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Stocks / United States / MRSH · Insurance Agents, Brokers & Service · NYSE

Marsh & Mclennan Companies, Inc. (MRSH)

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Marsh & Mclennan Companies, Inc. (MRSH) reported revenue of $7.4 billion for Q2 FY2026, the quarter ended 30 June 2026, up 6.2% on the same quarter a year earlier. Net income was $1.3 billion, up 4.5% on the year, and diluted earnings per share $2.63. The figures are the company's own, from the 10-Q it filed with the SEC on 21 July 2026.

Revenue$7.4 billionup 6.2%
Net income$1.3 billionup 4.5%
Diluted EPS$2.63
QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE25.8%
ROCE17.3%
Operating margin21.6%
Net margin14.2%
FCF margin17.1%
Interest cover6.28
Debt to equity1.27
Cash conversion1.28
Share count, 1 year-2.8%
Sales CAGR, 3 years9.2%
Profit CAGR, 3 years10.9%
EPS, TTM$8.18

At the close of 21 September 2026

Price$172.72
Market cap$82.6 billion
Stock P/E21.11
Price to book5.35
EV / EBITDA15.68
Dividend yield2.0%
Market cap / sales2.95
52-week high$207.02
52-week low$157.32
Price, 1 year-12.2%
Price CAGR, 3 years-4.0%
Price CAGR, 5 years1.9%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on long-term debt as Marsh & Mclennan Companies, Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on MRSH

Filings22 in twelve months: 11 current reports (8-K), about 4 results of operations; 3 officer or director change; 1 material agreement; 1 termination of a material agreement; 1 shareholder vote
Planned insider sales11 Form 144 notices in twelve months, $18.9 million; latest 2 September 2026
Options tapeput/call 1.07 by open interest on 23 September 2026; the straddle prices a 5.6% move to 16 October 2026
Holders11 of the followed funds hold it; largest Geode Capital Management; 2 Schedule 13D or 13G filings in twelve months
Insider trading10 sales and 0 purchases on Form 4 in twelve months
Congress1 House trade disclosed in six months
Short interest6.6 million shares short, 3.16 days to cover at 31 August 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue5,3825,5546,4736,2215,6976,0677,0616,9746,3516,5957,5977,404
Operating income9961,1031,9251,6421,1081,1422,0051,8291,1701,2191,7541,899
Operating margin19%20%30%26%19%19%28%26%18%18%23%26%
Interest expense145151159156154231245243237235240250
Pre-tax income9301,0481,8711,5651,0351,0091,8271,6461,0101,0561,5811,702
Tax rate21%27%24%27%27%21%23%25%25%21%25%24%
Net income7307561,4001,1257477881,3811,2117478211,1461,266
Net margin14%14%22%18%13%13%20%17%12%12%15%17%
Diluted EPS$1.47$1.52$2.82$2.27$1.51$1.58$2.79$2.45$1.51$1.68$2.36$2.63
Operating cash flow1,8101,783-7811,2151,9121,956-6221,6712,0822,161-6881,523
Capital expenditure11112087.080.073.076.055.059.072.010562.072.0
Free cash flow1,6991,663-8681,1351,8391,880-6771,6122,0102,056-7501,451
Buybacks3002503003003000.03003004021,010755757
Dividends paid353354354352404403405405445444440438
Shares outstanding493m492m493m492m491m491m493m492m490m485m482m478m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 10 fiscal years and the trailing twelve months

FY2016 FY2017 FY2018FY2019FY2020FY2021 FY2022 FY2023 FY2024FY2025TTM
Revenue13,21114,02414,95016,65217,22419,82020,72022,73624,45826,98127,947
Operating income2,4312,6552,7612,6773,0664,3124,2805,2825,8176,2236,042
Operating margin18.4%18.9%18.5%16.1%17.8%21.8%20.7%23.2%23.8%23.1%21.6%
Interest expense189237290524515444469578700960962
Pre-tax income2,4802,6432,2442,4392,7934,2084,0825,0265,4805,5395,349
Income tax6851,1335746667471,0349951,2241,3631,3051,281
Effective tax rate27.6%42.9%25.6%27.3%26.7%24.6%24.4%24.4%24.9%23.6%23.9%
Net income1,7681,4921,6501,7422,0163,1433,0503,7564,0604,1603,980
Net margin13.4%10.6%11.0%10.5%11.7%15.9%14.7%16.5%16.6%15.4%14.2%
Diluted EPS$3.38$2.87$3.23$3.41$3.94$6.13$6.04$7.53$8.18$8.43$8.18
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2016 FY2017 FY2018FY2019FY2020FY2021 FY2022 FY2023 FY2024FY2025TTM
Operating cash flow2,0071,8932,4282,3613,3823,5163,4654,2584,3025,2925,078
Capital expenditure253302314421348406470416316291311
Free cash flow1,7541,5912,1141,9403,0343,1102,9953,8423,9865,0014,767
Free cash flow margin13.3%11.3%14.1%11.7%17.6%15.7%14.5%16.9%16.3%18.5%17.1%
Depreciation and amortisation438481494647741747381370369361361
Share-based compensation109149193252290348367363368394419
Buybacks8009006754850.01,1591,9501,1509002,0122,924
Dividends paid6827408078909431,0261,1381,2981,5131,6991,767
Dividend per sharen/an/an/an/an/an/a$2.25$2.60$3.05$3.43n/a
Diluted shares, weighted524m519m511m511m512m513m505m499m496m494m482m
Shares outstanding at period end514m509m504m504m508m504m495m492m491m485m478m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2016 FY2017 FY2018FY2019FY2020FY2021 FY2022 FY2023 FY2024FY2025TTM
Total assets18,19020,42921,57831,35733,04944,01044,11448,03056,48158,71059,682
Cash and equivalents1,0261,2051,0661,1552,0891,7521,4423,3582,3982,6871,700
Receivables3,6434,1334,3175,2365,3265,5865,8526,4187,1567,6708,943
Goodwill8,3699,0899,59914,67115,51716,31716,25117,23123,30624,33724,352
Long-term debtn/an/a5,82411,95611,31310,95011,49513,46319,94719,58719,537
Long-term debt including finance leases4,4955,2255,51010,74110,79610,93311,227n/an/an/an/a
Operating lease liabilitiesn/an/a0.01,9261,9241,8801,6671,6611,5901,5291,494
Shareholders' equity6,2727,4427,5847,9439,26011,22210,74912,37013,53515,31515,433
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a9.4%9.2%8.3%
Profit growth, compoundedn/a15.6%10.9%-3.6%
Return on equity, average25.8%28.8%29.2%27.2%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Insurance Agents, Brokers & Service

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Marsh & Mclennan Companies, Inc. MRSH$82.6 billion21.1125.8%21.6%8.3%1.272.0%
Aon plc AON$61.7 billion16.0340.8%26.5%4.9%1.351.0%
Arthur J. Gallagher & Co. AJG$60.6 billion39.246.6%12.6%26.3%0.571.1%
Willis Towers Watson plc WTW$28.5 billion19.0120.4%22.2%3.0%0.751.2%
Brown & Brown, Inc. BRO$21.2 billion20.549.6%n/a34.2%0.62n/a
Erie Indemnity Co. ERIEn/an/a23.4%17.9%3.7%0.00n/a

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

FilingPeriodFiledWhere
10-Q30 June 202621 July 2026EDGAR
10-Q31 March 202616 April 2026EDGAR
10-K31 December 20259 February 2026EDGAR
10-Q30 September 202516 October 2025EDGAR
10-Q30 June 202517 July 2025EDGAR
10-Q31 March 202517 April 2025EDGAR
10-K31 December 202410 February 2025EDGAR
10-Q30 September 202417 October 2024EDGAR
10-Q30 June 202418 July 2024EDGAR
10-Q31 March 202418 April 2024EDGAR

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