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Marsh & McLennan Companies (MRSH) Q4 FY2021 earnings: revenue $5.1 billion, up 16.3% on the year

Marsh & McLennan Companies, Inc. (MRSH) reported revenue of $5.1 billion for Q4 FY2021, the quarter ended 31 December 2021, up 16.3% on the same quarter a year earlier. Net income was $803 million, up 114.7% on the year, and diluted earnings per share $1.57. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2022.

Revenue
$5.1 billion
+16.3% on the year · +12.1% on the quarter
Q1 FY2020Q4 FY2021
Operating margin
19.2%
12.9% a year earlier
Q1 FY2020Q4 FY2021
Net income
$803 million
+114.7% on the year · +49.5% on the quarter
Q1 FY2020Q4 FY2021
Diluted EPS
$1.57
+115.1% on the year · +49.5% on the quarter
Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Revenue5,1374,5834,416+12.1%+16.3%
Operating income986740571+33.2%+72.7%
Operating margin19.2%16.1%12.9%
Interest expense109n/an/a
Pre-tax income961n/an/a
Income tax154n/an/a
Effective tax rate16.0%n/an/a
Net income803537374+49.5%+114.7%
Net margin15.6%n/an/a
Diluted EPS$1.57$1.05$0.73+49.5%+115.1%
$ million except per share.
Read moreFourth quarters are the year less the first three 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.

Cash flow

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Operating cash flow1,442n/an/a
Capital expenditure138n/an/a
Free cash flow1,304n/an/a
Free cash flow margin25.4%n/an/a
Cash from investing-575n/an/a
Cash from financing749n/an/a
Depreciation and amortisation178179194-0.6%-8.2%
Share-based compensation85.0n/an/a
Buybacks425n/an/a
Dividends paid276n/an/a
Diluted shares, weighted513m513mn/a0.0%
Shares outstanding at period end504m505m508m-0.2%-0.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Shareholders' equity11,2229,8889,260+13.5%+21.2%
Short-term borrowings17.0n/an/a
Debt10,95010,74411,313+1.9%-3.2%
Operating lease liabilities1,880n/an/a
Other liabilities10,319n/an/a
Total liabilities and equity34,388n/an/a
Fixed assets847n/an/a
Goodwill16,317n/an/a
Intangible assets2,810n/an/a
Cash and equivalents1,7521,3982,089+25.3%-16.1%
Receivables5,586n/an/a
Other assets7,076n/an/a
Total assets34,388n/an/a

Questions

What was Marsh & McLennan Companies' revenue in Q4 FY2021?

Marsh & McLennan Companies (MRSH) reported revenue of $5.1 billion for Q4 FY2021, the quarter ended 31 December 2021, up 16.3% on the same quarter a year earlier.

How much did Marsh & McLennan Companies earn in Q4 FY2021?

Net income for Q4 FY2021 was $803 million, up 114.7% on the year, and diluted earnings per share $1.57.

When did Marsh & McLennan Companies report Q4 FY2021 results?

Marsh & McLennan Companies filed its 10-K for the year that ended with the quarter on 16 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue5,1375,5495,3794,7705,0225,9245,8765,3825,5546,4736,2215,6976,0677,0616,9746,3516,5957,5977,4046,863
Operating income9861,4451,3647916801,7261,4579961,1031,9251,6421,1081,1422,0051,8291,1701,2191,7541,8991,215
Operating margin19%26%25%17%14%29%25%19%20%30%26%19%19%28%26%18%18%23%26%18%
Interest expense109110114118127136146145151159156154231245243237235240250248
Pre-tax income9611,4241,3127336131,6641,3849301,0481,8711,5651,0351,0091,8271,6461,0101,0561,5811,7021,033
Tax rate16%24%25%25%23%25%24%21%27%24%27%27%21%23%25%25%21%25%24%21%
Net income8031,0719675464661,2351,0357307561,4001,1257477881,3811,2117478211,1461,266808
Net margin16%19%18%11%9%21%18%14%14%22%18%13%13%20%17%12%12%15%17%12%
Diluted EPS$1.57$2.10$1.91$1.08$0.93$2.47$2.07$1.47$1.52$2.82$2.27$1.51$1.59$2.79$2.45$1.51$1.68$2.36$2.63$1.69
Operating cash flow1,442-7021,2821,3831,502-8191,4841,8101,783-7811,2151,9121,956-6221,6712,0822,161-6881,5231,478
Capital expenditure13812211712810384.010111112087.080.073.076.055.059.072.010562.072.081.0
Free cash flow1,304-8241,1651,2551,399-9031,3831,6991,663-8681,1351,8391,880-6771,6122,0102,056-7501,4511,397
Buybacks4255006005003503003003002503003003000.03003004021,010755757504
Dividends paid276272275293298296295353354354352404403405405445444440438476
Shares outstanding504m502m499m497m495m495m494m493m492m493m492m491m491m493m492m490m485m482m478m475m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.

10-K for the period ended 31 December 2021, filed 16 February 2022: the filing.