Marsh & Mclennan Financials
This page shows Marsh & Mclennan (MRSH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 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).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Marsh & Mclennan has an operating margin of 23.1%, meaning the company retains $23 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 23.8% the prior year.
Marsh & Mclennan's revenue grew 10.3% year-over-year to $27.0B, a solid pace of expansion. This earns a growth score of 58/100.
Marsh & Mclennan carries a low D/E ratio of 1.20, meaning only $1.20 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 67/100, indicating a strong balance sheet with room for future borrowing.
Marsh & Mclennan's current ratio of 1.10 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 24/100, which could limit financial flexibility.
Marsh & Mclennan converts 18.5% of revenue into free cash flow ($5.0B). This strong cash generation earns a score of 93/100.
Marsh & Mclennan earns a strong 27.2% return on equity (ROE), meaning it generates $27 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 30.0% the prior year.
Marsh & Mclennan scores 2.74, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Marsh & Mclennan passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
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.
Marsh & Mclennan earns $6.5 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
Marsh & Mclennan generated $27.0B in revenue in fiscal year 2025. This represents an increase of 10.3% from the prior year.
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.
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.
Marsh & Mclennan reported $4.2B in net income in fiscal year 2025. This represents an increase of 2.5% from the prior year.
Marsh & Mclennan earned $8.43 per diluted share (EPS) in fiscal year 2025. This represents an increase of 3.1% from the prior year.
Marsh & Mclennan held $2.7B in cash against $18.3B in long-term debt as of fiscal year 2025.
Marsh & Mclennan paid $3.43 per share in dividends in fiscal year 2025. This represents an increase of 12.5% from the prior year.
Marsh & Mclennan had 484M shares outstanding in fiscal year 2025. This represents a decrease of 1.4% from the prior year.
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.
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.
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.
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.
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.
MRSH Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $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-3.9% | $6.5B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $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-14.7% | $1.9B |
| Interest Expense | $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-1.9% | $159.0M |
| Income Tax | $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-4.9% | $447.0M |
| Net Income | $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-19.6% | $1.4B |
| EPS (Diluted) | N/A | $1.51-38.4% | $2.45-12.2% | $2.79 | N/A | $1.51-33.5% | $2.27-19.5% | $2.82 |
MRSH Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $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+2.1% | $47.6B |
| Current Assets | $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+3.4% | $21.3B |
| Cash & Equivalents | $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+13.8% | $1.5B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $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+1.2% | $17.3B |
| Total Liabilities | $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+0.2% | $35.0B |
| Current Liabilities | $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+1.1% | $18.7B |
| Long-Term Debt | $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-0.2% | $12.3B |
| Total Equity | $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+7.5% | $12.6B |
| Retained Earnings | $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+4.8% | $23.5B |
MRSH Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $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+255.6% | -$781.0M |
| Capital Expenditures | $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-8.0% | $87.0M |
| Free Cash Flow | $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+230.8% | -$868.0M |
| Investing Cash Flow | -$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-12.8% | -$368.0M |
| Financing Cash Flow | -$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-484.4% | $135.0M |
| Dividends Paid | $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-0.6% | $354.0M |
| Share Buybacks | $1.0B+151.2% | $402.0M+34.0% | $300.0M0.0% | $300.0M | $0-100.0% | $300.0M0.0% | $300.0M0.0% | $300.0M |
MRSH Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 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%-3.3pp | 29.7% |
| Net Margin | 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%-3.6pp | 21.6% |
| Return on Equity | 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%-2.8pp | 11.1% |
| Return on Assets | 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%-0.6pp | 2.9% |
| Current Ratio | 1.10-0.0 | 1.12-0.1 | 1.20+0.1 | 1.140.0 | 1.130.0 | 1.14-0.0 | 1.17+0.0 | 1.14 |
| Debt-to-Equity | 1.200.0 | 1.190.0 | 1.19-0.1 | 1.32-0.1 | 1.44+0.5 | 0.89-0.0 | 0.91-0.1 | 0.97 |
| FCF Margin | 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%+31.6pp | -13.4% |
Frequently Asked Questions
What is Marsh & Mclennan's annual revenue?
Marsh & Mclennan (MRSH) 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 (MRSH) 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 (MRSH) reported a net income of $4.2B in fiscal year 2025, with a net profit margin of 15.4%.
What is Marsh & Mclennan's earnings per share (EPS)?
Marsh & Mclennan (MRSH) 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.
What is Marsh & Mclennan's EBITDA?
Marsh & Mclennan (MRSH) 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 (MRSH) had $2.7B in cash and equivalents against $18.3B in long-term debt.
What is Marsh & Mclennan's operating margin?
Marsh & Mclennan (MRSH) 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 (MRSH) 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 (MRSH) paid $3.43 per share in dividends during fiscal year 2025.
What is Marsh & Mclennan's return on equity (ROE)?
Marsh & Mclennan (MRSH) 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 (MRSH) 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 (MRSH) 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 (MRSH) 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 (MRSH) 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 (MRSH) 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 (MRSH) had 484M shares outstanding as of fiscal year 2025.
What is Marsh & Mclennan's current ratio?
Marsh & Mclennan (MRSH) 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 (MRSH) 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 (MRSH) 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 Altman Z-Score?
Marsh & Mclennan (MRSH) has an Altman Z-Score of 2.74, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Marsh & Mclennan's Piotroski F-Score?
Marsh & Mclennan (MRSH) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Marsh & Mclennan's earnings high quality?
Marsh & Mclennan (MRSH) 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 (MRSH) has an interest coverage ratio of 6.5x, 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.
How financially healthy is Marsh & Mclennan?
Marsh & Mclennan (MRSH) scores 74 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.