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Marsh & Mclennan Financials

MRSH
Source SEC Filings (10-K/10-Q) Updated Mar 31, 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

Cash-rich, low-capex operations fund payouts while acquisition-driven balance-sheet growth temporarily lifts leverage and interest costs.

In the acquisition-heavy year, goodwill rose to $23.3B alongside $8.8B of investing outflow, pointing to balance-sheet growth driven by deals rather than internal capital build. The following year, free cash flow reached $5.0B while debt-to-equity eased to 1.2x, suggesting those acquired assets did not make the business materially more capital-hungry and that deleveraging can come from internal cash generation.

That is an asset-light cash model: operating cash flow was $5.3B against only $291M of capex. With free cash flow margin at 18.5% versus net margin at 15.4%, reported profit is not being soaked up by maintenance spending.

Core operating efficiency held near the low-23% range even after the acquisition step-up, so scale benefits were not erased by integration costs. But interest expense climbed to $960M as net margin narrowed to 15.4%, showing that recent pressure came more from financing structure than from weaker day-to-day operations.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 60 / 100
Financial Profile 60/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Marsh & Mclennan's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
74

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 74/100, reflecting efficient cost management and pricing power. This is down from 23.8% the prior year.

Growth
48

Marsh & Mclennan's revenue grew 10.3% year-over-year to $27.0B, a solid pace of expansion. This earns a growth score of 48/100.

Leverage
78

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 78/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
17

Marsh & Mclennan's current ratio of 1.10 is below the typical benchmark, resulting in a score of 17/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow
69

Marsh & Mclennan converts 18.5% of revenue into free cash flow ($5.0B). This strong cash generation earns a score of 69/100.

Returns
75

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 75/100. This is down from 30.0% the prior year.

Altman Z-Score Grey Zone
2.71

Marsh & Mclennan scores 2.71, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Neutral
6/9

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.

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 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
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+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

MRSH Balance Sheet

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
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-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

MRSH Cash Flow Statement

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

MRSH Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
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 1.110.0 1.10-0.0 1.12-0.1 1.20+0.1 1.140.0 1.130.0 1.14-0.0 1.17
Debt-to-Equity 1.28+0.1 1.200.0 1.190.0 1.19-0.1 1.32-0.1 1.44+0.5 0.89-0.0 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%

Frequently Asked Questions

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.

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

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

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

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

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.

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.

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

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.

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.

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

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

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

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

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

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

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.

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.

Marsh & Mclennan (MRSH) has an Altman Z-Score of 2.71, 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.

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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

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.

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.

Marsh & Mclennan (MRSH) scores 60 out of 100 on our Financial Profile, indicating moderate 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.

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