What is Marsh & McLennan Companies, Inc.'s earnings per share (EPS)?

Marsh & McLennan Companies, Inc. (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 Companies, Inc. (MMC) Financials

MMC

Trailing 12 months to March 31, 2026

Revenue $27.5B +9.9% YoY

Net Income $3.9B -2.9% YoY

EPS (Diluted) $8.43 FY2025 annual

Free Cash Flow $4.9B +18.0% YoY

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported Apr 16, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed Apr 16, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MMC SEC filings page.

Marsh & McLennan Companies, Inc. (MMC) reported $27.5B in revenue over the twelve months to Mar 31, 2026, up 9.9% from the prior twelve months. 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 2026-10-03

Revenue growth is reaching operating profit less efficiently, while cash conversion stays high and balance-sheet expansion carries more goodwill and debt.

Between FY2024 and FY2025, revenue rose 10.3% while operating income rose 7.0%, indicating costs absorbed part of incremental sales. The operating margin consequently eased from 23.8% to 23.1%, so the latest growth is not fully translating into operating earnings.

FY2025 free cash flow reached $5.0B against operating cash flow of $5.3B, meaning cash conversion remained close to operating cash generation after capital spending. Net margin fell to 15.4% as interest expense rose to $960M, showing financing costs diluted otherwise higher operating profit.

From FY2023 to FY2025, total assets rose 22.5% while goodwill rose 41.2%, indicating that balance-sheet expansion was weighted toward intangible assets. At FY2025, debt-to-equity was 1.2x and current ratio was 1.1x, leaving the company meaningfully financed by liabilities without a large current-asset cushion.

Financial Health Signals

Financial health score not available

Marsh & McLennan Companies, Inc. 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 Companies, Inc. 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 Companies, Inc. 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 Companies, Inc. 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

$7.6B

YoY+7.6%

QoQ+15.2%

5Y CAGR+8.4%

10Y CAGR+8.6%

Marsh & McLennan Companies, Inc. generated $7.6B in revenue in Q1 2026. This represents an increase of 7.6% from the same quarter a year earlier. Against the prior quarter it is up 15.2%.

EBITDA

$1.8B

YoY-11.9%

QoQ+40.7%

Marsh & McLennan Companies, Inc.'s EBITDA was $1.8B in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 11.9% from the same quarter a year earlier. Against the prior quarter it is up 40.7%.

Net Income

$1.1B

YoY-17.0%

QoQ+39.6%

5Y CAGR+3.1%

10Y CAGR+9.1%

Marsh & McLennan Companies, Inc. reported $1.1B in net income in Q1 2026. This represents a decrease of 17.0% from the same quarter a year earlier. Against the prior quarter it is up 39.6%.

EPS (Diluted)

$2.36

YoY-15.4%

Marsh & McLennan Companies, Inc. earned $2.36 per diluted share (EPS) in Q1 2026. This represents a decrease of 15.4% from the same quarter a year earlier.

Cash & Balance Sheet

Free Cash Flow

-$750.0M

YoY-10.8%

QoQ-136.5%

Marsh & McLennan Companies, Inc. recorded an outflow of $750.0M in free cash flow in Q1 2026, representing a cash shortfall after capex. This represents a decrease of 10.8% from the same quarter a year earlier. Against the prior quarter it is down 136.5%.

Cash & Debt

$1.6B

YoY+0.4%

QoQ-40.0%

5Y CAGR+7.5%

10Y CAGR+5.8%

Marsh & McLennan Companies, Inc. held $1.6B in cash against $18.9B in long-term debt as of Q1 2026.

Dividends Per Share

$1.80

YoY+10.4%

Marsh & McLennan Companies, Inc. paid $1.80 per share in dividends in Q1 2026. This represents an increase of 10.4% from the same quarter a year earlier.

Shares Outstanding

482M

YoY-2.2%

QoQ-0.5%

5Y CAGR-1.1%

10Y CAGR-0.8%

Marsh & McLennan Companies, Inc. had 482M shares outstanding in Q1 2026. This represents a decrease of 2.2% from the same quarter a year earlier. Against the prior quarter it is down 0.5%.

Margins & Returns

Operating Margin

23.1%

YoY-5.3pp

QoQ+4.6pp

5Y change-3.6pp

10Y change+2.9pp

Marsh & McLennan Companies, Inc.'s operating margin was 23.1% in Q1 2026, reflecting core business profitability. This is down 5.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.6 percentage points.

Net Margin

15.1%

YoY-4.5pp

QoQ+2.6pp

5Y change-4.3pp

10Y change+0.7pp

Marsh & McLennan Companies, Inc.'s net profit margin was 15.1% in Q1 2026, showing the share of revenue converted to profit. This is down 4.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.6 percentage points.

Return on Equity

7.7%

YoY-1.9pp

QoQ+2.4pp

5Y change-2.5pp

10Y change+0.6pp

Marsh & McLennan Companies, Inc.'s ROE was 7.7% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is down 1.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.4 percentage points.

Gross Margin

Not reported for Q1 2026.

Capital Allocation

Share Buybacks

$755.0M

YoY+151.7%

QoQ-25.2%

5Y CAGR+46.5%

10Y CAGR+14.2%

Marsh & McLennan Companies, Inc. spent $755.0M on share buybacks in Q1 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 151.7% from the same quarter a year earlier. Against the prior quarter it is down 25.2%.

Capital Expenditures

$62.0M

YoY+12.7%

QoQ-41.0%

5Y CAGR-2.1%

10Y CAGR+2.0%

Marsh & McLennan Companies, Inc. invested $62.0M in capex in Q1 2026, funding long-term assets and infrastructure. This represents an increase of 12.7% from the same quarter a year earlier. Against the prior quarter it is down 41.0%.

R&D Spending

Not reported for Q1 2026.

MMC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MMC quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	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
EBITDA	N/A	$6.6B+6.4%	$6.2B+9.4%	$5.7B+21.3%	$4.7B-7.9%	$5.1B+32.9%	$3.8B+14.5%	$3.3B+2.1%	$3.3B+3.8%	$3.1B+9.3%	$2.9B+10.0%	$2.6B-3.0%	$2.7B+10.4%	$2.4B+11.8%	$2.2B+10.6%	$2.0B
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 (Basic)	N/A	$8.48+2.7%	$8.26+8.7%	$7.60+24.4%	$6.11-1.5%	$6.20+55.8%	$3.98+15.7%	$3.44+5.5%	$3.26+12.0%	$2.91-14.7%	$3.41+13.3%	$3.01+11.9%	$2.69+8.9%	$2.47+14.4%	$2.16+18.7%	$1.82
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
Diluted Shares (Avg)	N/A	494M-0.4%	496M-0.6%	499M-1.2%	505M-1.6%	513M+0.2%	512M+0.2%	511M0.0%	511M-1.5%	519M-1.0%	524M-2.2%	536M-3.1%	553M-0.9%	558M+1.1%	552M+0.2%	551M

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'25	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'24
Revenue	$7.6B+7.6%	$6.6B+8.7%	$6.4B+11.5%	$7.0B+12.1%	$7.1B+9.1%	$6.1B+9.2%	$5.7B+5.9%	$6.2B+5.9%
SG&A Expenses	$4.1B+7.3%	$3.9B+8.5%	$3.9B+13.1%	$3.9B+12.8%	$3.9B+11.0%	$3.6B+11.1%	$3.4B+4.7%	$3.5B+3.5%
Operating Income	$1.8B-12.5%	$1.2B+6.7%	$1.2B+5.6%	$1.8B+11.4%	$2.0B+4.2%	$1.1B+3.5%	$1.1B+11.2%	$1.6B+12.7%
EBITDA	$1.8B-11.9%	$1.3B+6.1%	$1.3B+5.3%	$1.9B+11.0%	$2.1B+3.4%	$1.2B	$1.2B	$1.7B
Interest Expense	$240.0M-2.0%	$235.0M+1.7%	$237.0M+53.9%	$243.0M+55.8%	$245.0M+54.1%	$231.0M+53.0%	$154.0M+6.2%	$156.0M+6.8%
Income Tax	$395.0M-4.8%	$222.0M+6.7%	$253.0M-10.6%	$415.0M-2.4%	$415.0M-7.2%	$208.0M-26.5%	$283.0M+47.4%	$425.0M+26.1%
Net Income	$1.1B-17.0%	$821.0M+4.2%	$747.0M0.0%	$1.2B+7.6%	$1.4B-1.4%	$788.0M+4.2%	$747.0M+2.3%	$1.1B+8.7%
EPS (Basic)	$2.37-15.7%	N/A	$1.520.0%	$2.46+7.9%	$2.81-1.1%	N/A	$1.52+2.7%	$2.28+9.1%
EPS (Diluted)	$2.36-15.4%	N/A	$1.510.0%	$2.45+7.9%	$2.79-1.1%	N/A	$1.51+2.7%	$2.27+9.7%
Diluted Shares (Avg)	486M-1.8%	N/A	494M-0.4%	495M-0.2%	495M-0.4%	N/A	496M-0.6%	496M-0.6%

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

MMC Balance Sheet

MMC quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	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
Non-Current Liabilities	$22.3B-4.7%	$23.4B+47.7%	$15.9B+2.1%	$15.5B-40.6%	$26.1B+51.7%	$17.2B+3.0%	$16.7B+84.5%	$9.1B+4.0%	$8.7B+11.3%	$7.8B-0.9%	$7.9B+13.2%	$7.0B+34.9%	$5.2B-15.4%	$6.1B+5.9%	$5.8B
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	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'25	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'24
Total Assets	$58.6B+2.7%	$58.7B+3.9%	$58.8B+17.9%	$58.6B+20.5%	$57.0B+19.8%	$56.5B+17.6%	$49.9B+3.9%	$48.6B+4.3%
Current Assets	$23.2B+3.5%	$23.2B+4.9%	$23.7B+6.3%	$23.3B+6.0%	$22.5B+5.5%	$22.1B+1.7%	$22.3B0.0%	$22.0B+5.9%
Cash & Equivalents	$1.6B+0.4%	$2.7B+12.1%	$2.5B+39.7%	$1.7B+1.5%	$1.6B+10.5%	$2.4B-28.6%	$1.8B-38.0%	$1.7B+41.2%
Goodwill	$24.3B+3.1%	$24.3B+4.4%	$23.9B+31.3%	$23.9B+36.6%	$23.5B+35.9%	$23.3B+35.3%	$18.2B+9.5%	$17.5B+5.4%
Total Liabilities	$43.7B+2.3%	$43.4B+1.0%	$43.4B+20.7%	$42.6B+21.6%	$42.7B+22.3%	$42.9B+20.4%	$36.0B-1.2%	$35.0B+1.7%
Current Liabilities	$20.9B+5.7%	$21.1B+7.9%	$21.1B+7.6%	$19.4B+2.8%	$19.8B+6.0%	$19.5B-1.4%	$19.6B-4.9%	$18.9B-4.8%
Non-Current Liabilities	$22.8B-0.6%	$22.3B-4.7%	$22.3B+36.3%	$23.2B+43.4%	$23.0B+41.0%	$23.4B+47.7%	$16.4B+3.6%	$16.2B+10.6%
Long-Term Debt	$18.9B+0.2%	$18.3B-5.7%	$18.3B+48.6%	$19.0B+54.4%	$18.9B+53.3%	$19.4B+64.0%	$12.3B+4.7%	$12.3B+19.8%
Total Equity	$14.8B+3.8%	$15.3B+13.2%	$15.4B+10.6%	$16.0B+17.8%	$14.3B+13.0%	$13.5B+9.4%	$13.9B+19.8%	$13.6B+11.7%
Retained Earnings	$28.0B+8.3%	$27.8B+9.7%	$26.9B+9.9%	$27.1B+10.2%	$25.9B+10.3%	$25.3B+11.2%	$24.5B+11.4%	$24.6B+11.8%

Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments.

MMC Cash Flow Statement

MMC quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	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
Depreciation & Amortization	N/A	$361.0M-2.2%	$369.0M-0.3%	$370.0M-2.9%	$381.0M-49.0%	$747.0M+0.8%	$741.0M+14.5%	$647.0M+31.0%	$494.0M+2.7%	$481.0M+9.8%	$438.0M+3.5%	$423.0M+9.0%	$388.0M+8.4%	$358.0M+2.6%	$349.0M+5.1%	$332.0M
Stock-Based Compensation	N/A	$394.0M+7.1%	$368.0M+1.4%	$363.0M-1.1%	$367.0M+5.5%	$348.0M+20.0%	$290.0M+15.1%	$252.0M+30.6%	$193.0M+29.5%	$149.0M+36.7%	$109.0M+23.9%	$88.0M-5.4%	$93.0M-27.9%	$129.0M-27.1%	$177.0M+7.3%	$165.0M
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	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'25	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'24
Operating Cash Flow	-$688.0M-10.6%	$2.2B+10.5%	$2.1B+8.9%	$1.7B+37.5%	-$622.0M+20.4%	$2.0B+9.7%	$1.9B+5.6%	$1.2B-18.1%
Depreciation & Amortization	$89.0M+1.1%	$91.0M-2.2%	$91.0M+1.1%	$91.0M+4.6%	$88.0M-11.1%	$93.0M	$90.0M	$87.0M
Stock-Based Compensation	$139.0M+24.1%	N/A	$95.0M+5.6%	$98.0M+8.9%	$112.0M+8.7%	N/A	$90.0M+9.8%	$90.0M-2.2%
Capital Expenditures	$62.0M+12.7%	$105.0M+38.2%	$72.0M-1.4%	$59.0M-26.3%	$55.0M-36.8%	$76.0M-36.7%	$73.0M-34.2%	$80.0M-20.8%
Free Cash Flow	-$750.0M-10.8%	$2.1B+9.4%	$2.0B+9.3%	$1.6B+42.0%	-$677.0M+22.0%	$1.9B+13.0%	$1.8B+8.2%	$1.1B-17.9%
Investing Cash Flow	-$104.0M-500.0%	-$523.0M+93.2%	-$227.0M+42.2%	-$121.0M+70.8%	$26.0M+107.1%	-$7.6B-1512.9%	-$393.0M+11.1%	-$415.0M-212.0%
Financing Cash Flow	$114.0M+182.6%	-$2.0B-132.6%	-$753.0M+47.6%	-$1.7B-226.6%	-$138.0M-202.2%	$6.3B+368.9%	-$1.4B-245.3%	-$519.0M+4.9%
Dividends Paid	$440.0M+8.6%	$444.0M+10.2%	$445.0M+10.1%	$405.0M+15.1%	$405.0M+14.4%	$403.0M+13.8%	$404.0M+14.4%	$352.0M+19.3%
Share Buybacks	$755.0M+151.7%	$1.0B	$402.0M+34.0%	$300.0M0.0%	$300.0M0.0%	$0-100.0%	$300.0M0.0%	$300.0M0.0%

MMC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MMC quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	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
Asset Turnover	0.460.0x	0.430.0x	0.470.0x	0.470.0x	0.45-0.1x	0.520.0x	0.53-0.2x	0.690.0x	0.690.0x	0.730.0x	0.710.0x	0.730.0x	0.720.0x	0.730.0x	0.75
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	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'25	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'24
Operating Margin	23.1%-5.3pp	18.5%-0.3pp	18.4%-1.0pp	26.2%-0.2pp	28.4%-1.3pp	18.8%-1.0pp	19.4%+0.9pp	26.4%+1.6pp
Net Margin	15.1%-4.5pp	12.4%-0.5pp	11.8%-1.3pp	17.4%-0.7pp	19.6%-2.1pp	13.0%-0.6pp	13.1%-0.5pp	18.1%+0.5pp
Return on Equity	7.7%-1.9pp	5.4%-0.5pp	4.9%-0.5pp	7.6%-0.7pp	9.7%-1.4pp	5.8%-0.3pp	5.4%-0.9pp	8.3%-0.2pp
Return on Assets	2.0%-0.5pp	1.4%0.0pp	1.3%-0.2pp	2.1%-0.2pp	2.4%-0.5pp	1.4%-0.2pp	1.5%0.0pp	2.3%+0.1pp
Current Ratio	1.110.0x	1.100.0x	1.120.0x	1.200.0x	1.140.0x	1.130.0x	1.14+0.1x	1.17+0.1x
Debt-to-Equity	1.280.0x	1.20-0.2x	1.19+0.3x	1.19+0.3x	1.32+0.3x	1.44+0.5x	0.89-0.1x	0.91+0.1x
Asset Turnover	0.130.0x	0.110.0x	0.110.0x	0.120.0x	0.120.0x	0.110.0x	0.110.0x	0.130.0x
FCF Margin	-9.9%-0.3pp	31.2%+0.2pp	31.6%-0.6pp	23.1%+4.9pp	-9.6%+3.8pp	31.0%+1.1pp	32.3%+0.7pp	18.2%-5.3pp

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

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Marsh & McLennan Companies, Inc. MMC	FY2025	$27.0B	$4.2B	15.4%	$89.8B	—
Aon plc AON	FY2025	$17.2B	$3.7B	21.5%	$57.2B	18/100
Arthur J. Gallagher & Co. AJG	FY2025	$13.9B	$1.5B	10.7%	$58.0B	27/100
Willis Towers Watson Public Limited Company WTW	FY2025	$9.7B	$1.6B	16.5%	$26.8B	16/100
Brown & Brown, Inc. BRO	FY2025	$5.9B	$1.1B	17.9%	$20.0B	41/100
Erie Indemnity Co ERIE	FY2025	$4.1B	$559.3M	13.8%	$11.6B	29/100

Where Marsh & McLennan Companies, Inc. Ranks

Frequently Asked Questions

What is Marsh & McLennan Companies, Inc.'s annual revenue?

Marsh & McLennan Companies, Inc. (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 Companies, Inc.'s revenue growing?

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

Is Marsh & McLennan Companies, Inc. profitable?

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

What is Marsh & McLennan Companies, Inc.'s EBITDA?

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

How much debt does Marsh & McLennan Companies, Inc. have?

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

What is Marsh & McLennan Companies, Inc.'s operating margin?

Marsh & McLennan Companies, Inc. (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 Companies, Inc.'s net profit margin?

Marsh & McLennan Companies, Inc. (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 Companies, Inc. pay dividends?

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

What is Marsh & McLennan Companies, Inc.'s return on equity (ROE)?

Marsh & McLennan Companies, Inc. (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 Companies, Inc.'s free cash flow?

Marsh & McLennan Companies, Inc. (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 Companies, Inc.'s operating cash flow?

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

What are Marsh & McLennan Companies, Inc.'s total assets?

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

What are Marsh & McLennan Companies, Inc.'s capital expenditures?

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

Does Marsh & McLennan Companies, Inc. buy back shares?

Yes, Marsh & McLennan Companies, Inc. (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 Companies, Inc. have outstanding?

Marsh & McLennan Companies, Inc. (MMC) had 484M shares outstanding as of fiscal year 2025.

What is Marsh & McLennan Companies, Inc.'s current ratio?

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

What is Marsh & McLennan Companies, Inc.'s debt-to-equity ratio?

Marsh & McLennan Companies, Inc. (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 Companies, Inc.'s return on assets (ROA)?

Marsh & McLennan Companies, Inc. (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 Companies, Inc.'s Piotroski F-Score?

Marsh & McLennan Companies, Inc. (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 Companies, Inc.'s earnings high quality?

Marsh & McLennan Companies, Inc. (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 Companies, Inc. cover its interest payments?

Marsh & McLennan Companies, Inc. (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.