Subtext

Marsh & McLennan Companies, Inc. MMC

SectorFinancials
Transcripts70
Date range2008-02-12 – 2025-04-17
Calls charted70

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-17-8+0+8+172007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q4 · Overall: +7.82008 Q1 · Overall: +0.72008 Q2 · Overall: +8.82008 Q3 · Overall: -0.62008 Q4 · Overall: +8.32009 Q1 · Overall: +6.32009 Q2 · Overall: +3.82009 Q3 · Overall: +11.62009 Q4 · Overall: +6.02010 Q1 · Overall: +8.32010 Q2 · Overall: +10.62010 Q3 · Overall: +8.02010 Q4 · Overall: +12.32011 Q1 · Overall: +12.62011 Q2 · Overall: +14.52011 Q3 · Overall: +12.62011 Q4 · Overall: +10.12012 Q1 · Overall: +14.62012 Q2 · Overall: +6.62012 Q3 · Overall: +5.62012 Q4 · Overall: +8.92013 Q1 · Overall: +11.72013 Q2 · Overall: +10.12013 Q3 · Overall: +8.52013 Q4 · Overall: +11.72014 Q1 · Overall: +11.42014 Q2 · Overall: +6.72014 Q3 · Overall: +6.42014 Q4 · Overall: +8.72015 Q1 · Overall: +11.42015 Q2 · Overall: +11.72015 Q3 · Overall: +13.02015 Q4 · Overall: +9.72016 Q1 · Overall: +9.22016 Q2 · Overall: +5.92016 Q3 · Overall: +10.22016 Q4 · Overall: +13.02017 Q1 · Overall: +12.12017 Q2 · Overall: +10.92017 Q3 · Overall: -7.22017 Q4 · Overall: +5.82018 Q1 · Overall: +7.12018 Q2 · Overall: +7.02018 Q3 · Overall: +6.72018 Q4 · Overall: +11.52019 Q1 · Overall: +4.52019 Q2 · Overall: +2.02019 Q3 · Overall: +5.32019 Q4 · Overall: +5.92020 Q1 · Overall: -6.72020 Q2 · Overall: -6.52020 Q3 · Overall: +0.72020 Q4 · Overall: +3.72021 Q1 · Overall: +7.42021 Q2 · Overall: +13.42021 Q3 · Overall: +6.02021 Q4 · Overall: +11.42022 Q1 · Overall: +9.12022 Q2 · Overall: +2.92022 Q3 · Overall: +5.92022 Q4 · Overall: +6.02023 Q1 · Overall: +9.62023 Q2 · Overall: +10.82023 Q3 · Overall: +4.42023 Q4 · Overall: +10.12024 Q1 · Overall: +11.52024 Q2 · Overall: +3.42024 Q3 · Overall: +3.52024 Q4 · Overall: +4.62025 Q1 · Overall: -1.7
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-61-31+0+31+612007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q4 · CEO: +2.12008 Q1 · CEO: +1.02008 Q2 · CEO: +16.42008 Q3 · CEO: +1.92008 Q4 · CEO: +19.12009 Q1 · CEO: +12.72009 Q2 · CEO: +10.72009 Q3 · CEO: +16.42010 Q1 · CEO: +8.22010 Q2 · CEO: +14.72010 Q3 · CEO: +8.42010 Q4 · CEO: +12.32011 Q1 · CEO: +19.82011 Q2 · CEO: +22.32011 Q3 · CEO: +12.32011 Q4 · CEO: +17.12012 Q1 · CEO: +19.32012 Q2 · CEO: +10.12012 Q3 · CEO: +9.02012 Q4 · CEO: +12.72013 Q1 · CEO: +13.62013 Q2 · CEO: +15.82013 Q3 · CEO: +15.22013 Q4 · CEO: +12.42014 Q1 · CEO: +14.42014 Q2 · CEO: +11.92014 Q3 · CEO: +6.92014 Q4 · CEO: +10.62015 Q1 · CEO: +15.42015 Q2 · CEO: +14.52016 Q1 · CEO: +5.52016 Q2 · CEO: +6.32016 Q3 · CEO: +8.62016 Q4 · CEO: +15.42017 Q1 · CEO: +9.02017 Q2 · CEO: +13.82017 Q3 · CEO: -11.72017 Q4 · CEO: +4.62018 Q1 · CEO: +0.82018 Q2 · CEO: +5.12018 Q3 · CEO: +10.42018 Q4 · CEO: +13.62019 Q1 · CEO: +7.12019 Q2 · CEO: +3.12019 Q3 · CEO: +8.32019 Q4 · CEO: +12.82020 Q1 · CEO: -7.62020 Q2 · CEO: -3.72020 Q3 · CEO: +0.72020 Q4 · CEO: +4.92021 Q1 · CEO: +10.02021 Q2 · CEO: +15.02021 Q3 · CEO: +10.42021 Q4 · CEO: +9.62022 Q1 · CEO: +13.92022 Q2 · CEO: +5.52022 Q3 · CEO: +12.72022 Q4 · CEO: +9.72023 Q1 · CEO: +12.52023 Q2 · CEO: +11.72023 Q3 · CEO: +5.12023 Q4 · CEO: +9.92024 Q1 · CEO: +11.42024 Q2 · CEO: +3.12024 Q3 · CEO: +3.92024 Q4 · CEO: +3.82025 Q1 · CEO: -5.12007 Q4 · CFO: +5.72008 Q4 · CFO: -6.82009 Q1 · CFO: +9.02009 Q2 · CFO: -3.62009 Q3 · CFO: +12.32009 Q4 · CFO: +9.42010 Q1 · CFO: +20.12010 Q2 · CFO: +9.52010 Q3 · CFO: +15.42010 Q4 · CFO: +22.62011 Q1 · CFO: +7.42011 Q2 · CFO: +6.62011 Q3 · CFO: +8.42011 Q4 · CFO: -7.32012 Q1 · CFO: +11.82012 Q2 · CFO: -0.82012 Q3 · CFO: +0.52012 Q4 · CFO: +8.12013 Q1 · CFO: +17.02013 Q2 · CFO: +3.82013 Q3 · CFO: +1.82013 Q4 · CFO: +8.82014 Q1 · CFO: +12.42014 Q2 · CFO: +8.12014 Q3 · CFO: +4.42014 Q4 · CFO: +10.92015 Q1 · CFO: +13.92015 Q2 · CFO: +8.12015 Q3 · CFO: +11.12015 Q4 · CFO: +14.72016 Q1 · CFO: +3.82016 Q2 · CFO: -0.72016 Q3 · CFO: +5.02016 Q4 · CFO: +12.52017 Q1 · CFO: +15.12017 Q2 · CFO: +11.42017 Q3 · CFO: -3.52017 Q4 · CFO: +8.42018 Q1 · CFO: +11.82018 Q2 · CFO: +12.02018 Q3 · CFO: +3.22018 Q4 · CFO: +7.22019 Q1 · CFO: +8.82019 Q2 · CFO: +4.32019 Q3 · CFO: +11.62019 Q4 · CFO: +12.42020 Q1 · CFO: +5.82020 Q2 · CFO: -3.82020 Q3 · CFO: +0.62020 Q4 · CFO: +27.52021 Q1 · CFO: +31.92021 Q2 · CFO: +53.42021 Q3 · CFO: +19.82021 Q4 · CFO: +22.32022 Q1 · CFO: +23.42022 Q2 · CFO: +12.82022 Q3 · CFO: +12.82022 Q4 · CFO: +15.92023 Q1 · CFO: +17.42023 Q2 · CFO: +18.42023 Q3 · CFO: +18.92023 Q4 · CFO: +21.22024 Q1 · CFO: +21.02024 Q2 · CFO: +15.02024 Q3 · CFO: +14.52024 Q4 · CFO: +9.42025 Q1 · CFO: +7.4
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-49-25+0+25+492007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q4 · Prepared remarks: +11.12008 Q1 · Prepared remarks: +6.32008 Q2 · Prepared remarks: +17.72008 Q3 · Prepared remarks: +5.52008 Q4 · Prepared remarks: +9.92009 Q1 · Prepared remarks: +20.02009 Q2 · Prepared remarks: +8.12009 Q3 · Prepared remarks: +20.42009 Q4 · Prepared remarks: +20.12010 Q1 · Prepared remarks: +24.02010 Q2 · Prepared remarks: +11.62010 Q3 · Prepared remarks: +18.92010 Q4 · Prepared remarks: +26.92011 Q1 · Prepared remarks: +13.22011 Q2 · Prepared remarks: +26.02011 Q3 · Prepared remarks: +21.82011 Q4 · Prepared remarks: +10.72012 Q1 · Prepared remarks: +31.92012 Q2 · Prepared remarks: +21.52012 Q3 · Prepared remarks: +21.12012 Q4 · Prepared remarks: +18.72013 Q1 · Prepared remarks: +12.22013 Q2 · Prepared remarks: +23.82013 Q3 · Prepared remarks: +18.52013 Q4 · Prepared remarks: +23.62014 Q1 · Prepared remarks: +25.32014 Q2 · Prepared remarks: +16.32014 Q3 · Prepared remarks: +10.22014 Q4 · Prepared remarks: +17.72015 Q1 · Prepared remarks: +17.92015 Q2 · Prepared remarks: +15.62015 Q3 · Prepared remarks: +21.92015 Q4 · Prepared remarks: +12.52016 Q1 · Prepared remarks: +9.52016 Q2 · Prepared remarks: +6.52016 Q3 · Prepared remarks: +13.32016 Q4 · Prepared remarks: +15.22017 Q1 · Prepared remarks: +19.62017 Q2 · Prepared remarks: +15.92017 Q3 · Prepared remarks: -9.62017 Q4 · Prepared remarks: +6.92018 Q1 · Prepared remarks: +7.52018 Q2 · Prepared remarks: +8.52018 Q3 · Prepared remarks: +13.12018 Q4 · Prepared remarks: +15.52019 Q1 · Prepared remarks: +14.52019 Q2 · Prepared remarks: +11.72019 Q3 · Prepared remarks: +15.82019 Q4 · Prepared remarks: +18.12020 Q1 · Prepared remarks: -1.22020 Q2 · Prepared remarks: -9.42020 Q3 · Prepared remarks: +2.32020 Q4 · Prepared remarks: +13.42021 Q1 · Prepared remarks: +34.82021 Q2 · Prepared remarks: +42.82021 Q3 · Prepared remarks: +12.92021 Q4 · Prepared remarks: +20.32022 Q1 · Prepared remarks: +11.02022 Q2 · Prepared remarks: +10.22022 Q3 · Prepared remarks: +21.42022 Q4 · Prepared remarks: +16.42023 Q1 · Prepared remarks: +16.32023 Q2 · Prepared remarks: +17.92023 Q3 · Prepared remarks: +12.22023 Q4 · Prepared remarks: +12.82024 Q1 · Prepared remarks: +14.32024 Q2 · Prepared remarks: +11.02024 Q3 · Prepared remarks: +9.12024 Q4 · Prepared remarks: +11.12025 Q1 · Prepared remarks: -4.22007 Q4 · Q&A responses: +1.02008 Q1 · Q&A responses: -2.92008 Q2 · Q&A responses: +5.92008 Q3 · Q&A responses: -3.02008 Q4 · Q&A responses: +2.42009 Q1 · Q&A responses: +4.52009 Q2 · Q&A responses: +3.42009 Q3 · Q&A responses: +11.22009 Q4 · Q&A responses: +1.72010 Q1 · Q&A responses: -1.92010 Q3 · Q&A responses: +3.22010 Q4 · Q&A responses: +7.42011 Q1 · Q&A responses: +20.82011 Q2 · Q&A responses: +12.22011 Q3 · Q&A responses: +11.32012 Q1 · Q&A responses: +15.42012 Q2 · Q&A responses: +2.72012 Q3 · Q&A responses: +1.62012 Q4 · Q&A responses: +7.12013 Q1 · Q&A responses: +32.52013 Q2 · Q&A responses: +8.72013 Q3 · Q&A responses: +8.02013 Q4 · Q&A responses: +7.52014 Q1 · Q&A responses: +9.62014 Q2 · Q&A responses: +6.12014 Q3 · Q&A responses: +2.52014 Q4 · Q&A responses: +5.92015 Q1 · Q&A responses: +11.92015 Q2 · Q&A responses: +11.32015 Q3 · Q&A responses: +9.82015 Q4 · Q&A responses: +9.52016 Q2 · Q&A responses: +5.92016 Q3 · Q&A responses: +9.02016 Q4 · Q&A responses: +13.42017 Q1 · Q&A responses: +11.02017 Q2 · Q&A responses: +9.02017 Q3 · Q&A responses: -4.42017 Q4 · Q&A responses: +6.12018 Q2 · Q&A responses: +10.22018 Q3 · Q&A responses: +4.72018 Q4 · Q&A responses: +11.22019 Q1 · Q&A responses: +3.82019 Q2 · Q&A responses: -0.42019 Q3 · Q&A responses: +4.02019 Q4 · Q&A responses: +4.32020 Q1 · Q&A responses: -7.92020 Q2 · Q&A responses: +0.02020 Q3 · Q&A responses: +1.32020 Q4 · Q&A responses: +4.72021 Q1 · Q&A responses: +6.42021 Q2 · Q&A responses: +11.22021 Q3 · Q&A responses: +5.12021 Q4 · Q&A responses: +7.92022 Q1 · Q&A responses: +12.02022 Q2 · Q&A responses: +0.32022 Q3 · Q&A responses: -0.22022 Q4 · Q&A responses: +5.42023 Q1 · Q&A responses: +11.12023 Q2 · Q&A responses: +10.92023 Q3 · Q&A responses: +2.72023 Q4 · Q&A responses: +13.72024 Q1 · Q&A responses: +14.32024 Q2 · Q&A responses: +2.02024 Q3 · Q&A responses: +4.92024 Q4 · Q&A responses: +1.92025 Q1 · Q&A responses: +2.6
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$2.33$6.16$10.002007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: $2.862014 Q2: $2.942014 Q3: $3.032014 Q4: $3.132015 Q1: $3.142015 Q2: $3.212015 Q3: $3.292015 Q4: $3.352016 Q1: $3.442016 Q2: $3.582016 Q3: $3.662016 Q4: $3.722017 Q1: $3.852017 Q2: $4.002017 Q3: $4.092017 Q4: $4.182018 Q1: $4.452018 Q2: $4.572018 Q3: $4.582018 Q4: $4.672019 Q1: $4.762019 Q2: $4.842019 Q3: $4.982019 Q4: $5.102020 Q1: $5.212020 Q2: $4.842020 Q3: $5.032020 Q4: $5.222021 Q1: $5.452021 Q2: $5.872021 Q3: $6.422021 Q4: $6.722022 Q1: $6.892022 Q2: $7.172022 Q3: $7.292022 Q4: $7.432023 Q1: $7.762023 Q2: $8.022023 Q3: $8.362023 Q4: $8.682024 Q1: $8.822024 Q2: $9.122024 Q3: $9.322024 Q4: $9.47

Forward P/E

14.7420.4526.152007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: 17.352014 Q2: 17.702014 Q3: 17.502014 Q4: 18.212015 Q1: 18.392015 Q2: 18.452015 Q3: 16.602015 Q4: 17.112016 Q1: 17.122016 Q2: 18.232016 Q3: 18.002016 Q4: 18.422017 Q1: 19.342017 Q2: 19.902017 Q3: 19.982017 Q4: 19.952018 Q1: 18.842018 Q2: 18.002018 Q3: 18.602018 Q4: 17.172019 Q1: 19.272019 Q2: 20.232019 Q3: 20.422019 Q4: 21.872020 Q1: 15.532020 Q2: 22.432020 Q3: 23.622020 Q4: 22.442021 Q1: 21.852021 Q2: 23.802021 Q3: 24.752021 Q4: 25.362022 Q1: 22.942022 Q2: 20.682022 Q3: 21.792022 Q4: 23.202023 Q1: 19.862023 Q2: 22.212023 Q3: 23.552023 Q4: 23.262024 Q1: 23.562024 Q2: 23.342024 Q3: 24.262024 Q4: 22.16

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q2 tone ↓ -4.6 fwd EPS ↑ +0.08 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q4 tone ↓ -3.2 fwd EPS ↑ +0.06 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q2 tone ↓ -3.3 fwd EPS ↑ +0.14 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q3 tone ↓ -18.1 fwd EPS ↑ +0.09 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q1 tone ↓ -7.0 fwd EPS ↑ +0.09 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q2 tone ↓ -2.4 fwd EPS ↑ +0.08 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -12.6 fwd EPS ↑ +0.11 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q3 tone ↓ -7.5 fwd EPS ↑ +0.54 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q1 tone ↓ -2.2 fwd EPS ↑ +0.17 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -6.2 fwd EPS ↑ +0.29 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q3 tone ↓ -6.4 fwd EPS ↑ +0.34 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q2 tone ↓ -8.1 fwd EPS ↑ +0.29 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-17-1.7——View →
2024 Q42025-01-30+4.6$9.4722.2View →
2024 Q32024-10-17+3.5$9.3224.3View →
2024 Q22024-07-18+3.4$9.1223.3View →
2024 Q12024-04-18+11.5$8.8223.6View →
2023 Q42024-01-25+10.1$8.6823.3View →
2023 Q32023-10-19+4.4$8.3623.6View →
2023 Q22023-07-20+10.8$8.0222.2View →