Marsh & McLennan Companies (MRSH) FY2023 results: revenue $22.7 billion, up 9.7% on the year
Marsh & McLennan Companies, Inc. (MRSH) reported revenue of $22.7 billion for fiscal 2023, the year ended 31 December 2023, up 9.7% on the year before. Net income was $3.8 billion, up 23.1%, and diluted earnings per share $7.53. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2025.
Revenue
$22.7 billion
+9.7% on the year
FY2016FY2023
Operating margin
23.2%
20.7% a year earlier
FY2016FY2023
Net income
$3.8 billion
+23.1% on the year
FY2016FY2023
Diluted EPS
$7.53
+24.7% on the year
FY2016FY2023
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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
4,258
3,465
3,516
+22.9%
Capital expenditure
416
470
406
-11.5%
Free cash flow
3,842
2,995
3,110
+28.3%
Free cash flow margin
16.9%
14.5%
15.7%
Cash from investing
-1,417
-850
-1,164
Cash from financing
-1,119
-1,046
-1,297
Depreciation and amortisation
370
381
747
-2.9%
Share-based compensation
363
367
348
-1.1%
Buybacks
1,150
1,950
1,159
-41.0%
Dividends paid
1,298
1,138
1,026
+14.1%
Dividend per share
$2.60
$2.25
n/a
+15.6%
Diluted shares, weighted
499m
505m
513m
-1.2%
Shares outstanding at period end
492m
495m
504m
-0.6%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
12,370
10,749
11,222
+15.1%
Short-term borrowings
n/a
268
17.0
Debt
13,463
11,495
10,950
+17.1%
Operating lease liabilities
1,661
1,667
1,880
-0.4%
Other liabilities
20,536
19,935
19,941
+3.0%
Total liabilities and equity
48,030
44,114
44,010
+8.9%
Fixed assets
882
871
847
+1.3%
Goodwill
17,231
16,251
16,317
+6.0%
Intangible assets
2,630
2,537
2,810
+3.7%
Cash and equivalents
3,358
1,442
1,752
+132.9%
Receivables
6,418
5,852
5,586
+9.7%
Other assets
17,511
17,161
16,698
+2.0%
Total assets
48,030
44,114
44,010
+8.9%
10-K for the year ended 31 December 2023, filed 10 February 2025: the filing.