respectively.

In the third quarter of 2025, the Company launched a three-year program, Thrive (the \"Program\"), which focuses on brand strategy, delivering greater value to clients, accelerating growth and improving efficiency. In the third quarter of 2026, the Company increased the Program cost estimates from $500 million to approximately $750 million, to be incurred over the duration of the Program. Costs include severance, technology and outside services. The Company expects charges incurred to be evenly distributed over the Program period.

The Company incurred $310 million of restructuring costs in connection with the Program through September 30, 2026, primarily severance. For the three and nine months ended September 30, 2026, costs incurred were $71 million and $160 million, respectively. For the three months ended September 30, 2025, costs incurred in connection with the Program were $38 million, related to severance and outside services.

The Company continues to refine its detailed plans for the Program which may change the timing and estimates of expected costs.

For the three and nine months ended September 30, 2025, the Company incurred a total of $46 million and $96 million for restructuring activities related primarily to severance and lease exit charges.

The Company incurred restructuring costs as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions)	2026		2025		2026		2025
Risk and Insurance Services	$	44			$	20		$	110	$	51
Consulting	10			18			31		32
Corporate	25			8			41		13
Total	$	79			$	46		$	182	$	96

Details of the restructuring activity from January 1, 2025 through September 30, 2026, are as follows:


(In millions)	Severance		Real Estate Related Costs (a)		Information Technology		Consulting and Other Outside Services	Total
Liability at January 1, 2025	$	75			$	42		$	—	$	—	$	117
2025 charges	174			32			—		16	222
Cash payments	(150)			(39)			—		(16)	(205)
Non-cash charges	—			(5)			—		—	(5)

Liability at December 31, 2025	$	99			$	30		$	—	$	—	$	129
2026 charges	113			22			—		47	182
Cash payments	(159)			(16)			—		(47)	(222)
Non-cash charges	—			(8)			—		—	(8)
Liability at September 30, 2026	$	53			$	28		$	—	$	—	$	81

(a) Includes ROU and fixed asset impairments and other real estate related costs.

The expenses associated with these initiatives are included in compensation and benefits and other operating expenses in the consolidated statements of income. The liabilities associated with these initiatives are classified on the consolidated balance sheets as accounts payable and accrued liabilities, other liabilities or accrued compensation and employee benefits, depending on the nature of the items.

16. Common Stock

The Company has a share repurchase program authorized by the Board of Directors.

In November 2025, the Board of Directors authorized the Company to repurchase up to $6 billion of the Company’s common stock, which superseded any prior authorizations.

For the nine months ended September 30, 2026, the Company repurchased 11.4 million shares of its common stock for $2.0 billion. At September 30, 2026, the Company remained authorized by the Board of Directors to repurchase up to approximately $3.7 billion in shares of its common stock. There is no time limit on the authorization. For the nine months ended September 30, 2025, the Company repurchased 4.6 million shares of its common stock for $1.0 billion.

The Company issued approximately 2.0 million and 3.2 million shares related to stock compensation and employee stock purchase plans for the nine months ended September 30, 2026 and 2025, respectively.

In January and February 2026, the Board of Directors of the Company declared quarterly dividends of $0.900 per share on outstanding common stock, which were paid in February and May 2026, respectively. In July 2026, the Board of Directors of the Company declared a quarterly dividend of $0.990 per share on outstanding common stock, which was paid in August 2026.

In September 2026, the Board of Directors of the Company declared a quarterly dividend of $0.990 per share on outstanding common stock, payable in November 2026.

17. Claims, Lawsuits and Other Contingencies

Nature of Contingencies

The Company and its subsidiaries are subject to a significant number of claims, lawsuits and proceedings in the course of our business. Such claims and lawsuits consist principally of alleged errors and omissions in connection with the performance of professional services, including the placement of insurance, the provision of actuarial services for corporate and public sector clients, the provision of investment advice and investment management services to pension plans, the provision of advice relating to pension buy-out transactions and the provision of consulting services relating to the drafting and interpretation of trust deeds and other documentation governing pension plans. These claims often seek damages, including punitive and treble damages, in amounts that could be significant. In establishing liabilities for errors and omissions claims, the Company utilizes case level reviews by inside and outside counsel, internal actuarial analysis by Oliver Wyman, a subsidiary of the Company, and other methods to estimate potential losses. A liability is established when a loss is both probable and reasonably estimable. The liability is reviewed quarterly and adjusted as developments warrant. In many cases, the Company has not recorded a liability, other than for legal fees to defend the claim, because we are unable, at the present time, to make a determination that a loss is both probable and reasonably estimable. To the extent that expected losses exceed our deductible in any policy year, the Company also records an asset for the amount that we expect to recover under any available third-party insurance programs. The Company has varying levels of third-party insurance coverage, with policy limits and coverage terms varying significantly by policy year.

Our activities are regulated under the laws of the U.S. and its various states, the U.K., the European Union (E.U.) and its member states, Australia and the many other jurisdictions in which the Company operates.

The Company also receives subpoenas in the ordinary course of business, and from time to time requests for information in connection with government investigations.

Current Matters

Risk and Insurance Services Segment

•In January 2019, the Company received a notice that the Administrative Council for Economic Defense anti-trust agency in Brazil had commenced an administrative proceeding against a number of insurance brokers, including both Marsh and JLT, and insurers \"to investigate an alleged sharing of sensitive commercial and competitive confidential information\" in the aviation insurance and reinsurance sector.

•From 2014, Marsh Ltd. was engaged by Greensill Capital (UK) Limited and its affiliates as its insurance broker. Marsh Ltd. placed a number of trade credit insurance policies for Greensill. On March 1, 2021, Greensill filed an action against certain of its trade credit insurers in Australia seeking a mandatory injunction compelling these insurers to renew coverage under expiring policies. Later that day, the

Australian court denied Greensill’s application. Since then, a number of Greensill entities have filed for, or been subject to, insolvency proceedings, and several litigations and investigations have been commenced in the U.K., Australia, Germany, Switzerland and the U.S., including claims brought by Greensill's administrators and loss payees under Greensill's trade credit insurance policies. The applicants in the omnibus trade credit insurance policy litigation among Greensill and its insurers and loss payees in Australia (the \"Australian proceedings\") have collectively claimed losses totaling approximately $5 billion plus interest and costs.

In June 2023, White Oak, a loss payee, filed a claim in the High Court of Justice in London against Marsh Ltd., related to White Oak’s purchase of accounts receivable from Greensill. In May 2025, Marsh Ltd. reached a settlement with White Oak to resolve the matter in the U.K. The settlement was recovered through the Company's E&O insurance.

In November 2023, two Credit Suisse funds (\"Credit Suisse\"), bringing claims as loss payees, added Marsh Ltd. as a party to the Australian proceedings. In September 2026, Marsh Ltd. and other parties reached a settlement with Credit Suisse.

In November 2024 and March 2025, Greensill Bank AG (in insolvency), an affiliate of Greensill and an insured entity under the policies, added Marsh Pty Ltd. and Marsh Ltd., respectively, as parties to the Australian proceedings. In June 2026, Marsh Ltd., Marsh Pty Ltd. and other parties reached a settlement with Greensill Bank and its insolvency administrator.

For the three and nine months ended September 30, 2026, the Company recorded a charge of $144 million and $569 million, respectively, net of insurance proceeds in connection with the Australian proceedings. The legal charges and fees recorded for the Australia proceedings are included in other operating expenses in the consolidated statements of income for the three and nine months ended September 30, 2026. The recorded liability for the three and nine months ended September 30, 2026 reflects the settlements with Greensill Bank and Credit Suisse, and related costs. The settlements with White Oak, Greensill Bank and Credit Suisse conclude Marsh's involvement in the Australian proceedings, and the Company does not expect to incur any further charges in connection with these matters.

Other Contingencies-Guarantees

In connection with its acquisition of U.K.-based Sedgwick Group in 1998, the Company acquired several insurance underwriting businesses that were already in run-off, including River Thames Insurance Company Limited (\"River Thames\"), which the Company sold in 2001. Sedgwick guaranteed payment of claims on certain policies underwritten through the Institute of London Underwriters (the \"ILU\") by River Thames. The policies covered by this guarantee are partly reinsured by a related party of River Thames. Payment of claims under the reinsurance agreement is collateralized by funds withheld by River Thames from the reinsurer. To the extent River Thames or the reinsurer is unable to meet its obligations under those policies, a claimant may seek to recover from the Company under the guarantee.

From 1980 to 1983, the Company owned indirectly the English & American Insurance Company (\"E&A\"), which was a member of the ILU. The ILU required the Company to guarantee a portion of E&A's obligations. After E&A became insolvent in 1993, the ILU agreed to discharge the guarantee in exchange for the Company's agreement to post an evergreen letter of credit that is available to pay claims by policyholders on certain E&A policies issued through the ILU and incepting between July 3, 1980 and October 6, 1983. Certain claims have been paid under the letter of credit and the Company anticipates that additional claimants may seek to recover against the letter of credit.

* * * * *

The pending proceedings described above and other matters not explicitly described in this Note 17 on Claims, Lawsuits and Other Contingencies may expose the Company or its subsidiaries to liability for significant monetary damages, fines, penalties or other forms of relief. Where a loss is both probable and reasonably estimable, the Company establishes liabilities in accordance with the Financial Accounting Standards Board (\"FASB\") guidance on Contingencies - Loss Contingencies.

The Company is not able at this time to provide a reasonable estimate of the range of possible loss attributable to these matters or the impact they may have on the Company's consolidated results of operations, financial position or cash flows. This is primarily because these matters are still developing and involve complex issues subject to inherent uncertainty. Adverse determinations in one or more of these matters could have a material impact on the Company's consolidated results of operations, financial condition or cash flows in a future period.

18. Segment Information

The Company is organized based on the types of services provided. Under this structure, the Company’s operating segments are: Risk, Reinsurance, People and Investments, and Management Consulting. The four segments are aggregated into two operating and reporting segments as follows:

•Risk and Insurance Services, comprising Risk (insurance services) and Reinsurance (reinsurance services); and

•Consulting, comprising People and Investments and 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 September 30,
(In millions)	Revenue		Compensation and benefits		Depreciation and amortization expense		Identified intangible amortization expense	Other segment items	Operating Income (Loss)
2026 –
Risk and Insurance Services	$	4,200		(a)	$	2,521		$	50	$	122		$	762		$	745
Consulting	2,685		(b)	1,523			26		20	553		563
Total Segments	6,885			4,044			76		142	1,315		1,308
Corporate/Eliminations	(22)			34			13		—	24		(93)
Total Consolidated	$	6,863			$	4,078		$	89	$	142		$	1,339		$	1,215
2025 –
Risk and Insurance Services	$	3,907		(a)	$	2,424		$	52	$	116		$	565		$	750
Consulting	2,465		(b)	1,429			25		17	493		501
Total Segments	6,372			3,853			77		133	1,058		1,251
Corporate/Eliminations	(21)			41			14		—	5		(81)
Total Consolidated	$	6,351			$	3,894		$	91	$	133		$1,063	$	1,170



	Nine Months Ended September 30,
(In millions)	Revenue		Compensation and benefits		Depreciation and amortization expense		Identified intangible amortization expense	Other segment items	Operating Income (Loss)
2026 –
Risk and Insurance Services	$	14,074		(c)	$	7,710		$	151	$	360		$	2,319	$	3,534
Consulting	7,845		(d)	4,522			75		57	1,601		1,590
Total Segments	21,919			12,232			226		417	3,920		5,124
Corporate/Eliminations	(55)			117			42		—	42		(256)
Total Consolidated	$	21,864			$	12,349		$	268	$	417		$	3,962	$	4,868
2025 –
Risk and Insurance Services	$	13,294		(c)	$	7,337		$	153	$	357		$	1,641	$	3,806
Consulting	7,150		(d)	4,190			74		55	1,418		1,413
Total Segments	20,444			11,527			227		412	3,059		5,219
Corporate/Eliminations	(58)			112			43		—	2		(215)
Total Consolidated	$	20,386			$	11,639		$	270	$	412		$	3,061	$	5,004

(a)Includes inter-segment revenue of $1 million in 2026, interest income on fiduciary funds of $100 million and $109 million in 2026 and 2025, respectively, and equity method income of $9 million and $5 million in 2026 and 2025, respectively. Revenue in 2026 includes a gain on the consolidation of Deasterra Partners, S.L., of $126 million.

(b)Includes inter-segment revenue of $22 million and $20 million in 2026 and 2025, respectively.

(c)Includes inter-segment revenue of $5 million in both 2026 and 2025, interest income on fiduciary funds of $273 million and $311 million in 2026 and 2025, respectively, and equity method income of $27 million and $20 million in 2026 and 2025, respectively. Revenue in 2026 includes a gain on the consolidation of Deasterra Partners, S.L., of $126 million. 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 $51 million and $53 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 three and nine months ended September 30, 2026, Risk and Insurance Services includes the recording of a charge of $144 million and $569 million, respectively, net of insurance proceeds 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 September 30,	Nine Months Ended September 30,
(In millions)			2026		2025	2026		2025
Risk and Insurance Services
Risk			$	3,796			$	3,472	$	11,709	$	10,907
Reinsurance			404			435		2,365		2,387
Total Risk and Insurance Services			4,200			3,907		14,074		13,294
Consulting
People and Investments			1,672			1,579		4,931		4,573
Management Consulting			1,013			886		2,914		2,577
Total Consulting			2,685			2,465		7,845		7,150
Total Segments			6,885			6,372		21,919		20,444
Corporate Eliminations			(22)			(21)		(55)		(58)
Total			$	6,863			$	6,351	$	21,864	$	20,386

19. New Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted:

In May 2026, the FASB issued an accounting standard update to establish guidance on the recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations. Under the new guidance, an entity will recognize and measure environmental credit assets based on their intended use (e.g., compliance environmental credits, noncompliance environmental credits, voluntary credits) as well as how the credits are obtained (e.g., acquired, internally generated). Environmental credit obligations will be recognized and measured depending on whether an entity holds and expects to use compliance environmental credits to settle that obligation. The new guidance is effective for public business entities in annual periods beginning after December 15, 2027, including interim periods within those years. Early adoption is permitted as of the beginning of an annual reporting period. Entities are required to adopt the guidance on a retrospective basis by recognizing a cumulative effect adjustment to retained earnings at the date of initial application (i.e., prior reporting periods will not be recast). The Company is currently evaluating the guidance and its impact on results of operations, cash flows, or financial condition.

In December 2025, the FASB issued an accounting standard update to improve the guidance for interim reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The update also provides additional guidance on what disclosures should be provided in interim reporting periods. The new guidance adds a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The new guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The update can either be applied prospectively or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the guidance and its impact on results of operations, cash flows, or financial condition.

In September 2025, the FASB issued an accounting standard update which amends certain aspects of the accounting for and disclosure for internal-use software costs. The new guidance removes references to software development project stages so that it is neutral to different software development methods, including methods that entities may use to develop software in the future. The new guidance requires an entity to capitalize software costs when: (1) Management has authorized and committed to funding the software project and (2) It is probable that the project will be completed and the software will be used to perform the function intended (referred to as the \"probable-to-complete recognition threshold\"). In evaluating the probable-to-complete recognition threshold, an entity is required to consider whether there is significant uncertainty associated with the development activities of the software. The new guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. Entities may apply the guidance using a prospective, retrospective or modified transition approach. The Company is currently evaluating the guidance and its impact on results of operations, cash flows, or financial condition.

In November 2024, the FASB issued an accounting standard update on the disaggregated disclosure of income statement expenses. The new guidance requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. The new standard does not change the requirements for the presentation of expenses on the face of the income statement. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The new guidance will be applied prospectively with the option for retrospective application. The Company is currently evaluating the guidance and expects it to only impact disclosures with no impact to results of operations, cash flows, or financial condition.

New Accounting Pronouncement Adopted Effective December 31, 2025:

In December 2023, the FASB issued an accounting standard update on income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. The new guidance requires public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, all entities are required to disclose on an annual basis the amount of income taxes paid, net of refunds received, disaggregated by federal, state and foreign taxes, and by individual jurisdictions if the amount is equal to or greater than 5% of total income taxes paid, net of refunds received. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption was permitted. An entity should apply the amendments in the standard prospectively, even though retrospective application is permitted. The Company adopted the new standard effective December 31, 2025, on a prospective basis, which impacted disclosures only, with no impact to results of operations, cash flows, or financial condition.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

References in this report are to Marsh & McLennan Companies, Inc. and its consolidated subsidiaries (the \"Company\" or \"Marsh\"), unless the context otherwise requires. Effective January 14, 2026, the Company updated its brand name from Marsh McLennan to Marsh and the brand names of Marsh and Oliver Wyman Group businesses to Marsh Risk (\"Risk\") and Marsh Management Consulting (\"Management Consulting\"), respectively. As a result of the Company's previously announced brand change, results that were previously reported under our Guy Carpenter business will now be reported as \"Reinsurance\" and results that were previously reported as Mercer will now be reported as \"People and Investments\". Within People and Investments, results for Wealth will now be reported as \"Investments and Retirement\", Health will now be reported as \"Health and Benefits\" and Career will now be reported as \"Workforce and Rewards\". References to the Company and its businesses in this report reflect these changes.

The changes to the brand names had no impact on the Company's operating and reporting segments.

General

Marsh is a global professional services firm in the areas of risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With an annual revenue of $27.0 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective.

The Company conducts business through two segments:

•Risk and Insurance Services: risk management activities and insurance/reinsurance broking and services, conducted through Risk and Reinsurance.

•Consulting: investments and retirement, health and benefits, and workforce and rewards solutions and products, and specialized management, strategic, economic and brand consulting services conducted through People and Investments and Management Consulting.

The results of operations in the Management Discussion & Analysis (\"MD&A\") include an overview of the Company's consolidated results for the three and nine months ended September 30, 2026, compared to the corresponding periods in 2025, and should be read in conjunction with the consolidated financial statements and notes. This section also includes a discussion of the key drivers impacting the Company's financial results of operations both on a consolidated basis and by reportable segments.

We describe the primary sources of revenue and categories of expense for each reportable segment in the discussion of segment financial results. A reconciliation of segment operating income to total operating income is included in Note 18, Segment Information, in the notes to the consolidated financial statements included in Part I, Item 1, of this report.

For information and comparability of the Company's results of operations and liquidity and capital resources for the three and nine months ended September 30, 2025, refer to \"Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations\" of the Company's Form 10-Q for the quarter ended September 30, 2025.

This MD&A contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Refer to \"Information Concerning Forward-Looking Statements\" at the outset of this report.

Non-GAAP measures

The Company reports its financial results in accordance with accounting principles generally accepted in the United States (U.S.), referred to as in accordance with \"GAAP\" or \"reported\" results. The Company also refers to and presents a non-GAAP financial measure in non-GAAP revenue, within the meaning of Regulation G and Item 10(e) of Regulation S-K in accordance with the Securities Exchange Act of 1934. The Company has included a reconciliation of this non-GAAP financial measure to the most directly comparable financial measure calculated in accordance with GAAP as part of the consolidated revenue and expense discussion. Percentage changes, referred to as non-GAAP underlying revenue, are calculated by dividing the period over period change in non-GAAP revenue by the prior period non-GAAP revenue.

The Company believes this non-GAAP financial measure provides useful supplemental information that enables investors to better compare the Company’s performance across periods. Management also uses this measure internally to assess the operating performance of its businesses and to decide how to allocate resources. However, investors should not consider this non-GAAP measure in isolation from, or as a substitute for, the financial information that the Company reports in accordance with GAAP. The Company's non-GAAP measure includes adjustments that reflect how management views its businesses and may differ from similarly titled non-GAAP measures presented by other companies.

Financial Highlights

•Consolidated revenue for the three months ended September 30, 2026 was $6.9 billion, an increase of 8%, or 5% on an underlying basis. For the nine months ended September 30, 2026, consolidated revenue was $21.9 billion, an increase of 7%, or 5% on an underlying basis.

•Consolidated operating income for the three months ended September 30, 2026 was $1.2 billion, an increase of 4%, compared to the corresponding quarter in the prior year. Net income attributable to the Company was $808 million. Earnings per share on a diluted basis was $1.69, an increase of 12% compared to the corresponding quarter in the prior year. For the nine months ended September 30, 2026, consolidated operating income was $4.9 billion, a decrease of 3%, compared to the corresponding period in the prior year. Net income attributable to the Company was $3.2 billion. Earnings per share on a diluted basis was $6.68, a decrease of 1% compared to the corresponding period in the prior year.

•Risk and Insurance Services revenue for the three months ended September 30, 2026 was $4.2 billion, an increase of 7%, or 3% on an underlying basis. Operating income was $745 million, compared with $750 million for the corresponding quarter in the prior year. For the nine months ended September 30, 2026, Risk and Insurance Services revenue was $14.1 billion, an increase of 6%, or 3% on an underlying basis. Operating income was $3.5 billion, compared with $3.8 billion for the corresponding period in the prior year.

•Risk's revenue for the three months ended September 30, 2026 was $3.7 billion, an increase of 10%, or 5% on an underlying basis. For the nine months ended September 30, 2026, Risk's revenue was $11.5 billion, an increase of 8%, or 4% on an underlying basis. Reinsurance revenue for the three months ended September 30, 2026 was $374 million, a decrease of 6% on a reported and underlying basis. For the nine months ended September 30, 2026, Reinsurance revenue was $2.3 billion, flat compared to the corresponding period in the prior year and a decrease of 1% on an underlying basis.

•Consulting revenue for the three months ended September 30, 2026 was $2.7 billion, an increase of 9%, or 8% on an underlying basis. Operating income was $563 million, compared with $501 million for the corresponding quarter in the prior year. For the nine months ended September 30, 2026, Consulting revenue was $7.8 billion, an increase of 10%, or 7% on an underlying basis. Operating income was $1.6 billion, compared with $1.4 billion for the corresponding period in the prior year.

•People and Investments revenue for the three months ended September 30, 2026 was $1.7 billion, an increase of 6%, or 5% on an underlying basis. For the nine months ended September 30, 2026, People and Investments revenue was $4.9 billion, an increase of 8%, or 5% on an underlying basis. Management Consulting's revenue for the three months ended September 30, 2026 was $1.0 billion, an increase of 14% on both a reported and an underlying basis. For the nine months ended September 30, 2026, Management Consulting's revenue was $2.9 billion, an increase of 13%, or 11% on an underlying basis.

•For the three and nine months ended September 30, 2026, the Company recorded a charge of $144 million and $569 million, respectively, net of insurance proceeds, related to the Greensill settlement. Additional information on this matter is included in Note 17, Claims, Lawsuits and Other Contingencies, in the notes to the consolidated financial statements.

•In July 2026, the Company acquired the remaining 60% ownership shares in Deasterra Partners, S.L., a Spain-based insurance broker, and recorded a remeasurement gain of $126 million.

•The Company's results of operations for the three and nine months ended September 30, 2026 included restructuring costs of $79 million and $182 million, respectively, related primarily to severance, lease exit charges, and consulting and outside services.

•The Company completed 8 acquisitions in 2026 for a total purchase consideration of $550 million.

•The Company's effective tax rate for the three and nine months ended September 30, 2026 was 21.3% and 23.8%, respectively.

•In September 2026, the Company repaid a €550 million 1.349% senior note at maturity.

•The Company repurchased approximately 2.7 million shares for $500 million in the third quarter of 2026. For the nine months ended September 30, 2026, the Company repurchased 11.4 million shares for $2.0 billion.

•In September 2026, the Board of Directors of the Company declared a quarterly dividend of $0.990 per share on outstanding common stock, payable in November 2026.

* * * * *

Geopolitical, macroeconomic and other external factors, including the conflict in the Middle East and other wars and global conflicts, social unrest, tariffs or changes in trade policies, slower GDP growth or recession, fluctuations in foreign exchange rates, lower interest rates, capital markets volatility, inflation, changes in insurance premium rates and extreme weather events could impact our business, financial condition, results of operations and cash flows. For more information about these risks, please see \"Part I, Item 1A. Risk Factors\" in our annual Report on Form 10-K for the year ended December 31, 2025.

For additional details, refer to the Consolidated Results of Operations and Liquidity and Capital Resources sections in this MD&A.

Acquisitions and dispositions impacting the Risk and Insurance Services and Consulting segments are discussed in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.

Consolidated Results of Operations


	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions, except per share data)	2026		2025		2026		2025
Revenue	$	6,863			$	6,351		$	21,864	$	20,386
Expense:
Compensation and benefits	4,078			3,894			12,349		11,639
Other operating expenses	1,570			1,287			4,647		3,743
Operating expenses	5,648			5,181			16,996		15,382
Operating income	$	1,215			$	1,170		$	4,868	$	5,004






Income before income taxes	$	1,033			$	1,010		$	4,316	$	4,483
Net income before non-controlling interests	$	812			$	757		$	3,289	$	3,400



Net income attributable to the Company	$	808			$	747		$	3,220	$	3,339
Net income per share attributable to the Company:
– Basic	$	1.70			$	1.52		$	6.71	$	6.79
– Diluted	$	1.69			$	1.51		$	6.68	$	6.75



Average number of shares outstanding:
– Basic	476			491			480		492
– Diluted	479			494			482		495
Shares outstanding at September 30,	475			490			475		490

Consolidated operating income increased $45 million, or 4% to $1.2 billion for the three months ended September 30, 2026, compared to the corresponding quarter in the prior year, reflecting an 8% increase in revenue and a 9% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 7% and 9%, respectively. Revenue for Risk and Insurances Services includes a remeasurement gain of $126 million as a result of the step-up to fair value of the previously held equity method investment in Deasterra Partners, S.L. (the \"Remeasurement Gain\"). Expenses include a charge of $144 million, net of insurance proceeds, related to the Greensill settlement.

Consolidated operating income decreased $136 million, or 3% to $4.9 billion for the nine months ended September 30, 2026, compared to $5.0 billion for the corresponding period in the prior year, reflecting a 7% increase in revenue and an 10% increase in expenses. Revenue growth was driven by increases in the Risk and Insurance Services and Consulting segments of 6% and 10%, respectively. Expenses include a charge of $569 million, net of insurance proceeds, related to the Greensill settlement.

For the nine months ended September 30, 2026, foreign exchange movements associated with the weakening of the U.S. dollar increased consolidated revenue and expenses by approximately 1%, and operating income by approximately 2%.

Diluted earnings per share for the three months ended September 30, 2026 increased to $1.69 from $1.51, or 12% from the prior year, reflecting an increase in operating income. For the nine months ended September 30, 2026, diluted earnings per share decreased to $6.68 from $6.75, or 1% from the prior year, reflecting a decrease in operating income.

Consolidated Revenue and Expense

Revenue – Non-GAAP Revenue and Components of Change

The Company advises clients in 130 countries. As a result, foreign exchange rate movements may impact period over period comparisons of revenue. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period over period comparisons of revenue. Non-GAAP revenue measures the change in revenue from one period to the next by isolating these impacts on an underlying revenue basis. Percentage changes, referred to as non-GAAP underlying revenue, are calculated by dividing the period over period change in non-GAAP revenue by the prior period non-GAAP revenue.

The non-GAAP revenue measure is presented on a constant currency basis excluding the impact of foreign currency fluctuations. The Company isolates the impact of foreign exchange rate movements period over period, by translating the current period foreign currency GAAP revenue into U.S. Dollars based on the difference in the current and corresponding prior period exchange rates.

The percentage change for acquisitions, dispositions, and other includes the impact of current and prior year items excluded from the calculation of non-GAAP underlying revenue for comparability purposes. Details on these items are provided in the reconciliation of non-GAAP revenue to GAAP revenue tables.

The following tables present the Company's non-GAAP revenue for the three and nine months ended September 30, 2026 and 2025, and the related non-GAAP underlying revenue change:


Three Months Ended September 30, (In millions, except percentages)	GAAP Revenue	% Change GAAP Revenue*		Non-GAAP Revenue	Non-GAAP Underlying Revenue*
2026	2025		2026	2025
Risk and Insurance Services
Risk	$	3,726		$	3,400		10	%		$	3,554		$	3,397	5	%
Reinsurance	374		398		(6)	%		373		398		(6)	%
Subtotal	4,100		3,798		8	%		3,927		3,795		4	%
Fiduciary interest income	100		109				100		109
Total Risk and Insurance Services	4,200		3,907		7	%		4,027		3,904		3	%
Consulting
People and Investments	1,672		1,579		6	%		1,646		1,570		5	%
Management Consulting	1,013		886		14	%		1,005		887		14	%
Total Consulting	2,685		2,465		9	%		2,651		2,457		8	%
Corporate Eliminations	(22)		(21)				(22)		(21)
Total Revenue	$	6,863		$	6,351		8	%		$	6,656		$	6,340	5	%

The following table provides more detailed revenue information for certain of the components presented in the previous table:


Three Months Ended September 30, (In millions, except percentages)	GAAP Revenue	% Change GAAP Revenue*		Non-GAAP Revenue	Non-GAAP Underlying Revenue*
2026	2025		2026	2025
Risk:
EMEA	$	994		$	813		22	%	$	861		$	803	7	%
Asia Pacific	384		361		6	%		378	363		4	%
Latin America	147		137		7	%		138	138		—
Total International	1,525		1,311		16	%		1,377	1,304		6	%
U.S./Canada	2,201		2,089		5	%		2,177	2,093		4	%
Total Risk	$	3,726		$	3,400		10	%	$	3,554		$	3,397	5	%
People and Investments:
Investments and Retirement	$	762		$	705		8	%	$	749		$	695	8	%
Health and Benefits	578		555		4	%		575	550		5	%
Workforce and Rewards	332		319		4	%		322	325		(1)	%
Total People and Investments	$	1,672		$	1,579		6	%	$	1,646		$	1,570	5	%

(*) Rounded to whole percentages.


Nine Months Ended September 30, (In millions, except percentages)	GAAP Revenue	% Change GAAP Revenue*		Non-GAAP Revenue	Non-GAAP Underlying Revenue*
2026	2025		2026	2025
Risk and Insurance Services
Risk	$	11,523		$	10,702		8	%		$	11,146		$	10,677	4	%
Reinsurance	2,278		2,281		—			2,250		2,269		(1)	%
Subtotal	13,801		12,983		6	%		13,396		12,946		3	%
Fiduciary interest income	273		311				271		311
Total Risk and Insurance Services	14,074		13,294		6	%		13,667		13,257		3	%
Consulting
People and Investments	4,931		4,573		8	%		4,762		4,545		5	%
Management Consulting	2,914		2,577		13	%		2,865		2,578		11	%
Total Consulting	7,845		7,150		10	%		7,627		7,123		7	%
Corporate Eliminations	(55)		(58)				(55)		(58)
Total Revenue	$	21,864		$	20,386		7	%		$	21,239		$	20,322	5	%

The following table provides more detailed revenue information for certain of the components presented in the previous table:


Nine Months Ended September 30, (In millions, except percentages)	GAAP Revenue	% Change GAAP Revenue*		Non-GAAP Revenue	Non-GAAP Underlying Revenue*
2026	2025		2026	2025
Risk:
EMEA	$	3,265		$	2,878		13	%	$	3,030		$	2,858	6	%
Asia Pacific	1,192		1,105		8	%		1,156	1,105		5	%
Latin America	436		393		11	%		408	395		3	%
Total International	4,893		4,376		12	%		4,594	4,358		5	%
U.S./Canada	6,630		6,326		5	%		6,552	6,319		4	%
Total Risk	$	11,523		$	10,702		8	%	$	11,146		$	10,677	4	%
People and Investments:
Investments and Retirement	$	2,254		$	2,060		9	%	$	2,170		$	2,030	7	%
Health and Benefits	1,850		1,757		5	%		1,820	1,739		5	%
Workforce and Rewards	827		756		9	%		772	776		(1)	%
Total People and Investments	$	4,931		$	4,573		8	%	$	4,762		$	4,545	5	%

(*) Rounded to whole percentages.

Revenue – Reconciliation of Non-GAAP Measures

The following tables provide the reconciliation of GAAP revenue to Non-GAAP revenue for the three and nine months ended September 30, 2026 and 2025:


	2026		2025
Three Months Ended September 30, (In millions)	GAAP Revenue		Currency Impact		Acquisitions/ Dispositions/ Other Impact		Non-GAAP Revenue	GAAP Revenue		Acquisitions/ Dispositions/ Other Impact	Non-GAAP Revenue
Risk and Insurance Services
Risk	$	3,726			$	(2)		$	(170)		$	3,554		$	3,400		$	(3)	$	3,397
Reinsurance	374			(1)			—		373		398		—			398
Subtotal	4,100			(3)			(170)		3,927		3,798		(3)			3,795
Fiduciary interest income	100			—			—		100		109		—			109
Total Risk and Insurance Services	4,200			(3)			(170)		4,027		3,907		(3)			3,904
Consulting
People and Investments	1,672			(6)			(20)		1,646		1,579		(9)			1,570
Management Consulting	1,013			3			(11)		1,005		886		1			887
Total Consulting	2,685			(3)			(31)		2,651		2,465		(8)			2,457
Corporate Eliminations	(22)			—			—		(22)		(21)		—			(21)
Total Revenue	$	6,863			$	(6)		$	(201)		$	6,656		$	6,351		$	(11)	$	6,340

The following table provides more detailed revenue information for certain of the components presented in the previous table:


	2026		2025
Three Months Ended September 30, (In millions)	GAAP Revenue		Currency Impact		Acquisitions/ Dispositions/ Other Impact		Non-GAAP Revenue	GAAP Revenue		Acquisitions/ Dispositions/ Other Impact	Non-GAAP Revenue
Risk:
EMEA	$	994			$	8		$	(141)		$	861		$	813		$	(10)	$	803
Asia Pacific	384			(3)			(3)		378		361		2			363
Latin America	147			(9)			—		138		137		1			138
Total International	1,525			(4)			(144)		1,377		1,311		(7)			1,304
U.S./Canada	2,201			2			(26)		2,177		2,089		4			2,093
Total Risk	$	3,726			$	(2)		$	(170)		$	3,554		$	3,400		$	(3)	$	3,397
People and Investments:
Investments and Retirement	$	762			$	(7)		$	(6)		$	749		$	705		$	(10)	$	695
Health and Benefits	578			(1)			(2)		575		555		(5)			550
Workforce and Rewards	332			2			(12)		322		319		6			325
Total People and Investments	$	1,672			$	(6)		$	(20)		$	1,646		$	1,579		$	(9)	$	1,570

Note: Amounts in the tables above are rounded to whole numbers.


	2026		2025
Nine Months Ended September 30, (In millions)	GAAP Revenue		Currency Impact		Acquisitions/ Dispositions/ Other Impact		Non-GAAP Revenue	GAAP Revenue		Acquisitions/ Dispositions/ Other Impact	Non-GAAP Revenue
Risk and Insurance Services
Risk	$	11,523			$	(138)		$	(239)		$	11,146		$	10,702		$	(25)	$	10,677
Reinsurance	2,278			(27)			(1)		2,250		2,281		(12)			2,269
Subtotal	13,801			(165)			(240)		13,396		12,983		(37)			12,946
Fiduciary interest income	273			(2)			—		271		311		—			311
Total Risk and Insurance Services	14,074			(167)			(240)		13,667		13,294		(37)			13,257
Consulting
People and Investments	4,931			(97)			(72)		4,762		4,573		(28)			4,545
Management Consulting	2,914			(33)			(16)		2,865		2,577		1			2,578
Total Consulting	7,845			(130)			(88)		7,627		7,150		(27)			7,123
Corporate Eliminations	(55)			—			—		(55)		(58)		—			(58)
Total Revenue	$	21,864			$	(297)		$	(328)		$	21,239		$	20,386		$	(64)	$	20,322

The following table provides more detailed revenue information for certain of the components presented in the previous table:


	2026		2025
Nine Months Ended September 30, (In millions)	GAAP Revenue		Currency Impact		Acquisitions/ Dispositions/ Other Impact		Non-GAAP Revenue	GAAP Revenue		Acquisitions/ Dispositions/ Other Impact	Non-GAAP Revenue
Risk:
EMEA	$	3,265			$	(83)		$	(152)		$	3,030		$	2,878		$	(20)	$	2,858
Asia Pacific	1,192			(25)			(11)		1,156		1,105		—			1,105
Latin America	436			(28)			—		408		393		2			395
Total International	4,893			(136)			(163)		4,594		4,376		(18)			4,358
U.S./Canada	6,630			(2)			(76)		6,552		6,326		(7)			6,319
Total Risk	$	11,523			$	(138)		$	(239)		$	11,146		$	10,702		$	(25)	$	10,677
People and Investments:
Investments and Retirement	$	2,254			$	(62)		$	(22)		$	2,170		$	2,060		$	(30)	$	2,030
Health and Benefits	1,850			(25)			(5)		1,820		1,757		(18)			1,739
Workforce and Rewards	827			(10)			(45)		772		756		20			776
Total People and Investments	$	4,931			$	(97)		$	(72)		$	4,762		$	4,573		$	(28)	$	4,545

Note: Amounts in the tables above are rounded to whole numbers.

Consolidated Revenue

Consolidated revenue increased $512 million, or 8%, to $6.9 billion for the three months ended September 30, 2026, compared to $6.4 billion for the three months ended September 30, 2025. Consolidated revenue increased 5% on an underlying basis and 3% from acquisitions. On an underlying basis, revenue increased 3% and 8% for the three months ended September 30, 2026, in the Risk and Insurance Services and Consulting segments, respectively.

Consolidated revenue increased $1.5 billion, or 7%, to $21.9 billion for the nine months ended September 30, 2026, compared to $20.4 billion for the nine months ended September 30, 2025. Consolidated revenue increased 5% on an underlying basis, 1% from the impact of foreign currency translation and 1% from acquisitions. On an underlying basis, revenue increased 3% and 7% for the nine months ended September 30, 2026, in the Risk and Insurance Services and Consulting segments, respectively.

Consolidated revenue growth for the three and nine months ended September 30, 2026 reflects the continued demand for our advice and solutions.

Consolidated Operating Expenses

Consolidated operating expenses increased $467 million, or 9%, to $5.6 billion for the three months ended September 30, 2026, compared to $5.2 billion for the three months ended September 30, 2025. Expenses also reflect a 1% increase from the impact of acquisitions.

Consolidated operating expenses increased $1.6 billion, or 10%, to $17.0 billion for the nine months ended September 30, 2026, compared to $15.4 billion for the nine months ended September 30, 2025. Expenses also reflect a 1% increase from the impact of foreign currency translation and 1% from acquisitions.

Consolidated operating expenses for three and nine months ended September 30, 2026 reflect increased compensation and benefits, driven by higher base salaries and incentive compensation, and charges of $144 million and $569 million, respectively, net of insurance proceeds, related to the Greensill settlement.

Restructuring Activities

The Company incurred a total of $79 million and $182 million for restructuring costs for the three and nine months ended September 30, 2026, respectively.

In the third quarter of 2025, the Company launched a three-year program, Thrive (the \"Program\"), which focuses on brand strategy, delivering greater value to clients, accelerating growth and improving efficiency. The Company also announced the formation of Business Client Services (\"BCS\") to accelerate innovation and centralize investments in operational excellence, data, artificial intelligence and other analytics. BCS brings together operations and technology teams across the Company to improve client service through enhancing our technology and effective deployment of resources.

The Program will generate savings from process and automation efficiencies and optimization of our global operating model.

In the third quarter of 2026, the Company increased the Program cost estimates from $500 million to approximately $750 million, to be incurred over the duration of the Program. Costs include severance, technology and outside services. Total expected annualized savings increased from $400 million to approximately $600 million. The Company expects savings realized and charges incurred to be evenly distributed over the Program period.

For the three months ended September 30, 2025, costs incurred in connection with the Program were $38 million related to severance and outside services.

The Company continues to refine its detailed plans for the Program which may change the timing, expected costs, and related savings.

Additional details are included in Note 15, Restructuring Costs, in the notes to the consolidated financial statements.

Risk and Insurance Services

The Company conducts business in its Risk and Insurance Services segment through Risk and Reinsurance. Risk is an insurance broker and risk advisor, offering risk management, insurance broking, insurance program management, risk consulting, analytical modeling and alternative risk financing services to a wide range of businesses, government entities, professional service organizations and individuals in over 130 countries. Reinsurance, the Company's reinsurance intermediary and advisor, provides specialized reinsurance broking, strategic advisory and actuarial services, and analytics solutions.

The results of operations for the Risk and Insurance Services segment are as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions, except percentages)	2026		2025		2026	2025
Revenue	$	4,200		$	3,907	$	14,074	$	13,294
Compensation and benefits	2,521		2,424		7,710	7,337
Other operating expenses	934		733		2,830	2,151
Operating expenses	3,455		3,157		10,540	9,488
Operating income	$	745		$	750	$	3,534	$	3,806
Operating income margin	17.8	%		19.2	%	25.1	%	28.6	%

Revenue

Revenue in the Risk and Insurance Services segment increased $293 million, or 7%, to $4.2 billion for the three months ended September 30, 2026, compared to $3.9 billion for the three months ended September 30, 2025. Revenue increased 3% on an underlying basis and 4% from acquisitions.

Interest earned on fiduciary funds decreased $9 million to $100 million for the three months ended September 30, 2026, compared to $109 million for the three months ended September 30, 2025, due to lower average interest rates compared to the corresponding quarter in the prior year.

Revenue in the Risk and Insurance Services segment increased $780 million, or 6%, to $14.1 billion for the nine months ended September 30, 2026, compared to $13.3 billion for the nine months ended September 30, 2025. Revenue increased 3% on an underlying basis, 2% from acquisitions, and 1% from the impact of foreign currency translation.

Interest earned on fiduciary funds decreased $38 million to $273 million for the nine months ended September 30, 2026, compared to $311 million for the nine months ended September 30, 2025, due to lower average interest rates compared to the corresponding period in the prior year.

In the Risk and Insurance Services segment, underlying revenue growth for the three and nine months ended September 30, 2026 was driven by growth at Risk. Reinsurance's underlying revenue growth declined for the three and nine months ended September 30, 2026.

The underlying revenue growth at Risk for the three and nine months ended September 30, 2026 was driven by higher new business and renewal revenue, partially offset by declining insurance premium rates.

Risk's revenue increased $326 million, or 10%, to $3.7 billion for the three months ended September 30, 2026, compared to $3.4 billion for the three months ended September 30, 2025. This reflects an increase of 5% on an underlying basis and 5% from acquisitions and the remeasurement gain. U.S./Canada rose 4% on an underlying basis. Total International produced underlying revenue growth of 6%, reflecting growth of 7% in EMEA and 4% in Asia Pacific. Latin America was flat compared to the corresponding period in the prior year.

Risk's revenue increased $821 million, or 8%, to $11.5 billion for the nine months ended September 30, 2026, compared to $10.7 billion for the nine months ended September 30, 2025. This reflects an increase of 4% on an underlying basis, 2% from acquisitions, and 1% from the impact of foreign currency translation. U.S./Canada rose 4% on an underlying basis. Total International operations produced underlying revenue growth of 5%, reflecting growth of 6% in EMEA, 5% in Asia Pacific, and 3% in Latin America.

Reinsurance's revenue decreased $24 million, or 6%, to $374 million for the three months ended September 30, 2026, compared to $398 million for the three months ended September 30, 2025. On an underlying basis this reflects a decrease of 6% driven primarily by declining reinsurance premium rates.

Reinsurance's revenue was $2.3 billion for the nine months ended September 30, 2026, flat compared to the corresponding period in the prior year. This reflects a decrease of 1% on an underlying basis, offset by the impact of foreign currency translation of 1%.

The Risk and Insurance Services segment completed six acquisitions for the nine months ended September 30, 2026. Information regarding these acquisitions is included in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.

Operating Expenses

Expenses in the Risk and Insurances Services segment increased $298 million, or 9%, to $3.5 billion for the three months ended September 30, 2026, compared to $3.2 billion for the three months ended September 30, 2025. Expenses reflect an increase of 1% from acquisitions.

Expenses in the Risk and Insurances Services segment increased $1.1 billion, or 11%, to $10.5 billion for the nine months ended September 30, 2026, compared to $9.5 billion for the nine months ended September 30, 2025. Expenses reflect an increase of 1% from the impact of foreign currency translation and 1% from acquisitions.

Expenses for the three and nine months ended September 30, 2026 include charges of $144 million and $569 million, respectively, net of insurance proceeds, related to the Greensill settlement. Expenses also reflect increased compensation and benefits, driven primarily by higher base salaries.

Consulting

The Company conducts business in its Consulting segment through People and Investments and Management Consulting. People and Investments helps clients achieve their investment objectives, shape the future of work, and improve health and retirement outcomes through advice, solutions, and products. Management Consulting offers management consulting and advisory services across various industries.

The results of operations for the Consulting segment are as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions, except percentages)	2026		2025		2026	2025
Revenue	$	2,685		$	2,465	$	7,845	$	7,150
Compensation and benefits	1,523		1,429		4,522	4,190
Other operating expenses	599		535		1,733	1,547
Operating expenses	2,122		1,964		6,255	5,737
Operating income	$	563		$	501	$	1,590	$	1,413
Operating income margin	21.0	%		20.3	%	20.3	%	19.8	%

Revenue

Consulting revenue increased $220 million, or 9%, to $2.7 billion for the three months ended September 30, 2026, compared to $2.5 billion for the three months ended September 30, 2025. This reflects an increase of 8% on an underlying basis and 1% from acquisitions.

Consulting revenue increased $695 million, or 10%, to $7.8 billion for the nine months ended September 30, 2026, compared to $7.2 billion for the nine months ended September 30, 2025. This reflects an increase of 7% on an underlying basis, 2% from the impact of foreign currency translation, and 1% from acquisitions.

In Consulting, underlying revenue growth for the three and nine months ended September 30, 2026 was driven by growth in both People and Investments, and Management Consulting.

People and Investments revenue increased $93 million, or 6%, to $1.7 billion for the three months ended September 30, 2026, compared to $1.6 billion for the three months ended September 30, 2025. This reflects an increase of 5% on an underlying basis and 1% from acquisitions. On an underlying basis, revenue for Investments and Retirement increased 8%, Health and Benefits increased 5%, and Workforce and Rewards decreased 1%, as compared to the corresponding quarter in the prior year.

People and Investments revenue increased $358 million, or 8%, to $4.9 billion for the nine months ended September 30, 2026, compared to $4.6 billion for the nine months ended September 30, 2025. This reflects an increase of 5% on an underlying basis, 2% from the impact of foreign currency translation, and 1% from acquisitions. On an underlying basis, revenue for Investments and Retirement increased 7%, Health and Benefits increased 5%, and Workforce and Rewards decreased 1%, as compared to the corresponding period in the prior year.

Investments and Retirement growth was driven by investment management, primarily reflecting positive net flows from new business and the impact of capital markets. Health and Benefits reflected growth across all regions, particularly International. Workforce Rewards reflects a decline in International, partially offset by growth in the U.S.

Management Consulting's revenue increased $127 million, or 14%, to $1.0 billion for the three months ended September 30, 2026, compared to $886 million for the three months ended September 30, 2025. This reflects an increase of 14% on an underlying basis and 1% from acquisitions.

Management Consulting's revenue increased $337 million, or 13%, to $2.9 billion for the nine months ended September 30, 2026, compared to $2.6 billion for the nine months ended September 30, 2025. This reflects an increase of 11% on an underlying basis, and increases of 1% from both the impact of foreign currency translation and acquisitions.

The increase in underlying revenue growth at Management Consulting for the three and nine months ended September 30, 2026 was driven by growth in most regions.

The Consulting segment completed two acquisitions for the nine months ended September 30, 2026. Information regarding these acquisitions is included in Note 8, Acquisitions and Dispositions, in the notes to the consolidated financial statements.

Operating Expenses

Expenses in the Consulting segment increased $158 million, or 8%, to $2.1 billion for the three months ended September 30, 2026, compared to $2.0 billion for the three months ended September 30, 2025. Expenses reflect an increase of 1% from acquisitions.

Expenses in the Consulting segment increased $518 million, or 9%, to $6.3 billion for the nine months ended September 30, 2026, compared to $5.7 billion for the nine months ended September 30, 2025. Expenses reflect an increase of 2% from the impact of foreign currency translation and 1% from acquisitions.

Expenses for the three and nine months ended September 30, 2026 reflect increased compensation and benefits, driven by higher incentive compensation and base salaries.

Corporate and Other

Corporate expenses increased $12 million, or 16%, to $93 million for the three months ended September 30, 2026, compared to $81 million for the three months ended September 30, 2025. The increase primarily reflected higher restructuring costs compared to the corresponding quarter in the prior year.

Corporate expenses increased $41 million, or 19%, to $256 million for the nine months ended September 30, 2026, compared to $215 million for the nine months ended September 30, 2025. The increase primarily reflected higher restructuring and compensation and benefit costs, compared to the corresponding period in the prior year.

Interest Income

Interest income was $10 million for the three months ended September 30, 2026, consistent with the corresponding period of the prior year.

Interest income was $29 million for the nine months ended September 30, 2026, compared to $34 million for the nine months ended September 30, 2025. Interest income decreased $5 million, reflecting lower average interest rates compared to the corresponding period in the prior year.

Interest Expense

Interest expense was $248 million for the three months ended September 30, 2026, compared to $237 million for the three months ended September 30, 2025. Interest expense was $738 million for the nine months ended September 30, 2026, compared to $725 million for the nine months ended September 30, 2025.

Interest expense increased $11 million and $13 million for the three and nine months ended September 30, 2026, respectively, reflecting primarily higher short-term debt levels, compared to the corresponding periods in the prior year.

Investment Income

The caption \"Investment income\" in the consolidated statements of income comprises realized and unrealized gains and losses from investments. It includes, when applicable, other than temporary declines in the value of securities, mark-to-market increases or decreases in equity investments with readily determinable fair values and equity method gains or losses on the Company's investments in private equity funds. The Company's investments may include direct investments in insurance, consulting or other strategically linked companies and investments in private equity funds.

The Company recorded net investment income of $8 million and $9 million for the three and nine months ended September 30, 2026, respectively, compared to net investment income of $15 million and $27 million, respectively, for the corresponding periods in the prior year. The decrease in 2026 for both periods is primarily driven by lower mark-to-market gains from the Company's investments, compared to the prior year.

Income and Other Taxes

The Company's effective tax rate for the three months ended September 30, 2026 was 21.3%, compared with 25.1% for the corresponding quarter of 2025. The effective tax rates for the nine months ended September 30, 2026 and 2025 were 23.8% and 24.2%, respectively.

The tax rate in each period reflects the impact of discrete tax items such as excess tax benefits related to share-based compensation, enacted tax legislation, changes in uncertain tax positions, deferred tax adjustments, non-taxable adjustments related to contingent consideration for acquisitions, and valuation allowances for certain tax credits and attributes.

For the three and nine months ended September 30, 2026, the most significant discrete item is the tax effect of a gain from the fair value remeasurement of the Company's previously held equity method investment in Deasterra Partners, S.L., decreasing the effective tax rate by 2.8% and 0.7%, respectively. For the three and nine months ended September 30, 2025, the most significant discrete item was the excess tax benefit related to share-based payments, which reduced the effective tax rate by 0.3% and 1.0%, respectively.

The effective tax rate may vary significantly from period to period. The effective tax rate is sensitive to the geographic mix of earnings and the cost to repatriate the Company's earnings, which may result in higher or lower effective tax rates. Therefore, a shift in the mix of profits among jurisdictions, or changes in the Company's repatriation strategy to access offshore cash, can affect the effective tax rate.

In addition, losses in certain jurisdictions cannot be offset by earnings from other operations and may require valuation allowances that affect the rate in a particular period, depending on estimates of the value of associated deferred tax assets which can be realized. A valuation allowance was recorded to reduce deferred tax assets to the amount that the Company believes is more likely than not to be realized. The effective tax rate is also sensitive to changes in unrecognized tax benefits, including the impact of settled tax audits and expired statutes of limitations.

The Company has established liabilities for uncertain tax positions in relation to potential assessments in the jurisdictions in which it operates.

In 2024, the Company received closure notices and assessments from the U.K. tax authority in relation to its 2016-2020 examinations which disallowed certain interest expense deductions. The Company has appealed the assessments, and resolving this matter through litigation or alternative dispute resolution may take several years.

The Company believes the resolution of tax matters will not have a material effect on the consolidated financial position of the Company. However, an adverse resolution of tax matters could have a material impact on the Company's net income or cash flows and on its effective tax rate in a particular future period.

Changes in tax laws, rulings, policies, or related legal and regulatory interpretations occur frequently and may have significant favorable or adverse impacts on our effective tax rate.

On July 4, 2025, U.S. tax legislation was signed into law (known as the \"One Big Beautiful Bill Act\" or \"OBBBA\") which made permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act. In addition, the OBBBA made changes to certain U.S. corporate tax provisions, which are effective beginning in 2026. The enactment of the OBBBA does not have a material impact on the results from operations for the current year or future years.

The Organization for Economic Cooperation and Development (\"OECD\") provided model rules for a 15% global minimum tax, known as Pillar Two. Pillar Two has now been enacted by most key non-U.S. jurisdictions where the Company operates, including the U.K. and Ireland. Parts of the minimum tax rules were applicable for 2024, with the remaining provisions becoming fully effective for 2025. This minimum tax is treated as a period cost and does not have a material impact on the Company's financial results of operations for the current period.

While the U.S. has negotiated a \"side-by-side\" arrangement for the existing U.S. minimum taxes with the intent to exempt U.S. multinational companies from certain of the Pillar Two provisions, uncertainty remains related to the implementation of this arrangement. The Company continues to monitor legislative developments, as well as additional guidance from countries that have enacted Pillar Two legislation, and will ensure it complies with any changes.

As a U.S. domiciled parent holding company, the Company is the issuer of essentially all the Company's external indebtedness, and incurs the related interest expense in the U.S. The Company’s interest expense deductions are not currently limited. However, the Company may not be able to fully deduct intercompany interest on loans used to finance the Company's foreign operations.

Further, most senior executive and oversight functions are conducted in the U.S. and the associated costs are incurred primarily in the U.S. Some of these expenses may not be deductible in the U.S., which may impact the effective tax rate. Changes to the U.S. tax law in recent years have allowed the Company to repatriate foreign earnings without incurring additional U.S. federal income tax costs as foreign income is generally already taxed in the U.S. However, permanent reinvestment continues to be a component of the Company's global capital strategy. The Company continues to evaluate its global investment and repatriation strategy in light of our capital requirements and potential costs of repatriation, which are generally limited to local country withholding taxes.

Liquidity and Capital Resources

The Company is organized as a legal entity separate and distinct from its operating subsidiaries. As the Company does not have significant operations of its own, the Company is dependent upon dividends and other payments from its operating subsidiaries to pay principal and interest on its outstanding debt obligations, pay dividends to stockholders, repurchase its shares and pay corporate expenses. The Company can also provide financial support to its operating subsidiaries for acquisitions, investments, and certain parts of their business that require liquidity, such as the capital markets business of Reinsurance. Other sources of liquidity include borrowing facilities discussed in the Financing Cash Flows section.

The Company derives a significant portion of its revenue and operating profit from operating subsidiaries located outside of the U.S. Funds from those operating subsidiaries are regularly repatriated to the U.S. out of annual earnings. At September 30, 2026, the Company had approximately $1.7 billion of cash and cash equivalents in its foreign operations, which includes $572 million of operating funds required to be maintained for regulatory requirements or as collateral under certain captive insurance arrangements. The Company expects to continue its practice of repatriating available funds from its non-U.S. operating subsidiaries out of current annual earnings. Where appropriate, a portion of the current year earnings will continue to be permanently reinvested.

For the nine months ended September 30, 2026, the Company recorded foreign currency translation adjustments which decreased net equity by $143 million. Continued strengthening of the U.S. dollar against foreign currencies would further decrease the translated U.S. dollar value of the Company’s net investments in its non-U.S. subsidiaries, as well as the translated U.S. dollar value of cash repatriations from those subsidiaries.

Cash and cash equivalents on the consolidated balance sheets includes funds available for general corporate purposes. Fiduciary assets are shown separately in the consolidated balance sheets as cash and cash equivalents held in a fiduciary capacity, with a corresponding amount in current liabilities. Fiduciary assets cannot be used for general corporate purposes, and should not be considered as a source of liquidity for the Company.

Operating Cash Flows

The Company provided $2.3 billion of cash from operations for the nine months ended September 30, 2026, compared to $3.1 billion provided by operations for the first nine months of 2025. These amounts reflect the net income of the Company during those periods, excluding gains or losses from investments, adjusted for non-cash charges and changes in working capital which relate primarily to the timing of payments of accrued liabilities, including incentive compensation, or receipts of receivables and pension plan contributions. The Company used cash of $222 million and $138 million related to its restructuring activities for the nine months ended September 30, 2026 and 2025, respectively.

Pension Related Items

Contributions

The Company's policy for funding its tax-qualified defined benefit plans is to contribute amounts at least sufficient to meet the funding requirements set forth in accordance with applicable law.

For the three and nine months ended September 30, 2026, the Company contributed $36 million and $53 million, respectively, to its U.S. defined benefit pension plans, and $9 million and $24 million, respectively, to its non-U.S. defined benefit pension plans. For the three and nine months ended September 30, 2025, the Company contributed $9 million and $29 million, respectively, to its U.S. defined benefit pension plans and $12 million and $27 million, respectively, to its non-U.S. defined benefit pension plans.

In the U.S., contributions to the tax-qualified defined benefit plans are based on Employee Retirement Income Security Act (\"ERISA\") guidelines and the Company generally expects to maintain a funded status of 80% or more of the liability determined in accordance with the ERISA guidelines. For the three and nine months ended September 30, 2026, the Company made $27 million of required contributions to its U.S. qualified plan. The Company also made contributions of $9 million and $26 million, respectively, to its non-qualified plans. The Company expects to make approximately $8 million of additional contributions to its U.S. non-qualified plans over the remainder of 2026.

Outside the U.S., the Company has a large number of non-U.S. defined benefit pension plans, the largest of which are in the U.K., which comprise approximately 78% of non-U.S. plan assets at December 31, 2025. Contribution rates for non-U.S. plans are generally based on local funding practices and statutory requirements, which may differ significantly from measurements in accordance with U.S. GAAP.

In the U.K., the assumptions used to determine pension contributions are the result of legally-prescribed negotiations between the Company and the plans' trustee that typically occur every three years in conjunction with the actuarial valuation of the plans. Currently, this results in a lower funded status compared to U.S. GAAP and may result in contributions irrespective of the U.S. GAAP funded status.

The MMC U.K. Pension Fund has four segregated defined benefit sections, all in a surplus funding position at December 31, 2024. Based on that funding position, an agreement was reached with the trustee in the fourth quarter of 2025 that no deficit funding will be required to any of the defined benefit sections until 2029 at the earliest, following the completion in 2028 of the December 31, 2027 valuation. The Company’s prior agreement to support certain annual deficit contributions that may have been required by U.K. operating companies under certain circumstances, expiring on December 31, 2025, was not renewed in January 2026 due to the improved surplus funding position.

The Company expects to fund an additional $15 million to its non-U.S. defined benefit plans over the remainder of 2026, mainly to plans outside of the U.K.

Financing Cash Flows

Net cash used by financing activities was $1.8 billion for the nine months ended September 30, 2026, compared with $2.6 billion used for financing activities for the corresponding period in 2025.

Credit Facilities

The Company maintains other credit and overdraft facilities with various financial institutions aggregating $118 million and $122 million at September 30, 2026 and December 31, 2025, respectively. There were no outstanding borrowings under these facilities at September 30, 2026 and December 31, 2025.

The Company also has outstanding guarantees and letters of credit with various banks aggregating $141 million and $150 million at September 30, 2026 and December 31, 2025, respectively.

Debt

In September 2026 the Company repaid a €550 million 1.349% senior note at maturity.

In March 2026, the Company repaid $600 million of 3.750% senior notes at maturity.

In February 2026, the Company issued $600 million of 4.950% senior notes due 2036. The Company used the net proceeds from these issuances for general corporate purposes.

In March 2025, the Company repaid $500 million of 3.500% senior notes at maturity.

The Company's senior debt is currently rated A- by Standard & Poor's (\"S&P\"), A3 by Moody's and A- by Fitch. The Company's short-term debt is currently rated A-2 by S&P, P-2 by Moody's and F-2 by Fitch. The Company carries a Stable outlook with S&P, Moody's and Fitch.

Share Repurchases

The Company has a share repurchase program authorized by the Board of Directors.

In November 2025, the Board of Directors authorized the Company to repurchase up to $6 billion of the Company’s common stock, which superseded any prior authorizations.

For the nine months ended September 30, 2025, the Company repurchased 4.6 million shares of its common stock for $1.0 billion.

Dividends

The Company paid dividends on its common stock shares of $1.4 billion ($2.79 per share) for the nine months ended September 30, 2026, compared with $1.3 billion ($2.53 per share) for the first nine months of 2025.

In September 2026, the Board of Directors of the Company declared a quarterly dividend of $0.990 per share on outstanding common stock, payable in November 2026.

Contingent and Deferred Payments Related to Acquisitions

The classification of contingent consideration in the consolidated statements of cash flows is dependent upon whether the receipt, payment, or adjustment was part of the initial liability established on the acquisition date (financing) or an adjustment to the acquisition date liability (operating).

The following amounts are included in the consolidated statements of cash flows as operating and financing activities:


For the Nine Months Ended September 30,
(In millions)	2026		2025
Operating:
Contingent consideration payments for prior year acquisitions	$	(59)			$	(27)

Acquisition/disposition related net charges for adjustments	28			45


Adjustments and payments related to contingent consideration	$	(31)			$	18
Financing:
Contingent consideration for prior year acquisitions	$	(44)			$	(11)
Deferred consideration for prior year acquisitions	(101)			(53)
Payments of deferred and contingent consideration for acquisitions	$	(145)			$	(64)

Receipt of deferred and contingent consideration for dispositions	$	12			$	—

For acquisitions completed during the first nine months of 2026 and in prior years, remaining estimated future contingent payments of $248 million and deferred consideration payments of $85 million, are recorded in accounts payable and accrued liabilities or other liabilities in the consolidated balance sheets at September 30, 2026.

Derivatives - Net Investment Hedge

The U.S. dollar value of the Euro denominated debt decreased by $38 million through September 30, 2026, related to the change in foreign exchange rates. The Company concluded that the hedge was highly effective and recorded a decrease to accumulated other comprehensive loss for the nine months ended September 30, 2026.

Purchase of remaining ownership interests

In June 2026, the Company made a payment for the purchase of the remaining interest in a subsidiary for $54 million, which was completed in July 2026.

Fiduciary Liabilities

Since fiduciary assets are not available for corporate use, they are shown separately in the consolidated balance sheets as cash and cash equivalents held in a fiduciary capacity, with a corresponding amount in current liabilities. Financing cash flows reflect an increase of $869 million and an increase of $231 million for the nine months ended September 30, 2026 and 2025, respectively, related to fiduciary liabilities.

Investing Cash Flows

Net cash used for investing activities amounted to $493 million for the first nine months of 2026, compared with $322 million used for investing activities for the corresponding period in 2025.

The Company paid $263 million and $224 million, net of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity acquired, for acquisitions it made in the first nine months of 2026 and 2025, respectively, including the Company's acquisition of the remaining 60% ownership shares in Deasterra Partners, S.L., in July 2026.

The Company's additions to fixed assets and capitalized software for the nine months ended September 30, 2026 and 2025, amounted to $215 million and $186 million, respectively, related primarily to software development costs, the refurbishing and modernizing of office facilities, and technology equipment purchases.

Cash from the sale of long-term investments for the nine months ended September 30, 2025 is primarily due to the disposal of an investment in a unit trust fund.

Cash used for long-term investments for the nine months ended September 30, 2026 is due to investments in private equity funds. At September 30, 2026, the Company has commitments for potential future investments of approximately $201 million in private equity funds that invest primarily in financial services companies.

Commitments and Obligations

The following sets forth the Company’s future contractual obligations by the type at September 30, 2026:


	Payment due by Period
(In millions)	Total		Within 1 Year		1-3 Years		4-5 Years	After 5 Years
Commercial paper	$	1,623			$	1,623		$	—	$	—	$	—


Current portion of long-term debt	20			20			—		—	—
Long-term debt	19,040			—			2,794		2,426	13,820
Interest on long-term debt	12,490			901			1,678		1,458	8,453
Net operating leases	2,072			388			605		438	641
Service agreements	426			169			176		81	—
Other long-term obligations (a)	434			138			258		37	1


Total	$	36,105			$	3,239		$	5,511	$	4,440	$	22,915

(a)Primarily reflects the future payments of deferred and contingent purchase consideration.

The table does not include the liability for unrecognized tax benefits of $117 million as the Company is unable to reasonably predict the timing of settlement of these liabilities, other than approximately $63 million that may become payable within one year.

Management’s Discussion of Critical Accounting Policies and Estimates

The Company’s discussion of critical accounting policies and estimates that place the most significant demands on management’s judgment and requires management to make significant estimates about matters that are inherently uncertain are discussed in the MD&A in the 2025 Form 10-K.

New Accounting Pronouncements

Note 19, New Accounting Pronouncements, in the notes to the consolidated financial statements in this report, contains a discussion of recently issued accounting guidance and their impact or potential future impact on the Company’s financial results, if determinable.

Item 3.Quantitative and Qualitative Disclosures About Market Risk.

Market Risk and Credit Risk

Certain of the Company’s revenues, expenses, assets and liabilities are exposed to the impact of interest rate changes and fluctuations in foreign currency exchange rates and equity markets.

Interest Rate Risk and Credit Risk

Interest income generated from the Company's cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity will vary with the general level of interest rates.

The Company had the following investments subject to variable interest rates:


(In millions)	September 30, 2026	December 31, 2025
Cash and cash equivalents	$	1,842	$	2,687
Cash and cash equivalents held in a fiduciary capacity	$	12,273	$	11,473

Based on the above balances at September 30, 2026, if short-term interest rates increased or decreased by 10%, or 32 basis points, for the year, annual interest income, including interest earned on cash and cash equivalents held in a fiduciary capacity, would increase or decrease by approximately $11 million.

Changes in interest rates can also affect the discount rate and assumed rate of return on plan assets, two of the assumptions among several others used to measure net periodic pension cost. The assumptions used to measure plan assets and liabilities are typically assessed at the end of each year, and determine the expense for the subsequent year. Assumptions used to determine net periodic cost for 2026 are discussed in Note 8, Retirement Benefits, in the notes to the consolidated financial statements included in our most recently filed Annual Report on Form 10-K. For a discussion on pension expense sensitivity to changes in these rates, see the \"Management’s Discussion and Analysis of Financial Condition and Results of Operations - Management’s Discussion of Critical Accounting Estimates - Retirement Benefits\" section of our most recently filed Annual Report on Form 10-K.

In addition to interest rate risk, our cash investments and fiduciary cash investments are subject to potential loss of value due to counter-party credit risk. To minimize this risk, the Company and its subsidiaries invest pursuant to a Board-approved investment policy. The policy mandates the preservation of principal and liquidity and requires broad diversification with counter-party limits assigned based primarily on credit rating and type of investment. The Company carefully monitors its cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity, and will further restrict the portfolio as appropriate to market conditions. The majority of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity are invested in bank or short-term time deposits and liquid money market funds.

Foreign Currency Risk

The translated values of revenue and expense from the Company’s international operations are subject to fluctuations due to changes in currency exchange rates. The non-U.S. based revenue that is exposed to foreign exchange fluctuations is approximately 52% of total revenue. We periodically use forward contracts and options to limit foreign currency exchange rate exposure on net income and cash flows for specific, clearly defined transactions arising in the ordinary course of business. Although the Company has significant revenue generated in foreign locations which is subject to foreign exchange rate fluctuations, in most cases both the foreign currency revenue and expense are in the functional currency of the foreign location. As such, under normal circumstances, the U.S. dollar translation of both the revenue and expense, as well as the potentially offsetting movements of various currencies against the U.S. dollar, generally tend to mitigate the impact on net operating income of foreign currency risk.

However, there have been periods where the impact was not mitigated due to external market factors, and external macroeconomic events may result in greater foreign exchange rate fluctuations in the future. If foreign exchange rates of major currencies (Euro, British Pound, Australian Dollar and Canadian Dollar) moved 10% in the same direction against the U.S. dollar that held constant over the course of the year, the Company estimates that full year net operating income would increase or decrease by approximately $129 million. The Company has exposure to approximately 80 foreign currencies. If exchange rates at September 30, 2026, hold constant for the rest of 2026, the Company estimates the year-over-year impact from the conversion of foreign currency earnings will increase full year net operating income by approximately $93 million.

In Continental Europe, the largest amount of revenue from renewals for the Risk and Insurance Services segment occurs in the first quarter.

Equity Price Risk

The Company has investments in certain private equity funds as well as in public and private companies of approximately $327 million that are accounted for using the equity method of accounting. The Company also holds investments of approximately $27 million that are valued using readily determinable fair values and approximately $16 million of investments without readily determinable fair values. The Company's investments are subject to the risk of decline in market value, which, if determined to be other than temporary, could result in realized impairment losses. The Company periodically reviews the carrying value of such investments to determine if any valuation adjustments are appropriate under the applicable accounting pronouncements.

Other

A number of lawsuits and regulatory proceedings are pending. Refer to Note 17, Claims, Lawsuits and Other Contingencies, in the notes to the consolidated financial statements included in this report.

Item 4. Controls & Procedures.

a. Evaluation of Disclosure Controls and Procedures

Based on their evaluation, as of the end of the period covered by this report, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934) are effective.

b. Changes in Internal Control

There were no changes in the Company’s internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) or 15d-15(d) under the Securities Exchange Act of 1934 that occurred during the Company’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

The Company and its subsidiaries are party to a variety of other legal, administrative, regulatory and government proceedings, claims and inquiries arising in the normal course of business.

Additional information regarding certain legal proceedings and related matters as set forth in Note 17, Claims, Lawsuits and Other Contingencies, in the notes to the consolidated financial statements provided in Part I of this report is incorporated herein by reference.

Item 1A. Risk Factors.

The Company and its subsidiaries face a number of risks and uncertainties. In addition to the other information in this report and our other filings with the SEC, readers should consider carefully the risk factors discussed in \"Part I, Item 1A. Risk Factors\" in our Annual Report on Form 10-K for the year ended December 31, 2025.

If any of the risks described in our Annual Report on Form 10-K or such other risks actually occur, our business, results of operations or financial condition could be materially adversely affected.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Issuer Repurchases of Equity Securities


Period	(a) Total Number of Shares (or Units) Purchased	(b) Average Price Paid per Share (or Unit)		(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
July 1 - 31, 2026	1,371,331		$	180.1158		1,371,331	$	3,928,347,890
August 1 - 31, 2026	1,073,649		$	190.3605		1,073,649	$	3,723,967,573
September 1 - 30, 2026	264,299		$	183.9630		264,299	$	3,675,346,330
Total	2,709,279		$	184.5509		2,709,279	$	3,675,346,330

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosure.

Not Applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

See the Exhibit Index immediately following the signature page of this report, which is incorporated herein by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Date:	October 15, 2026	/s/ Mark C. McGivney
		Mark C. McGivney
		Executive Vice President, Chief Operating Officer and Chief Financial Officer

Date:	October 15, 2026	/s/ Stacy M. Mills
		Stacy M. Mills
		Vice President & Controller
		(Chief Accounting Officer)

EXHIBIT INDEX


Exhibit No.		Exhibit Name

31.1		Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

31.2		Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer

32.1		Section 1350 Certifications

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101.SCH		XBRL Taxonomy Extension Schema

101.CAL		XBRL Taxonomy Extension Calculation Linkbase

101.DEF		XBRL Taxonomy Extension Definition Linkbase

101.LAB		XBRL Taxonomy Extension Label Linkbase

101.PRE		XBRL Taxonomy Extension Presentation Linkbase

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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