MRSH — what changed in the latest 10-Q
A section-by-section comparison of MRSH's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-21 vs the prior 10-Q · 2026-04-16
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +69 | −44 | ~41 | 57 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~5 | 7 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Risk factors | No paragraph-level changes | 0 | 0 | 0 | 2 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-21
•Consolidated revenue for the three months ended June 30, 2026 was $7.4 billion, an increase of 6%, or 5% on an underlying basis. For the six months ended June 30, 2026, consolidated revenue was $15.0 billion, an increase of 7%, or 4% on an underlying basis.
•Consolidated operating income for the three months ended June 30, 2026 was $1.9 billion, an increase of 4%, compared to the corresponding quarter in the prior year. Net income attributable to the Company was $1.3 billion. Earnings per share on a diluted basis was $2.63, an increase of 7% compared t…
•Risk and Insurance Services revenue for the three months ended June 30, 2026 was $4.8 billion, an increase of 4%, or 3% on an underlying basis. Operating income was $1.5 billion, compared with $1.4 billion for the corresponding quarter in the prior year. For the six months ended June 30, 2026, Risk…
•Marsh Risk's revenue for the three months ended June 30, 2026 was $4.1 billion, an increase of 6%, or 4% on an underlying basis. For the six months ended June 30, 2026, Marsh Risk's revenue was $7.8 billion, an increase of 7%, or 4% on an underlying basis. Guy Carpenter's revenue for the three mont…
•Consulting revenue for the three months ended June 30, 2026 was $2.6 billion, an increase of 10%, or 8% on an underlying basis. Operating income was $502 million, compared with $456 million for the corresponding quarter in the prior year. For the six months ended June 30, 2026, Consulting revenue w…
Text removed vs the prior filing · source: 10-Q · 2026-04-16
•Consolidated revenue for the three months ended March 31, 2026 was $7.6 billion, an increase of 8%, or 4% on an underlying basis.
•Consolidated operating income for the three months ended March 31, 2026 was $1.8 billion, a decrease of 12%, compared to the corresponding period in the prior year. Net income attributable to the Company was $1.1 billion. Earnings per share on a diluted basis was $2.36, a decrease of 15%, compared …
•Risk and Insurance Services revenue for the three months ended March 31, 2026 was $5.1 billion, an increase of 6%, or 3% on an underlying basis. Operating income was $1.3 billion, compared with $1.6 billion for the corresponding period in the prior year.
•Marsh Risk's revenue for the three months ended March 31, 2026 was $3.7 billion, an increase of 8%, or 4% on an underlying basis. Guy Carpenter's revenue for the three months ended March 31, 2026 was $1.2 billion, an increase of 3%, or 2% on an underlying basis.
•Consulting revenue for the three months ended March 31, 2026 was $2.6 billion, an increase of 11%, or 5% on an underlying basis. Operating income was $525 million, compared with $456 million for the corresponding period in the prior year.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice