Marsh & Mclennan Companies
MRSH · NYSEInsurance Agents, Brokers & Service · Fiscal year ends Dec 31
Marsh & Mclennan Companies reported revenue of $27B in the fiscal year ended Dec 2025, up 10.3% from the year before. Operating income was $6.2B, an operating margin of 23.1%, and net income was $4.2B. Operating cash flow of $5.3B less capital expenditure of $291M left free cash flow of $5B. Net debt was $16.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $19.8B | $20.7B | $22.7B | $24.5B | $27B |
| Operating income | $4.3B | $4.3B | $5.3B | $5.8B | $6.2B |
| Interest expense | $444M | $469M | $578M | $700M | $960M |
| Pre-tax income | $4.2B | $4.1B | $5B | $5.5B | $5.5B |
| Income tax | $1B | $995M | $1.2B | $1.4B | $1.3B |
| Net income | $3.1B | $3.1B | $3.8B | $4.1B | $4.2B |
| Diluted EPS | 6.13 | 6.04 | 7.53 | 8.18 | 8.43 |
| Diluted shares | 513M | 505M | 499M | 496M | 494M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.8B | $1.4B | $3.4B | $2.4B | $2.7B |
| Receivables | $5.6B | $5.9B | $6.4B | $7.2B | $7.7B |
| Current assets | $8.3B | $19B | $21.7B | $22.1B | $23.2B |
| Net PP&E | $847M | $871M | $882M | $859M | $829M |
| Goodwill | $16.3B | $16.3B | $17.2B | $23.3B | $24.3B |
| Total assets | $44B | $44.1B | $48B | $56.5B | $58.7B |
| Deferred revenue | $776M | $837M | $869M | $866M | $927M |
| Current liabilities | $6.7B | $17.8B | $19.8B | $19.5B | $21.1B |
| Short-term debt | $17M | $268M | $1.6B | $519M | $1.3B |
| Long-term debt | $10.9B | $11.2B | $11.8B | $19.4B | $18.3B |
| Shareholders' equity | $11.2B | $10.7B | $12.4B | $13.5B | $15.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.5B | $3.5B | $4.3B | $4.3B | $5.3B |
| Capital expenditure | $406M | $470M | $416M | $316M | $291M |
| Free cash flow | $3.1B | $3B | $3.8B | $4B | $5B |
| Depreciation & amortisation | $747M | $381M | $370M | $369M | $361M |
| Stock-based compensation | $348M | $367M | $363M | $368M | $394M |
| Acquisitions | −$859M | $572M | $976M | $8.5B | $652M |
| Share buybacks | $1.2B | $2B | $1.2B | $900M | $2B |
| Dividends paid | $1B | $1.1B | $1.3B | $1.5B | $1.7B |
| Dividend per share | – | 2.25 | 2.60 | 3.05 | 3.43 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.5% | 9.7% | 7.6% | 10.3% |
| Operating income growth (YoY) | – | −0.7% | 23.4% | 10.1% | 7.0% |
| EPS growth (YoY) | – | −1.5% | 24.7% | 8.6% | 3.1% |
| Operating margin | 21.8% | 20.7% | 23.2% | 23.8% | 23.1% |
| Net margin | 15.9% | 14.7% | 16.5% | 16.6% | 15.4% |
| Return on equityBlank when equity is negative | 28.0% | 28.4% | 30.4% | 30.0% | 27.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.5% | 16.3% | 18.7% | 15.7% | 16.5% |
| Free cash flow margin | 15.7% | 14.5% | 16.9% | 16.3% | 18.5% |
| Cash conversion (CFO ÷ net income) | 1.12x | 1.14x | 1.13x | 1.06x | 1.27x |
| Receivable days | 103 | 103 | 103 | 107 | 104 |
| Interest cover | 9.71x | 9.13x | 9.14x | 8.31x | 6.48x |
| Debt ÷ equity | 0.98x | 1.07x | 1.09x | 1.47x | 1.28x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $9.2B | $10.1B | $10.1B | $17.5B | $16.9B |
| Current ratio | 1.24x | 1.06x | 1.10x | 1.13x | 1.10x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.