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Marsh & McLennan Companies (MRSH) FY2025 results: revenue $27.0 billion, up 10.3% on the year

Marsh & McLennan Companies, Inc. (MRSH) reported revenue of $27.0 billion for fiscal 2025, the year ended 31 December 2025, up 10.3% on the year before. Net income was $4.2 billion, up 2.5%, and diluted earnings per share $8.43. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2026.

Revenue
$27.0 billion
+10.3% on the year
FY2018FY2025
Operating margin
23.1%
23.8% a year earlier
FY2018FY2025
Net income
$4.2 billion
+2.5% on the year
FY2018FY2025
Diluted EPS
$8.43
+3.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • 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.
  • Marsh Risk regional underlying growth: Marsh Risk underlying revenue grew 3% in U.S./Canada and 4% internationally, with EMEA up 6%, Asia Pacific up 2%, and Latin America down 4%.
  • Share repurchases of $2.0 billion: The company bought back 10.1 million shares for $2.0 billion in 2025, against $900 million of treasury share purchases in 2024.
Read the Q4 FY2025 earnings call summary

From this 10-K

Marsh advises companies on risk and on people. It does not carry the risk itself: it brokes insurance and reinsurance, and it consults. It advises clients in 130 countries and employs more than 95,000 people. It reports in two segments, Risk and Insurance Services, and Consulting.

Marsh & McLennan Companies, Inc., the 10-K for 2025

Marsh advises companies on risk and on people. It does not carry the risk itself: it brokes insurance and reinsurance, and it consults. It advises clients in 130 countries and employs more than 95,000 people. It reports in two segments, Risk and Insurance Services, and Consulting.

The names changed in January 2026

Effective 14 January 2026 the company changed its brand from Marsh McLennan to Marsh, and renamed two of its businesses: the Marsh business became Marsh Risk, and Oliver Wyman Group became Marsh Management Consulting. Mercer and Guy Carpenter keep their existing brands through a transition period.

Risk and Insurance Services

The larger of the two segments, employing around 55,700 people worldwide. It holds two businesses, Marsh Risk and Guy Carpenter.

Marsh Risk is the insurance broking and risk advisory business, selling risk management, insurance broking, insurance programme management, risk consulting, analytical modelling and alternative risk financing to businesses, government bodies, professional service organisations and individuals in 130 countries. It employs about 52,000 people. The company describes it as the world's leading insurance broker and risk advisor.

Inside Marsh Risk the work splits by client type. Risk Management handles clients' worldwide risk issues and Specialty covers highly specialised industries and products. Corporate serves middle-market clients globally, and is also served through Marsh McLennan Agency, which sells business insurance, employee health and benefits, retirement and wealth management, and private client insurance to individuals and mid-market organisations; since its first acquisition in 2009 that agency has bought more than 135 agencies. Commercial & Consumer serves clients with less complex risks, and within it Victor Insurance Managers acts as underwriting manager for professional liability, catastrophe and other specialty insurance programmes worldwide.

Consulting

Health, wealth and career advice, solutions and products, alongside specialised management, strategic, economic and brand consulting. It is conducted through Mercer and through Marsh Management Consulting, the business formerly called Oliver Wyman Group.

From Marsh's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 9 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue26,98124,45822,736+10.3%
Operating income6,2235,8175,282+7.0%
Operating margin23.1%23.8%23.2%
Interest expense960700578+37.1%
Pre-tax income5,5395,4805,026+1.1%
Income tax1,3051,3631,224-4.3%
Effective tax rate23.6%24.9%24.4%
Net income4,1604,0603,756+2.5%
Net margin15.4%16.6%16.5%
Diluted EPS$8.43$8.18$7.53+3.1%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow5,2924,3024,258+23.0%
Capital expenditure291316416-7.9%
Free cash flow5,0013,9863,842+25.5%
Free cash flow margin18.5%16.3%16.9%
Cash from investing-845-8,821-1,417
Cash from financing-4,6344,455-1,119
Depreciation and amortisation361369370-2.2%
Share-based compensation394368363+7.1%
Buybacks2,0129001,150+123.6%
Dividends paid1,6991,5131,298+12.3%
Dividend per share$3.43$3.05$2.60+12.5%
Diluted shares, weighted494m496m499m-0.4%
Shares outstanding at period end485m491m492m-1.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity15,31513,53512,370+13.2%
Short-term borrowings0.00.0n/a
Debt19,58719,94713,463-1.8%
Operating lease liabilities1,5291,5901,661-3.8%
Other liabilities22,27921,40920,536+4.1%
Total liabilities and equity58,71056,48148,030+3.9%
Fixed assets829859882-3.5%
Goodwill24,33723,30617,231+4.4%
Intangible assets4,7464,8202,630-1.5%
Cash and equivalents2,6872,3983,358+12.1%
Receivables7,6707,1566,418+7.2%
Other assets18,44117,94217,511+2.8%
Total assets58,71056,48148,030+3.9%

10-K for the year ended 31 December 2025, filed 9 February 2026: the filing.