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Marsh & McLennan Companies (MRSH) Financials

Marsh & McLennan Companies logo
$159.86 +0.72 (+0.45%)
As of 02:32 PM Eastern
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Annual Income Statements for Marsh & McLennan Companies

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 1,599 1,768 1,492 1,650 1,742 2,016 3,143 3,050 3,756 4,060 4,160
Consolidated Net Income / (Loss)		 1,636 1,795 1,512 1,670 1,773 2,046 3,174 3,087 3,802 4,117 4,234
Net Income / (Loss) Continuing Operations		 1,636 1,795 1,510 1,670 1,773 2,046 3,174 3,087 3,802 4,117 4,234
Total Pre-Tax Income 		2,307 2,480 2,643 2,244 2,439 2,793 4,208 4,082 5,026 5,480 5,539
Total Revenue		 12,781 13,027 13,796 14,659 16,157 16,951 19,439 20,287 22,241 23,853 26,103
Net Interest Income / (Expense)		 -150 -184 -228 -279 -485 -508 -442 -454 -500 -617 -912
Total Interest Income		 13 5.00 9.00 11 39 7.00 2.00 15 78 83 48
Investment Securities Interest Income		 13 5.00 9.00 11 39 7.00 2.00 15 78 83 48
Total Interest Expense		 163 189 237 290 524 515 444 469 578 700 960
Long-Term Debt Interest Expense		 163 189 237 290 524 515 444 469 578 700 960
Total Non-Interest Income		 12,931 13,211 14,024 14,938 16,642 17,459 19,881 20,741 22,741 24,470 27,015
Net Realized & Unrealized Capital Gains on Investments		 - - 0.00 -12 -10 235 61 21 5.00 12 34
Other Non-Interest Income		 - 13,211 14,024 14,950 16,652 17,224 19,820 20,720 22,736 24,458 26,981
Total Non-Interest Expense		 10,474 10,547 11,369 12,189 13,975 14,158 15,508 16,440 17,454 18,641 20,758
Salaries and Employee Benefits		 7,334 7,694 8,085 8,605 9,734 10,129 11,425 12,071 13,099 13,996 15,577
Other Operating Expenses		 3,140 3,086 3,284 3,584 4,241 4,029 4,083 4,369 4,355 4,645 5,181
Nonoperating Income / (Expense), net		 - - 216 -226 257 - 277 235 239 268 194
Income Tax Expense		 671 685 1,133 574 666 747 1,034 995 1,224 1,363 1,305
Net Income / (Loss) Attributable to Noncontrolling Interest		 37 27 20 20 31 30 31 37 46 57 74
Basic Earnings per Share		 $3.01 $3.41 $2.91 $3.26 $3.44 $3.98 $6.20 $6.11 $7.60 $8.26 $8.48
Weighted Average Basic Shares Outstanding		 531M 519M 513M 506M 506M 506M 507M 499M 494M 492M 491M
Diluted Earnings per Share		 $2.98 $3.38 $2.87 $3.23 $3.41 $3.94 $6.13 $6.04 $7.53 $8.18 $8.43
Weighted Average Diluted Shares Outstanding		 536M 524M 519M 511M 511M 512M 513M 505M 499M 496M 494M
Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 506.10M 506.40M 0.00 0.00 0.00 0.00 0.00 0.00
Cash Dividends to Common per Share		 $1.18 $1.30 $1.43 $1.58 $1.74 $1.84 - $2.25 $2.60 $3.05 $3.43

Quarterly Income Statements for Marsh & McLennan Companies

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 730 756 1,400 1,125 747 788 1,381 1,211 747 821 1,146
Consolidated Net Income / (Loss)		 738 765 1,424 1,140 752 801 1,412 1,231 757 834 1,186
Net Income / (Loss) Continuing Operations		 738 765 1,424 1,140 752 801 1,412 1,231 757 834 1,186
Total Pre-Tax Income 		930 1,048 1,871 1,565 1,035 1,009 1,827 1,646 1,010 1,056 1,581
Total Revenue		 5,254 5,440 6,352 6,078 5,556 5,867 6,840 6,743 6,139 6,381 7,374
Net Interest Income / (Expense)		 -129 -113 -122 -144 -142 -209 -226 -238 -227 -221 -229
Total Interest Income		 16 38 37 12 12 22 19 5.00 10 14 11
Investment Securities Interest Income		 16 38 37 12 12 22 19 5.00 10 14 11
Total Interest Expense		 145 151 159 156 154 231 245 243 237 235 240
Long-Term Debt Interest Expense		 145 151 159 156 154 231 245 243 237 235 240
Total Non-Interest Income		 5,383 5,553 6,474 6,222 5,698 6,076 7,066 6,981 6,366 6,602 7,603
Net Realized & Unrealized Capital Gains on Investments		 1.00 -1.00 1.00 1.00 1.00 9.00 5.00 7.00 15 7.00 6.00
Other Non-Interest Income		 5,382 5,554 6,473 6,221 5,697 6,067 7,061 6,974 6,351 6,595 7,597
Total Non-Interest Expense		 4,386 4,451 4,548 4,579 4,589 4,925 5,056 5,145 5,181 5,376 5,843
Salaries and Employee Benefits		 3,287 3,268 3,470 3,454 3,442 3,630 3,850 3,895 3,894 3,938 4,130
Other Operating Expenses		 1,099 1,183 1,078 1,125 1,147 1,295 1,206 1,250 1,287 1,438 1,713
Nonoperating Income / (Expense), net		 62 59 67 66 68 67 43 48 52 51 50
Income Tax Expense		 192 283 447 425 283 208 415 415 253 222 395
Net Income / (Loss) Attributable to Noncontrolling Interest		 8.00 9.00 24 15 5.00 13 31 20 10 13 40
Basic Earnings per Share		 $1.48 $1.53 $2.84 $2.28 $1.52 $1.62 $2.81 $2.46 $1.52 $1.69 $2.37
Weighted Average Basic Shares Outstanding		 494M 494M 492M 492M 492M 492M 492M 492M 491M 491M 484M
Diluted Earnings per Share		 $1.47 $1.52 $2.82 $2.27 $1.51 $1.58 $2.79 $2.45 $1.51 $1.68 $2.36
Weighted Average Diluted Shares Outstanding		 499M 499M 497M 496M 496M 496M 495M 495M 494M 494M 486M
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 - - $1.80

Annual Cash Flow Statements for Marsh & McLennan Companies

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 -584 -348 179 29 2,432 2,175 700 728 2,050 -478 486
Net Cash From Operating Activities		 1,888 2,007 1,893 2,428 2,361 3,382 3,516 3,465 4,258 4,302 5,292
Net Cash From Continuing Operating Activities		 1,888 2,007 1,893 2,428 2,361 3,382 3,516 3,465 4,258 4,302 5,292
Net Income / (Loss) Continuing Operations		 1,636 1,795 1,512 1,670 1,773 2,046 3,174 3,087 3,802 4,117 4,234
Consolidated Net Income / (Loss)		 1,636 1,795 1,512 1,670 1,773 2,046 3,174 3,087 3,802 4,117 4,234
Depreciation Expense		 314 308 312 311 333 390 382 381 370 369 361
Amortization Expense		 109 130 169 183 314 351 365 338 343 377 549
Non-Cash Adjustments to Reconcile Net Income		 65 -36 -236 332 268 313 -380 -37 316 162 72
Changes in Operating Assets and Liabilities, net		 -236 -190 136 -68 -327 282 -25 -304 -573 -723 76
Net Cash From Investing Activities		 -1,265 -1,056 -956 -1,089 -4,395 -793 -1,164 -850 -1,417 -8,821 -845
Net Cash From Continuing Investing Activities		 -1,265 -1,056 -956 -1,089 -4,395 -793 -1,164 -850 -1,417 -8,821 -845
Purchase of Property, Leasehold Improvements and Equipment		 -325 -253 -302 -314 -421 -348 -406 -470 -416 -316 -291
Purchase of Investment Securities		 -1,017 -811 -668 - -4,203 -673 -28 -594 -1,022 -8,649 -676
Divestitures		 71 0.00 0.00 110 229 98 84 119 -17 89 22
Sale and/or Maturity of Investments		 4.00 4.00 6.00 4.00 - 130 45 95 38 55 100
Net Cash From Financing Activities		 -906 -1,067 -1,009 -1,310 4,331 -925 -1,297 -1,046 -1,119 4,455 -4,634
Net Cash From Continuing Financing Activities		 -906 -1,067 -1,009 -1,310 4,331 -925 -1,297 -1,046 -1,119 4,455 -4,634
Issuance of Debt		 1,091 397 987 591 6,759 1,737 743 2,668 2,315 8,170 0.00
Issuance of Common Equity		 224 188 166 93 158 132 161 126 199 264 250
Repayment of Debt		 -61 -12 -315 -263 -1,649 -2,515 -1,016 -365 -412 -1,617 -519
Repurchase of Common Equity		 -1,400 -800 -900 -675 -485 0.00 -1,159 -1,950 -1,150 -900 -2,012
Payment of Dividends		 -632 -682 -740 -807 -906 -977 -1,062 -1,165 -1,329 -1,553 -1,756
Other Financing Activities, Net		 -128 -158 -207 -249 454 698 1,036 -360 -742 91 -597
Effect of Exchange Rate Changes		 -301 -232 251 - 135 511 -355 -841 328 -414 673

Quarterly Cash Flow Statements for Marsh & McLennan Companies

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 1,994 -577 -1,242 240 571 -47 -491 365 964 -352 -805
Net Cash From Operating Activities		 1,810 1,783 -781 1,215 1,912 1,956 -622 1,671 2,082 2,161 -688
Net Cash From Continuing Operating Activities		 1,810 1,783 -781 1,215 1,912 1,956 -622 1,671 2,082 2,161 -688
Net Income / (Loss) Continuing Operations		 738 765 1,424 1,140 752 801 1,412 1,231 757 834 1,186
Consolidated Net Income / (Loss)		 738 765 1,424 1,140 752 801 1,412 1,231 757 834 1,186
Depreciation Expense		 95 100 99 87 90 93 88 91 91 91 89
Amortization Expense		 85 86 90 89 90 108 139 140 133 137 138
Non-Cash Adjustments to Reconcile Net Income		 -163 318 -23 -8.00 -135 251 91 200 86 -223 151
Changes in Operating Assets and Liabilities, net		 1,055 514 -2,371 -93 1,115 703 -2,352 9.00 1,015 1,322 -2,252
Net Cash From Investing Activities		 -442 -474 -368 -415 -393 -7,645 26 -121 -227 -523 -104
Net Cash From Continuing Investing Activities		 -442 -474 -368 -415 -393 -7,645 26 -121 -227 -523 -104
Purchase of Property, Leasehold Improvements and Equipment		 -111 -120 -87 -80 -73 -76 -55 -59 -72 -105 -62
Purchase of Investment Securities		 -640 -359 -311 -3.00 -1,047 -7,589 -28 -52 -167 -429 -55
Divestitures		 -1.00 1.00 26 1.00 79 -17 25 -10 - 7.00 12
Sale and/or Maturity of Investments		 18 4.00 4.00 10 4.00 37 84 - 12 4.00 1.00
Net Cash From Financing Activities		 988 -2,334 135 -519 -1,436 6,275 -138 -1,695 -753 -2,048 114
Net Cash From Continuing Financing Activities		 988 -2,334 135 -519 -1,436 6,275 -138 -1,695 -753 -2,048 114
Issuance of Debt		 2,442 -1,224 1,868 698 167 6,266 1,048 -984 -150 - 1,644
Issuance of Common Equity		 45 34 113 54 54 43 128 47 37 38 63
Repayment of Debt		 -150 -254 -1,004 -605 -4.00 -4.00 -505 -5.00 -4.00 -5.00 -605
Repurchase of Common Equity		 -300 -250 -300 -300 -300 - -300 -300 -402 -1,010 -755
Payment of Dividends		 -361 -367 -358 -369 -412 -414 -426 -418 -457 -455 -457
Other Financing Activities, Net		 -688 -273 -184 3.00 -941 384 -83 -35 223 -616 224
Effect of Exchange Rate Changes		 -362 448 -228 -41 488 -633 243 510 -138 58 -127

Annual Balance Sheets for Marsh & McLennan Companies

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 18,216 18,190 20,429 21,578 31,357 33,049 34,388 44,114 48,030 56,481 58,710
Cash and Due from Banks		 1,374 1,026 1,205 1,066 1,155 2,089 1,752 12,102 3,358 2,398 2,687
Restricted Cash		 - - - - - - - - 10,794 11,276 11,473
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -160 -151 -167 0.00
Accrued Investment Income		 3,198 3,370 3,777 3,984 4,608 4,679 5,093 5,293 5,806 6,533 7,015
Premises and Equipment, Net		 773 725 712 701 858 856 847 871 882 859 829
Unearned Premiums Asset		 51 83 65 79 123 112 136 103 103 84 67
Goodwill		 - - 9,089 9,599 14,671 15,517 16,317 16,251 17,231 23,306 24,337
Intangible Assets		 8,925 9,495 1,274 1,437 2,774 2,699 2,810 2,537 2,630 4,820 4,746
Other Assets		 3,895 3,491 4,307 4,712 7,168 7,097 7,433 7,117 7,377 7,372 7,556
Total Liabilities & Shareholders' Equity		 18,216 18,190 20,429 21,578 31,357 33,049 34,388 44,114 48,030 56,481 58,710
Total Liabilities		 11,614 11,918 12,987 13,994 23,414 23,789 23,166 33,365 35,660 42,946 43,395
Short-Term Debt		 12 312 262 755 1,215 517 17 268 1,619 519 1,267
Accrued Interest Payable		 154 146 199 157 179 247 198 221 321 376 373
Other Short-Term Payables		 3,542 3,624 3,801 4,012 5,285 5,792 6,439 17,343 17,855 18,623 19,420
Long-Term Debt		 4,402 4,495 5,225 5,510 10,741 10,796 10,933 11,227 11,844 19,428 18,320
Other Long-Term Liabilities		 3,504 3,341 3,500 3,560 5,994 6,437 5,579 4,306 4,021 4,000 4,015
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		 6,602 6,272 7,442 7,584 7,943 9,260 11,222 10,749 12,370 13,535 15,315
Total Preferred & Common Equity		 6,513 6,192 7,359 7,511 7,793 9,104 11,009 10,520 12,191 13,342 15,100
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		 6,513 6,192 7,359 7,511 7,793 9,104 11,009 10,520 12,191 13,342 15,100
Common Stock		 1,422 1,403 1,345 1,378 1,423 1,504 1,673 1,740 1,803 1,931 2,108
Retained Earnings		 11,302 12,388 13,140 14,347 15,199 16,272 18,389 20,301 22,759 25,306 27,767
Treasury Stock		 -1,991 -2,506 -3,083 -3,567 -3,774 -3,562 -4,478 -6,207 -7,076 -7,655 -9,346
Accumulated Other Comprehensive Income / (Loss)		 -4,220 -5,093 -4,043 -4,647 -5,055 -5,110 -4,575 -5,314 -5,295 -6,240 -5,429
Noncontrolling Interest		 89 80 83 73 150 156 213 229 179 193 215

Quarterly Balance Sheets for Marsh & McLennan Companies

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 3/31/2026
Total Assets		 46,566 48,000 48,030 47,572 48,591 49,864 56,481 57,015 58,555 58,783 58,552
Cash and Due from Banks		 12,735 14,729 3,358 12,910 1,653 1,798 2,398 1,604 1,677 2,511 1,611
Restricted Cash		 - - 10,794 - 11,497 11,923 11,276 11,579 11,871 12,001 11,744
Loans and Leases, Net of Allowance		 0.00 0.00 -151 0.00 0.00 0.00 -167 0.00 0.00 0.00 0.00
Accrued Investment Income		 6,406 5,909 5,806 6,509 7,031 6,783 6,533 7,215 7,751 7,256 7,777
Premises and Equipment, Net		 870 859 882 877 879 884 859 840 839 820 814
Unearned Premiums Asset		 97 102 103 107 119 102 84 101 105 63 60
Goodwill		 16,621 16,655 17,231 17,314 17,516 18,235 23,306 23,538 23,919 23,949 24,273
Intangible Assets		 2,508 2,498 2,630 2,631 2,638 2,720 4,820 4,736 4,770 4,671 4,607
Other Assets		 7,329 7,248 7,377 7,224 7,258 7,419 7,372 7,402 7,623 7,512 7,666
Total Liabilities & Shareholders' Equity		 46,566 48,000 48,030 47,572 48,591 49,864 56,481 57,015 58,555 58,783 58,552
Total Liabilities		 34,427 36,414 35,660 34,950 35,026 35,982 42,946 42,747 42,579 43,424 43,746
Short-Term Debt		 2,375 2,219 1,619 1,518 1,267 919 519 2,067 769 1,704 2,138
Accrued Interest Payable		 407 480 321 456 505 565 376 554 619 617 572
Other Short-Term Payables		 17,031 17,906 17,855 16,686 17,092 18,120 18,623 17,154 18,012 18,777 18,195
Long-Term Debt		 10,247 11,781 11,844 12,300 12,278 12,330 19,428 18,862 18,960 18,317 18,900
Other Long-Term Liabilities		 4,367 4,028 4,021 3,990 3,884 4,048 4,000 4,110 4,219 4,009 3,941
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		 12,139 11,586 12,370 12,622 13,565 13,882 13,535 14,268 15,976 15,359 14,806
Total Preferred & Common Equity		 11,961 11,406 12,191 12,422 13,367 13,688 13,342 14,065 15,767 15,153 14,569
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		 11,961 11,406 12,191 12,422 13,367 13,688 13,342 14,065 15,767 15,153 14,569
Common Stock		 1,635 1,711 1,803 1,673 1,758 1,850 1,931 1,814 1,923 2,018 2,035
Retained Earnings		 21,980 22,007 22,759 23,456 24,578 24,520 25,306 25,881 27,088 26,948 28,037
Treasury Stock		 -6,599 -6,852 -7,076 -7,198 -7,442 -7,692 -7,655 -7,734 -8,000 -8,372 -9,943
Accumulated Other Comprehensive Income / (Loss)		 -5,055 -5,460 -5,295 -5,509 -5,527 -4,990 -6,240 -5,896 -5,244 -5,441 -5,560
Noncontrolling Interest		 178 180 179 200 198 194 193 203 209 206 237

Annual Metrics And Ratios for Marsh & McLennan Companies

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 489,909,683.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 489,909,683.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 8.64
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.01 $3.41 $2.91 $3.26 $3.44 $3.98 $6.20 $6.11 $7.60 $8.26 $8.48
Adjusted Weighted Average Basic Shares Outstanding		 531M 519M 513M 506M 506M 506M 507M 499M 494M 492M 491M
Adjusted Diluted Earnings per Share		 $2.98 $3.38 $2.87 $3.23 $3.41 $3.94 $6.13 $6.04 $7.53 $8.18 $8.43
Adjusted Weighted Average Diluted Shares Outstanding		 536M 524M 519M 511M 511M 512M 513M 505M 499M 496M 494M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $3.44 $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 0.00 503.90M 508.19M 502.77M 0.00 0.00 0.00 0.00
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Marsh & McLennan Companies

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 489,909,683.00 484,124,253.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 489,909,683.00 484,124,253.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 1.70 2.45
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 12.87% -47.93% 9.44% 5.83% 5.75% 7.85% 7.68% 10.94% 10.49% - 7.81%
EBITDA Growth		 24.02% 68.82% 12.28% 11.52% 9.45% -2.72% 0.90% 9.19% 3.05% - -12.58%
EBIT Growth		 28.40% 100.20% 12.33% 13.22% 11.41% -4.75% -1.11% 6.60% -0.93% - -14.18%
NOPAT Growth		 35.30% 53.28% 13.63% 9.02% 2.00% 3.58% 0.42% 9.45% 2.20% - -16.70%
Net Income Growth		 33.70% 62.42% 13.74% 8.88% 1.90% 4.71% -0.84% 7.98% 0.66% - -16.01%
EPS Growth		 36.11% 60.00% 14.17% 9.66% 2.72% 3.95% -1.06% 7.93% 0.00% - -15.41%
Operating Cash Flow Growth		 30.87% 18.71% 4.64% -18.13% 5.64% 9.70% 20.36% 37.53% 8.89% - -10.61%
Free Cash Flow Firm Growth		 -8,748.31% -818.56% -951.31% -20.36% 75.54% -140.71% -1,076.76% -488.66% -793.98% - 106.80%
Invested Capital Growth		 19.27% 16.13% 8.18% 9.49% 6.04% 29.61% 33.12% 31.70% 30.40% - 1.84%
Revenue Q/Q Growth		 -8.51% 3.54% 16.76% -4.31% -8.59% 5.60% 16.58% -1.42% -8.96% - 15.56%
EBITDA Q/Q Growth		 -30.23% 12.12% 69.62% -15.96% -31.52% -0.35% 75.94% -9.05% -35.37% - 42.58%
EBIT Q/Q Growth		 -34.44% 13.94% 82.41% -16.91% -35.49% -2.59% 89.38% -10.43% -40.05% - 52.34%
NOPAT Q/Q Growth		 -31.23% 4.81% 90.19% -20.47% -35.66% 6.44% 84.37% -13.32% -39.92% - 44.70%
Net Income Q/Q Growth		 -29.51% 3.66% 86.14% -19.94% -34.04% 6.52% 76.28% -12.82% -38.51% - 42.21%
EPS Q/Q Growth		 -28.99% 3.40% 85.53% -19.50% -33.48% 4.64% 76.58% -12.19% -38.37% - 40.48%
Operating Cash Flow Q/Q Growth		 21.97% -1.49% -143.80% 255.57% 57.37% 2.30% -131.80% 368.65% 24.60% - -131.84%
Free Cash Flow Firm Q/Q Growth		 -229.78% 16.76% 78.13% -100.49% 32.99% -719.22% -6.91% -0.29% -1.77% - 180.07%
Invested Capital Q/Q Growth		 3.33% 0.97% 2.35% 2.53% 0.08% 23.41% 5.12% 1.44% -0.91% - 2.70%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 19.95% 21.60% 31.38% 27.56% 20.64% 19.48% 29.40% 27.12% 19.25% - 23.84%
EBIT Margin		 16.52% 18.18% 28.40% 24.66% 17.40% 16.06% 26.08% 23.70% 15.61% - 20.76%
Profit (Net Income) Margin		 14.05% 14.06% 22.42% 18.76% 13.53% 13.65% 20.64% 18.26% 12.33% - 16.08%
Tax Burden Percent		 79.35% 73.00% 76.11% 72.84% 72.66% 79.39% 77.29% 74.79% 74.95% - 75.02%
Interest Burden Percent		 107.14% 105.97% 103.71% 104.40% 107.03% 107.11% 102.41% 103.00% 105.43% - 103.27%
Effective Tax Rate		 20.65% 27.00% 23.89% 27.16% 27.34% 20.61% 22.71% 25.21% 25.05% - 24.98%
Return on Invested Capital (ROIC)		 15.19% 12.28% 19.36% 16.02% 11.24% 10.25% 15.92% 14.11% 9.58% - 11.68%
ROIC Less NNEP Spread (ROIC-NNEP)		 15.57% 12.62% 19.74% 16.39% 11.60% 10.57% 16.11% 14.33% 9.81% - 11.86%
Return on Net Nonoperating Assets (RNNOA)		 18.69% 13.63% 22.43% 16.68% 12.41% 13.63% 20.82% 16.14% 11.16% - 17.12%
Return on Equity (ROE)		 33.88% 25.91% 41.79% 32.70% 23.65% 23.88% 36.74% 30.25% 20.74% - 28.80%
Cash Return on Invested Capital (CROIC)		 -2.66% 0.13% 7.02% 5.89% 8.89% -12.59% -15.69% -14.55% -13.47% - 9.03%
Operating Return on Assets (OROA)		 11.25% 8.78% 15.80% 11.99% 8.33% 7.33% 12.14% 11.06% 7.35% - 9.57%
Return on Assets (ROA)		 9.57% 6.79% 12.47% 9.12% 6.48% 6.23% 9.61% 8.52% 5.81% - 7.41%
Return on Common Equity (ROCE)		 33.24% 25.45% 41.01% 32.22% 23.30% 23.54% 36.19% 29.83% 20.45% - 28.36%
Return on Equity Simple (ROE_SIMPLE)		 30.76% 0.00% 31.99% 30.43% 29.81% 0.00% 29.19% 26.61% 27.72% - 27.51%
Net Operating Profit after Tax (NOPAT)		 689 722 1,373 1,092 703 748 1,379 1,195 718 - 1,148
NOPAT Margin		 13.11% 13.27% 21.62% 17.97% 12.65% 12.75% 20.16% 17.72% 11.70% - 15.57%
Net Nonoperating Expense Percent (NNEP)		 -0.38% -0.35% -0.38% -0.37% -0.36% -0.32% -0.19% -0.22% -0.23% - -0.18%
SG&A Expenses to Revenue		 62.56% 60.07% 54.63% 56.83% 61.95% 61.87% 56.29% 57.76% 63.43% - 56.01%
Operating Expenses to Revenue		 83.48% 81.82% 71.60% 75.34% 82.60% 83.94% 73.92% 76.30% 84.39% - 79.24%
Earnings before Interest and Taxes (EBIT)		 868 989 1,804 1,499 967 942 1,784 1,598 958 - 1,531
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,048 1,175 1,993 1,675 1,147 1,143 2,011 1,829 1,182 - 1,758
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 8.09 7.52 8.12 7.74 7.99 7.79 8.49 6.83 6.51 - 5.73
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
Price to Revenue (P/Rev)		 3.39 4.12 4.42 4.47 4.67 4.36 4.91 4.31 3.85 - 3.14
Price to Earnings (P/E)		 26.63 24.42 25.72 25.79 27.14 25.60 29.56 26.10 23.90 - 21.28
Dividend Yield		 1.33% 1.40% 1.33% 1.35% 1.64% 1.78% 1.59% 1.49% 1.67% - 2.04%
Earnings Yield		 3.76% 4.09% 3.89% 3.88% 3.69% 3.91% 3.38% 3.83% 4.18% - 4.70%
Enterprise Value to Invested Capital (EV/IC)		 3.59 3.53 3.86 3.84 4.02 3.30 3.62 3.20 2.95 - 2.55
Enterprise Value to Revenue (EV/Rev)		 3.37 4.10 4.47 4.50 4.65 4.63 5.23 4.56 4.08 - 3.43
Enterprise Value to EBITDA (EV/EBITDA)		 18.27 16.59 17.83 17.66 18.20 18.53 21.32 18.62 16.93 - 15.24
Enterprise Value to EBIT (EV/EBIT)		 21.38 19.06 20.45 20.16 20.73 21.18 24.54 21.57 19.76 - 17.96
Enterprise Value to NOPAT (EV/NOPAT)		 26.16 25.19 26.93 26.84 28.04 28.19 32.49 28.36 25.83 - 23.72
Enterprise Value to Operating Cash Flow (EV/OCF)		 23.07 21.42 23.73 25.83 26.40 25.66 28.56 23.21 20.51 - 17.50
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 2,832.66 57.09 68.12 46.52 0.00 0.00 0.00 0.00 - 28.50
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.21 1.09 1.09 1.00 0.95 1.47 1.47 1.23 1.30 - 1.42
Long-Term Debt to Equity		 1.02 0.96 0.97 0.91 0.89 1.44 1.32 1.19 1.19 - 1.28
Financial Leverage		 1.20 1.08 1.14 1.02 1.07 1.29 1.29 1.13 1.14 - 1.44
Leverage Ratio		 3.74 3.99 3.44 3.70 3.84 4.03 3.89 3.63 3.72 - 3.97
Compound Leverage Factor		 4.01 4.22 3.57 3.87 4.11 4.32 3.98 3.74 3.92 - 4.10
Debt to Total Capital		 54.72% 52.12% 52.26% 49.96% 48.83% 59.58% 59.46% 55.26% 56.59% - 58.69%
Short-Term Debt to Total Capital		 8.67% 6.27% 5.74% 4.67% 3.39% 1.55% 5.87% 2.15% 4.82% - 5.96%
Long-Term Debt to Total Capital		 46.04% 45.85% 46.52% 45.29% 45.45% 58.03% 53.59% 53.10% 51.77% - 52.73%
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%
Noncontrolling Interests to Total Capital		 0.70% 0.69% 0.76% 0.73% 0.72% 0.58% 0.58% 0.59% 0.58% - 0.66%
Common Equity to Total Capital		 44.58% 47.19% 46.98% 49.31% 50.45% 39.85% 39.96% 44.16% 42.83% - 40.65%
Debt to EBITDA		 2.79 2.45 2.42 2.30 2.21 3.35 3.50 3.22 3.25 - 3.51
Net Debt to EBITDA		 -0.15 -0.13 0.16 0.07 -0.08 1.05 1.30 1.01 0.89 - 1.28
Long-Term Debt to EBITDA		 2.35 2.15 2.15 2.08 2.06 3.26 3.16 3.09 2.97 - 3.15
Debt to NOPAT		 3.99 3.72 3.65 3.49 3.41 5.09 5.34 4.90 4.96 - 5.46
Net Debt to NOPAT		 -0.21 -0.19 0.24 0.10 -0.12 1.60 1.98 1.54 1.36 - 1.99
Long-Term Debt to NOPAT		 3.36 3.27 3.25 3.17 3.17 4.96 4.81 4.71 4.53 - 4.90
Noncontrolling Interest Sharing Ratio		 1.90% 1.76% 1.86% 1.46% 1.47% 1.44% 1.50% 1.38% 1.37% - 1.51%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -3,444 -2,867 -627 -1,257 -842 -6,901 -7,378 -7,400 -7,531 - 501
Operating Cash Flow to CapEx		 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% - -1,109.68%
Free Cash Flow to Firm to Interest Expense		 -23.75 -18.99 -3.94 -8.06 -5.47 -29.88 -30.12 -30.45 -31.78 - 2.09
Operating Cash Flow to Interest Expense		 12.48 11.81 -4.91 7.79 12.42 8.47 -2.54 6.88 8.78 - -2.87
Operating Cash Flow Less CapEx to Interest Expense		 11.72 11.01 -5.46 7.28 11.94 8.14 -2.76 6.63 8.48 - -3.13
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.68 0.48 0.56 0.49 0.48 0.46 0.47 0.47 0.47 - 0.46
Fixed Asset Turnover		 31.61 25.37 26.13 26.44 26.88 27.40 28.35 29.11 30.03 - 32.21
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 25,586 25,833 26,440 27,110 27,131 33,482 35,197 35,705 35,380 - 35,844
Invested Capital Turnover		 1.16 0.93 0.90 0.89 0.89 0.80 0.79 0.80 0.82 - 0.75
Increase / (Decrease) in Invested Capital		 4,133 3,589 2,000 2,349 1,545 7,649 8,757 8,595 8,249 - 647
Enterprise Value (EV)		 91,752 91,225 101,937 104,031 109,025 110,397 127,399 114,120 104,349 - 91,461
Market Capitalization		 92,301 91,735 100,829 103,438 109,303 103,931 119,450 107,730 98,634 - 83,541
Book Value per Share		 $23.09 $24.72 $25.25 $27.13 $27.83 $27.17 $28.64 $32.00 $30.82 - $30.09
Tangible Book Value per Share		 ($15.68) ($15.56) ($15.29) ($13.77) ($14.78) ($30.10) ($28.93) ($26.23) ($27.39) - ($29.56)
Total Capital		 25,586 25,833 26,440 27,110 27,131 33,482 35,197 35,705 35,380 - 35,844
Total Debt		 14,000 13,463 13,818 13,545 13,249 19,947 20,929 19,729 20,021 - 21,038
Total Long-Term Debt		 11,781 11,844 12,300 12,278 12,330 19,428 18,862 18,960 18,317 - 18,900
Net Debt		 -729 -689 908 395 -472 6,273 7,746 6,181 5,509 - 7,683
Capital Expenditures (CapEx)		 111 120 87 80 73 76 55 59 72 - 62
Net Nonoperating Expense (NNE)		 -49 -43 -51 -48 -49 -53 -33 -36 -39 - -38
Net Nonoperating Obligations (NNO)		 14,000 13,463 13,818 13,545 13,249 19,947 20,929 19,729 20,021 - 21,038
Total Depreciation and Amortization (D&A)		 180 186 189 176 180 201 227 231 224 - 227
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.48 $1.53 $2.84 $2.28 $1.52 $1.62 $2.81 $2.46 $1.52 $1.69 $2.37
Adjusted Weighted Average Basic Shares Outstanding		 494M 494M 492M 492M 492M 492M 492M 492M 491M 491M 484M
Adjusted Diluted Earnings per Share		 $1.47 $1.52 $2.82 $2.27 $1.51 $1.58 $2.79 $2.45 $1.51 $1.68 $2.36
Adjusted Weighted Average Diluted Shares Outstanding		 499M 499M 497M 496M 496M 496M 495M 495M 494M 494M 486M
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)		 689 722 1,373 1,092 703 748 1,379 1,195 718 - 1,148
Normalized NOPAT Margin		 13.11% 13.27% 21.62% 17.97% 12.65% 12.75% 20.16% 17.72% 11.70% - 15.57%
Pre Tax Income Margin		 17.70% 19.26% 29.46% 25.75% 18.63% 17.20% 26.71% 24.41% 16.45% - 21.44%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 5.99 6.55 11.35 9.61 6.28 4.08 7.28 6.58 4.04 - 6.38
NOPAT to Interest Expense		 4.75 4.78 8.64 7.00 4.56 3.24 5.63 4.92 3.03 - 4.79
EBIT Less CapEx to Interest Expense		 5.22 5.76 10.80 9.10 5.81 3.75 7.06 6.33 3.74 - 6.12
NOPAT Less CapEx to Interest Expense		 3.98 3.99 8.09 6.49 4.09 2.91 5.40 4.68 2.73 - 4.53
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 36.12% 34.96% 34.93% 35.78% 36.90% 37.72% 39.49% 39.80% 40.82% - 44.59%
Augmented Payout Ratio		 71.75% 65.20% 63.87% 64.05% 65.08% 59.58% 61.41% 61.25% 64.68% - 106.14%

Financials Breakdown Chart

Key Financial Trends

Marsh & McLennan Companies (MMC) has delivered a mix of strong cash generation and a heavy interest expense drag over the last few quarters. A standout feature in Q4 2025 was a substantial one-off boost to non-interest income, which helped support earnings even with ongoing financing costs. Here are the key takeaways based on the latest four years of quarterly data.

  • Big one-off boost in Q4 2025: Other Non-Interest Income rose to about $6.595B, with Total Non-Interest Income at roughly $6.602B, helping the quarter look unusually strong on non-interest lines.
  • Solid cash generation in late 2025: Net Cash From Continuing Operating Activities was about $2.161B in Q4 2025 and $2.082B in Q3 2025, indicating robust operating cash flow.
  • Earnings per share improved in Q4 2025: Basic EPS reached $1.69 and Diluted EPS $1.68, up from Q3 2025 levels (Basic $1.52; Diluted $1.51).
  • Net income attributable to common shareholders: About $821M in Q4 2025, signaling solid quarterly profitability despite higher interest costs.
  • Top-line scale remains steady: Total Revenue in Q4 2025 was about $6.38B, consistent with the firm’s large, fee-based business model.
  • Solid balance-sheet base supports liquidity: Total assets near $58B in 2025-era reporting, with sizable cash-related positions (cash and restricted cash) and equity base around $15B in prior quarters.
  • Liquidity buffers: Cash and restricted cash were substantial (for example, restricted cash around $12B and cash around $2.5B–$2.6B at times in 2025), providing ample liquidity for operations and optionality.
  • Interest expense remains a drag: Net Interest Income / (Expense) consistently negative (about -$0.22B per quarter in Q4 2025), reflecting sizeable long-term debt servicing costs.
  • High non-interest expenses: Total Non-Interest Expense typically around $5.0B–$5.4B per quarter, which presses margins against the underlying revenue base.
  • Cash flow pressure from financing/investing: Net Change in Cash & Equivalents in Q4 2025 was negative by about $0.352B, indicating investing/financing outflows outweighed operating cash flow for the period.
05/14/26 02:32 PM ETAI Generated. May Contain Errors.

Marsh & McLennan Companies Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Marsh & McLennan Companies' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Marsh & McLennan Companies' net income appears to be on an upward trend, with a most recent value of $4.23 billion in 2025, rising from $1.64 billion in 2015. The previous period was $4.12 billion in 2024. See where experts think Marsh & McLennan Companies is headed by visiting Marsh & McLennan Companies' forecast page.

Over the last 10 years, Marsh & McLennan Companies' total revenue changed from $12.78 billion in 2015 to $26.10 billion in 2025, a change of 104.2%.

Marsh & McLennan Companies' total liabilities were at $43.40 billion at the end of 2025, a 1.0% increase from 2024, and a 273.6% increase since 2015.

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 $2.69 billion as of their latest financial filing in 2025.


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Financial statements for NYSE:MRSH last updated on 4/24/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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