Revenue
$26.98B
Fiscal year ended 2025-12-31Net income
$4.16B
Fiscal year ended 2025-12-31Total assets
$58.71B
Fiscal year ended 2025-12-31MARSH & MCLENNAN COMPANIES, INC. (MRSH) reported revenue of $26.98B and net income of $4.16B for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from MARSH & MCLENNAN COMPANIES, INC.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Insurance Agents, Brokers & Service.
Banks, brokers and insurers present a top line that is not comparable with an operating company’s revenue: it is reported net of interest expense, or as premiums earned, depending on the filer. The figures are the filer’s own and are traceable to the filing; the comparison across classes is what does not hold.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.98B | $24.46B | $22.74B | $20.72B | $19.82B | $17.22B | $16.65B | $14.95B | $14.02B | $13.21B |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | $6.22B | $5.82B | $5.28B | $4.28B | $4.31B | $3.07B | $2.68B | $2.76B | $2.66B | $2.43B |
| Net income | $4.16B | $4.06B | $3.76B | $3.05B | $3.14B | $2.02B | $1.74B | $1.65B | $1.49B | $1.77B |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 494.00M | shares 496.00M | shares 499.00M | shares 505.00M | shares 513.00M | shares 512.00M | shares 511.00M | shares 511.00M | shares 519.00M | shares 524.00M |
| Pretax income | $5.54B | $5.48B | $5.03B | $4.08B | $4.21B | $2.79B | $2.44B | $2.24B | $2.64B | $2.48B |
| Income tax expense | $1.30B | $1.36B | $1.22B | $995.00M | $1.03B | $747.00M | $666.00M | $574.00M | $1.13B | $685.00M |
| Diluted EPS | $8.43 | $8.18 | $7.53 | $6.04 | $6.13 | $3.94 | $3.41 | $3.23 | $2.87 | $3.38 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $2.69B | $2.40B | $3.36B | $1.44B | $1.75B | $2.09B | $1.16B | $1.07B | $1.20B | $1.03B |
| Total assets | $58.71B | $56.48B | $48.03B | $44.11B | $44.01B | $33.05B | $31.36B | $21.58B | $20.43B | $18.19B |
| Current assets | $23.20B | $22.12B | $21.75B | $18.96B | $8.26B | $8.16B | $7.07B | $5.93B | $5.56B | $4.88B |
| Total liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current liabilities | $21.06B | $19.52B | $19.80B | $17.83B | $6.65B | $6.56B | $6.68B | $4.92B | $4.26B | $4.08B |
| Total equity incl. NCI | $15.32B | $13.54B | $12.37B | $10.75B | $11.22B | $9.26B | $7.94B | $7.58B | $7.44B | $6.27B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | $7.67B | $7.16B | $6.42B | $5.85B | $5.59B | $5.33B | $5.24B | $4.32B | $4.13B | $3.64B |
| Goodwill | $24.34B | $23.31B | $17.23B | $16.25B | $16.32B | $15.52B | $14.67B | $9.60B | $9.09B | $8.37B |
| Long-term debt | $18.32B | $19.43B | $11.84B | $11.23B | $10.93B | $10.80B | $10.74B | $5.51B | $5.22B | $4.50B |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.29B | $4.30B | $4.26B | $3.46B | $3.52B | $3.38B | $2.36B | $2.43B | $1.89B | $2.01B |
| Capital expenditures | $291.00M | $316.00M | $416.00M | $470.00M | $406.00M | $348.00M | $421.00M | $314.00M | $302.00M | $253.00M |
| Investing cash flow | -$845.00M | -$8.82B | -$1.42B | -$850.00M | -$1.16B | -$793.00M | -$4.40B | -$1.09B | -$956.00M | -$1.06B |
| Financing cash flow | -$4.63B | $4.46B | -$1.12B | -$1.05B | -$1.30B | -$925.00M | $4.33B | -$1.31B | -$1.01B | -$1.07B |
| Net change in cash | $486.00M | -$478.00M | $2.05B | $728.00M | $700.00M | $2.18B | $2.43B | -$139.00M | $179.00M | -$348.00M |
| Stock-based compensation | $394.00M | $368.00M | $363.00M | $367.00M | $348.00M | $290.00M | $252.00M | $193.00M | $149.00M | $109.00M |
| Common dividends paid | $1.70B | $1.51B | $1.30B | $1.14B | $1.03B | $943.00M | $890.00M | $807.00M | $740.00M | $682.00M |
| Common share repurchases | $2.01B | $900.00M | $1.15B | $1.95B | $1.16B | $0 | $485.00M | $675.00M | $900.00M | $800.00M |
| Depreciation & amortization | $361.00M | $369.00M | $370.00M | $381.00M | $747.00M | $741.00M | $647.00M | $494.00M | $481.00M | $438.00M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $5.00B | $3.99B | $3.84B | $3.00B | $3.11B | $3.03B | $1.94B | $2.11B | $1.59B | $1.75B |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | 23.1% | 23.8% | 23.2% | 20.7% | 21.8% | 17.8% | 16.1% | 18.5% | 18.9% | 18.4% |
| FCF margin | 18.5% | 16.3% | 16.9% | 14.5% | 15.7% | 17.6% | 11.7% | 14.1% | 11.3% | 13.3% |
| SBC / revenue | 1.5% | 1.5% | 1.6% | 1.8% | 1.8% | 1.7% | 1.5% | 1.3% | 1.1% | 0.8% |
| Current ratio | 1.10x | 1.13x | 1.10x | 1.06x | 1.24x | 1.24x | 1.06x | 1.21x | 1.31x | 1.20x |
| Revenue YoY growth | 10.3% | 7.6% | 9.7% | 4.5% | 15.1% | 3.4% | 11.4% | 6.6% | 6.2% | Unavailable |
| Net margin | 15.4% | 16.6% | 16.5% | 14.7% | 15.9% | 11.7% | 10.5% | 11.0% | 10.6% | 13.4% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 1.1% | 1.3% | 1.8% | 2.3% | 2.0% | 2.0% | 2.5% | 2.1% | 2.2% | 1.9% |
| Long-term debt / equity | 1.20x | 1.44x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 23.6% | 24.9% | 24.4% | 24.4% | 24.6% | 26.7% | 27.3% | 25.6% | 42.9% | 27.6% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open MRSH in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-07-21View SEC filing
10-Q · Filed 2026-04-16View SEC filing
10-K · Filed 2026-02-09View SEC filing
10-Q · Filed 2025-10-16View SEC filing
10-Q · Filed 2025-07-17View SEC filing
10-Q · Filed 2025-04-17View SEC filing
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.