Marsh & McLennan Companies (MRSH) FY2024 results: revenue $24.5 billion, up 7.6% on the year
Marsh & McLennan Companies, Inc. (MRSH) reported revenue of $24.5 billion for fiscal 2024, the year ended 31 December 2024, up 7.6% on the year before. Net income was $4.1 billion, up 8.1%, and diluted earnings per share $8.18. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2025.
Revenue
$24.5 billion
+7.6% on the year
FY2017FY2024
Operating margin
23.8%
23.2% a year earlier
FY2017FY2024
Net income
$4.1 billion
+8.1% on the year
FY2017FY2024
Diluted EPS
$8.18
+8.6% on the year
FY2017FY2024
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
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
4,302
4,258
3,465
+1.0%
Capital expenditure
316
416
470
-24.0%
Free cash flow
3,986
3,842
2,995
+3.7%
Free cash flow margin
16.3%
16.9%
14.5%
Cash from investing
-8,821
-1,417
-850
Cash from financing
4,455
-1,119
-1,046
Depreciation and amortisation
369
370
381
-0.3%
Share-based compensation
368
363
367
+1.4%
Buybacks
900
1,150
1,950
-21.7%
Dividends paid
1,513
1,298
1,138
+16.6%
Dividend per share
$3.05
$2.60
$2.25
+17.3%
Diluted shares, weighted
496m
499m
505m
-0.6%
Shares outstanding at period end
491m
492m
495m
-0.2%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
13,535
12,370
10,749
+9.4%
Short-term borrowings
0.0
n/a
268
Debt
19,947
13,463
11,495
+48.2%
Operating lease liabilities
1,590
1,661
1,667
-4.3%
Other liabilities
21,409
20,536
19,935
+4.3%
Total liabilities and equity
56,481
48,030
44,114
+17.6%
Fixed assets
859
882
871
-2.6%
Goodwill
23,306
17,231
16,251
+35.3%
Intangible assets
4,820
2,630
2,537
+83.3%
Cash and equivalents
2,398
3,358
1,442
-28.6%
Receivables
7,156
6,418
5,852
+11.5%
Other assets
17,942
17,511
17,161
+2.5%
Total assets
56,481
48,030
44,114
+17.6%
10-K for the year ended 31 December 2024, filed 10 February 2025: the filing.