Marsh & McLennan Companies (MMC) Financials

$188.04 -1.27 (-0.67%)

Closing price 10/23/2025 03:59 PM Eastern

Extended Trading

$187.86 -0.18 (-0.10%)

As of 05:30 AM Eastern

Annual Income Statements for Marsh & McLennan Companies

This table shows Marsh & McLennan Companies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	1,465	1,599	1,768	1,492	1,650	1,742	2,016	3,143	3,050	3,756	4,060
Consolidated Net Income / (Loss)	1,497	1,636	1,795	1,512	1,670	1,773	2,046	3,174	3,087	3,802	4,117
Net Income / (Loss) Continuing Operations	1,471	1,636	1,795	1,510	1,670	1,773	2,046	3,174	3,087	3,802	4,117
Total Pre-Tax Income	2,057	2,307	2,480	2,643	2,244	2,439	2,793	4,208	4,082	5,026	5,480
Total Revenue	12,707	12,781	13,027	13,796	14,659	16,157	16,951	19,439	20,287	22,241	23,853
Net Interest Income / (Expense)	-144	-150	-184	-228	-279	-485	-508	-442	-454	-500	-617
Total Interest Income	21	13	5.00	9.00	11	39	7.00	2.00	15	78	83
Investment Securities Interest Income	21	13	5.00	9.00	11	39	7.00	2.00	15	78	83
Total Interest Expense	165	163	189	237	290	524	515	444	469	578	700
Long-Term Debt Interest Expense	165	163	189	237	290	524	515	444	469	578	700
Total Non-Interest Income	12,851	12,931	13,211	14,024	14,938	16,642	17,459	19,881	20,741	22,741	24,470
Net Realized & Unrealized Capital Gains on Investments	-137	-	-	0.00	-12	-10	235	61	21	5.00	12
Other Non-Interest Income	-	-	13,211	14,024	14,950	16,652	17,224	19,820	20,720	22,736	24,458
Total Non-Interest Expense	10,650	10,474	10,547	11,369	12,189	13,975	14,158	15,508	16,440	17,454	18,641
Salaries and Employee Benefits	7,515	7,334	7,694	8,085	8,605	9,734	10,129	11,425	12,071	13,099	13,996
Other Operating Expenses	3,135	3,140	3,086	3,284	3,584	4,241	4,029	4,083	4,369	4,355	4,645
Nonoperating Income / (Expense), net	-	-	-	216	-226	257	-	277	235	239	268
Income Tax Expense	586	671	685	1,133	574	666	747	1,034	995	1,224	1,363
Net Income / (Loss) Attributable to Noncontrolling Interest	32	37	27	20	20	31	30	31	37	46	57
Basic Earnings per Share	$2.69	$3.01	$3.41	$2.91	$3.26	$3.44	$3.98	$6.20	$6.11	$7.60	$8.26
Weighted Average Basic Shares Outstanding	545M	531M	519M	513M	506M	506M	506M	507M	499M	494M	492M
Diluted Earnings per Share	$2.65	$2.98	$3.38	$2.87	$3.23	$3.41	$3.94	$6.13	$6.04	$7.53	$8.18
Weighted Average Diluted Shares Outstanding	553M	536M	524M	519M	511M	511M	512M	513M	505M	499M	496M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	506.10M	506.40M	0.00	0.00	0.00	0.00	0.00
Cash Dividends to Common per Share	$1.06	$1.18	$1.30	$1.43	$1.58	$1.74	$1.84	-	$2.25	$2.60	$3.05

This table shows Marsh & McLennan Companies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	1,235	1,035	730	756	1,400	1,125	747	788	1,381	1,211	747
Consolidated Net Income / (Loss)	1,252	1,047	738	765	1,424	1,140	752	801	1,412	1,231	757
Net Income / (Loss) Continuing Operations	1,252	1,047	738	765	1,424	1,140	752	801	1,412	1,231	757
Total Pre-Tax Income	1,664	1,384	930	1,048	1,871	1,565	1,035	1,009	1,827	1,646	1,010
Total Revenue	5,804	5,743	5,254	5,440	6,352	6,078	5,556	5,867	6,840	6,743	6,139
Net Interest Income / (Expense)	-122	-136	-129	-113	-122	-144	-142	-209	-226	-238	-227
Total Interest Income	14	10	16	38	37	12	12	22	19	5.00	10
Investment Securities Interest Income	14	10	16	38	37	12	12	22	19	5.00	10
Total Interest Expense	136	146	145	151	159	156	154	231	245	243	237
Long-Term Debt Interest Expense	136	146	145	151	159	156	154	231	245	243	237
Total Non-Interest Income	5,926	5,879	5,383	5,553	6,474	6,222	5,698	6,076	7,066	6,981	6,366
Net Realized & Unrealized Capital Gains on Investments	2.00	3.00	1.00	-1.00	1.00	1.00	1.00	9.00	5.00	7.00	15
Other Non-Interest Income	5,924	5,876	5,382	5,554	6,473	6,221	5,697	6,067	7,061	6,974	6,351
Total Non-Interest Expense	4,198	4,419	4,386	4,451	4,548	4,579	4,589	4,925	5,056	5,145	5,181
Salaries and Employee Benefits	3,207	3,337	3,287	3,268	3,470	3,454	3,442	3,630	3,850	3,895	3,894
Other Operating Expenses	991	1,082	1,099	1,183	1,078	1,125	1,147	1,295	1,206	1,250	1,287
Nonoperating Income / (Expense), net	58	60	62	59	67	66	68	67	43	48	52
Income Tax Expense	412	337	192	283	447	425	283	208	415	415	253
Net Income / (Loss) Attributable to Noncontrolling Interest	17	12	8.00	9.00	24	15	5.00	13	31	20	10
Basic Earnings per Share	$2.50	$2.09	$1.48	$1.53	$2.84	$2.28	$1.52	$1.62	$2.81	$2.46	$1.52
Weighted Average Basic Shares Outstanding	495M	495M	494M	494M	492M	492M	492M	492M	492M	492M	491M
Diluted Earnings per Share	$2.47	$2.07	$1.47	$1.52	$2.82	$2.27	$1.51	$1.58	$2.79	$2.45	$1.51
Weighted Average Diluted Shares Outstanding	500M	499M	499M	499M	497M	496M	496M	496M	495M	495M	494M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

This table details how cash moves in and out of Marsh & McLennan Companies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-345	-584	-348	179	29	2,432	2,175	700	728	2,050	-478
Net Cash From Operating Activities	2,119	1,888	2,007	1,893	2,428	2,361	3,382	3,516	3,465	4,258	4,302
Net Cash From Continuing Operating Activities	2,119	1,888	2,007	1,893	2,428	2,361	3,382	3,516	3,465	4,258	4,302
Net Income / (Loss) Continuing Operations	1,497	1,636	1,795	1,512	1,670	1,773	2,046	3,174	3,087	3,802	4,117
Consolidated Net Income / (Loss)	1,497	1,636	1,795	1,512	1,670	1,773	2,046	3,174	3,087	3,802	4,117
Depreciation Expense	302	314	308	312	311	333	390	382	381	370	369
Amortization Expense	86	109	130	169	183	314	351	365	338	343	377
Non-Cash Adjustments to Reconcile Net Income	222	65	-36	-236	332	268	313	-380	-37	316	162
Changes in Operating Assets and Liabilities, net	12	-236	-190	136	-68	-327	282	-25	-304	-573	-723
Net Cash From Investing Activities	-1,222	-1,265	-1,056	-956	-1,089	-4,395	-793	-1,164	-850	-1,417	-8,821
Net Cash From Continuing Investing Activities	-1,222	-1,265	-1,056	-956	-1,089	-4,395	-793	-1,164	-850	-1,417	-8,821
Purchase of Property, Leasehold Improvements and Equipment	-368	-325	-253	-302	-314	-421	-348	-406	-470	-416	-316
Purchase of Investment Securities	-852	-1,017	-811	-668	-	-4,203	-673	-28	-594	-1,022	-8,649
Divestitures	0.00	71	0.00	0.00	110	229	98	84	119	-17	89
Sale and/or Maturity of Investments	-5.00	4.00	4.00	6.00	4.00	-	130	45	95	38	55
Net Cash From Financing Activities	-968	-906	-1,067	-1,009	-1,310	4,331	-925	-1,297	-1,046	-1,119	4,455
Net Cash From Continuing Financing Activities	-968	-906	-1,067	-1,009	-1,310	4,331	-925	-1,297	-1,046	-1,119	4,455
Issuance of Debt	1,386	1,091	397	987	591	6,759	1,737	743	2,668	2,315	8,170
Issuance of Common Equity	263	224	188	166	93	158	132	161	126	199	264
Repayment of Debt	-1,096	-61	-12	-315	-263	-1,649	-2,515	-1,016	-365	-412	-1,617
Repurchase of Common Equity	-800	-1,400	-800	-900	-675	-485	0.00	-1,159	-1,950	-1,150	-900
Payment of Dividends	-582	-632	-682	-740	-807	-906	-977	-1,062	-1,165	-1,329	-1,553
Other Financing Activities, Net	-139	-128	-158	-207	-249	454	698	1,036	-360	-742	91
Effect of Exchange Rate Changes	-274	-301	-232	251	-	135	511	-355	-841	328	-414

This table details how cash moves in and out of Marsh & McLennan Companies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Net Change in Cash & Equivalents	-262	895	1,994	-577	-1,242	240	571	-47	-491	365	964
Net Cash From Operating Activities	-819	1,484	1,810	1,783	-781	1,215	1,912	1,956	-622	1,671	2,082
Net Cash From Continuing Operating Activities	-819	1,484	1,810	1,783	-781	1,215	1,912	1,956	-622	1,671	2,082
Net Income / (Loss) Continuing Operations	1,252	1,047	738	765	1,424	1,140	752	801	1,412	1,231	757
Consolidated Net Income / (Loss)	1,252	1,047	738	765	1,424	1,140	752	801	1,412	1,231	757
Depreciation Expense	84	91	95	100	99	87	90	93	88	91	91
Amortization Expense	85	87	85	86	90	89	90	108	139	140	133
Non-Cash Adjustments to Reconcile Net Income	124	37	-163	318	-23	-8.00	-135	251	9.00	200	86
Changes in Operating Assets and Liabilities, net	-2,364	222	1,055	514	-2,371	-93	1,115	703	-2,270	9.00	1,015
Net Cash From Investing Activities	-368	-133	-442	-474	-368	-415	-393	-7,645	26	-121	-227
Net Cash From Continuing Investing Activities	-368	-133	-442	-474	-368	-415	-393	-7,645	26	-121	-227
Purchase of Property, Leasehold Improvements and Equipment	-84	-101	-111	-120	-87	-80	-73	-76	-55	-59	-72
Purchase of Investment Securities	-1.00	-22	-640	-359	-311	-3.00	-1,047	-7,589	-28	-52	-167
Sale and/or Maturity of Investments	0.00	16	18	4.00	4.00	10	4.00	37	84	-	12
Net Cash From Financing Activities	773	-546	988	-2,334	135	-519	-1,436	6,275	-138	-1,695	-753
Net Cash From Continuing Financing Activities	773	-546	988	-2,334	135	-519	-1,436	6,275	-138	-1,695	-753
Issuance of Debt	1,433	-336	2,442	-1,224	1,868	698	167	6,266	1,134	-984	-150
Issuance of Common Equity	42	78	45	34	113	54	54	43	128	47	37
Repayment of Debt	-4.00	-4.00	-150	-254	-1,004	-605	-4.00	-4.00	-505	-5.00	-4.00
Repurchase of Common Equity	-300	-300	-300	-250	-300	-300	-300	-	-300	-300	-402
Payment of Dividends	-299	-302	-361	-367	-358	-369	-412	-414	-426	-418	-457
Other Financing Activities, Net	-99	318	-688	-273	-184	3.00	-941	384	-169	-35	223
Effect of Exchange Rate Changes	152	90	-362	448	-228	-41	488	-633	243	510	-138

This table presents Marsh & McLennan Companies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	17,793	18,216	18,190	20,429	21,578	31,357	33,049	34,388	44,114	48,030	56,481
Cash and Due from Banks	1,958	1,374	1,026	1,205	1,066	1,155	2,089	1,752	12,102	3,358	2,398
Restricted Cash	-	-	-	-	-	-	-	-	-	10,794	11,276
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-160	-151	0.00
Accrued Investment Income	3,142	3,198	3,370	3,777	3,984	4,608	4,679	5,093	5,293	5,806	6,533
Premises and Equipment, Net	809	773	725	712	701	858	856	847	871	882	859
Unearned Premiums Asset	50	51	83	65	79	123	112	136	103	103	84
Goodwill	-	-	-	9,089	9,599	14,671	15,517	16,317	16,251	17,231	23,306
Intangible Assets	692	8,925	9,495	1,274	1,437	2,774	2,699	2,810	2,537	2,630	4,820
Other Assets	11,142	3,895	3,491	4,307	4,712	7,168	7,097	7,433	7,117	7,377	7,205
Total Liabilities & Shareholders' Equity	17,793	18,216	18,190	20,429	21,578	31,357	33,049	34,388	44,114	48,030	56,481
Total Liabilities	10,660	11,614	11,918	12,987	13,994	23,414	23,789	23,166	33,365	35,660	42,946
Short-Term Debt	11	12	312	262	755	1,215	517	17	268	1,619	519
Accrued Interest Payable	150	154	146	199	157	179	247	198	221	321	376
Other Short-Term Payables	3,516	3,542	3,624	3,801	4,012	5,285	5,792	6,439	17,343	17,855	18,623
Long-Term Debt	3,368	4,402	4,495	5,225	5,510	10,741	10,796	10,933	11,227	11,844	19,428
Other Long-Term Liabilities	3,615	3,504	3,341	3,500	3,560	5,994	6,437	5,579	4,306	4,021	4,000
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,133	6,602	6,272	7,442	7,584	7,943	9,260	11,222	10,749	12,370	13,535
Total Preferred & Common Equity	7,054	6,513	6,192	7,359	7,511	7,793	9,104	11,009	10,520	12,191	13,342
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	7,054	6,513	6,192	7,359	7,511	7,793	9,104	11,009	10,520	12,191	13,342
Common Stock	1,491	1,422	1,403	1,345	1,378	1,423	1,504	1,673	1,740	1,803	1,931
Retained Earnings	10,335	11,302	12,388	13,140	14,347	15,199	16,272	18,389	20,301	22,759	25,306
Treasury Stock	-925	-1,991	-2,506	-3,083	-3,567	-3,774	-3,562	-4,478	-6,207	-7,076	-7,655
Accumulated Other Comprehensive Income / (Loss)	-3,847	-4,220	-5,093	-4,043	-4,647	-5,055	-5,110	-4,575	-5,314	-5,295	-6,240
Noncontrolling Interest	79	89	80	83	73	150	156	213	229	179	193

This table presents Marsh & McLennan Companies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	34,358	46,566	48,000	48,030	47,572	48,591	49,864	56,481	57,015	58,555	58,783
Cash and Due from Banks	1,006	12,735	14,729	3,358	12,910	1,653	1,798	2,398	1,604	1,677	2,511
Restricted Cash	-	-	-	10,794	-	11,497	11,923	11,276	11,579	11,871	12,001
Loans and Leases, Net of Allowance	0.00	0.00	0.00	-151	0.00	0.00	0.00	-167	0.00	0.00	0.00
Accrued Investment Income	5,966	6,406	5,909	5,806	6,509	7,031	6,783	6,533	7,215	7,751	7,256
Premises and Equipment, Net	867	870	859	882	877	879	884	859	840	839	820
Unearned Premiums Asset	98	97	102	103	107	119	102	84	101	105	63
Goodwill	16,300	16,621	16,655	17,231	17,314	17,516	18,235	23,306	23,538	23,919	23,949
Intangible Assets	2,452	2,508	2,498	2,630	2,631	2,638	2,720	4,820	4,736	4,770	4,671
Other Assets	7,669	7,329	7,248	7,377	7,224	7,258	7,419	7,372	7,402	7,623	7,512
Total Liabilities & Shareholders' Equity	34,358	46,566	48,000	48,030	47,572	48,591	49,864	56,481	57,015	58,555	58,783
Total Liabilities	23,162	34,427	36,414	35,660	34,950	35,026	35,982	42,946	42,747	42,579	43,424
Short-Term Debt	2,403	2,375	2,219	1,619	1,518	1,267	919	519	2,067	769	1,704
Accrued Interest Payable	356	407	480	321	456	505	565	376	554	619	617
Other Short-Term Payables	5,155	17,031	17,906	17,855	16,686	17,092	18,120	18,623	17,154	18,012	18,777
Long-Term Debt	10,841	10,247	11,781	11,844	12,300	12,278	12,330	19,428	18,862	18,960	18,317
Other Long-Term Liabilities	4,407	4,367	4,028	4,021	3,990	3,884	4,048	4,000	4,110	4,219	4,009
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	11,196	12,139	11,586	12,370	12,622	13,565	13,882	13,535	14,268	15,976	15,359
Total Preferred & Common Equity	10,953	11,961	11,406	12,191	12,422	13,367	13,688	13,342	14,065	15,767	15,153
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	10,953	11,961	11,406	12,191	12,422	13,367	13,688	13,342	14,065	15,767	15,153
Common Stock	1,625	1,635	1,711	1,803	1,673	1,758	1,850	1,931	1,814	1,923	2,018
Retained Earnings	20,949	21,980	22,007	22,759	23,456	24,578	24,520	25,306	25,881	27,088	26,948
Treasury Stock	-6,387	-6,599	-6,852	-7,076	-7,198	-7,442	-7,692	-7,655	-7,734	-8,000	-8,372
Accumulated Other Comprehensive Income / (Loss)	-5,234	-5,055	-5,460	-5,295	-5,509	-5,527	-4,990	-6,240	-5,896	-5,244	-5,441
Noncontrolling Interest	243	178	180	179	200	198	194	193	203	209	206

This table displays calculated financial ratios and metrics derived from Marsh & McLennan Companies' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.52%	0.58%	1.92%	5.90%	6.26%	10.22%	4.91%	14.68%	4.36%	9.63%	7.25%
EBITDA Growth	4.89%	11.66%	6.89%	-0.34%	1.93%	-4.55%	24.92%	32.37%	-2.39%	20.46%	8.33%
EBIT Growth	4.26%	12.15%	7.50%	-2.14%	1.77%	-11.66%	28.00%	40.74%	-2.14%	24.43%	8.88%
NOPAT Growth	6.67%	11.22%	9.72%	-22.75%	32.57%	-13.71%	28.99%	44.92%	-1.88%	24.47%	8.13%
Net Income Growth	8.09%	9.29%	9.72%	-15.77%	10.45%	6.17%	15.40%	55.13%	-2.74%	23.16%	8.29%
EPS Growth	9.05%	12.45%	13.42%	-15.09%	12.54%	5.57%	15.54%	55.58%	-1.47%	24.67%	8.63%
Operating Cash Flow Growth	58.02%	-10.90%	6.30%	-5.68%	28.26%	-2.76%	43.24%	3.96%	-1.45%	22.89%	1.03%
Free Cash Flow Firm Growth	7,096.30%	-40.07%	53.00%	-126.76%	298.14%	-586.15%	130.74%	-0.43%	107.70%	-98.87%	-11,692.60%
Invested Capital Growth	-3.82%	4.79%	0.57%	16.70%	7.12%	43.69%	3.39%	7.77%	0.32%	16.13%	29.61%
Revenue Q/Q Growth	0.11%	1.73%	0.18%	2.28%	0.06%	3.02%	2.81%	2.50%	36.28%	-18.38%	1.82%
EBITDA Q/Q Growth	-2.51%	7.69%	1.14%	-4.72%	4.07%	-2.18%	9.85%	3.36%	-7.63%	9.54%	-0.53%
EBIT Q/Q Growth	-3.29%	8.62%	1.47%	-6.22%	5.02%	-4.67%	11.59%	4.46%	-9.44%	11.53%	-0.89%
NOPAT Q/Q Growth	-2.52%	7.28%	3.52%	-27.89%	19.44%	-3.82%	10.31%	7.98%	-15.01%	3.23%	0.69%
Net Income Q/Q Growth	-0.53%	5.28%	3.46%	-21.37%	8.37%	15.43%	-0.82%	15.59%	-9.82%	8.38%	0.88%
EPS Q/Q Growth	-0.38%	6.43%	3.68%	-21.37%	8.39%	15.59%	-1.25%	16.10%	-9.31%	8.19%	0.74%
Operating Cash Flow Q/Q Growth	11.12%	-4.02%	-0.20%	-6.84%	17.01%	-1.63%	10.20%	1.71%	1.76%	7.07%	4.19%
Free Cash Flow Firm Q/Q Growth	1,757.02%	-56.83%	67.18%	-158.00%	103.14%	11.59%	91.95%	-61.82%	-1.31%	105.15%	-259.29%
Invested Capital Q/Q Growth	-13.03%	0.24%	-5.21%	0.91%	-0.36%	-3.39%	-5.35%	6.06%	3.69%	0.97%	23.41%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	19.24%	21.36%	22.40%	21.08%	20.22%	17.51%	20.85%	24.07%	22.51%	24.73%	24.98%
EBIT Margin	16.19%	18.05%	19.04%	17.59%	16.85%	13.51%	16.48%	20.22%	18.96%	21.52%	21.85%
Profit (Net Income) Margin	11.78%	12.80%	13.78%	10.96%	11.39%	10.97%	12.07%	16.33%	15.22%	17.09%	17.26%
Tax Burden Percent	72.78%	70.91%	72.38%	57.21%	74.42%	72.69%	73.25%	75.43%	75.62%	75.65%	75.13%
Interest Burden Percent	100.00%	100.00%	100.00%	108.90%	90.85%	111.78%	100.00%	107.05%	106.11%	104.99%	105.14%
Effective Tax Rate	28.49%	29.09%	27.62%	42.87%	25.58%	27.31%	26.75%	24.57%	24.38%	24.35%	24.87%
Return on Invested Capital (ROIC)	13.72%	15.20%	16.25%	11.55%	13.73%	9.40%	10.11%	13.87%	13.10%	15.06%	13.20%
ROIC Less NNEP Spread (ROIC-NNEP)	14.54%	15.20%	16.25%	13.99%	10.87%	11.45%	10.11%	15.75%	14.68%	16.51%	14.41%
Return on Net Nonoperating Assets (RNNOA)	6.10%	8.62%	11.64%	10.50%	8.50%	13.44%	13.68%	17.12%	15.00%	17.83%	18.58%
Return on Equity (ROE)	19.82%	23.82%	27.89%	22.05%	22.23%	22.84%	23.79%	30.99%	28.10%	32.89%	31.79%
Cash Return on Invested Capital (CROIC)	17.62%	10.52%	15.68%	-3.86%	6.86%	-26.45%	6.78%	6.39%	12.78%	0.13%	-12.59%
Operating Return on Assets (OROA)	11.83%	12.81%	13.62%	12.57%	11.76%	8.24%	8.67%	11.66%	9.80%	10.39%	9.97%
Return on Assets (ROA)	8.61%	9.09%	9.86%	7.83%	7.95%	6.70%	6.35%	9.41%	7.86%	8.25%	7.88%
Return on Common Equity (ROCE)	19.62%	23.53%	27.52%	21.79%	22.00%	22.51%	23.36%	30.43%	27.54%	32.31%	31.33%
Return on Equity Simple (ROE_SIMPLE)	21.22%	25.12%	28.99%	20.55%	22.23%	22.75%	22.47%	28.83%	29.34%	31.19%	30.86%
Net Operating Profit after Tax (NOPAT)	1,471	1,636	1,795	1,387	1,838	1,586	2,046	2,965	2,909	3,621	3,916
NOPAT Margin	11.58%	12.80%	13.78%	10.05%	12.54%	9.82%	12.07%	15.25%	14.34%	16.28%	16.42%
Net Nonoperating Expense Percent (NNEP)	-0.82%	0.00%	0.00%	-2.44%	2.86%	-2.05%	0.00%	-1.88%	-1.58%	-1.45%	-1.21%
SG&A Expenses to Revenue	59.14%	57.38%	59.06%	58.60%	58.70%	60.25%	59.75%	58.77%	59.50%	58.90%	58.68%
Operating Expenses to Revenue	83.81%	81.95%	80.96%	82.41%	83.15%	86.50%	83.52%	79.78%	81.04%	78.48%	78.15%
Earnings before Interest and Taxes (EBIT)	2,057	2,307	2,480	2,427	2,470	2,182	2,793	3,931	3,847	4,787	5,212
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,445	2,730	2,918	2,908	2,964	2,829	3,534	4,678	4,566	5,500	5,958
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.70	3.82	4.95	5.06	4.89	6.72	6.17	7.67	7.55	7.52	7.79
Price to Tangible Book Value (P/TBV)	4.10	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.05	1.95	2.35	2.70	2.50	3.24	3.32	4.34	3.92	4.12	4.36
Price to Earnings (P/E)	17.81	15.57	17.34	24.96	22.24	30.04	27.88	26.85	26.05	24.42	25.60
Dividend Yield	2.20%	2.47%	2.19%	1.96%	2.17%	1.68%	1.66%	1.20%	1.40%	1.40%	1.78%
Earnings Yield	5.61%	6.42%	5.77%	4.01%	4.50%	3.33%	3.59%	3.72%	3.84%	4.09%	3.91%
Enterprise Value to Invested Capital (EV/IC)	2.63	2.54	3.12	3.22	3.03	3.18	3.19	4.23	3.55	3.53	3.30
Enterprise Value to Revenue (EV/Rev)	2.17	2.19	2.65	3.02	2.86	3.92	3.87	4.83	3.90	4.10	4.63
Enterprise Value to EBITDA (EV/EBITDA)	11.29	10.27	11.83	14.31	14.16	22.37	18.56	20.05	17.32	16.59	18.53
Enterprise Value to EBIT (EV/EBIT)	13.42	12.15	13.92	17.14	16.99	29.00	23.48	23.86	20.55	19.06	21.18
Enterprise Value to NOPAT (EV/NOPAT)	18.76	17.14	19.23	30.00	22.83	39.90	32.05	31.63	27.18	25.19	28.19
Enterprise Value to Operating Cash Flow (EV/OCF)	13.02	14.85	17.20	21.98	17.29	26.81	19.39	26.68	22.82	21.42	25.66
Enterprise Value to Free Cash Flow (EV/FCFF)	14.61	24.76	19.93	0.00	45.71	0.00	47.80	68.66	27.87	2,832.66	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.47	0.67	0.77	0.74	0.83	1.51	1.22	0.98	1.07	1.09	1.47
Long-Term Debt to Equity	0.47	0.67	0.72	0.70	0.73	1.35	1.17	0.97	1.04	0.96	1.44
Financial Leverage	0.42	0.57	0.72	0.75	0.78	1.17	1.35	1.09	1.02	1.08	1.29
Leverage Ratio	2.30	2.62	2.83	2.82	2.80	3.41	3.74	3.29	3.57	3.99	4.03
Compound Leverage Factor	2.30	2.62	2.83	3.07	2.54	3.81	3.74	3.52	3.79	4.18	4.24
Debt to Total Capital	32.14%	40.07%	43.39%	42.44%	45.24%	60.08%	54.99%	49.39%	51.68%	52.12%	59.58%
Short-Term Debt to Total Capital	0.10%	0.11%	2.82%	2.03%	5.45%	6.11%	2.51%	0.08%	1.20%	6.27%	1.55%
Long-Term Debt to Total Capital	32.04%	39.96%	40.57%	40.41%	39.79%	53.98%	52.48%	49.31%	50.47%	45.85%	58.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.75%	0.81%	0.72%	0.64%	0.53%	0.75%	0.76%	0.96%	1.03%	0.69%	0.58%
Common Equity to Total Capital	67.10%	59.12%	55.89%	56.92%	54.24%	39.16%	44.25%	49.65%	47.29%	47.19%	39.85%
Debt to EBITDA	1.38	1.62	1.65	1.89	2.11	4.23	3.20	2.34	2.52	2.45	3.35
Net Debt to EBITDA	0.58	1.11	1.30	1.47	1.75	3.82	2.61	1.97	-0.13	-0.13	1.05
Long-Term Debt to EBITDA	1.38	1.61	1.54	1.80	1.86	3.80	3.05	2.34	2.46	2.15	3.26
Debt to NOPAT	2.30	2.70	2.68	3.96	3.41	7.54	5.53	3.69	3.95	3.72	5.09
Net Debt to NOPAT	0.97	1.86	2.11	3.09	2.83	6.81	4.51	3.10	-0.21	-0.19	1.60
Long-Term Debt to NOPAT	2.29	2.69	2.50	3.77	3.00	6.77	5.28	3.69	3.86	3.27	4.96
Noncontrolling Interest Sharing Ratio	0.99%	1.22%	1.31%	1.19%	1.04%	1.44%	1.78%	1.80%	2.01%	1.76%	1.44%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,889	1,132	1,732	-463	918	-4,464	1,372	1,366	2,837	32	-3,733
Operating Cash Flow to CapEx	580.55%	584.52%	806.02%	643.88%	780.71%	560.81%	971.84%	866.01%	737.23%	1,023.56%	1,361.39%
Free Cash Flow to Firm to Interest Expense	11.45	6.94	9.16	-1.96	3.17	-8.52	2.66	3.08	6.05	0.06	-5.33
Operating Cash Flow to Interest Expense	12.84	11.58	10.62	7.99	8.37	4.51	6.57	7.92	7.39	7.37	6.15
Operating Cash Flow Less CapEx to Interest Expense	10.63	9.60	9.30	6.75	7.30	3.70	5.89	7.00	6.39	6.65	5.69
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.73	0.71	0.72	0.71	0.70	0.61	0.53	0.58	0.52	0.48	0.46
Fixed Asset Turnover	15.52	16.16	17.39	19.20	20.75	20.73	19.78	22.83	23.62	25.37	27.40
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,512	11,016	11,079	12,929	13,849	19,899	20,573	22,172	22,244	25,833	33,482
Invested Capital Turnover	1.19	1.19	1.18	1.15	1.09	0.96	0.84	0.91	0.91	0.93	0.80
Increase / (Decrease) in Invested Capital	-418	504	63	1,850	920	6,050	674	1,599	72	3,589	7,649
Enterprise Value (EV)	27,598	28,033	34,514	41,602	41,972	63,287	65,584	93,798	79,073	91,225	110,397
Market Capitalization	26,098	24,904	30,653	37,237	36,700	52,336	56,204	84,387	79,451	91,735	103,931
Book Value per Share	$13.04	$12.49	$12.01	$14.42	$14.91	$15.44	$17.95	$21.80	$21.21	$24.72	$27.17
Tangible Book Value per Share	$11.76	($4.62)	($6.41)	($5.89)	($7.00)	($19.13)	($17.97)	($16.08)	($16.67)	($15.56)	($30.10)
Total Capital	10,512	11,016	11,079	12,929	13,849	19,899	20,573	22,172	22,244	25,833	33,482
Total Debt	3,379	4,414	4,807	5,487	6,265	11,956	11,313	10,950	11,495	13,463	19,947
Total Long-Term Debt	3,368	4,402	4,495	5,225	5,510	10,741	10,796	10,933	11,227	11,844	19,428
Net Debt	1,421	3,040	3,781	4,282	5,199	10,801	9,224	9,198	-607	-689	6,273
Capital Expenditures (CapEx)	365	323	249	294	311	421	348	406	470	416	316
Net Nonoperating Expense (NNE)	-26	0.00	0.00	-125	168	-187	0.00	-209	-178	-181	-201
Net Nonoperating Obligations (NNO)	3,379	4,414	4,807	5,487	6,265	11,956	11,313	10,950	11,495	13,463	19,947
Total Depreciation and Amortization (D&A)	388	423	438	481	494	647	741	747	719	713	746
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.69	$3.01	$3.41	$2.91	$3.26	$3.44	$3.98	$6.20	$6.11	$7.60	$8.26
Adjusted Weighted Average Basic Shares Outstanding	545M	531M	519M	513M	506M	506M	506M	507M	499M	494M	492M
Adjusted Diluted Earnings per Share	$2.65	$2.98	$3.38	$2.87	$3.23	$3.41	$3.94	$6.13	$6.04	$7.53	$8.18
Adjusted Weighted Average Diluted Shares Outstanding	553M	536M	524M	519M	511M	511M	512M	513M	505M	499M	496M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$3.44	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	503.90M	508.19M	502.77M	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	1,471	1,636	1,626	1,387	1,838	1,586	2,046	2,965	2,909	3,621	3,916
Normalized NOPAT Margin	11.58%	12.80%	12.48%	10.05%	12.54%	9.82%	12.07%	15.25%	14.34%	16.28%	16.42%
Pre Tax Income Margin	16.19%	18.05%	19.04%	19.16%	15.31%	15.10%	16.48%	21.65%	20.12%	22.60%	22.97%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	12.47	14.15	13.12	10.24	8.52	4.16	5.42	8.85	8.20	8.28	7.45
NOPAT to Interest Expense	8.92	10.04	9.50	5.85	6.34	3.03	3.97	6.68	6.20	6.27	5.59
EBIT Less CapEx to Interest Expense	10.25	12.17	11.80	9.00	7.44	3.36	4.75	7.94	7.20	7.56	6.99
NOPAT Less CapEx to Interest Expense	6.70	8.06	8.18	4.61	5.27	2.22	3.30	5.76	5.20	5.55	5.14
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	38.88%	38.63%	37.99%	48.94%	48.32%	51.10%	47.75%	33.46%	37.74%	34.96%	37.72%
Augmented Payout Ratio	92.32%	124.21%	82.56%	108.47%	88.74%	78.45%	47.75%	69.97%	100.91%	65.20%	59.58%

This table displays calculated financial ratios and metrics derived from Marsh & McLennan Companies' official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7,092.77%	9.02%	12.87%	-47.93%	9.44%	5.83%	5.75%	7.85%	7.68%	10.94%	10.49%
EBITDA Growth	10.66%	5.70%	24.02%	68.82%	12.28%	11.52%	9.45%	-2.72%	0.90%	9.19%	3.05%
EBIT Growth	12.78%	5.67%	28.40%	100.20%	12.33%	13.22%	11.41%	-4.75%	-1.11%	6.60%	-0.93%
NOPAT Growth	11.27%	7.24%	35.30%	53.28%	13.63%	9.02%	2.00%	3.58%	0.42%	9.45%	2.20%
Net Income Growth	15.29%	7.06%	33.70%	62.42%	13.74%	8.88%	1.90%	4.71%	-0.84%	7.98%	0.66%
EPS Growth	17.62%	8.38%	36.11%	60.00%	14.17%	9.66%	2.72%	3.95%	-1.06%	7.93%	0.00%
Operating Cash Flow Growth	-16.67%	15.76%	30.87%	18.71%	4.64%	-18.13%	5.64%	9.70%	20.36%	37.53%	8.89%
Free Cash Flow Firm Growth	94.01%	-40.38%	-8,748.31%	-818.56%	-951.31%	-20.36%	75.54%	-140.71%	-1,076.76%	-488.66%	-793.98%
Invested Capital Growth	5.47%	9.01%	19.27%	16.13%	8.18%	9.49%	6.04%	29.61%	33.12%	31.70%	30.40%
Revenue Q/Q Growth	-44.44%	-1.05%	-8.51%	3.54%	16.76%	-4.31%	-8.59%	5.60%	16.58%	-1.42%	-8.96%
EBITDA Q/Q Growth	155.03%	-15.38%	-30.23%	12.12%	69.62%	-15.96%	-31.52%	-0.35%	75.94%	-9.05%	-35.37%
EBIT Q/Q Growth	225.10%	-17.56%	-34.44%	13.94%	82.41%	-16.91%	-35.49%	-2.59%	89.38%	-10.43%	-40.05%
NOPAT Q/Q Growth	156.55%	-17.11%	-31.23%	4.81%	90.19%	-20.47%	-35.66%	6.44%	84.37%	-13.32%	-39.92%
Net Income Q/Q Growth	165.82%	-16.37%	-29.51%	3.66%	86.14%	-19.94%	-34.04%	6.52%	76.28%	-12.82%	-38.51%
EPS Q/Q Growth	160.00%	-16.19%	-28.99%	3.40%	85.53%	-19.50%	-33.48%	4.64%	76.58%	-12.19%	-38.37%
Operating Cash Flow Q/Q Growth	-154.53%	281.20%	21.97%	-1.49%	-143.80%	255.57%	57.37%	2.30%	-131.80%	368.65%	24.60%
Free Cash Flow Firm Q/Q Growth	-114.95%	-1,651.17%	-229.78%	16.76%	78.13%	-100.49%	32.99%	-719.22%	-6.91%	-0.29%	-1.77%
Invested Capital Q/Q Growth	9.87%	1.31%	3.33%	0.97%	2.35%	2.53%	0.08%	23.41%	5.12%	1.44%	-0.91%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	30.58%	26.15%	19.95%	21.60%	31.38%	27.56%	20.64%	19.48%	29.40%	27.12%	19.25%
EBIT Margin	27.67%	23.05%	16.52%	18.18%	28.40%	24.66%	17.40%	16.06%	26.08%	23.70%	15.61%
Profit (Net Income) Margin	21.57%	18.23%	14.05%	14.06%	22.42%	18.76%	13.53%	13.65%	20.64%	18.26%	12.33%
Tax Burden Percent	75.24%	75.65%	79.35%	73.00%	76.11%	72.84%	72.66%	79.39%	77.29%	74.79%	74.95%
Interest Burden Percent	103.61%	104.53%	107.14%	105.97%	103.71%	104.40%	107.03%	107.11%	102.41%	103.00%	105.43%
Effective Tax Rate	24.76%	24.35%	20.65%	27.00%	23.89%	27.16%	27.34%	20.61%	22.71%	25.21%	25.05%
Return on Invested Capital (ROIC)	22.89%	19.58%	15.19%	12.28%	19.36%	16.02%	11.24%	10.25%	15.92%	14.11%	9.58%
ROIC Less NNEP Spread (ROIC-NNEP)	23.24%	19.95%	15.57%	12.62%	19.74%	16.39%	11.60%	10.57%	16.11%	14.33%	9.81%
Return on Net Nonoperating Assets (RNNOA)	26.26%	21.13%	18.69%	13.63%	22.43%	16.68%	12.41%	13.63%	20.82%	16.14%	11.16%
Return on Equity (ROE)	49.15%	40.71%	33.88%	25.91%	41.79%	32.70%	23.65%	23.88%	36.74%	30.25%	20.74%
Cash Return on Invested Capital (CROIC)	8.34%	5.38%	-2.66%	0.13%	7.02%	5.89%	8.89%	-12.59%	-15.69%	-14.55%	-13.47%
Operating Return on Assets (OROA)	21.29%	15.36%	11.25%	8.78%	15.80%	11.99%	8.33%	7.33%	12.14%	11.06%	7.35%
Return on Assets (ROA)	16.59%	12.15%	9.57%	6.79%	12.47%	9.12%	6.48%	6.23%	9.61%	8.52%	5.81%
Return on Common Equity (ROCE)	48.13%	40.00%	33.24%	25.45%	41.01%	32.22%	23.30%	23.54%	36.19%	29.83%	20.45%
Return on Equity Simple (ROE_SIMPLE)	29.70%	27.77%	30.76%	0.00%	31.99%	30.43%	29.81%	0.00%	29.19%	26.61%	27.72%
Net Operating Profit after Tax (NOPAT)	1,208	1,002	689	722	1,373	1,092	703	748	1,379	1,195	718
NOPAT Margin	20.82%	17.44%	13.11%	13.27%	21.62%	17.97%	12.65%	12.75%	20.16%	17.72%	11.70%
Net Nonoperating Expense Percent (NNEP)	-0.35%	-0.37%	-0.38%	-0.35%	-0.38%	-0.37%	-0.36%	-0.32%	-0.19%	-0.22%	-0.23%
SG&A Expenses to Revenue	55.26%	58.11%	62.56%	60.07%	54.63%	56.83%	61.95%	61.87%	56.29%	57.76%	63.43%
Operating Expenses to Revenue	72.33%	76.95%	83.48%	81.82%	71.60%	75.34%	82.60%	83.94%	73.92%	76.30%	84.39%
Earnings before Interest and Taxes (EBIT)	1,606	1,324	868	989	1,804	1,499	967	942	1,784	1,598	958
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,775	1,502	1,048	1,175	1,993	1,675	1,147	1,143	2,011	1,829	1,182
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.36	7.64	8.09	7.52	8.12	7.74	7.99	7.79	8.49	6.83	6.51
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.08	3.43	3.39	4.12	4.42	4.47	4.67	4.36	4.91	4.31	3.85
Price to Earnings (P/E)	25.08	27.84	26.63	24.42	25.72	25.79	27.14	25.60	29.56	26.10	23.90
Dividend Yield	1.41%	1.28%	1.33%	1.40%	1.33%	1.35%	1.64%	1.78%	1.59%	1.49%	1.67%
Earnings Yield	3.99%	3.59%	3.76%	4.09%	3.89%	3.88%	3.69%	3.91%	3.38%	3.83%	4.18%
Enterprise Value to Invested Capital (EV/IC)	3.81	3.69	3.59	3.53	3.86	3.84	4.02	3.30	3.62	3.20	2.95
Enterprise Value to Revenue (EV/Rev)	3.56	3.43	3.37	4.10	4.47	4.50	4.65	4.63	5.23	4.56	4.08
Enterprise Value to EBITDA (EV/EBITDA)	19.65	18.98	18.27	16.59	17.83	17.66	18.20	18.53	21.32	18.62	16.93
Enterprise Value to EBIT (EV/EBIT)	23.10	22.30	21.38	19.06	20.45	20.16	20.73	21.18	24.54	21.57	19.76
Enterprise Value to NOPAT (EV/NOPAT)	28.61	27.52	26.16	25.19	26.93	26.84	28.04	28.19	32.49	28.36	25.83
Enterprise Value to Operating Cash Flow (EV/OCF)	27.80	25.76	23.07	21.42	23.73	25.83	26.40	25.66	28.56	23.21	20.51
Enterprise Value to Free Cash Flow (EV/FCFF)	46.89	71.65	0.00	2,832.66	57.09	68.12	46.52	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.18	1.04	1.21	1.09	1.09	1.00	0.95	1.47	1.47	1.23	1.30
Long-Term Debt to Equity	0.97	0.84	1.02	0.96	0.97	0.91	0.89	1.44	1.32	1.19	1.19
Financial Leverage	1.13	1.06	1.20	1.08	1.14	1.02	1.07	1.29	1.29	1.13	1.14
Leverage Ratio	3.04	3.47	3.74	3.99	3.44	3.70	3.84	4.03	3.89	3.63	3.72
Compound Leverage Factor	3.15	3.63	4.01	4.22	3.57	3.87	4.11	4.32	3.98	3.74	3.92
Debt to Total Capital	54.19%	50.98%	54.72%	52.12%	52.26%	49.96%	48.83%	59.58%	59.46%	55.26%	56.59%
Short-Term Debt to Total Capital	9.83%	9.59%	8.67%	6.27%	5.74%	4.67%	3.39%	1.55%	5.87%	2.15%	4.82%
Long-Term Debt to Total Capital	44.36%	41.38%	46.04%	45.85%	46.52%	45.29%	45.45%	58.03%	53.59%	53.10%	51.77%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.99%	0.72%	0.70%	0.69%	0.76%	0.73%	0.72%	0.58%	0.58%	0.59%	0.58%
Common Equity to Total Capital	44.82%	48.31%	44.58%	47.19%	46.98%	49.31%	50.45%	39.85%	39.96%	44.16%	42.83%
Debt to EBITDA	2.80	2.62	2.79	2.45	2.42	2.30	2.21	3.35	3.50	3.22	3.25
Net Debt to EBITDA	2.58	-0.02	-0.15	-0.13	0.16	0.07	-0.08	1.05	1.30	1.01	0.89
Long-Term Debt to EBITDA	2.29	2.13	2.35	2.15	2.15	2.08	2.06	3.26	3.16	3.09	2.97
Debt to NOPAT	4.07	3.80	3.99	3.72	3.65	3.49	3.41	5.09	5.34	4.90	4.96
Net Debt to NOPAT	3.76	-0.03	-0.21	-0.19	0.24	0.10	-0.12	1.60	1.98	1.54	1.36
Long-Term Debt to NOPAT	3.33	3.08	3.36	3.27	3.25	3.17	3.17	4.96	4.81	4.71	4.53
Noncontrolling Interest Sharing Ratio	2.07%	1.74%	1.90%	1.76%	1.86%	1.46%	1.47%	1.44%	1.50%	1.38%	1.37%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-60	-1,044	-3,444	-2,867	-627	-1,257	-842	-6,901	-7,378	-7,400	-7,531
Operating Cash Flow to CapEx	-975.00%	1,469.31%	1,630.63%	1,485.83%	-897.70%	1,518.75%	2,619.18%	2,573.68%	-1,130.91%	2,832.20%	2,891.67%
Free Cash Flow to Firm to Interest Expense	-0.44	-7.15	-23.75	-18.99	-3.94	-8.06	-5.47	-29.88	-30.12	-30.45	-31.78
Operating Cash Flow to Interest Expense	-6.02	10.16	12.48	11.81	-4.91	7.79	12.42	8.47	-2.54	6.88	8.78
Operating Cash Flow Less CapEx to Interest Expense	-6.64	9.47	11.72	11.01	-5.46	7.28	11.94	8.14	-2.76	6.63	8.48
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.77	0.67	0.68	0.48	0.56	0.49	0.48	0.46	0.47	0.47	0.47
Fixed Asset Turnover	30.22	30.75	31.61	25.37	26.13	26.44	26.88	27.40	28.35	29.11	30.03
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	24,440	24,761	25,586	25,833	26,440	27,110	27,131	33,482	35,197	35,705	35,380
Invested Capital Turnover	1.10	1.12	1.16	0.93	0.90	0.89	0.89	0.80	0.79	0.80	0.82
Increase / (Decrease) in Invested Capital	1,268	2,046	4,133	3,589	2,000	2,349	1,545	7,649	8,757	8,595	8,249
Enterprise Value (EV)	93,081	91,431	91,752	91,225	101,937	104,031	109,025	110,397	127,399	114,120	104,349
Market Capitalization	80,600	91,366	92,301	91,735	100,829	103,438	109,303	103,931	119,450	107,730	98,634
Book Value per Share	$22.15	$24.18	$23.09	$24.72	$25.25	$27.13	$27.83	$27.17	$28.64	$32.00	$30.82
Tangible Book Value per Share	($15.77)	($14.49)	($15.68)	($15.56)	($15.29)	($13.77)	($14.78)	($30.10)	($28.93)	($26.23)	($27.39)
Total Capital	24,440	24,761	25,586	25,833	26,440	27,110	27,131	33,482	35,197	35,705	35,380
Total Debt	13,244	12,622	14,000	13,463	13,818	13,545	13,249	19,947	20,929	19,729	20,021
Total Long-Term Debt	10,841	10,247	11,781	11,844	12,300	12,278	12,330	19,428	18,862	18,960	18,317
Net Debt	12,238	-113	-729	-689	908	395	-472	6,273	7,746	6,181	5,509
Capital Expenditures (CapEx)	84	101	111	120	87	80	73	76	55	59	72
Net Nonoperating Expense (NNE)	-44	-45	-49	-43	-51	-48	-49	-53	-33	-36	-39
Net Nonoperating Obligations (NNO)	13,244	12,622	14,000	13,463	13,818	13,545	13,249	19,947	20,929	19,729	20,021
Total Depreciation and Amortization (D&A)	169	178	180	186	189	176	180	201	227	231	224
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.50	$2.09	$1.48	$1.53	$2.84	$2.28	$1.52	$1.62	$2.81	$2.46	$1.52
Adjusted Weighted Average Basic Shares Outstanding	495M	495M	494M	494M	492M	492M	492M	492M	492M	492M	491M
Adjusted Diluted Earnings per Share	$2.47	$2.07	$1.47	$1.52	$2.82	$2.27	$1.51	$1.58	$2.79	$2.45	$1.51
Adjusted Weighted Average Diluted Shares Outstanding	500M	499M	499M	499M	497M	496M	496M	496M	495M	495M	494M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	1,208	1,002	689	722	1,373	1,092	703	748	1,379	1,195	718
Normalized NOPAT Margin	20.82%	17.44%	13.11%	13.27%	21.62%	17.97%	12.65%	12.75%	20.16%	17.72%	11.70%
Pre Tax Income Margin	28.67%	24.10%	17.70%	19.26%	29.46%	25.75%	18.63%	17.20%	26.71%	24.41%	16.45%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	11.81	9.07	5.99	6.55	11.35	9.61	6.28	4.08	7.28	6.58	4.04
NOPAT to Interest Expense	8.89	6.86	4.75	4.78	8.64	7.00	4.56	3.24	5.63	4.92	3.03
EBIT Less CapEx to Interest Expense	11.19	8.38	5.22	5.76	10.80	9.10	5.81	3.75	7.06	6.33	3.74
NOPAT Less CapEx to Interest Expense	8.27	6.17	3.98	3.99	8.09	6.49	4.09	2.91	5.40	4.68	2.73
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	36.43%	36.24%	36.12%	34.96%	34.93%	35.78%	36.90%	37.72%	39.49%	39.80%	40.82%
Augmented Payout Ratio	90.22%	79.89%	71.75%	65.20%	63.87%	64.05%	65.08%	59.58%	61.41%	61.25%	64.68%

Financials Breakdown Chart

Key Financial Trends

Marsh & McLennan Companies (MMC) has demonstrated a generally positive financial trajectory over the last several quarters into 2025, with some fluctuations reflecting broader market conditions and company-specific actions.

Net income for Q3 2025 stood at $757 million, showing consistent profitability although down from $1.23 billion in Q2 2025, indicating solid earnings capability.
Operating cash flow surged to $2.08 billion in Q3 2025 from $1.67 billion in Q2 2025, reflecting strong cash generation from core operations.
Total assets increased steadily, reaching $58.78 billion in Q3 2025, showing growth and a strong asset base supporting company operations.
Share repurchases remain significant with $402 million in Q3 2025, consistent with prior quarters, reflecting a commitment to returning value to shareholders.
Dividends paid in Q3 2025 were $457 million, an increase from $418 million in Q2 2025, highlighting steady dividend growth and shareholder distribution.
Goodwill and intangible assets remained substantial, supporting the value in acquisitions and brand strength with goodwill at approximately $23.95 billion in Q3 2025.
Net interest expense remains significant (about $237 million in Q3 2025), slightly reducing net interest income, but it reflects ongoing capital structure management costs.
Total debt stood stable with long-term debt around $18.3 billion in Q3 2025, showing that the company manages leverage carefully.
Net cash from financing activities was negative $753 million in Q3 2025, reflecting outflows largely from share repurchases and dividend payments exceeding sources from debt issuance.
Exchange rate changes negatively impacted cash flow by $138 million in Q3 2025, reflecting currency risks that could affect reported results.

Trends and Analysis:

MMC has shown strong operational cash flow improvements in recent quarters, signaling a robust ability to generate cash from its core business despite a moderate decline in net income from Q2 to Q3 2025. The company continues to invest moderately in property and equipment while maintaining significant investments in intangible assets and goodwill, underscoring a focus on acquisition-led growth and brand value.

Repurchases and dividends remain a consistent priority for the company, offering attractive shareholder returns. While interest expenses are notable, they are in line with the company’s consistent debt levels and effectively managed leverage. The negative impact from currency effects and cash used in financing activities reflects common risks and strategic capital return policies.

Overall, MMC presents a stable financial profile with increasing asset base, improving cash flow, and a steady commitment to shareholder returns, balanced by manageable liabilities and exposure to foreign exchange fluctuations.

10/24/25 06:10 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Marsh & McLennan Companies' Financials

When does Marsh & McLennan Companies' fiscal year end?

According to the most recent income statement we have on file, Marsh & McLennan Companies' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Marsh & McLennan Companies' net income changed over the last 10 years?

Marsh & McLennan Companies' net income appears to be on an upward trend, with a most recent value of $4.12 billion in 2024, rising from $1.50 billion in 2014. The previous period was $3.80 billion in 2023. See Marsh & McLennan Companies' forecast for analyst expectations on what’s next for the company.

How has Marsh & McLennan Companies' revenue changed over the last 10 years?

Over the last 10 years, Marsh & McLennan Companies' total revenue changed from $12.71 billion in 2014 to $23.85 billion in 2024, a change of 87.7%.

How much debt does Marsh & McLennan Companies have?

Marsh & McLennan Companies' total liabilities were at $42.95 billion at the end of 2024, a 20.4% increase from 2023, and a 302.9% increase since 2014.

How much cash does Marsh & McLennan Companies have?

In the past 10 years, Marsh & McLennan Companies' cash and equivalents has ranged from $1.03 billion in 2016 to $12.10 billion in 2022, and is currently $2.40 billion as of their latest financial filing in 2024.

How has Marsh & McLennan Companies' book value per share changed over the last 10 years?

Over the last 10 years, Marsh & McLennan Companies' book value per share changed from 13.04 in 2014 to 27.17 in 2024, a change of 108.3%.

Related Companies

This page (NYSE:MMC) was last updated on 10/24/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Marsh & McLennan Companies (MMC) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Marsh & McLennan Companies' Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Marsh & McLennan Companies (MMC) Financials

Annual Income Statements for Marsh & McLennan Companies

Quarterly Income Statements for Marsh & McLennan Companies

Annual Cash Flow Statements for Marsh & McLennan Companies

Quarterly Cash Flow Statements for Marsh & McLennan Companies

Annual Balance Sheets for Marsh & McLennan Companies

Quarterly Balance Sheets for Marsh & McLennan Companies

Annual Metrics And Ratios for Marsh & McLennan Companies

Quarterly Metrics And Ratios for Marsh & McLennan Companies

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Marsh & McLennan Companies' Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools