Marsh & McLennan Companies (MRSH) FY2020 results: revenue $17.2 billion, up 3.4% on the year
Marsh & McLennan Companies, Inc. (MRSH) reported revenue of $17.2 billion for fiscal 2020, the year ended 31 December 2020, up 3.4% on the year before. Net income was $2.0 billion, up 15.7%, and diluted earnings per share $3.94. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2021.
Revenue
$17.2 billion
+3.4% on the year
FY2016FY2020
Operating margin
17.8%
16.1% a year earlier
FY2016FY2020
Net income
$2.0 billion
+15.7% on the year
FY2016FY2020
Diluted EPS
$3.94
+15.5% on the year
FY2016FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
17,224
16,652
14,950
+3.4%
Operating income
3,066
2,677
2,761
+14.5%
Operating margin
17.8%
16.1%
18.5%
Interest expense
515
524
290
-1.7%
Pre-tax income
2,793
2,439
2,244
+14.5%
Income tax
747
666
574
+12.2%
Effective tax rate
26.7%
27.3%
25.6%
Net income
2,016
1,742
1,650
+15.7%
Net margin
11.7%
10.5%
11.0%
Diluted EPS
$3.94
$3.41
$3.23
+15.5%
$ million except per share. Read moreFree 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.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,382
2,361
2,428
+43.2%
Capital expenditure
348
421
314
-17.3%
Free cash flow
3,034
1,940
2,114
+56.4%
Free cash flow margin
17.6%
11.7%
14.1%
Cash from investing
-793
-4,395
-1,089
Cash from financing
-925
4,331
-1,310
Depreciation and amortisation
741
647
494
+14.5%
Share-based compensation
290
252
193
+15.1%
Buybacks
0.0
485
675
Dividends paid
943
890
807
+6.0%
Diluted shares, weighted
512m
511m
511m
+0.2%
Shares outstanding at period end
508m
504m
504m
+0.8%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
9,260
7,943
7,584
+16.6%
Short-term borrowings
517
1,215
314
-57.4%
Debt
11,313
11,956
5,824
-5.4%
Operating lease liabilities
1,924
1,926
0.0
-0.1%
Other liabilities
10,035
8,317
7,856
+20.7%
Total liabilities and equity
33,049
31,357
21,578
+5.4%
Fixed assets
856
858
701
-0.2%
Goodwill
15,517
14,671
9,599
+5.8%
Intangible assets
2,699
2,774
1,437
-2.7%
Cash and equivalents
2,089
1,155
1,066
+80.9%
Receivables
5,326
5,236
4,317
+1.7%
Other assets
6,562
6,663
4,458
-1.5%
Total assets
33,049
31,357
21,578
+5.4%
10-K for the year ended 31 December 2020, filed 17 February 2021: the filing.