Marsh & McLennan Companies (MRSH) FY2021 results: revenue $19.8 billion, up 15.1% on the year
Marsh & McLennan Companies, Inc. (MRSH) reported revenue of $19.8 billion for fiscal 2021, the year ended 31 December 2021, up 15.1% on the year before. Net income was $3.1 billion, up 55.9%, and diluted earnings per share $6.13. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2022.
Revenue
$19.8 billion
+15.1% on the year
FY2016FY2021
Operating margin
21.8%
17.8% a year earlier
FY2016FY2021
Net income
$3.1 billion
+55.9% on the year
FY2016FY2021
Diluted EPS
$6.13
+55.6% on the year
FY2016FY2021
this yearthe year beforeHover a bar for its figure.
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
3,516
3,382
2,361
+4.0%
Capital expenditure
406
348
421
+16.7%
Free cash flow
3,110
3,034
1,940
+2.5%
Free cash flow margin
15.7%
17.6%
11.7%
Cash from investing
-1,164
-793
-4,395
Cash from financing
-1,297
-925
4,331
Depreciation and amortisation
747
741
647
+0.8%
Share-based compensation
348
290
252
+20.0%
Buybacks
1,159
0.0
485
Dividends paid
1,026
943
890
+8.8%
Diluted shares, weighted
513m
512m
511m
+0.2%
Shares outstanding at period end
504m
508m
504m
-0.8%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
11,222
9,260
7,943
+21.2%
Short-term borrowings
17.0
517
1,215
-96.7%
Debt
10,950
11,313
11,956
-3.2%
Operating lease liabilities
1,880
1,924
1,926
-2.3%
Other liabilities
19,941
10,035
8,317
+98.7%
Total liabilities and equity
44,010
33,049
31,357
+33.2%
Fixed assets
847
856
858
-1.1%
Goodwill
16,317
15,517
14,671
+5.2%
Intangible assets
2,810
2,699
2,774
+4.1%
Cash and equivalents
1,752
2,089
1,155
-16.1%
Receivables
5,586
5,326
5,236
+4.9%
Other assets
16,698
6,562
6,663
+154.5%
Total assets
44,010
33,049
31,357
+33.2%
10-K for the year ended 31 December 2021, filed 16 February 2022: the filing.