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.

Price · MRSH

1Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$26.98B	$24.46B	($62.00M)◇	$2.02B◇	-	-
Cost of Revenue	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-
R&D	-	-	-	-	-	-
SG&A	-	-	-	-	-	-
Total Operating Expenses	$20.76B	$18.64B	$17.45B	$16.44B	$15.51B	$14.16B
D&A	$361.00M	$369.00M	$713.00M	$719.00M	$747.00M	$741.00M
Operating Income	$6.22B	$5.82B	$5.28B	$4.28B	$4.31B	$3.07B
Interest Expense	$960.00M	$700.00M	$578.00M	$469.00M	$444.00M	$515.00M
Income Tax	$1.30B	$1.36B	$1.22B	$995.00M	$1.03B	$747.00M
Net Income	$4.16B	$4.06B	$3.76B	$3.05B	$3.14B	$2.02B
EPS - Basic	$8.48	$8.26	$7.60	$6.11	$6.20	$3.98
EPS - Diluted	$8.43	$8.18	$7.53	$6.04	$6.13	$3.94

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$2.69B	$2.40B	$3.36B	$1.44B	$1.75B	$2.09B
Accounts Receivable	$7.67B	$7.16B	$6.42B	$5.85B	$5.59B	$5.33B
Inventory	-	-	-	-	-	-
Accounts Payable	-	-	-	-	-	-
Current Assets	$23.20B	$22.12B	$21.75B	$8.30B	$8.26B	$8.15B
Total Assets	$58.71B	$56.48B	$48.03B	$33.45B	$34.39B	$33.05B
Current Liabilities	$21.06B	$19.52B	$19.80B	$7.17B	$6.65B	$6.56B
Long-term Debt	$18.32B	$19.43B	$11.84B	$11.23B	$10.93B	$10.80B
Total Liabilities	-	-	-	-	-	-
Stockholders' Equity	$15.31B	$13.54B	$12.37B	$10.75B	$11.22B	$9.26B
Retained Earnings	$27.77B	$25.31B	$22.76B	$20.30B	$18.39B	$16.27B

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$5.29B	$4.30B	$4.26B	$3.46B	$3.52B	$3.38B
Investing Cash Flow	($845.00M)	($8.82B)	($1.42B)	($850.00M)	($1.16B)	($814.00M)
Financing Cash Flow	($4.63B)	$4.46B	($1.12B)	($1.05B)	($1.30B)	($1.88B)
CapEx	$291.00M	$316.00M	$416.00M	$470.00M	$406.00M	$348.00M
Free Cash Flow	$5.00B	$3.99B	$3.84B	$3.00B	$3.11B	$3.03B

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	-	-	-	-	-	-
Operating margin	23.1%	23.8%	-8519.4%	212.2%	-	-
EBITDA margin	24.4%	25.3%	-9669.4%	247.8%	-	-
Net margin	15.4%	16.6%	-6058.1%	151.2%	-	-
Free cash flow margin	18.5%	16.3%	-6196.8%	148.5%	-	-
FCF / Net income	1.20	0.98	1.02	0.98	0.99	1.50
R&D / Revenue	-	-	-	-	-	-
SG&A / Revenue	-	-	-	-	-	-
Effective tax rate	23.9%	25.1%	24.6%	24.6%	24.8%	27.0%
Return on assets	7.1%	7.2%	7.8%	9.1%	9.1%	6.1%
Return on equity	27.2%	30.0%	30.4%	28.4%	28.0%	21.8%
Return on invested capital	14.1%	13.2%	16.5%	14.7%	14.6%	11.2%
Liquidity
Current ratio	1.10	1.13	1.10	1.16	1.24	1.24
Quick ratio	1.10	1.13	1.10	1.16	1.24	1.24
Cash ratio	0.13	0.12	0.17	0.20	0.26	0.32
Leverage
Debt / Equity	1.20	1.44	0.96	1.04	0.97	1.17
Debt / Assets	0.31	0.34	0.25	0.34	0.32	0.33
Debt / EBITDA	2.78	3.14	1.98	2.25	2.16	2.84
Interest coverage	6.5x	8.3x	9.1x	9.1x	9.7x	6.0x
Equity multiplier	3.83	4.17	3.88	3.11	3.06	3.57
Liabilities / Assets	-	-	-	-	-	-
Efficiency
Asset turnover	0.46	0.43	-0.00	0.06	-	-
Inventory turnover	-	-	-	-	-	-
Days sales outstanding	104d	107d	-37783d	1059d	-	-
Days inventory outstanding	-	-	-	-	-	-
Days payable outstanding	-	-	-	-	-	-
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	22.0x	26.0x	-	-	-	-
P / B	6.0x	7.8x	-	-	-	-
P / S	3.4x	4.3x	-	-	-	-
EV / EBITDA	16.3x	19.8x	-	-	-	-
Growth
Revenue growth (YoY)	10.3%	-39548.4%	-103.1%	-	-	-
Revenue CAGR (3y)	137.4%	-	-	-	-	-
Revenue CAGR (5y)	-	-	-	-	-	-
Gross profit growth (YoY)	-	-	-	-	-	-
Operating income growth (YoY)	7.0%	10.1%	23.4%	-0.7%	40.6%	14.5%
Net income growth (YoY)	2.5%	8.1%	23.1%	-3.0%	55.9%	15.7%
EPS growth (YoY)	3.1%	8.6%	24.7%	-1.5%	55.6%	15.5%
EPS CAGR (3y)	11.8%	10.1%	24.1%	21.0%	23.8%	11.1%
EPS CAGR (5y)	16.4%	19.1%	18.4%	16.0%	12.6%	5.7%
FCF growth (YoY)	25.5%	3.7%	28.3%	-3.7%	2.5%	56.4%
FCF CAGR (5y)	10.5%	15.5%	12.7%	13.5%	12.1%	14.2%
Book value growth (YoY)	13.2%	9.4%	15.1%	-4.2%	21.2%	16.6%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$23.45B total

Riskand Insurance Services Segment$17.27B · 73.6%

Consulting Segment$6.19B · 26.4%

Product / service

$6.19B total

Wealth$2.82B · 45.5%

Health$2.28B · 36.9%

Career$1.09B · 17.6%

Geographic

$27.06B total

US$13.34B · 49.3%

Other Geographic Areas$9.90B · 36.6%

GB$3.82B · 14.1%

Stability scores

Piotroski F-score

FY 2025 · 9-point quality

6/9

Neutral

✓Net income positive
✓Operating cash flow positive
✗ROA improved YoY
✓Cash flow > net income
✓Long-term debt decreased
✗Current ratio improved
✓No share dilution
-Gross margin improved
✓Asset turnover improved

Peer comparison

Same SIC group: Insurance Agents, Brokers & Service

Company	Revenue (last FY)	Net margin	ROE
WTW	$9.71B	16.5%	20.1%
ERIE	$4.07B	13.8%	24.5%
ACT	$1.24B	55.7%	12.8%
AJG	$13.94B	10.7%	6.4%
EQH	$11.66B	-11.8%	1864.9%

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

Cells marked with a small ◇ are sourced from SEC's bulk Financial Statement Data Sets, which can lose dimensional context (notably Revenue and Operating Income for issuers that report by segment). These cells will be replaced with authoritative values from the Company Facts API as the backfill completes.