Marsh & McLennan Companies (MRSH) FY2022 results: revenue $20.7 billion, up 4.5% on the year
Marsh & McLennan Companies, Inc. (MRSH) reported revenue of $20.7 billion for fiscal 2022, the year ended 31 December 2022, up 4.5% on the year before. Net income was $3.0 billion, down 3.0%, and diluted earnings per share $6.04. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2025.
Revenue
$20.7 billion
+4.5% on the year
FY2016FY2022
Operating margin
20.7%
21.8% a year earlier
FY2016FY2022
Net income
$3.0 billion
-3.0% on the year
FY2016FY2022
Diluted EPS
$6.04
-1.5% on the year
FY2016FY2022
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
FY2022
FY2021
FY2020
On the year
Last 8 years
Operating cash flow
3,465
3,516
3,382
-1.5%
Capital expenditure
470
406
348
+15.8%
Free cash flow
2,995
3,110
3,034
-3.7%
Free cash flow margin
14.5%
15.7%
17.6%
Cash from investing
-850
-1,164
-793
Cash from financing
-1,046
-1,297
-925
Depreciation and amortisation
381
747
741
-49.0%
Share-based compensation
367
348
290
+5.5%
Buybacks
1,950
1,159
0.0
+68.2%
Dividends paid
1,138
1,026
943
+10.9%
Dividend per share
$2.25
n/a
n/a
Diluted shares, weighted
505m
513m
512m
-1.6%
Shares outstanding at period end
495m
504m
508m
-1.8%
Balance sheet
$ million
FY2022
FY2021
FY2020
On the year
Last 8 years
Shareholders' equity
10,749
11,222
9,260
-4.2%
Short-term borrowings
268
17.0
517
+1,476.5%
Debt
11,495
10,950
11,313
+5.0%
Operating lease liabilities
1,667
1,880
1,924
-11.3%
Other liabilities
19,935
19,941
10,035
-0.0%
Total liabilities and equity
44,114
44,010
33,049
+0.2%
Fixed assets
871
847
856
+2.8%
Goodwill
16,251
16,317
15,517
-0.4%
Intangible assets
2,537
2,810
2,699
-9.7%
Cash and equivalents
1,442
1,752
2,089
-17.7%
Receivables
5,852
5,586
5,326
+4.8%
Other assets
17,161
16,698
6,562
+2.8%
Total assets
44,114
44,010
33,049
+0.2%
10-K for the year ended 31 December 2022, filed 10 February 2025: the filing.