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

Marsh (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 (MRSH) Financials

MRSH

Trailing 12 months to June 30, 2026

Revenue $27.9B +8.3% YoY

Net Income $4.0B -3.6% YoY

EPS (Diluted) $8.18 -1.9% YoY

Free Cash Flow $4.8B +2.4% YoY

Market Cap $82.4B as of Sep 21, 2026

Price / Sales 2.9x on $27.9B revenue, trailing 12 months to June 30, 2026

Price / Earnings 20.7x on $4.0B net income, trailing 12 months to June 30, 2026

Price / Book 5.3x on $15.4B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 21, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 21, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 21, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MRSH SEC filings page.

Marsh (MRSH) reported $27.9B in revenue over the twelve months to Jun 30, 2026, up 8.3% 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 MRSH FY2025 2026-08-29

Cash conversion is the dominant mechanic: expanding operations generate ample cash for distributions despite softer margins and a still-levered balance sheet.

In FY2025, operating cash flow reached $5.3B versus $4.2B of net income, so reported earnings converted into more cash than accounting profit alone suggests. Free cash flow rose to $5.0B while capital expenditures were only $291M; the gap indicates a relatively light reinvestment burden, leaving cash available for distributions.

The top line expanded in FY2025, yet operating margin eased to 23.1%; growth therefore did not fully drop through to operating profit. Net margin also compressed to 15.4% from 16.6%, despite improving cash conversion; this separates cash strength from bottom-line margin momentum.

Debt-to-equity improved to 1.2x from 1.4x, but the balance sheet remains meaningfully financed with debt. Long-term debt stood at $18.3B while the current ratio was 1.1x; short-term liquidity is positive but leaves limited excess over current liabilities.

Financial Health Signals

Financial health score not available

Marsh 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 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 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 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

$7.4B

YoY+6.2%

QoQ-2.5%

5Y CAGR+8.1%

10Y CAGR+8.2%

Marsh generated $7.4B in revenue in Q2 2026. This represents an increase of 6.2% from the same quarter a year earlier. Against the prior quarter it is down 2.5%.

EBITDA

$2.0B

YoY+3.6%

QoQ+7.9%

5Y CAGR+7.0%

Marsh's EBITDA was $2.0B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 3.6% from the same quarter a year earlier. Against the prior quarter it is up 7.9%.

Net Income

$1.3B

YoY+4.5%

QoQ+10.5%

5Y CAGR+9.1%

10Y CAGR+10.4%

Marsh reported $1.3B in net income in Q2 2026. This represents an increase of 4.5% from the same quarter a year earlier. Against the prior quarter it is up 10.5%.

EPS (Diluted)

$2.63

YoY+7.3%

QoQ+11.4%

5Y CAGR+10.5%

10Y CAGR+11.3%

Marsh earned $2.63 per diluted share (EPS) in Q2 2026. This represents an increase of 7.3% from the same quarter a year earlier. Against the prior quarter it is up 11.4%.

Cash & Balance Sheet

Free Cash Flow

$1.5B

YoY-10.0%

QoQ+293.5%

5Y CAGR+6.2%

10Y CAGR+6.9%

Marsh generated $1.5B in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 10.0% from the same quarter a year earlier. Against the prior quarter it is up 293.5%.

Cash & Debt

$1.7B

YoY+1.4%

QoQ+5.5%

5Y CAGR+13.9%

10Y CAGR+5.7%

Marsh held $1.7B in cash against $18.9B in long-term debt as of Q2 2026.

Dividends Per Share

$0.00

QoQ-100.0%

Marsh paid $0.00 per share in dividends in Q2 2026. Against the prior quarter it is down 100.0%.

Shares Outstanding

477M

YoY-2.9%

QoQ-1.0%

5Y CAGR-1.2%

10Y CAGR-0.8%

Marsh had 477M shares outstanding in Q2 2026. This represents a decrease of 2.9% from the same quarter a year earlier. Against the prior quarter it is down 1.0%.

Margins & Returns

Operating Margin

25.7%

YoY-0.6pp

QoQ+2.6pp

5Y change+1.2pp

10Y change+6.1pp

Marsh's operating margin was 25.7% in Q2 2026, reflecting core business profitability. This is down 0.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.6 percentage points.

Net Margin

17.1%

YoY-0.3pp

QoQ+2.0pp

5Y change+0.8pp

10Y change+3.1pp

Marsh's net profit margin was 17.1% in Q2 2026, showing the share of revenue converted to profit. This is down 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.0 percentage points.

Return on Equity

8.2%

YoY+0.6pp

QoQ+0.5pp

5Y change+0.2pp

10Y change+1.2pp

Marsh's ROE was 8.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.5 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

Share Buybacks

$757.0M

YoY+152.3%

QoQ+0.3%

5Y CAGR+18.6%

10Y CAGR+13.7%

Marsh spent $757.0M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 152.3% from the same quarter a year earlier. Against the prior quarter it is up 0.3%.

Capital Expenditures

$72.0M

YoY+22.0%

QoQ+16.1%

5Y CAGR-2.6%

10Y CAGR+1.3%

Marsh invested $72.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 22.0% from the same quarter a year earlier. Against the prior quarter it is up 16.1%.

R&D Spending

Not reported for Q2 2026.

MRSH 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.

MRSH quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$27.9B	$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	$16.1B	$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	$962.0M	$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	$4.0B	$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)	$8.18	$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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$7.4B+6.2%	$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%
SG&A Expenses	$4.1B+6.3%	$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%
Operating Income	$1.9B+3.8%	$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%
EBITDA	$2.0B+3.6%	$1.8B-11.9%	$1.3B+6.1%	$1.3B+5.3%	$1.9B+11.0%	$2.1B+3.4%	$1.2B+30.5%	$1.2B+1.9%
Interest Expense	$250.0M+2.9%	$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%
Income Tax	$411.0M-1.0%	$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%
Net Income	$1.3B+4.5%	$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%
EPS (Basic)	$2.64+7.3%	$2.37-15.7%	$1.69+5.0%	$1.520.0%	$2.46+7.9%	$2.81-1.1%	$1.61+5.2%	$1.52+2.7%
EPS (Diluted)	$2.63+7.3%	$2.36-15.4%	$1.68+5.7%	$1.510.0%	$2.45+7.9%	$2.79-1.1%	$1.59+4.6%	$1.51+2.7%
Diluted Shares (Avg)	482M-2.6%	486M-1.8%	N/A	494M-0.4%	495M-0.2%	495M-0.4%	N/A	496M-0.6%

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

MRSH Balance Sheet

MRSH quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0-100.0%	$414.0M+25.5%	$330.0M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$59.7B+1.9%	$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%
Current Assets	$24.3B+4.3%	$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%
Cash & Equivalents	$1.7B+1.4%	$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%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$24.4B+1.8%	$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%
Total Liabilities	$44.2B+3.9%	$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%
Current Liabilities	$21.4B+10.1%	$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%
Non-Current Liabilities	$22.9B-1.2%	$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%
Long-Term Debt	$18.9B-0.4%	$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%
Total Equity	$15.4B-3.4%	$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%
Retained Earnings	$29.3B+8.2%	$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%

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

MRSH Cash Flow Statement

MRSH quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$5.1B	$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	$311.0M	$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	$4.8B	$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	-$1.0B	-$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	-$3.5B	-$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	$1.8B	$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	$2.9B	$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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$1.5B-8.9%	-$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%
Depreciation & Amortization	$90.0M-1.1%	$89.0M+1.1%	$91.0M-2.2%	$91.0M+1.1%	$91.0M+4.6%	$88.0M-11.1%	$93.0M+159.2%	$90.0M-50.0%
Stock-Based Compensation	$96.0M-2.0%	$139.0M+24.1%	N/A	$95.0M+5.6%	$98.0M+8.9%	$112.0M+8.7%	N/A	$90.0M+9.8%
Capital Expenditures	$72.0M+22.0%	$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%
Free Cash Flow	$1.5B-10.0%	-$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%
Investing Cash Flow	-$161.0M-33.1%	-$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%
Financing Cash Flow	-$800.0M+52.8%	$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%
Dividends Paid	$438.0M+8.1%	$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%
Share Buybacks	$757.0M+152.3%	$755.0M+151.7%	$1.0B	$402.0M+34.0%	$300.0M0.0%	$300.0M0.0%	$0-100.0%	$300.0M0.0%

MRSH 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.

MRSH quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	25.7%-0.6pp	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
Net Margin	17.1%-0.3pp	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
Return on Equity	8.2%+0.6pp	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
Return on Assets	2.1%+0.1pp	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
Current Ratio	1.14-0.1x	1.110.0x	1.100.0x	1.120.0x	1.200.0x	1.140.0x	1.130.0x	1.14+0.1x
Debt-to-Equity	1.220.0x	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
Asset Turnover	0.120.0x	0.130.0x	0.110.0x	0.110.0x	0.120.0x	0.120.0x	0.110.0x	0.110.0x
FCF Margin	19.6%-3.5pp	-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

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

Where Marsh Ranks

Frequently Asked Questions

What is Marsh's annual revenue?

Marsh (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's revenue growing?

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

Is Marsh profitable?

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

What is Marsh's EBITDA?

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

How much debt does Marsh have?

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

What is Marsh's operating margin?

Marsh (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's net profit margin?

Marsh (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 pay dividends?

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

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

Marsh (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's free cash flow?

Marsh (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's operating cash flow?

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

What are Marsh's total assets?

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

What are Marsh's capital expenditures?

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

Does Marsh buy back shares?

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

How many shares does Marsh have outstanding?

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

What is Marsh's current ratio?

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

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

Marsh (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's return on assets (ROA)?

Marsh (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's P/E ratio?

Marsh (MRSH) trades at 20.7x earnings, its market capitalization divided by net income of $4.0B net income, trailing 12 months to June 30, 2026. The market capitalization is $82.4B as of Sep 21, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Marsh's price-to-sales ratio?

Marsh (MRSH) trades at 2.9x sales, its market capitalization divided by revenue of $27.9B revenue, trailing 12 months to June 30, 2026. The market capitalization is $82.4B as of Sep 21, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Marsh's Piotroski F-Score?

Marsh (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's earnings high quality?

Marsh (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 cover its interest payments?

Marsh (MRSH) 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.