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Financial data & stock exchanges · Financial Services · Fiscal year ends Dec 31
Marex reported revenue of $2B in the fiscal year ended Dec 2025, up 26.9% from the year before. Operating income was $1.2B, an operating margin of 57.9%, and net income was $308M. Operating cash flow of $668M less capital expenditure of $13M left free cash flow of $654M. It held more cash than debt (net cash $2.7B).
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Last 5 fiscal years
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | 711 | 1,245 | 1,595 | 2,024 |
| Operating incomederived: pre-tax income + interest | 287 | 667 | 834 | 1,172 |
| Interest expense | 165 | 470 | 538 | 760 |
| Pre-tax income | 122 | 197 | 296 | 412 |
| Income tax | 23.4 | 55.2 | 77.8 | 104 |
| Net income | 98.2 | 141 | 218 | 308 |
| Diluted EPS | 1.36 | 1.82 | 2.72 | 3.86 |
| Diluted shares | 67.6 | 70.3 | 75.3 | 76.1 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | 910 | 1,484 | 2,557 | 2,881 |
| Receivables | 4,685 | 4,790 | 7,553 | 10,993 |
| Current assets | 15,354 | 16,936 | 23,829 | 33,697 |
| Net PP&E | 11.8 | 16.6 | 20.8 | 34.0 |
| Goodwill | 156 | 164 | 177 | 237 |
| Total assets | 15,744 | 17,612 | 24,313 | 34,675 |
| Payables | 6,648 | 6,786 | 9,740 | 12,956 |
| Current liabilities | 14,562 | 15,885 | 21,779 | 30,963 |
| Short-term debt | 12.9 | 0.0 | 152 | 200 |
| Long-term debt | 136 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 15,066 | 16,836 | 23,336 | 33,412 |
| Shareholders' equity | 678 | 776 | 879 | 1,166 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | 226 | 735 | 1,164 | 668 |
| Capital expenditure | 3.6 | 9.0 | 11.7 | 13.1 |
| Free cash flow | 222 | 726 | 1,152 | 654 |
| Depreciation & amortisation | 13.8 | 27.1 | 29.5 | 36.1 |
| Acquisitions | 36.9 | 90.3 | 11.0 | 242 |
| Share buybacks | 7.9 | 3.1 | 19.8 | 44.1 |
| Dividends paid | 6.6 | 58.3 | 77.1 | 55.5 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 75.0% | 28.1% | 26.9% |
| Operating income growth (YoY) | – | 132.6% | 25.1% | 40.5% |
| EPS growth (YoY) | – | 33.8% | 49.5% | 41.9% |
| Operating margin | 40.3% | 53.6% | 52.3% | 57.9% |
| Net margin | 13.8% | 11.4% | 13.7% | 15.2% |
| Return on equityBlank when equity is negative | 14.5% | 18.2% | 24.8% | 26.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 24.2% | 38.6% | 32.9% | 31.6% |
| Free cash flow margin | 31.2% | 58.3% | 72.2% | 32.3% |
| Cash conversion (CFO ÷ net income) | 2.30x | 5.20x | 5.34x | 2.17x |
| Receivable days | 2405 | 1405 | 1729 | 1982 |
| Interest cover | 1.74x | 1.42x | 1.55x | 1.54x |
| Debt ÷ equity | 0.22x | 0.00x | 0.17x | 0.17x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −761 | −1,484 | −2,405 | −2,681 |
| Current ratio | 1.05x | 1.07x | 1.09x | 1.09x |
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.