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.

Marsh & Mclennan Financials

MRSH

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

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).

Rhea AI MRSH FY2025 2026-07-21

An asset-light service model converts earnings into cash efficiently, while acquisition-shaped financing influences what reaches shareholders.

By FY2025, operating income reached $6.2B while net income was only $4.2B, a wider gap than in FY2024. The main bridge is financing cost: interest expense climbed from $700M in FY2024 to $960M in FY2025, so operating progress was partly diverted to lenders instead of flowing through to owners.

The cash engine is unusually clean for a company of this size: operating cash flow of $5.3B turned into free cash flow of $5.0B because capital spending was small relative to the business. That pattern says the company is maintained more by acquired intangibles and operating expense than by heavy physical reinvestment.

The balance sheet still carries an acquisition-heavy footprint: goodwill sits at $24.3B and long-term debt at $18.3B. But compared with FY2024, debt-to-equity eased from 143.5% to 119.6%, showing the FY2024 balance-sheet stretch is being worked down rather than still building.

Financial Health Signals

Financial health score pending refresh

We are recalculating Marsh & Mclennan's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. 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

6.5x

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

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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

Gross Margin

N/A

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.

Capital Allocation

R&D Spending

N/A

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.

MRSH Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$27.0B+10.3%	$24.5B+7.6%	$22.7B+9.7%	$20.7B+4.5%	$19.8B+15.1%	$17.2B
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$15.6B+11.3%	$14.0B+6.8%	$13.1B+8.5%	$12.1B+5.7%	$11.4B+12.8%	$10.1B
Operating Income	$6.2B+7.0%	$5.8B+10.1%	$5.3B+23.4%	$4.3B-0.7%	$4.3B+40.6%	$3.1B
Interest Expense	$960.0M+37.1%	$700.0M+21.1%	$578.0M+23.2%	$469.0M+5.6%	$444.0M-13.8%	$515.0M
Income Tax	$1.3B-4.3%	$1.4B+11.4%	$1.2B+23.0%	$995.0M-3.8%	$1.0B+38.4%	$747.0M
Net Income	$4.2B+2.5%	$4.1B+8.1%	$3.8B+23.1%	$3.0B-3.0%	$3.1B+55.9%	$2.0B
EPS (Diluted)	$8.43+3.1%	$8.18+8.6%	$7.53+24.7%	$6.04-1.5%	$6.13+55.6%	$3.94

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$7.4B-2.5%	$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
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	$4.1B+0.3%	$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
Operating Income	$1.9B+8.3%	$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
Interest Expense	$250.0M+4.2%	$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
Income Tax	$411.0M+4.1%	$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
Net Income	$1.3B+10.5%	$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
EPS (Diluted)	$2.63+11.4%	$2.36	N/A	$1.51-38.4%	$2.45-12.2%	$2.79	N/A	$1.51

MRSH Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$58.7B+3.9%	$56.5B+17.6%	$48.0B+8.9%	$44.1B+0.2%	$44.0B+33.2%	$33.0B
Current Assets	$23.2B+4.9%	$22.1B+1.7%	$21.7B+14.7%	$19.0B+129.4%	$8.3B+1.3%	$8.2B
Cash & Equivalents	$2.7B+12.1%	$2.4B-28.6%	$3.4B+132.9%	$1.4B-17.7%	$1.8B-16.1%	$2.1B
Inventory	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
Goodwill	$24.3B+4.4%	$23.3B+35.3%	$17.2B+6.0%	$16.3B-0.4%	$16.3B+5.2%	$15.5B
Total Liabilities	$43.4B+1.0%	$42.9B+20.4%	$35.7B+6.9%	$33.4B+1.8%	$32.8B+37.8%	$23.8B
Current Liabilities	$21.1B+7.9%	$19.5B-1.4%	$19.8B+11.0%	$17.8B+168.0%	$6.7B+1.5%	$6.6B
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
Total Equity	$15.3B+13.2%	$13.5B+9.4%	$12.4B+15.1%	$10.7B-4.2%	$11.2B+21.2%	$9.3B
Retained Earnings	$27.8B+9.7%	$25.3B+11.2%	$22.8B+12.1%	$20.3B+10.4%	$18.4B+13.0%	$16.3B

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$59.7B+1.9%	$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
Current Assets	$24.3B+4.7%	$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
Cash & Equivalents	$1.7B+5.5%	$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
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	$24.4B+0.3%	$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
Total Liabilities	$44.2B+1.1%	$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
Current Liabilities	$21.4B+2.2%	$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
Long-Term Debt	$18.9B0.0%	$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
Total Equity	$15.4B+4.2%	$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
Retained Earnings	$29.3B+4.5%	$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

MRSH Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$5.3B+23.0%	$4.3B+1.0%	$4.3B+22.9%	$3.5B-1.5%	$3.5B+4.0%	$3.4B
Capital Expenditures	$291.0M-7.9%	$316.0M-24.0%	$416.0M-11.5%	$470.0M+15.8%	$406.0M+16.7%	$348.0M
Free Cash Flow	$5.0B+25.5%	$4.0B+3.7%	$3.8B+28.3%	$3.0B-3.7%	$3.1B+2.5%	$3.0B
Investing Cash Flow	-$845.0M+90.4%	-$8.8B-522.5%	-$1.4B-66.7%	-$850.0M+27.0%	-$1.2B-46.8%	-$793.0M
Financing Cash Flow	-$4.6B-204.0%	$4.5B+498.1%	-$1.1B-7.0%	-$1.0B+19.4%	-$1.3B-40.2%	-$925.0M
Dividends Paid	$1.7B+12.3%	$1.5B+16.6%	$1.3B+14.1%	$1.1B+10.9%	$1.0B+8.8%	$943.0M
Share Buybacks	$2.0B+123.6%	$900.0M-21.7%	$1.1B-41.0%	$1.9B+68.2%	$1.2B	$0

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$1.5B+321.4%	-$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
Capital Expenditures	$72.0M+16.1%	$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
Free Cash Flow	$1.5B+293.5%	-$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
Investing Cash Flow	-$161.0M-54.8%	-$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
Financing Cash Flow	-$800.0M-801.8%	$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
Dividends Paid	$438.0M-0.5%	$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
Share Buybacks	$757.0M+0.3%	$755.0M-25.2%	$1.0B+151.2%	$402.0M+34.0%	$300.0M0.0%	$300.0M	$0-100.0%	$300.0M

MRSH Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	23.1%-0.7pp	23.8%+0.6pp	23.2%+2.6pp	20.7%-1.1pp	21.8%+4.0pp	17.8%
Net Margin	15.4%-1.2pp	16.6%+0.1pp	16.5%+1.8pp	14.7%-1.1pp	15.9%+4.2pp	11.7%
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%
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%
Current Ratio	1.10-0.0	1.13+0.0	1.10+0.0	1.06-0.2	1.240.0	1.24
Debt-to-Equity	1.20-0.2	1.44+0.5	0.96-0.1	1.04+0.1	0.97-0.2	1.17
FCF Margin	18.5%+2.2pp	16.3%-0.6pp	16.9%+2.5pp	14.4%-1.2pp	15.7%-1.9pp	17.6%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	25.7%+2.6pp	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%
Net Margin	17.1%+2.0pp	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%
Return on Equity	8.2%+0.5pp	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%
Return on Assets	2.1%+0.2pp	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%
Current Ratio	1.14+0.0	1.110.0	1.10-0.0	1.12-0.1	1.20+0.1	1.140.0	1.130.0	1.14
Debt-to-Equity	1.22-0.1	1.28+0.1	1.200.0	1.190.0	1.19-0.1	1.32-0.1	1.44+0.5	0.89
FCF Margin	19.6%+29.5pp	-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%

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 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 Piotroski F-Score?

Marsh & Mclennan (MRSH) 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 (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.