What is Marsh & Mclennan's earnings per share (EPS)?

Marsh & Mclennan (MMC) reported diluted earnings per share of $8.43 for fiscal year 2025. This represents a 3.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Marsh & Mclennan Financials

MMC

FY2025 annual

Revenue $27.0B +10.3% YoY

Net Income $4.2B +2.5% YoY

EPS (Diluted) $8.43 +3.1% YoY

Free Cash Flow $5.0B +25.5% YoY

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

Marsh & Mclennan (MMC) reported $27.0B in revenue for fiscal year 2025, up 10.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MMC FY2025 2026-08-15

MMC’s asset-light model is turning growth into richer free cash flow even as financing costs rise.

From FY2024 to FY2025, free cash flow margin rose from 16.3% to 18.5% even as net profit margin slipped from 16.6% to 15.4%. With capex only $291M against operating cash flow of $5.3B, the business converts earnings into cash unusually well because it needs little physical reinvestment.

The balance sheet became more acquisition-shaped in FY2024: goodwill jumped from $17.2B to $23.3B. Long-term debt also rose to $19.4B, showing that growth was funded through purchased intangibles and financing rather than a heavier physical asset base. FY2025 began to digest that move, with debt easing to $18.3B and liquidity holding near 1.1x current ratio.

Operating performance improved more than the bottom line suggests. Revenue rose from $22.7B in FY2023 to $27.0B in FY2025. Operating margin stayed above 23.0% across that span. Meanwhile, interest expense climbed from $578M to $960M, so stronger operations translated less efficiently into net income.

Financial Health Signals

Financial health score not available

Marsh & Mclennan does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

6/8

Marsh & Mclennan passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.27x

For every $1 of reported earnings, Marsh & Mclennan generates $1.27 in operating cash flow ($5.3B OCF vs $4.2B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

6.48x

Marsh & Mclennan earns $6.48 in operating income for every $1 of interest expense ($6.2B vs $960.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$27.0B

YoY+10.3%

5Y CAGR+9.4%

10Y CAGR+7.7%

Marsh & Mclennan generated $27.0B in revenue in fiscal year 2025. This represents an increase of 10.3% from the prior year.

EBITDA

$6.6B

YoY+6.4%

5Y CAGR+11.6%

10Y CAGR+9.7%

Marsh & Mclennan's EBITDA was $6.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.4% from the prior year.

Net Income

$4.2B

YoY+2.5%

5Y CAGR+15.6%

10Y CAGR+10.0%

Marsh & Mclennan reported $4.2B in net income in fiscal year 2025. This represents an increase of 2.5% from the prior year.

EPS (Diluted)

$8.43

YoY+3.1%

5Y CAGR+16.4%

10Y CAGR+11.0%

Marsh & Mclennan earned $8.43 per diluted share (EPS) in fiscal year 2025. This represents an increase of 3.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$5.0B

YoY+25.5%

5Y CAGR+10.5%

10Y CAGR+12.3%

Marsh & Mclennan generated $5.0B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 25.5% from the prior year.

Cash & Debt

$2.7B

YoY+12.1%

5Y CAGR+5.2%

10Y CAGR+6.9%

Marsh & Mclennan held $2.7B in cash against $18.3B in long-term debt as of fiscal year 2025.

Dividends Per Share

$3.43

YoY+12.5%

Marsh & Mclennan paid $3.43 per share in dividends in fiscal year 2025. This represents an increase of 12.5% from the prior year.

Shares Outstanding

484M

YoY-1.4%

5Y CAGR-1.0%

10Y CAGR-0.8%

Marsh & Mclennan had 484M shares outstanding in fiscal year 2025. This represents a decrease of 1.4% from the prior year.

Margins & Returns

Operating Margin

23.1%

YoY-0.7pp

5Y CAGR+5.3pp

10Y CAGR+6.1pp

Marsh & Mclennan's operating margin was 23.1% in fiscal year 2025, reflecting core business profitability. This is down 0.7 percentage points from the prior year.

Net Margin

15.4%

YoY-1.2pp

5Y CAGR+3.7pp

10Y CAGR+3.0pp

Marsh & Mclennan's net profit margin was 15.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.2 percentage points from the prior year.

Return on Equity

27.2%

YoY-2.8pp

5Y CAGR+5.4pp

10Y CAGR+2.9pp

Marsh & Mclennan's ROE was 27.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.8 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks

$2.0B

YoY+123.6%

10Y CAGR+3.7%

Marsh & Mclennan spent $2.0B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 123.6% from the prior year.

Capital Expenditures

$291.0M

YoY-7.9%

5Y CAGR-3.5%

10Y CAGR-1.1%

Marsh & Mclennan invested $291.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 7.9% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

MMC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MMC annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$27.5B	$27.0B+10.3%	$24.5B+7.6%	$22.7B+9.7%	$20.7B+4.5%	$19.8B+15.1%	$17.2B+3.4%	$16.7B+11.4%	$14.9B+6.6%	$14.0B+6.2%	$13.2B+2.5%	$12.9B-0.4%	$13.0B+5.6%	$12.3B+2.8%	$11.9B+3.5%	$11.5B
SG&A Expenses	$15.9B	$15.6B+11.3%	$14.0B+6.8%	$13.1B+8.5%	$12.1B+5.7%	$11.4B+12.8%	$10.1B+4.1%	$9.7B+13.1%	$8.6B+6.4%	$8.1B+5.1%	$7.7B+1.7%	$7.6B+0.7%	$7.5B+4.0%	$7.2B+1.3%	$7.1B+2.4%	$7.0B
Operating Income	$6.0B	$6.2B+7.0%	$5.8B+10.1%	$5.3B+23.4%	$4.3B-0.7%	$4.3B+40.6%	$3.1B+14.5%	$2.7B-3.0%	$2.8B+4.0%	$2.7B+9.2%	$2.4B+11.3%	$2.2B-5.1%	$2.3B+10.8%	$2.1B+13.6%	$1.8B+11.7%	$1.6B
Interest Expense	$955.0M	$960.0M+37.1%	$700.0M+21.1%	$578.0M+23.2%	$469.0M+5.6%	$444.0M-13.8%	$515.0M-1.7%	$524.0M+80.7%	$290.0M+22.4%	$237.0M+25.4%	$189.0M+16.0%	$163.0M-1.2%	$165.0M-1.2%	$167.0M-7.7%	$181.0M-9.0%	$199.0M
Income Tax	$1.3B	$1.3B-4.3%	$1.4B+11.4%	$1.2B+23.0%	$995.0M-3.8%	$1.0B+38.4%	$747.0M+12.2%	$666.0M+16.0%	$574.0M-49.3%	$1.1B+65.4%	$685.0M+2.1%	$671.0M+14.5%	$586.0M-1.3%	$594.0M+20.7%	$492.0M+16.6%	$422.0M
Net Income	$3.9B	$4.2B+2.5%	$4.1B+8.1%	$3.8B+23.1%	$3.0B-3.0%	$3.1B+55.9%	$2.0B+15.7%	$1.7B+5.6%	$1.6B+10.6%	$1.5B-15.6%	$1.8B+10.6%	$1.6B+9.1%	$1.5B+8.0%	$1.4B+15.4%	$1.2B+18.4%	$993.0M
EPS (Diluted)	—	$8.43+3.1%	$8.18+8.6%	$7.53+24.7%	$6.04-1.5%	$6.13+55.6%	$3.94+15.5%	$3.41+5.6%	$3.23+12.5%	$2.87-15.1%	$3.38+13.4%	$2.98+12.5%	$2.65+9.1%	$2.43+14.1%	$2.13+19.0%	$1.79

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$7.6B+15.2%	$6.6B+3.8%	$6.4B-8.9%	$7.0B-1.2%	$7.1B+16.4%	$6.1B+6.5%	$5.7B-8.4%	$6.2B
SG&A Expenses	$4.1B+4.9%	$3.9B+1.1%	$3.9B0.0%	$3.9B+1.2%	$3.9B+6.1%	$3.6B+5.5%	$3.4B-0.3%	$3.5B
Operating Income	$1.8B+43.9%	$1.2B+4.2%	$1.2B-36.0%	$1.8B-8.8%	$2.0B+75.6%	$1.1B+3.1%	$1.1B-32.5%	$1.6B
Interest Expense	$240.0M+2.1%	$235.0M-0.8%	$237.0M-2.5%	$243.0M-0.8%	$245.0M+6.1%	$231.0M+50.0%	$154.0M-1.3%	$156.0M
Income Tax	$395.0M+77.9%	$222.0M-12.3%	$253.0M-39.0%	$415.0M0.0%	$415.0M+99.5%	$208.0M-26.5%	$283.0M-33.4%	$425.0M
Net Income	$1.1B+39.6%	$821.0M+9.9%	$747.0M-38.3%	$1.2B-12.3%	$1.4B+75.3%	$788.0M+5.5%	$747.0M-33.6%	$1.1B
EPS (Diluted)	$2.36	N/A	$1.51-38.4%	$2.45-12.2%	$2.79	N/A	$1.51-33.5%	$2.27

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

MMC Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MMC annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$58.7B+3.9%	$56.5B+17.6%	$48.0B+8.9%	$44.1B+0.2%	$44.0B+33.2%	$33.0B+5.4%	$31.4B+45.3%	$21.6B+5.6%	$20.4B+12.3%	$18.2B-0.1%	$18.2B+2.4%	$17.8B+4.9%	$17.0B+4.1%	$16.3B+5.4%	$15.5B
Current Assets	$23.2B+4.9%	$22.1B+1.7%	$21.7B+14.7%	$19.0B+129.4%	$8.3B+1.3%	$8.2B+15.4%	$7.1B+19.1%	$5.9B+6.7%	$5.6B+13.9%	$4.9B-3.2%	$5.0B-8.8%	$5.5B-12.2%	$6.3B+5.7%	$6.0B+5.6%	$5.6B
Cash & Equivalents	$2.7B+12.1%	$2.4B-28.6%	$3.4B+132.9%	$1.4B-17.7%	$1.8B-16.1%	$2.1B+80.9%	$1.2B+8.3%	$1.1B-11.5%	$1.2B+17.4%	$1.0B-25.3%	$1.4B-29.8%	$2.0B-15.0%	$2.3B+0.1%	$2.3B+8.9%	$2.1B
Goodwill	$24.3B+4.4%	$23.3B+35.3%	$17.2B+6.0%	$16.3B-0.4%	$16.3B+5.2%	$15.5B+5.8%	$14.7B+52.8%	$9.6B+5.6%	$9.1B+8.6%	$8.4B+6.1%	$7.9B+8.9%	$7.2B+5.0%	$6.9B+1.5%	$6.8B+3.5%	$6.6B
Total Liabilities	$43.4B+1.0%	$42.9B+20.4%	$35.7B+6.9%	$33.4B+1.8%	$32.8B+37.8%	$23.8B+1.6%	$23.4B+67.3%	$14.0B+7.8%	$13.0B+9.0%	$11.9B+2.6%	$11.6B+8.9%	$10.7B+18.6%	$9.0B-7.2%	$9.7B+1.8%	$9.5B
Current Liabilities	$21.1B+7.9%	$19.5B-1.4%	$19.8B+11.0%	$17.8B+168.0%	$6.7B+1.5%	$6.6B-1.8%	$6.7B+35.6%	$4.9B+15.5%	$4.3B+4.4%	$4.1B+10.1%	$3.7B+0.8%	$3.7B-3.5%	$3.8B+6.9%	$3.6B-4.7%	$3.7B
Long-Term Debt	$18.3B-5.7%	$19.4B+64.0%	$11.8B+5.5%	$11.2B+2.7%	$10.9B+1.3%	$10.8B+0.5%	$10.7B+94.9%	$5.5B+5.5%	$5.2B+16.2%	$4.5B+2.1%	$4.4B+30.7%	$3.4B+28.5%	$2.6B-1.4%	$2.7B-0.4%	$2.7B
Total Equity	$15.3B+13.2%	$13.5B+9.4%	$12.4B+15.1%	$10.7B-4.2%	$11.2B+21.2%	$9.3B+16.6%	$7.9B+4.7%	$7.6B+1.9%	$7.4B+18.7%	$6.3B-5.0%	$6.6B-7.4%	$7.1B-10.6%	$8.0B+20.7%	$6.6B+11.2%	$5.9B
Retained Earnings	$27.8B+9.7%	$25.3B+11.2%	$22.8B+12.1%	$20.3B+10.4%	$18.4B+13.0%	$16.3B+7.1%	$15.2B+5.9%	$14.3B+9.2%	$13.1B+6.1%	$12.4B+9.6%	$11.3B+9.4%	$10.3B+9.3%	$9.5B+9.6%	$8.6B+8.5%	$7.9B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$58.6B-0.3%	$58.7B-0.1%	$58.8B+0.4%	$58.6B+2.7%	$57.0B+0.9%	$56.5B+13.3%	$49.9B+2.6%	$48.6B
Current Assets	$23.2B+0.2%	$23.2B-2.1%	$23.7B+1.6%	$23.3B+3.9%	$22.5B+1.6%	$22.1B-0.8%	$22.3B+1.2%	$22.0B
Cash & Equivalents	$1.6B-40.0%	$2.7B+7.0%	$2.5B+49.7%	$1.7B+4.6%	$1.6B-33.1%	$2.4B+33.4%	$1.8B+8.8%	$1.7B
Goodwill	$24.3B-0.3%	$24.3B+1.6%	$23.9B+0.1%	$23.9B+1.6%	$23.5B+1.0%	$23.3B+27.8%	$18.2B+4.1%	$17.5B
Total Liabilities	$43.7B+0.8%	$43.4B-0.1%	$43.4B+2.0%	$42.6B-0.4%	$42.7B-0.5%	$42.9B+19.4%	$36.0B+2.7%	$35.0B
Current Liabilities	$20.9B-0.7%	$21.1B-0.2%	$21.1B+8.8%	$19.4B-1.9%	$19.8B+1.3%	$19.5B-0.4%	$19.6B+3.9%	$18.9B
Long-Term Debt	$18.9B+3.2%	$18.3B0.0%	$18.3B-3.4%	$19.0B+0.5%	$18.9B-2.9%	$19.4B+57.6%	$12.3B+0.4%	$12.3B
Total Equity	$14.8B-3.3%	$15.3B-0.3%	$15.4B-3.9%	$16.0B+12.0%	$14.3B+5.4%	$13.5B-2.5%	$13.9B+2.3%	$13.6B
Retained Earnings	$28.0B+1.0%	$27.8B+3.0%	$26.9B-0.5%	$27.1B+4.7%	$25.9B+2.3%	$25.3B+3.2%	$24.5B-0.2%	$24.6B

Not reported in any period shown, so not listed: Inventory, Accounts Receivable.

MMC Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MMC annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$5.2B	$5.3B+23.0%	$4.3B+1.0%	$4.3B+22.9%	$3.5B-1.5%	$3.5B+4.0%	$3.4B+43.2%	$2.4B-2.8%	$2.4B+28.3%	$1.9B-5.7%	$2.0B+6.3%	$1.9B-10.9%	$2.1B+58.0%	$1.3B+1.4%	$1.3B-22.5%	$1.7B
Capital Expenditures	$298.0M	$291.0M-7.9%	$316.0M-24.0%	$416.0M-11.5%	$470.0M+15.8%	$406.0M+16.7%	$348.0M-17.3%	$421.0M+34.1%	$314.0M+4.0%	$302.0M+19.4%	$253.0M-22.2%	$325.0M-11.7%	$368.0M-8.2%	$401.0M+25.3%	$320.0M+14.3%	$280.0M
Free Cash Flow	$4.9B	$5.0B+25.5%	$4.0B+3.7%	$3.8B+28.3%	$3.0B-3.7%	$3.1B+2.5%	$3.0B+56.4%	$1.9B-8.2%	$2.1B+32.9%	$1.6B-9.3%	$1.8B+12.2%	$1.6B-10.7%	$1.8B+86.3%	$940.0M-6.2%	$1.0B-29.7%	$1.4B
Investing Cash Flow	-$975.0M	-$845.0M+90.4%	-$8.8B-522.5%	-$1.4B-66.7%	-$850.0M+27.0%	-$1.2B-46.8%	-$793.0M+82.0%	-$4.4B-303.6%	-$1.1B-13.9%	-$956.0M+9.5%	-$1.1B+16.5%	-$1.3B-3.5%	-$1.2B-174.0%	-$446.0M+23.5%	-$583.0M-27.6%	-$457.0M
Financing Cash Flow	-$4.4B	-$4.6B-204.0%	$4.5B+498.1%	-$1.1B-7.0%	-$1.0B+19.4%	-$1.3B-40.2%	-$925.0M-121.4%	$4.3B+430.6%	-$1.3B-29.8%	-$1.0B+5.4%	-$1.1B-17.8%	-$906.0M+6.4%	-$968.0M-16.1%	-$834.0M-31.8%	-$633.0M+37.1%	-$1.0B
Dividends Paid	$1.7B	$1.7B+12.3%	$1.5B+16.6%	$1.3B+14.1%	$1.1B+10.9%	$1.0B+8.8%	$943.0M+6.0%	$890.0M+10.3%	$807.0M+9.1%	$740.0M+8.5%	$682.0M+7.9%	$632.0M+8.6%	$582.0M+9.2%	$533.0M+7.2%	$497.0M+3.5%	$480.0M
Share Buybacks	$2.5B	$2.0B+123.6%	$900.0M-21.7%	$1.1B-41.0%	$1.9B+68.2%	$1.2B	$0-100.0%	$485.0M-28.1%	$675.0M-25.0%	$900.0M+12.5%	$800.0M-42.9%	$1.4B+75.0%	$800.0M+45.5%	$550.0M+139.1%	$230.0M-36.3%	$361.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$688.0M-131.8%	$2.2B+3.8%	$2.1B+24.6%	$1.7B+368.6%	-$622.0M-131.8%	$2.0B+2.3%	$1.9B+57.4%	$1.2B
Capital Expenditures	$62.0M-41.0%	$105.0M+45.8%	$72.0M+22.0%	$59.0M+7.3%	$55.0M-27.6%	$76.0M+4.1%	$73.0M-8.8%	$80.0M
Free Cash Flow	-$750.0M-136.5%	$2.1B+2.3%	$2.0B+24.7%	$1.6B+338.1%	-$677.0M-136.0%	$1.9B+2.2%	$1.8B+62.0%	$1.1B
Investing Cash Flow	-$104.0M+80.1%	-$523.0M-130.4%	-$227.0M-87.6%	-$121.0M-565.4%	$26.0M+100.3%	-$7.6B-1845.3%	-$393.0M+5.3%	-$415.0M
Financing Cash Flow	$114.0M+105.6%	-$2.0B-172.0%	-$753.0M+55.6%	-$1.7B-1128.3%	-$138.0M-102.2%	$6.3B+537.0%	-$1.4B-176.7%	-$519.0M
Dividends Paid	$440.0M-0.9%	$444.0M-0.2%	$445.0M+9.9%	$405.0M0.0%	$405.0M+0.5%	$403.0M-0.2%	$404.0M+14.8%	$352.0M
Share Buybacks	$755.0M-25.2%	$1.0B+151.2%	$402.0M+34.0%	$300.0M0.0%	$300.0M	$0-100.0%	$300.0M0.0%	$300.0M

MMC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

MMC annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Margin	23.1%-0.7pp	23.8%+0.6pp	23.2%+2.6pp	20.7%-1.1pp	21.8%+4.0pp	17.8%+1.7pp	16.1%-2.4pp	18.5%-0.5pp	18.9%+0.5pp	18.4%+1.5pp	16.9%-0.8pp	17.8%+0.8pp	16.9%+1.6pp	15.3%+1.1pp	14.2%
Net Margin	15.4%-1.2pp	16.6%+0.1pp	16.5%+1.8pp	14.7%-1.1pp	15.9%+4.2pp	11.7%+1.2pp	10.5%-0.6pp	11.0%+0.4pp	10.6%-2.7pp	13.4%+1.0pp	12.4%+1.1pp	11.3%+0.2pp	11.1%+1.2pp	9.9%+1.2pp	8.6%
Return on Equity	27.2%-2.8pp	30.0%-0.4pp	30.4%+2.0pp	28.4%+0.4pp	28.0%+6.2pp	21.8%-0.2pp	21.9%+0.2pp	21.8%+1.7pp	20.1%-8.1pp	28.2%+4.0pp	24.2%+3.7pp	20.5%+3.5pp	17.0%-0.8pp	17.8%+1.1pp	16.7%
Return on Assets	7.1%-0.1pp	7.2%-0.6pp	7.8%+0.9pp	6.9%-0.2pp	7.1%+1.0pp	6.1%+0.5pp	5.6%-2.1pp	7.6%+0.4pp	7.3%-2.4pp	9.7%+0.9pp	8.8%+0.6pp	8.2%+0.2pp	8.0%+0.8pp	7.2%+0.8pp	6.4%
Current Ratio	1.100.0x	1.130.0x	1.100.0x	1.06-0.2x	1.240.0x	1.24+0.2x	1.06-0.1x	1.21-0.1x	1.30+0.1x	1.20-0.2x	1.36-0.1x	1.50-0.1x	1.650.0x	1.67+0.2x	1.51
Debt-to-Equity	1.20-0.2x	1.44+0.5x	0.96-0.1x	1.04+0.1x	0.97-0.2x	1.17-0.2x	1.35+0.6x	0.730.0x	0.700.0x	0.720.0x	0.67+0.2x	0.47+0.1x	0.33-0.1x	0.400.0x	0.45
FCF Margin	18.5%+2.2pp	16.3%-0.6pp	16.9%+2.5pp	14.4%-1.2pp	15.7%-1.9pp	17.6%+6.0pp	11.7%-2.5pp	14.1%+2.8pp	11.3%-1.9pp	13.3%+1.2pp	12.1%-1.4pp	13.5%+5.8pp	7.7%-0.7pp	8.4%-4.0pp	12.4%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Margin	23.1%+4.6pp	18.5%+0.1pp	18.4%-7.8pp	26.2%-2.2pp	28.4%+9.6pp	18.8%-0.6pp	19.4%-6.9pp	26.4%
Net Margin	15.1%+2.6pp	12.4%+0.7pp	11.8%-5.6pp	17.4%-2.2pp	19.6%+6.6pp	13.0%-0.1pp	13.1%-5.0pp	18.1%
Return on Equity	7.7%+2.4pp	5.4%+0.5pp	4.9%-2.7pp	7.6%-2.1pp	9.7%+3.9pp	5.8%+0.4pp	5.4%-2.9pp	8.3%
Return on Assets	2.0%+0.6pp	1.4%+0.1pp	1.3%-0.8pp	2.1%-0.3pp	2.4%+1.0pp	1.4%-0.1pp	1.5%-0.8pp	2.3%
Current Ratio	1.110.0x	1.100.0x	1.12-0.1x	1.20+0.1x	1.140.0x	1.130.0x	1.140.0x	1.17
Debt-to-Equity	1.28+0.1x	1.200.0x	1.190.0x	1.19-0.1x	1.32-0.1x	1.44+0.5x	0.890.0x	0.91
FCF Margin	-9.9%-41.1pp	31.2%-0.5pp	31.6%+8.5pp	23.1%+32.7pp	-9.6%-40.6pp	31.0%-1.3pp	32.3%+14.0pp	18.2%

Not reported in any period shown, so not listed: Gross Margin.

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Where Marsh & Mclennan Ranks

Frequently Asked Questions

What is Marsh & Mclennan's annual revenue?

Marsh & Mclennan (MMC) reported $27.0B in total revenue for fiscal year 2025. This represents a 10.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Marsh & Mclennan's revenue growing?

Marsh & Mclennan (MMC) revenue grew by 10.3% year-over-year, from $24.5B to $27.0B in fiscal year 2025.

Is Marsh & Mclennan profitable?

Yes, Marsh & Mclennan (MMC) reported a net income of $4.2B in fiscal year 2025, with a net profit margin of 15.4%.

What is Marsh & Mclennan's EBITDA?

Marsh & Mclennan (MMC) had EBITDA of $6.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Marsh & Mclennan have?

As of fiscal year 2025, Marsh & Mclennan (MMC) had $2.7B in cash and equivalents against $18.3B in long-term debt.

What is Marsh & Mclennan's operating margin?

Marsh & Mclennan (MMC) had an operating margin of 23.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Marsh & Mclennan's net profit margin?

Marsh & Mclennan (MMC) had a net profit margin of 15.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Marsh & Mclennan pay dividends?

Yes, Marsh & Mclennan (MMC) paid $3.43 per share in dividends during fiscal year 2025.

What is Marsh & Mclennan's return on equity (ROE)?

Marsh & Mclennan (MMC) has a return on equity of 27.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Marsh & Mclennan's free cash flow?

Marsh & Mclennan (MMC) generated $5.0B in free cash flow during fiscal year 2025. This represents a 25.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Marsh & Mclennan's operating cash flow?

Marsh & Mclennan (MMC) generated $5.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Marsh & Mclennan's total assets?

Marsh & Mclennan (MMC) had $58.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Marsh & Mclennan's capital expenditures?

Marsh & Mclennan (MMC) invested $291.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Marsh & Mclennan buy back shares?

Yes, Marsh & Mclennan (MMC) spent $2.0B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Marsh & Mclennan have outstanding?

Marsh & Mclennan (MMC) had 484M shares outstanding as of fiscal year 2025.

What is Marsh & Mclennan's current ratio?

Marsh & Mclennan (MMC) had a current ratio of 1.10 as of fiscal year 2025, which is considered adequate.

What is Marsh & Mclennan's debt-to-equity ratio?

Marsh & Mclennan (MMC) had a debt-to-equity ratio of 1.20 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Marsh & Mclennan's return on assets (ROA)?

Marsh & Mclennan (MMC) had a return on assets of 7.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Marsh & Mclennan's Piotroski F-Score?

Marsh & Mclennan (MMC) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Marsh & Mclennan's earnings high quality?

Marsh & Mclennan (MMC) has an earnings quality ratio of 1.27x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Marsh & Mclennan cover its interest payments?

Marsh & Mclennan (MMC) has an interest coverage ratio of 6.48x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.