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MRSH MARSH & MCLENNAN COMPANIES, INC.

NYSEFinancialsInsurance Agents, Brokers & ServiceNew York, NYFY ends December 31

Profitable 5/5: Fiscal years with net income above zero, out of the last five reported.FY2025 10-K filed Feb 9, 2026 (SEC EDGAR)

FY2025 at a glance

Fundamentals from SEC filings, not quotes
Revenue
$27BYoYup 10.32%ended Dec 31, 2025
Net income
$4.16B15.4% margin
Diluted EPS
$8.43YoYup 3.06%
Free cash flow
$5B18.5% margin
Cash
$2.69B
Total debt
—Not meaningful for financial companies
About MARSH & MCLENNAN COMPANIES, INC.

Overview

MARSH & MCLENNAN COMPANIES, INC. (MRSH) is listed on NYSE; the SEC classifies it under "Insurance Agents, Brokers & Service".

For fiscal 2025 (ended Dec 31, 2025) it reported revenue of $26.98B, up 10.3% from fiscal 2024.

Net income was $4.16B, a net margin of 15.4%.

At fiscal year end it had total assets of $58.71B and stockholders' equity of $15.32B (26.1% of assets).

Financial company (SIC 6000–6799): gross margin, current ratio, debt figures, interest coverage, the F-Score and Z'' are not meaningful for bank and insurer balance sheets, so they are left blank.

Fiscal years shown
FY2016–FY2025 (10 years)
Latest 10-K
Feb 9, 2026
Latest filing
8-KOct 27, 2026
FY2016–FY2025 · annual 10-K

Charts

Revenue and net income

Revenue and net income, fiscal years FY2016 to FY2025.
PeriodRevenueNet incomeNet margin
FY2016—$1.77B—
FY2017—$1.49B—
FY2018$15B$1.65B11.0%
FY2019$16.7B$1.74B10.5%
FY2020$17.2B$2.02B11.7%
FY2021$19.8B$3.14B15.9%
FY2022$20.7B$3.05B14.7%
FY2023$22.7B$3.76B16.5%
FY2024$24.5B$4.06B16.6%
FY2025$27B$4.16B15.4%

Gross, operating and net margin

Gross, operating and net margin, fiscal years FY2016 to FY2025.
PeriodOperating marginNet margin
FY2016——
FY2017——
FY201818.5%11.0%
FY201916.1%10.5%
FY202017.8%11.7%
FY202121.8%15.9%
FY202220.7%14.7%
FY202323.2%16.5%
FY202423.8%16.6%
FY202523.1%15.4%

Gross margin: Not meaningful for financial companies

Diluted EPS

Diluted EPS, fiscal years FY2016 to FY2025.
PeriodEPS (diluted)
FY2016$3.38
FY2017$2.87
FY2018$3.23
FY2019$3.41
FY2020$3.94
FY2021$6.13
FY2022$6.04
FY2023$7.53
FY2024$8.18
FY2025$8.43

Free cash flow vs net income

Free cash flow vs net income, fiscal years FY2016 to FY2025.
PeriodFree cash flowNet income
FY2016$1.75B$1.77B
FY2017$1.59B$1.49B
FY2018$2.11B$1.65B
FY2019$1.94B$1.74B
FY2020$3.03B$2.02B
FY2021$3.11B$3.14B
FY2022$3B$3.05B
FY2023$3.84B$3.76B
FY2024$3.99B$4.06B
FY2025$5B$4.16B

Diluted shares

Diluted shares, fiscal years FY2016 to FY2025.
PeriodDiluted shares (weighted)
FY2016524M
FY2017519M
FY2018511M
FY2019511M
FY2020512M
FY2021513M
FY2022505M
FY2023499M
FY2024496M
FY2025494M

Cash vs total debt

Cash vs total debt, fiscal years FY2016 to FY2025.
PeriodCash & equivalents
FY2016$1.03B
FY2017$1.21B
FY2018$1.07B
FY2019$1.16B
FY2020$2.09B
FY2021$1.75B
FY2022$1.44B
FY2023$3.36B
FY2024$2.4B
FY2025$2.69B

Total debt: Not meaningful for financial companies

Each bar is one fiscal year as reported in its 10-K; bars below the zero line are negative and gaps are years not reported. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

FY2025 · 5-year trend

Ratios

Profitability

Gross marginNot meaningful for financial companies
—
Operating margin
23.1%
Net margin
15.4%
FCF margin
18.5%
Return on equity
28.8%
Return on assets
7.2%

Growth

Growth. Compound annual growth: (end ÷ start)^(1 ÷ years) − 1, both ends positive.
Metric1y3y CAGR5y CAGR9y CAGR
Revenueup 10.32%———
EPS (diluted)up 3.06%up 11.75%up 16.43%up 10.69%
Free cash flowup 25.46%up 18.64%up 10.51%up 12.35%
Change in share count
-0.40%

Financial strength

Current ratioNot meaningful for financial companies
—
Debt / equityNot meaningful for financial companies
—
Net debtNot meaningful for financial companies
—
Interest coverageNot meaningful for financial companies
—
Equity / assets
26.1%

Shareholder returns

Dividends per share
$3.43
Dividends paid
$1.7B
Buybacks
$2.01B
Payout ratio
40.8%
Stock comp. / revenue
1.5%

Financial company (SIC 6000–6799): gross margin, current ratio, debt figures, interest coverage, the F-Score and Z'' are not meaningful for bank and insurer balance sheets, so they are left blank.

Piotroski F-Score · Altman Z''-Score

Quality screens

Piotroski F-Score

Not meaningful for financial companies.

Altman Z''-Score

Not meaningful for financial companies.

Screening heuristic, not a recommendation. Financial company (SIC 6000–6799): gross margin, current ratio, debt figures, interest coverage, the F-Score and Z'' are not meaningful for bank and insurer balance sheets, so they are left blank.

Last 10 fiscal years · newest first

Financial statements

USD millions, except per-share figures (USD). Share counts in millions.

Income statement

Income statement. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Revenue26,98124,45822,73620,72019,82017,22416,65214,950——
YoY (Revenue)+10.32%—+9.73%+4.54%+15.07%+3.44%+11.38%———
Operating income6,2235,8175,2824,2804,3123,0662,6772,7612,8562,664
Interest expense960700578469444515524290237189
Pretax income5,5395,4805,0264,0824,2082,7932,4392,2442,6432,480
Income tax1,3051,3631,2249951,0347476665741,133685
Net income4,1604,0603,7563,0503,1432,0161,7421,6501,4921,768
YoY (Net income)+2.46%+8.09%+23.15%-2.96%+55.90%+15.73%+5.58%+10.59%-15.61%—
EPS (basic)8.488.267.606.116.203.983.443.262.913.41
EPS (diluted)8.438.187.536.046.133.943.413.232.873.38
YoY (EPS (diluted))+3.06%+8.63%+24.67%-1.47%+55.58%+15.54%+5.57%+12.54%-15.09%—
Diluted shares (weighted)494496499505513512511511519524

Balance sheet

Balance sheet. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Cash & equivalents2,6872,3983,3581,4421,7522,0891,1551,0661,2051,026
Current assets23,20022,11721,7488,2998,2648,1557,0685,9345,5624,884
Goodwill24,33723,30617,23116,25116,31715,51714,6719,5999,0898,369
Intangible assets———2,5372,8102,6992,7741,4371,2741,126
Total assets58,71056,48148,03033,45434,38833,04931,35721,57820,42918,190
Current liabilities21,06019,51819,7957,1726,6546,5566,6794,9244,2624,082
Short-term debt1,2675191,619536341,0342,430314262312
Long-term debt18,32019,42811,84411,22710,93310,79610,7415,5105,2254,495
Retained earnings27,76725,30622,75920,30118,38916,27215,19914,34713,14012,388
Stockholders' equity15,31513,53512,37010,74911,2229,2607,9437,5847,4426,272
Shares outstanding485491492495504508504504509514

Cash flow

Cash flow. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Operating cash flow5,2924,3024,2583,4653,5163,3822,3612,4281,8932,007
Capital expenditures291316416470406348421314302253
Free cash flow5,0013,9863,8422,9953,1103,0341,9402,1141,5911,754
YoY (Free cash flow)+25.46%+3.75%+28.28%-3.70%+2.50%+56.39%-8.23%+32.87%-9.29%—
Depreciation & amortization361369713719747741647494481438
Stock-based compensation394368363367348290252193149109
Share repurchases2,0129001,1501,9501,1590485675900800
Dividends paid1,6991,5131,2981,1381,026943890807740682
Dividends per share3.433.05————————
Key financials (annual, 10-K)

Values as reported in each fiscal year's Form 10-K (XBRL data on SEC EDGAR); growth and ratios are computed from those values. Revenue is the total revenue figure the company tagged (omitted when the only figure tagged is evidently partial, e.g. below net income); growth is only shown between consecutive ~12-month fiscal years reported with the same revenue measure. Per-share figures and share counts are as reported and not adjusted for later stock splits. — = not reported.

FY2025 · per diluted weighted share

Per share and valuation context

EPS (diluted)
$8.43
Revenue per share
$54.62
FCF per share
$10.12
Book value per share
$31.00
Tangible book per share
-$18.26
Cash per share
$5.44
Dividends per share
$3.43
Public floatas of Jun 30, 2025
$107B

Price ratios need a live quote. This page shows no stock prices. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Price ratio calculator

Type a share price to compute ratios from the latest 10-K figures. Nothing is stored or sent. (FY2025)

Market capPrice × diluted weighted shares
—
P/EPrice ÷ diluted EPS
—
P/BPrice ÷ book value per share
—
P/SPrice ÷ revenue per share
—
P/FCFPrice ÷ FCF per share
—
Dividend yieldDividends per share ÷ price
—
SEC EDGAR

Filing timeline

  1. 8-K
    Current report· Oct 27, 2026(SEC EDGAR)
    • 8.01Other events
    • 9.01Financial statements and exhibits
  2. 10-Q
    Quarterly report· Sep 30, 2026(SEC EDGAR)
  3. 8-K
    Current report· Oct 15, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  4. 10-Q
    Quarterly report· Jun 30, 2026(SEC EDGAR)
  5. 8-K
    Current report· Jul 21, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  6. 8-K
    Current report· Jun 2, 2026(SEC EDGAR)
    • 1.01Material agreement
    • 1.02Agreement terminated
    • 9.01Financial statements and exhibits
  7. 8-K
    Current report· May 21, 2026(SEC EDGAR)
    • 5.07Shareholder vote results
  8. 10-Q
    Quarterly report· Mar 31, 2026(SEC EDGAR)
  9. 8-K
    Current report· Apr 16, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  10. 8-K
    Current report· Apr 8, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 9.01Financial statements and exhibits
All filings on SEC EDGAR

Frequently asked questions

What does MARSH & MCLENNAN COMPANIES, INC. do?

The SEC classifies MARSH & MCLENNAN COMPANIES, INC. under Standard Industrial Classification (SIC) code 6411, "Insurance Agents, Brokers & Service". It is headquartered in New York, NY. It is incorporated in DE. In fiscal 2025 it reported revenue of $26.98B and net income of $4.16B in its annual 10-K report.

What was MARSH & MCLENNAN COMPANIES, INC.'s revenue in 2025?

MARSH & MCLENNAN COMPANIES, INC. reported revenue of $26.98B for fiscal 2025, which ended Dec 31, 2025, up 10.3% from $24.46B in fiscal 2024, according to its annual 10-K report filed with the SEC on Feb 9, 2026.

What was MARSH & MCLENNAN COMPANIES, INC.'s net income in 2025?

MARSH & MCLENNAN COMPANIES, INC. reported net income of $4.16B for fiscal 2025, a net margin of 15.4% of revenue.

Where is MARSH & MCLENNAN COMPANIES, INC. listed?

According to the SEC, MARSH & MCLENNAN COMPANIES, INC.'s ticker MRSH is listed on NYSE.

When does MARSH & MCLENNAN COMPANIES, INC.'s fiscal year end?

According to the SEC, MARSH & MCLENNAN COMPANIES, INC.'s fiscal year ends on December 31; its latest reported fiscal year (2025) ended Dec 31, 2025.

Source: SEC EDGAR · Last updated:

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Not investment advice: This page shows financial data that companies reported to the US Securities and Exchange Commission, for information only. It is not investment advice or a recommendation to buy or sell any security, and it shows no stock prices. Data may be incomplete, restated or out of date — check the original filings on SEC EDGAR before making decisions.