MRSH · Marsh & McLennan Companies, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.60B | - | $6.35B | $6.97B | $6.47B | - | $5.70B | $6.22B | - | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - | - | - | - | - |
| Total Operating Expenses | $5.84B | - | $5.18B | $5.14B | $5.06B | - | $4.59B | $4.58B | $4.55B | - |
| D&A | $89.00M | - | $90.00M | $87.00M | $99.00M | - | - | - | $99.00M | - |
| Operating Income | $1.75B | - | $1.17B | $1.83B | $2.00B | - | $1.11B | $1.64B | $1.93B | - |
| Interest Expense | $240.00M | - | $237.00M | $243.00M | $159.00M | - | $154.00M | $146.00M | $159.00M | - |
| Income Tax | $395.00M | - | $253.00M | $415.00M | $415.00M | - | $283.00M | $425.00M | $447.00M | - |
| Net Income | $1.15B | - | $747.00M | $1.21B | $1.38B | - | $747.00M | $1.13B | $1.40B | - |
| EPS - Basic | $2.37 | - | $1.52 | $2.46 | $2.81 | - | $1.52 | $2.28 | $2.84 | - |
| EPS - Diluted | $2.36 | - | $1.51 | $2.45 | $2.79 | - | $1.51 | $2.27 | $2.82 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.61B | $2.69B | $2.51B | $1.68B | $1.60B | $2.40B | $1.80B | $1.65B | $1.45B | $3.36B |
| Accounts Receivable | $8.43B | $7.67B | $7.91B | $8.46B | $7.87B | $7.16B | $7.42B | $7.74B | $7.22B | $6.42B |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | $23.24B | $23.20B | $23.70B | $23.33B | $22.46B | $22.12B | $22.29B | $22.02B | $21.30B | $21.75B |
| Total Assets | $58.55B | $58.71B | $58.78B | $58.55B | $57.02B | $56.48B | $49.86B | $48.59B | $47.57B | $48.03B |
| Current Liabilities | $20.91B | $21.06B | $21.10B | $19.40B | $19.77B | $19.52B | $19.60B | $18.86B | $18.66B | $19.80B |
| Long-term Debt | $18.90B | $18.32B | $18.32B | $18.96B | $18.86B | $19.43B | $12.33B | $12.28B | $12.30B | $11.84B |
| Total Liabilities | - | - | - | - | - | - | - | - | - | - |
| Stockholders' Equity | $14.81B | $15.31B | $15.36B | $15.98B | $14.27B | $13.54B | $13.88B | $13.56B | $12.62B | $12.37B |
| Retained Earnings | $28.04B | $27.77B | $26.95B | $27.09B | $25.88B | $25.31B | $24.52B | $24.58B | $23.46B | $22.76B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($688.00M) | - | - | - | ($622.00M) | - | - | - | ($781.00M) | - |
| Investing Cash Flow | ($104.00M) | - | - | - | $26.00M | - | - | - | ($368.00M) | - |
| Financing Cash Flow | $114.00M | - | - | - | ($138.00M) | - | - | - | $135.00M | - |
| CapEx | $62.00M | - | - | - | $55.00M | - | - | - | $87.00M | - |
| Free Cash Flow | ($750.00M) | - | - | - | ($677.00M) | - | - | - | ($868.00M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 23.1% | - | 18.4% | 26.2% | 31.0% | - | 19.4% | 26.4% | - | - |
| EBITDA margin | 24.3% | - | 19.8% | 27.5% | 32.5% | - | - | - | - | - |
| Net margin | 15.1% | - | 11.8% | 17.4% | 21.3% | - | 13.1% | 18.1% | - | - |
| Free cash flow margin | -9.9% | - | - | - | -10.5% | - | - | - | - | - |
| FCF / Net income | -0.65 | - | - | - | -0.49 | - | - | - | -0.62 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | 25.6% | - | 25.3% | 25.5% | 23.1% | - | 27.5% | 27.4% | 24.2% | - |
| Return on assets | 2.0% | - | 1.3% | 2.1% | 2.4% | - | 1.5% | 2.3% | 2.9% | - |
| Return on equity | 7.7% | - | 4.9% | 7.6% | 9.7% | - | 5.4% | 8.3% | 11.1% | - |
| Return on invested capital | 3.9% | - | 2.6% | 3.9% | 4.7% | - | 3.1% | 4.6% | 5.9% | - |
| Liquidity | ||||||||||
| Current ratio | 1.11 | 1.10 | 1.12 | 1.20 | 1.14 | 1.13 | 1.14 | 1.17 | 1.14 | 1.10 |
| Quick ratio | 1.11 | 1.10 | 1.12 | 1.20 | 1.14 | 1.13 | 1.14 | 1.17 | 1.14 | 1.10 |
| Cash ratio | 0.08 | 0.13 | 0.12 | 0.09 | 0.08 | 0.12 | 0.09 | 0.09 | 0.08 | 0.17 |
| Leverage | ||||||||||
| Debt / Equity | 1.28 | 1.20 | 1.19 | 1.19 | 1.32 | 1.44 | 0.89 | 0.91 | 0.97 | 0.96 |
| Debt / Assets | 0.32 | 0.31 | 0.31 | 0.32 | 0.33 | 0.34 | 0.25 | 0.25 | 0.26 | 0.25 |
| Debt / EBITDA | 10.26 | - | 14.54 | 9.90 | 8.96 | - | - | - | 6.08 | - |
| Interest coverage | 7.3x | - | 4.9x | 7.5x | 12.6x | - | 7.2x | 11.2x | 12.1x | - |
| Equity multiplier | 3.95 | 3.83 | 3.83 | 3.67 | 4.00 | 4.17 | 3.59 | 3.58 | 3.77 | 3.88 |
| Liabilities / Assets | - | - | - | - | - | - | - | - | - | - |
| Efficiency | ||||||||||
| Asset turnover | 0.13 | - | 0.11 | 0.12 | 0.11 | - | 0.11 | 0.13 | - | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 405d | - | 454d | 443d | 444d | - | 476d | 454d | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 73.5x | - | 133.5x | 89.2x | 87.5x | - | 147.7x | 92.8x | 73.0x | - |
| P / B | 5.7x | - | 6.5x | 6.8x | 8.5x | - | 8.0x | 7.7x | 8.1x | - |
| P / S | 11.1x | - | 15.7x | 15.5x | 18.7x | - | 19.4x | 16.8x | - | - |
| EV / EBITDA | 55.1x | - | 91.6x | 65.5x | 65.6x | - | - | - | 55.9x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 17.4% | - | 11.5% | 12.1% | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -12.5% | - | 5.6% | 11.4% | 4.2% | - | 11.2% | 12.7% | 11.5% | - |
| Net income growth (YoY) | -17.0% | - | 0.0% | 7.6% | -1.4% | - | 2.3% | 8.7% | 13.4% | - |
| EPS growth (YoY) | -15.4% | - | 0.0% | 7.9% | -1.1% | - | 2.7% | 9.7% | 14.2% | - |
| EPS CAGR (3y) | -1.5% | - | 11.8% | 8.7% | 9.9% | - | 12.9% | 12.4% | 13.9% | - |
| EPS CAGR (5y) | 4.3% | - | 19.5% | 16.9% | 13.5% | - | 20.7% | 28.4% | 15.0% | - |
| FCF growth (YoY) | -10.8% | - | - | - | 22.0% | - | - | - | 3.9% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 3.8% | 13.2% | 10.6% | 17.8% | 13.0% | 9.4% | 19.8% | 11.7% | 12.7% | 15.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$23.45B totalRiskand Insurance Services Segment$17.27B · 73.6%
Consulting Segment$6.19B · 26.4%
Product / service
$6.19B totalWealth$2.82B · 45.5%
Health$2.28B · 36.9%
Career$1.09B · 17.6%
Geographic
$27.06B totalUS$13.34B · 49.3%
Other Geographic Areas$9.90B · 36.6%
GB$3.82B · 14.1%
Peer comparison
Same SIC group: Insurance Agents, Brokers & Service
Comparing MARSH & MCLENNAN COMPANIES against the 5 most active filers in the same SIC group.
Dividends
$3.60/share trailing 12 months · +10.4% YoY
| Ex-date | Per share |
|---|---|
| Apr 9, 2026 | $0.9000 |
| Jan 29, 2026 | $0.9000 |
| Oct 2, 2025 | $0.9000 |
| Jul 24, 2025 | $0.9000 |
| Apr 3, 2025 | $0.8150 |
| Jan 30, 2025 | $0.8150 |
| Oct 4, 2024 | $0.8150 |
| Jul 25, 2024 | $0.8150 |
| Apr 3, 2024 | $0.7100 |
| Jan 24, 2024 | $0.7100 |
| Oct 5, 2023 | $0.7100 |
| Jul 26, 2023 | $0.7100 |
| Apr 4, 2023 | $0.5900 |
| Jan 25, 2023 | $0.5900 |
| Oct 6, 2022 | $0.5900 |
| Jul 27, 2022 | $0.5900 |
| Apr 5, 2022 | $0.5350 |
| Jan 26, 2022 | $0.5350 |
| Oct 7, 2021 | $0.5350 |
| Jul 28, 2021 | $0.5350 |
| Apr 6, 2021 | $0.4650 |
| Jan 29, 2021 | $0.4650 |
| Oct 8, 2020 | $0.4650 |
| Jul 24, 2020 | $0.4650 |