Marsh & McLennan Companies (MRSH) Q4 FY2025 earnings: revenue $6.6 billion, up 8.7% on the year

Marsh & McLennan Companies, Inc. (MRSH) reported revenue of $6.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 8.7% on the same quarter a year earlier. Net income was $821 million, up 4.2% on the year, and diluted earnings per share $1.68. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2026.

Revenue

$6.6 billion

+8.7% on the year · +3.8% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

18.5%

18.8% a year earlier

Q1 FY2024Q4 FY2025

Net income

$821 million

+4.2% on the year · +9.9% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.68

+5.7% on the year · +11.3% on the quarter

Q1 FY2024Q4 FY2025

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

What management said

Full-year revenue grew 10%: Full-year revenue was $27.0 billion, up 10% on a GAAP basis and 4% on an underlying basis.
Operating and adjusted income rose: Full-year operating income rose 7% to $6.2 billion, and adjusted operating income rose 11% to $7.3 billion, which excludes noteworthy items and intangible amortization.
Fourth-quarter revenue rose 9%: Fourth-quarter revenue was $6.6 billion, up 9% on a GAAP basis and 4% underlying; operating income rose 7% to $1.2 billion and GAAP EPS was $1.68.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	6,595	6,351	6,067	+3.8%	+8.7%
Operating income	1,219	1,170	1,142	+4.2%	+6.7%
Operating margin	18.5%	18.4%	18.8%
Interest expense	235	237	231	-0.8%	+1.7%
Pre-tax income	1,056	1,010	1,009	+4.6%	+4.7%
Income tax	222	253	208	-12.3%	+6.7%
Effective tax rate	21.0%	25.0%	20.6%
Net income	821	747	788	+9.9%	+4.2%
Net margin	12.4%	11.8%	13.0%
Diluted EPS	$1.68	$1.51	$1.59	+11.3%	+5.7%

$ million except per share.

Fourth 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

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	2,161	2,082	1,956	+3.8%	+10.5%
Capital expenditure	105	72.0	76.0	+45.8%	+38.2%
Free cash flow	2,056	2,010	1,880	+2.3%	+9.4%
Free cash flow margin	31.2%	31.6%	31.0%
Cash from investing	-523	-227	-7,645
Cash from financing	-2,048	-753	6,275
Depreciation and amortisation	91.0	91.0	93.0	0.0%	-2.2%
Share-based compensation	89.0	95.0	85.0	-6.3%	+4.7%
Buybacks	1,010	402	0.0	+151.2%
Dividends paid	444	445	403	-0.2%	+10.2%
Dividend per share	n/a	$1.80	n/a
Diluted shares, weighted	490m	494m	496m	-0.8%	-1.2%
Shares outstanding at period end	485m	490m	491m	-1.0%	-1.2%

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

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	15,315	15,359	13,535	-0.3%	+13.2%
Short-term borrowings	0.0	0.0	0.0
Debt	19,587	19,580	19,947	+0.0%	-1.8%
Operating lease liabilities	1,529	1,514	1,590	+1.0%	-3.8%
Other liabilities	22,279	22,330	21,409	-0.2%	+4.1%
Total liabilities and equity	58,710	58,783	56,481	-0.1%	+3.9%
Fixed assets	829	820	859	+1.1%	-3.5%
Goodwill	24,337	23,949	23,306	+1.6%	+4.4%
Intangible assets	4,746	4,671	4,820	+1.6%	-1.5%
Cash and equivalents	2,687	2,511	2,398	+7.0%	+12.1%
Receivables	7,670	7,906	7,156	-3.0%	+7.2%
Other assets	18,441	18,926	17,942	-2.6%	+2.8%
Total assets	58,710	58,783	56,481	-0.1%	+3.9%

Questions

What was Marsh & McLennan Companies' revenue in Q4 FY2025?

Marsh & McLennan Companies (MRSH) reported revenue of $6.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 8.7% on the same quarter a year earlier.

How much did Marsh & McLennan Companies earn in Q4 FY2025?

Net income for Q4 FY2025 was $821 million, up 4.2% on the year, and diluted earnings per share $1.68.

When did Marsh & McLennan Companies report Q4 FY2025 results?

Marsh & McLennan Companies filed its 10-K for the year that ended with the quarter on 9 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,137	5,549	5,379	4,770	5,022	5,924	5,876	5,382	5,554	6,473	6,221	5,697	6,067	7,061	6,974	6,351	6,595	7,597	7,404	6,863
Operating income	986	1,445	1,364	791	680	1,726	1,457	996	1,103	1,925	1,642	1,108	1,142	2,005	1,829	1,170	1,219	1,754	1,899	1,215
Operating margin	19%	26%	25%	17%	14%	29%	25%	19%	20%	30%	26%	19%	19%	28%	26%	18%	18%	23%	26%	18%
Interest expense	109	110	114	118	127	136	146	145	151	159	156	154	231	245	243	237	235	240	250	248
Pre-tax income	961	1,424	1,312	733	613	1,664	1,384	930	1,048	1,871	1,565	1,035	1,009	1,827	1,646	1,010	1,056	1,581	1,702	1,033
Tax rate	16%	24%	25%	25%	23%	25%	24%	21%	27%	24%	27%	27%	21%	23%	25%	25%	21%	25%	24%	21%
Net income	803	1,071	967	546	466	1,235	1,035	730	756	1,400	1,125	747	788	1,381	1,211	747	821	1,146	1,266	808
Net margin	16%	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 flow	1,442	-702	1,282	1,383	1,502	-819	1,484	1,810	1,783	-781	1,215	1,912	1,956	-622	1,671	2,082	2,161	-688	1,523	1,478
Capital expenditure	138	122	117	128	103	84.0	101	111	120	87.0	80.0	73.0	76.0	55.0	59.0	72.0	105	62.0	72.0	81.0
Free cash flow	1,304	-824	1,165	1,255	1,399	-903	1,383	1,699	1,663	-868	1,135	1,839	1,880	-677	1,612	2,010	2,056	-750	1,451	1,397
Buybacks	425	500	600	500	350	300	300	300	250	300	300	300	0.0	300	300	402	1,010	755	757	504
Dividends paid	276	272	275	293	298	296	295	353	354	354	352	404	403	405	405	445	444	440	438	476
Shares outstanding	504m	502m	499m	497m	495m	495m	494m	493m	492m	493m	492m	491m	491m	493m	492m	490m	485m	482m	478m	475m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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 2025, filed 9 February 2026: the filing.