Marsh & McLennan Companies (MMC) Financials

$210.38 -0.73 (-0.34%)

Closing price 08/22/2025 03:59 PM Eastern

Extended Trading

$210.59 +0.21 (+0.10%)

As of 08/22/2025 07:25 PM 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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	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
Net Income / (Loss) Attributable to Common Shareholders	466	1,235	1,035	730	756	1,400	1,125	747	788	1,381	1,211
Consolidated Net Income / (Loss)	471	1,252	1,047	738	765	1,424	1,140	752	801	1,412	1,231
Net Income / (Loss) Continuing Operations	471	1,252	1,047	738	765	1,424	1,140	752	801	1,412	1,231
Total Pre-Tax Income	613	1,664	1,384	930	1,048	1,871	1,565	1,035	1,009	1,827	1,646
Total Revenue	10,447	5,804	5,743	5,254	5,440	6,352	6,078	5,556	5,867	6,840	6,743
Net Interest Income / (Expense)	-118	-122	-136	-129	-113	-122	-144	-142	-209	-226	-238
Total Interest Income	9.00	14	10	16	38	37	12	12	22	19	5.00
Investment Securities Interest Income	9.00	14	10	16	38	37	12	12	22	19	5.00
Total Interest Expense	127	136	146	145	151	159	156	154	231	245	243
Long-Term Debt Interest Expense	127	136	146	145	151	159	156	154	231	245	243
Total Non-Interest Income	10,565	5,926	5,879	5,383	5,553	6,474	6,222	5,698	6,076	7,066	6,981
Net Realized & Unrealized Capital Gains on Investments	-6.00	2.00	3.00	1.00	-1.00	1.00	1.00	1.00	9.00	5.00	7.00
Other Non-Interest Income	-	5,924	5,876	5,382	5,554	6,473	6,221	5,697	6,067	7,061	6,974
Total Non-Interest Expense	9,953	4,198	4,419	4,386	4,451	4,548	4,579	4,589	4,925	5,056	5,145
Salaries and Employee Benefits	3,038	3,207	3,337	3,287	3,268	3,470	3,454	3,442	3,630	3,850	3,895
Other Operating Expenses	1,304	991	1,082	1,099	1,183	1,078	1,125	1,147	1,295	1,206	1,250
Nonoperating Income / (Expense), net	-	58	60	62	59	67	66	68	67	43	48
Income Tax Expense	142	412	337	192	283	447	425	283	208	415	415
Net Income / (Loss) Attributable to Noncontrolling Interest	5.00	17	12	8.00	9.00	24	15	5.00	13	31	20
Basic Earnings per Share	$0.95	$2.50	$2.09	$1.48	$1.53	$2.84	$2.28	$1.52	$1.62	$2.81	$2.46
Weighted Average Basic Shares Outstanding	499M	495M	495M	494M	494M	492M	492M	492M	492M	492M	492M
Diluted Earnings per Share	$0.95	$2.47	$2.07	$1.47	$1.52	$2.82	$2.27	$1.51	$1.58	$2.79	$2.45
Weighted Average Diluted Shares Outstanding	505M	500M	499M	499M	499M	497M	496M	496M	496M	495M	495M
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
Cash Dividends to Common per Share	-	-	-	-	-	$1.42	$0.00	-	-	$1.63	$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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	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
Net Change in Cash & Equivalents	692	-262	895	1,994	-577	-1,242	240	571	-47	-491	365
Net Cash From Operating Activities	1,502	-819	1,484	1,810	1,783	-781	1,215	1,912	1,956	-622	1,671
Net Cash From Continuing Operating Activities	1,502	-819	1,484	1,810	1,783	-781	1,215	1,912	1,956	-622	1,671
Net Income / (Loss) Continuing Operations	471	1,252	1,047	738	765	1,424	1,140	752	801	1,412	1,231
Consolidated Net Income / (Loss)	471	1,252	1,047	738	765	1,424	1,140	752	801	1,412	1,231
Depreciation Expense	122	84	91	95	100	99	87	90	93	88	91
Amortization Expense	80	85	87	85	86	90	89	90	108	139	140
Non-Cash Adjustments to Reconcile Net Income	-137	124	37	-163	318	-23	-8.00	-135	251	9.00	200
Changes in Operating Assets and Liabilities, net	966	-2,364	222	1,055	514	-2,371	-93	1,115	703	-2,270	9.00
Net Cash From Investing Activities	-487	-368	-133	-442	-474	-368	-415	-393	-7,645	26	-121
Net Cash From Continuing Investing Activities	-487	-368	-133	-442	-474	-368	-415	-393	-7,645	26	-121
Purchase of Property, Leasehold Improvements and Equipment	-103	-84	-101	-111	-120	-87	-80	-73	-76	-55	-59
Purchase of Investment Securities	-589	-1.00	-22	-640	-359	-311	-3.00	-1,047	-7,589	-28	-52
Divestitures	-19	-20	3.00	-1.00	1.00	26	1.00	79	-17	25	-10
Net Cash From Financing Activities	-1,074	773	-546	988	-2,334	135	-519	-1,436	6,275	-138	-1,695
Net Cash From Continuing Financing Activities	-1,074	773	-546	988	-2,334	135	-519	-1,436	6,275	-138	-1,695
Issuance of Debt	2,068	1,433	-336	2,442	-1,224	1,868	698	167	6,266	1,134	-984
Issuance of Common Equity	37	42	78	45	34	113	54	54	43	128	47
Repayment of Debt	-351	-4.00	-4.00	-150	-254	-1,004	-605	-4.00	-4.00	-505	-5.00
Repurchase of Common Equity	-350	-300	-300	-300	-250	-300	-300	-300	-	-300	-300
Payment of Dividends	-305	-299	-302	-361	-367	-358	-369	-412	-414	-426	-418
Other Financing Activities, Net	-2,173	-99	318	-688	-273	-184	3.00	-941	384	-169	-35
Effect of Exchange Rate Changes	751	152	90	-362	448	-228	-41	488	-633	243	510

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	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
Total Assets	44,114	34,358	46,566	48,000	48,030	47,572	48,591	49,864	56,481	57,015	58,555
Cash and Due from Banks	12,102	1,006	12,735	14,729	3,358	12,910	1,653	1,798	2,398	1,604	1,677
Restricted Cash	-	-	-	-	10,794	-	11,497	11,923	11,276	11,579	11,871
Loans and Leases, Net of Allowance	-160	0.00	0.00	0.00	-151	0.00	0.00	0.00	-167	0.00	0.00
Accrued Investment Income	5,293	5,966	6,406	5,909	5,806	6,509	7,031	6,783	6,533	7,215	7,751
Premises and Equipment, Net	871	867	870	859	882	877	879	884	859	840	839
Unearned Premiums Asset	103	98	97	102	103	107	119	102	84	101	105
Goodwill	16,251	16,300	16,621	16,655	17,231	17,314	17,516	18,235	23,306	23,538	23,919
Intangible Assets	2,537	2,452	2,508	2,498	2,630	2,631	2,638	2,720	4,820	4,736	4,770
Other Assets	7,117	7,669	7,329	7,248	7,377	7,224	7,258	7,419	7,372	7,402	7,623
Total Liabilities & Shareholders' Equity	44,114	34,358	46,566	48,000	48,030	47,572	48,591	49,864	56,481	57,015	58,555
Total Liabilities	33,365	23,162	34,427	36,414	35,660	34,950	35,026	35,982	42,946	42,747	42,579
Short-Term Debt	268	2,403	2,375	2,219	1,619	1,518	1,267	919	519	2,067	769
Accrued Interest Payable	221	356	407	480	321	456	505	565	376	554	619
Other Short-Term Payables	17,343	5,155	17,031	17,906	17,855	16,686	17,092	18,120	18,623	17,154	18,012
Long-Term Debt	11,227	10,841	10,247	11,781	11,844	12,300	12,278	12,330	19,428	18,862	18,960
Other Long-Term Liabilities	4,306	4,407	4,367	4,028	4,021	3,990	3,884	4,048	4,000	4,110	4,219
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	10,749	11,196	12,139	11,586	12,370	12,622	13,565	13,882	13,535	14,268	15,976
Total Preferred & Common Equity	10,520	10,953	11,961	11,406	12,191	12,422	13,367	13,688	13,342	14,065	15,767
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	10,520	10,953	11,961	11,406	12,191	12,422	13,367	13,688	13,342	14,065	15,767
Common Stock	1,740	1,625	1,635	1,711	1,803	1,673	1,758	1,850	1,931	1,814	1,923
Retained Earnings	20,301	20,949	21,980	22,007	22,759	23,456	24,578	24,520	25,306	25,881	27,088
Treasury Stock	-6,207	-6,387	-6,599	-6,852	-7,076	-7,198	-7,442	-7,692	-7,655	-7,734	-8,000
Accumulated Other Comprehensive Income / (Loss)	-5,314	-5,234	-5,055	-5,460	-5,295	-5,509	-5,527	-4,990	-6,240	-5,896	-5,244
Noncontrolling Interest	229	243	178	180	179	200	198	194	193	203	209

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	107.04%	7,092.77%	9.02%	12.87%	-47.93%	9.44%	5.83%	5.75%	7.85%	7.68%	10.94%
EBITDA Growth	-35.14%	10.66%	5.70%	24.02%	68.82%	12.28%	11.52%	9.45%	-2.72%	0.90%	9.19%
EBIT Growth	-44.80%	12.78%	5.67%	28.40%	100.20%	12.33%	13.22%	11.41%	-4.75%	-1.11%	6.60%
NOPAT Growth	-37.33%	11.27%	7.24%	35.30%	53.28%	13.63%	9.02%	2.00%	3.58%	0.42%	9.45%
Net Income Growth	-41.64%	15.29%	7.06%	33.70%	62.42%	13.74%	8.88%	1.90%	4.71%	-0.84%	7.98%
EPS Growth	-39.49%	17.62%	8.38%	36.11%	60.00%	14.17%	9.66%	2.72%	3.95%	-1.06%	7.93%
Operating Cash Flow Growth	4.16%	-16.67%	15.76%	30.87%	18.71%	4.64%	-18.13%	5.64%	9.70%	20.36%	37.53%
Free Cash Flow Firm Growth	147.08%	94.01%	-40.38%	-8,748.31%	-818.56%	-951.31%	-20.36%	75.54%	-140.71%	-1,076.76%	-488.66%
Invested Capital Growth	0.32%	5.47%	9.01%	19.27%	16.13%	8.18%	9.49%	6.04%	29.61%	33.12%	31.70%
Revenue Q/Q Growth	124.43%	-44.44%	-1.05%	-8.51%	3.54%	16.76%	-4.31%	-8.59%	5.60%	16.58%	-1.42%
EBITDA Q/Q Growth	-17.63%	155.03%	-15.38%	-30.23%	12.12%	69.62%	-15.96%	-31.52%	-0.35%	75.94%	-9.05%
EBIT Q/Q Growth	-26.92%	225.10%	-17.56%	-34.44%	13.94%	82.41%	-16.91%	-35.49%	-2.59%	89.38%	-10.43%
NOPAT Q/Q Growth	-7.48%	156.55%	-17.11%	-31.23%	4.81%	90.19%	-20.47%	-35.66%	6.44%	84.37%	-13.32%
Net Income Q/Q Growth	-14.67%	165.82%	-16.37%	-29.51%	3.66%	86.14%	-19.94%	-34.04%	6.52%	76.28%	-12.82%
EPS Q/Q Growth	-12.04%	160.00%	-16.19%	-28.99%	3.40%	85.53%	-19.50%	-33.48%	4.64%	76.58%	-12.19%
Operating Cash Flow Q/Q Growth	8.60%	-154.53%	281.20%	21.97%	-1.49%	-143.80%	255.57%	57.37%	2.30%	-131.80%	368.65%
Free Cash Flow Firm Q/Q Growth	1,125.05%	-114.95%	-1,651.17%	-229.78%	16.76%	78.13%	-100.49%	32.99%	-719.22%	-6.91%	-0.29%
Invested Capital Q/Q Growth	3.69%	9.87%	1.31%	3.33%	0.97%	2.35%	2.53%	0.08%	23.41%	5.12%	1.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	6.66%	30.58%	26.15%	19.95%	21.60%	31.38%	27.56%	20.64%	19.48%	29.40%	27.12%
EBIT Margin	4.73%	27.67%	23.05%	16.52%	18.18%	28.40%	24.66%	17.40%	16.06%	26.08%	23.70%
Profit (Net Income) Margin	4.51%	21.57%	18.23%	14.05%	14.06%	22.42%	18.76%	13.53%	13.65%	20.64%	18.26%
Tax Burden Percent	76.84%	75.24%	75.65%	79.35%	73.00%	76.11%	72.84%	72.66%	79.39%	77.29%	74.79%
Interest Burden Percent	124.09%	103.61%	104.53%	107.14%	105.97%	103.71%	104.40%	107.03%	107.11%	102.41%	103.00%
Effective Tax Rate	23.16%	24.76%	24.35%	20.65%	27.00%	23.89%	27.16%	27.34%	20.61%	22.71%	25.21%
Return on Invested Capital (ROIC)	4.12%	22.89%	19.58%	15.19%	12.28%	19.36%	16.02%	11.24%	10.25%	15.92%	14.11%
ROIC Less NNEP Spread (ROIC-NNEP)	4.12%	23.24%	19.95%	15.57%	12.62%	19.74%	16.39%	11.60%	10.57%	16.11%	14.33%
Return on Net Nonoperating Assets (RNNOA)	4.21%	26.26%	21.13%	18.69%	13.63%	22.43%	16.68%	12.41%	13.63%	20.82%	16.14%
Return on Equity (ROE)	8.33%	49.15%	40.71%	33.88%	25.91%	41.79%	32.70%	23.65%	23.88%	36.74%	30.25%
Cash Return on Invested Capital (CROIC)	12.78%	8.34%	5.38%	-2.66%	0.13%	7.02%	5.89%	8.89%	-12.59%	-15.69%	-14.55%
Operating Return on Assets (OROA)	2.44%	21.29%	15.36%	11.25%	8.78%	15.80%	11.99%	8.33%	7.33%	12.14%	11.06%
Return on Assets (ROA)	2.33%	16.59%	12.15%	9.57%	6.79%	12.47%	9.12%	6.48%	6.23%	9.61%	8.52%
Return on Common Equity (ROCE)	8.16%	48.13%	40.00%	33.24%	25.45%	41.01%	32.22%	23.30%	23.54%	36.19%	29.83%
Return on Equity Simple (ROE_SIMPLE)	0.00%	29.70%	27.77%	30.76%	0.00%	31.99%	30.43%	29.81%	0.00%	29.19%	26.61%
Net Operating Profit after Tax (NOPAT)	471	1,208	1,002	689	722	1,373	1,092	703	748	1,379	1,195
NOPAT Margin	4.51%	20.82%	17.44%	13.11%	13.27%	21.62%	17.97%	12.65%	12.75%	20.16%	17.72%
Net Nonoperating Expense Percent (NNEP)	0.00%	-0.35%	-0.37%	-0.38%	-0.35%	-0.38%	-0.37%	-0.36%	-0.32%	-0.19%	-0.22%
SG&A Expenses to Revenue	29.08%	55.26%	58.11%	62.56%	60.07%	54.63%	56.83%	61.95%	61.87%	56.29%	57.76%
Operating Expenses to Revenue	95.27%	72.33%	76.95%	83.48%	81.82%	71.60%	75.34%	82.60%	83.94%	73.92%	76.30%
Earnings before Interest and Taxes (EBIT)	494	1,606	1,324	868	989	1,804	1,499	967	942	1,784	1,598
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	696	1,775	1,502	1,048	1,175	1,993	1,675	1,147	1,143	2,011	1,829
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.55	7.36	7.64	8.09	7.52	8.12	7.74	7.99	7.79	8.49	6.83
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)	3.92	3.08	3.43	3.39	4.12	4.42	4.47	4.67	4.36	4.91	4.31
Price to Earnings (P/E)	26.05	25.08	27.84	26.63	24.42	25.72	25.79	27.14	25.60	29.56	26.10
Dividend Yield	1.40%	1.41%	1.28%	1.33%	1.40%	1.33%	1.35%	1.64%	1.78%	1.59%	1.49%
Earnings Yield	3.84%	3.99%	3.59%	3.76%	4.09%	3.89%	3.88%	3.69%	3.91%	3.38%	3.83%
Enterprise Value to Invested Capital (EV/IC)	3.55	3.81	3.69	3.59	3.53	3.86	3.84	4.02	3.30	3.62	3.20
Enterprise Value to Revenue (EV/Rev)	3.90	3.56	3.43	3.37	4.10	4.47	4.50	4.65	4.63	5.23	4.56
Enterprise Value to EBITDA (EV/EBITDA)	17.32	19.65	18.98	18.27	16.59	17.83	17.66	18.20	18.53	21.32	18.62
Enterprise Value to EBIT (EV/EBIT)	20.55	23.10	22.30	21.38	19.06	20.45	20.16	20.73	21.18	24.54	21.57
Enterprise Value to NOPAT (EV/NOPAT)	27.18	28.61	27.52	26.16	25.19	26.93	26.84	28.04	28.19	32.49	28.36
Enterprise Value to Operating Cash Flow (EV/OCF)	22.82	27.80	25.76	23.07	21.42	23.73	25.83	26.40	25.66	28.56	23.21
Enterprise Value to Free Cash Flow (EV/FCFF)	27.87	46.89	71.65	0.00	2,832.66	57.09	68.12	46.52	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.07	1.18	1.04	1.21	1.09	1.09	1.00	0.95	1.47	1.47	1.23
Long-Term Debt to Equity	1.04	0.97	0.84	1.02	0.96	0.97	0.91	0.89	1.44	1.32	1.19
Financial Leverage	1.02	1.13	1.06	1.20	1.08	1.14	1.02	1.07	1.29	1.29	1.13
Leverage Ratio	3.57	3.04	3.47	3.74	3.99	3.44	3.70	3.84	4.03	3.89	3.63
Compound Leverage Factor	4.43	3.15	3.63	4.01	4.22	3.57	3.87	4.11	4.32	3.98	3.74
Debt to Total Capital	51.68%	54.19%	50.98%	54.72%	52.12%	52.26%	49.96%	48.83%	59.58%	59.46%	55.26%
Short-Term Debt to Total Capital	1.20%	9.83%	9.59%	8.67%	6.27%	5.74%	4.67%	3.39%	1.55%	5.87%	2.15%
Long-Term Debt to Total Capital	50.47%	44.36%	41.38%	46.04%	45.85%	46.52%	45.29%	45.45%	58.03%	53.59%	53.10%
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	1.03%	0.99%	0.72%	0.70%	0.69%	0.76%	0.73%	0.72%	0.58%	0.58%	0.59%
Common Equity to Total Capital	47.29%	44.82%	48.31%	44.58%	47.19%	46.98%	49.31%	50.45%	39.85%	39.96%	44.16%
Debt to EBITDA	2.52	2.80	2.62	2.79	2.45	2.42	2.30	2.21	3.35	3.50	3.22
Net Debt to EBITDA	-0.13	2.58	-0.02	-0.15	-0.13	0.16	0.07	-0.08	1.05	1.30	1.01
Long-Term Debt to EBITDA	2.46	2.29	2.13	2.35	2.15	2.15	2.08	2.06	3.26	3.16	3.09
Debt to NOPAT	3.95	4.07	3.80	3.99	3.72	3.65	3.49	3.41	5.09	5.34	4.90
Net Debt to NOPAT	-0.21	3.76	-0.03	-0.21	-0.19	0.24	0.10	-0.12	1.60	1.98	1.54
Long-Term Debt to NOPAT	3.86	3.33	3.08	3.36	3.27	3.25	3.17	3.17	4.96	4.81	4.71
Noncontrolling Interest Sharing Ratio	2.01%	2.07%	1.74%	1.90%	1.76%	1.86%	1.46%	1.47%	1.44%	1.50%	1.38%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	399	-60	-1,044	-3,444	-2,867	-627	-1,257	-842	-6,901	-7,378	-7,400
Operating Cash Flow to CapEx	1,458.25%	-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%
Free Cash Flow to Firm to Interest Expense	3.14	-0.44	-7.15	-23.75	-18.99	-3.94	-8.06	-5.47	-29.88	-30.12	-30.45
Operating Cash Flow to Interest Expense	11.83	-6.02	10.16	12.48	11.81	-4.91	7.79	12.42	8.47	-2.54	6.88
Operating Cash Flow Less CapEx to Interest Expense	11.02	-6.64	9.47	11.72	11.01	-5.46	7.28	11.94	8.14	-2.76	6.63
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.52	0.77	0.67	0.68	0.48	0.56	0.49	0.48	0.46	0.47	0.47
Fixed Asset Turnover	23.62	30.22	30.75	31.61	25.37	26.13	26.44	26.88	27.40	28.35	29.11
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	22,244	24,440	24,761	25,586	25,833	26,440	27,110	27,131	33,482	35,197	35,705
Invested Capital Turnover	0.91	1.10	1.12	1.16	0.93	0.90	0.89	0.89	0.80	0.79	0.80
Increase / (Decrease) in Invested Capital	72	1,268	2,046	4,133	3,589	2,000	2,349	1,545	7,649	8,757	8,595
Enterprise Value (EV)	79,073	93,081	91,431	91,752	91,225	101,937	104,031	109,025	110,397	127,399	114,120
Market Capitalization	79,451	80,600	91,366	92,301	91,735	100,829	103,438	109,303	103,931	119,450	107,730
Book Value per Share	$21.21	$22.15	$24.18	$23.09	$24.72	$25.25	$27.13	$27.83	$27.17	$28.64	$32.00
Tangible Book Value per Share	($16.67)	($15.77)	($14.49)	($15.68)	($15.56)	($15.29)	($13.77)	($14.78)	($30.10)	($28.93)	($26.23)
Total Capital	22,244	24,440	24,761	25,586	25,833	26,440	27,110	27,131	33,482	35,197	35,705
Total Debt	11,495	13,244	12,622	14,000	13,463	13,818	13,545	13,249	19,947	20,929	19,729
Total Long-Term Debt	11,227	10,841	10,247	11,781	11,844	12,300	12,278	12,330	19,428	18,862	18,960
Net Debt	-607	12,238	-113	-729	-689	908	395	-472	6,273	7,746	6,181
Capital Expenditures (CapEx)	103	84	101	111	120	87	80	73	76	55	59
Net Nonoperating Expense (NNE)	0.00	-44	-45	-49	-43	-51	-48	-49	-53	-33	-36
Net Nonoperating Obligations (NNO)	11,495	13,244	12,622	14,000	13,463	13,818	13,545	13,249	19,947	20,929	19,729
Total Depreciation and Amortization (D&A)	202	169	178	180	186	189	176	180	201	227	231
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.95	$2.50	$2.09	$1.48	$1.53	$2.84	$2.28	$1.52	$1.62	$2.81	$2.46
Adjusted Weighted Average Basic Shares Outstanding	499M	495M	495M	494M	494M	492M	492M	492M	492M	492M	492M
Adjusted Diluted Earnings per Share	$0.95	$2.47	$2.07	$1.47	$1.52	$2.82	$2.27	$1.51	$1.58	$2.79	$2.45
Adjusted Weighted Average Diluted Shares Outstanding	505M	500M	499M	499M	499M	497M	496M	496M	496M	495M	495M
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)	471	1,208	1,002	689	722	1,373	1,092	703	748	1,379	1,195
Normalized NOPAT Margin	4.51%	20.82%	17.44%	13.11%	13.27%	21.62%	17.97%	12.65%	12.75%	20.16%	17.72%
Pre Tax Income Margin	5.87%	28.67%	24.10%	17.70%	19.26%	29.46%	25.75%	18.63%	17.20%	26.71%	24.41%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.89	11.81	9.07	5.99	6.55	11.35	9.61	6.28	4.08	7.28	6.58
NOPAT to Interest Expense	3.71	8.89	6.86	4.75	4.78	8.64	7.00	4.56	3.24	5.63	4.92
EBIT Less CapEx to Interest Expense	3.08	11.19	8.38	5.22	5.76	10.80	9.10	5.81	3.75	7.06	6.33
NOPAT Less CapEx to Interest Expense	2.90	8.27	6.17	3.98	3.99	8.09	6.49	4.09	2.91	5.40	4.68
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	37.74%	36.43%	36.24%	36.12%	34.96%	34.93%	35.78%	36.90%	37.72%	39.49%	39.80%
Augmented Payout Ratio	100.91%	90.22%	79.89%	71.75%	65.20%	63.87%	64.05%	65.08%	59.58%	61.41%	61.25%

Key Financial Trends

Marsh & McLennan Companies (NYSE: MMC) has shown steady financial performance over the past several years, highlighted by consistent profitability, manageable debt levels, and strong cash flows. Here are the key trends and insights based on the financial data from 2022 through mid-2025:

Consistent Net Income Growth: Consolidated net income has increased from $471 million in Q4 2022 to $1.23 billion in Q2 2025, demonstrating strong profitability growth over the period.
Increasing Earnings Per Share (EPS): Basic EPS rose significantly from $0.95 in Q4 2022 to $2.46 in Q2 2025, indicating improved earnings generation per share.
Strong Operational Cash Flow: Net cash from continuing operating activities exceeded $1.6 billion in Q2 2025, reflecting robust cash generation from core business operations.
Controlled Capital Expenditures: Investment in property and equipment averaged around $55-$128 million quarterly, showing disciplined capital spending relative to operating cash flow.
Maintained Dividend Payments: The company consistently paid dividends each quarter, with per share dividends growing from $1.42 in Q1 2024 to near $0 in recent quarters, reflecting a commitment to returning value to shareholders.
Share Repurchase Programs: Large-scale common equity repurchases (~$300 million per quarter) have been ongoing, enhancing shareholder value and reducing share count.
Total Assets Growth: Total assets increased from about $32 billion at Q3 2022 to nearly $59 billion by Q2 2025, indicating expansion but also possible asset accumulation to monitor.
Stable Debt Profile: Long-term debt remained relatively stable around $10-19 billion, while short-term debt fluctuated but stayed below $3 billion, showing consistent leverage management.
Goodwill and Intangible Assets Increase: Goodwill rose to about $23.9 billion by Q2 2025 from $15.5 billion in Q3 2022, suggesting acquisitions; intangible assets also increased.
Net Interest Expense: The company experienced rising net interest expense from $113 million in Q4 2023 up to approximately $243 million in Q2 2025, which could pressure net income if rates rise further.
Declining Net Cash from Operating Activities Q1 2025: Notably, Q1 2025 showed negative net cash from continuing operating activities (-$622 million), which reversed sharply in Q2 2025; this volatility warrants monitoring.
Increasing Accumulated Other Comprehensive Loss: The negative accumulated other comprehensive income expanded to about -$5.2 billion by Q2 2025, potentially reflecting unfavorable pension or foreign currency impacts affecting equity.

Overall, Marsh & McLennan demonstrates strong earnings growth, solid cash flow generation, and a consistent return to shareholders via dividends and share buybacks. The company’s asset growth and acquisitions appear to fuel expansion, though the rising interest expenses and occasional operating cash flow volatility should be watched closely. Investors can view MMC as a stable, growing insurance and consulting firm with a tested history of generating shareholder value, balanced with some exposure to macroeconomic factors like interest rates and currency movements.

08/23/25 06:52 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Marsh & McLennan Companies' Financials

When does Marsh & McLennan Companies' financial year end?

According to the most recent income statement we have on file, Marsh & McLennan Companies' fiscal year ends in December. Their fiscal 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. Check out Marsh & McLennan Companies' forecast to explore projected trends and price targets.

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%.

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This page (NYSE:MMC) was last updated on 8/23/2025 by MarketBeat.com Staff

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Marsh & McLennan Companies (MMC) Financials

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Marsh & McLennan Companies (MMC) Financials

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