Marsh McLennan (MRSH)

NYSE Financials Insurance Brokers S&P 500

$204.82

-4.61 (-2.20%)

Close of Nov 06, 2026 · end-of-day data

Source: Marsh McLennan's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 06, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$13.21B	$14.02B	$14.95B	$16.65B	$17.22B	$19.82B	$20.72B	$22.74B	$24.46B	$26.98B
Operating income	$2.43B	$2.65B	$2.76B	$2.68B	$3.07B	$4.31B	$4.28B	$5.28B	$5.82B	$6.22B
Interest expense	$189.00M	$237.00M	$290.00M	$524.00M	$515.00M	$444.00M	$469.00M	$578.00M	$700.00M	$960.00M
Pre-tax income	$2.48B	$2.64B	$2.24B	$2.44B	$2.79B	$4.21B	$4.08B	$5.03B	$5.48B	$5.54B
Income tax	$685.00M	$1.13B	$574.00M	$666.00M	$747.00M	$1.03B	$995.00M	$1.22B	$1.36B	$1.30B
Net income	$1.77B	$1.49B	$1.65B	$1.74B	$2.02B	$3.14B	$3.05B	$3.76B	$4.06B	$4.16B
EBITDA	$2.87B	$3.14B	$3.25B	$3.32B	$3.81B	$5.06B	$4.66B	$5.65B	$6.19B	$6.58B
EPS (basic)	$3.41	$2.91	$3.26	$3.44	$3.98	$6.20	$6.11	$7.60	$8.26	$8.48
EPS (diluted)	$3.38	$2.87	$3.23	$3.41	$3.94	$6.13	$6.04	$7.53	$8.18	$8.43
Diluted shares	524.00M	519.00M	511.00M	511.00M	512.00M	513.00M	505.00M	499.00M	496.00M	494.00M
Operating margin	18.4%	18.9%	18.5%	16.1%	17.8%	21.8%	20.7%	23.2%	23.8%	23.1%
Net margin	13.4%	10.6%	11.0%	10.5%	11.7%	15.9%	14.7%	16.5%	16.6%	15.4%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$1.03B	$1.21B	$1.07B	$1.16B	$2.09B	$1.75B	$1.44B	$3.36B	$2.40B	$2.69B
Receivables	$3.64B	$4.13B	$4.32B	$5.24B	$5.33B	$5.59B	$5.85B	$6.42B	$7.16B	$7.67B
Total current assets	$4.88B	$5.56B	$5.93B	$7.07B	$8.15B	$8.26B	$18.96B	$21.75B	$22.12B	$23.20B
Goodwill	$8.37B	$9.09B	$9.60B	$14.67B	$15.52B	$16.32B	$16.25B	$17.23B	$23.31B	$24.34B
Total assets	$18.19B	$20.43B	$21.58B	$31.36B	$33.05B	$44.01B	$44.11B	$48.03B	$56.48B	$58.71B
Total current liabilities	$4.08B	$4.26B	$4.92B	$6.68B	$6.56B	$6.65B	$17.83B	$19.80B	$19.52B	$21.06B
Short-term debt	$312.00M	$262.00M	$314.00M	$1.22B	$517.00M	$17.00M	$268.00M	$1.62B	$519.00M	$1.27B
Long-term debt	$4.50B	$5.22B	$5.51B	$10.74B	$10.80B	$10.93B	$11.23B	$11.84B	$19.43B	$18.32B
Total debt	$4.81B	$5.49B	$5.82B	$11.96B	$11.31B	$10.95B	$11.49B	$13.46B	$19.95B	$19.59B
Total liabilities	$11.92B	$12.99B	$13.99B	$23.41B	$23.79B	$23.17B	$33.37B	$35.66B	$42.95B	$43.40B
Shareholders' equity	$6.27B	$7.44B	$7.58B	$7.94B	$9.26B	$11.22B	$10.75B	$12.37B	$13.54B	$15.31B

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$2.01B	$1.89B	$2.43B	$2.36B	$3.38B	$3.52B	$3.46B	$4.26B	$4.30B	$5.29B
Capital expenditures	$253.00M	$302.00M	$314.00M	$421.00M	$348.00M	$406.00M	$470.00M	$416.00M	$316.00M	$291.00M
Free cash flow	$1.75B	$1.59B	$2.11B	$1.94B	$3.03B	$3.11B	$3.00B	$3.84B	$3.99B	$5.00B
Investing cash flow	-$1.06B	-$956.00M	-$1.09B	-$4.39B	-$793.00M	-$1.16B	-$850.00M	-$1.42B	-$8.82B	-$845.00M
Financing cash flow	-$1.07B	-$1.01B	-$1.31B	$4.33B	-$925.00M	-$1.30B	-$1.05B	-$1.12B	$4.46B	-$4.63B
Dividends paid	$682.00M	$740.00M	$807.00M	$890.00M	$943.00M	$1.03B	$1.14B	$1.30B	$1.51B	$1.70B
Share buybacks	$800.00M	$900.00M	$675.00M	$485.00M	$0	$1.16B	$1.95B	$1.15B	$900.00M	$2.01B
Stock-based compensation	$109.00M	$149.00M	$193.00M	$252.00M	$290.00M	$348.00M	$367.00M	$363.00M	$368.00M	$394.00M
Depreciation & amortization	$438.00M	$481.00M	$494.00M	$647.00M	$741.00M	$747.00M	$381.00M	$370.00M	$369.00M	$361.00M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$5.55B	$6.47B	$6.22B	$5.70B	$6.07B	$7.06B	$6.97B	$6.35B	$6.59B	$7.60B	$7.40B	$6.86B
Operating income	$1.10B	$1.93B	$1.64B	$1.11B	$1.14B	$2.00B	$1.83B	$1.17B	$1.22B	$1.75B	$1.90B	$1.22B
Interest expense	$151.00M	$159.00M	$156.00M	$154.00M	$231.00M	$245.00M	$243.00M	$237.00M	$235.00M	$240.00M	$250.00M	$248.00M
Pre-tax income	$1.05B	$1.87B	$1.56B	$1.03B	$1.01B	$1.83B	$1.65B	$1.01B	$1.06B	$1.58B	$1.70B	$1.03B
Income tax	$283.00M	$447.00M	$425.00M	$283.00M	$208.00M	$415.00M	$415.00M	$253.00M	$222.00M	$395.00M	$411.00M	$221.00M
Net income	$756.00M	$1.40B	$1.12B	$747.00M	$788.00M	$1.38B	$1.21B	$747.00M	$821.00M	$1.15B	$1.27B	$808.00M
EBITDA	$1.20B	$2.02B	$1.73B	$1.20B	$1.24B	$2.09B	$1.92B	$1.26B	$1.31B	$1.84B	$1.99B	$1.30B
EPS (basic)	$1.53	$2.84	$2.28	$1.52	$1.61	$2.81	$2.46	$1.52	$1.69	$2.37	$2.64	$1.70
EPS (diluted)	$1.52	$2.82	$2.27	$1.51	$1.59	$2.79	$2.45	$1.51	$1.68	$2.36	$2.63	$1.69
Diluted shares	0	497.00M	496.00M	496.00M	0	495.00M	495.00M	494.00M	-1.00M	486.00M	482.00M	479.00M
Operating margin	19.9%	29.7%	26.4%	19.4%	18.8%	28.4%	26.2%	18.4%	18.5%	23.1%	25.6%	17.7%
Net margin	13.6%	21.6%	18.1%	13.1%	13.0%	19.6%	17.4%	11.8%	12.4%	15.1%	17.1%	11.8%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$3.36B	$1.45B	$1.65B	$1.80B	$2.40B	$1.60B	$1.68B	$2.51B	$2.69B	$1.61B	$1.70B	$1.84B
Receivables	$6.42B	$7.22B	$7.74B	$7.42B	$7.16B	$7.87B	$8.46B	$7.91B	$7.67B	$8.43B	$8.94B	$8.55B
Total current assets	$21.75B	$21.30B	$22.02B	$22.29B	$22.12B	$22.46B	$23.33B	$23.70B	$23.20B	$23.24B	$24.33B	$24.11B
Goodwill	$17.23B	$17.31B	$17.52B	$18.23B	$23.31B	$23.54B	$23.92B	$23.95B	$24.34B	$24.27B	$24.35B	$24.61B
Total assets	$48.03B	$47.57B	$48.59B	$49.86B	$56.48B	$57.02B	$58.55B	$58.78B	$58.71B	$58.55B	$59.68B	$59.81B
Total current liabilities	$19.80B	$18.66B	$18.86B	$19.60B	$19.52B	$19.77B	$19.40B	$21.10B	$21.06B	$20.91B	$21.36B	$22.11B
Short-term debt	$1.62B	$1.17B	$1.27B	$518.00M	$519.00M	$1.67B	$769.00M	$1.26B	$1.27B	$1.70B	$1.67B	$1.64B
Long-term debt	$11.84B	$12.30B	$12.28B	$12.33B	$19.43B	$18.86B	$18.96B	$18.32B	$18.32B	$18.90B	$18.89B	$18.89B
Total debt	$13.46B	$13.47B	$13.54B	$12.85B	$19.95B	$20.53B	$19.73B	$19.58B	$19.59B	$20.60B	$20.56B	$20.53B
Total liabilities	$35.66B	$34.95B	$35.03B	$35.98B	$42.95B	$42.75B	$42.58B	$43.42B	$43.40B	$43.75B	$44.25B	$44.90B
Shareholders' equity	$12.37B	$12.62B	$13.56B	$13.88B	$13.54B	$14.27B	$15.98B	$15.36B	$15.31B	$14.81B	$15.43B	$14.91B

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$1.78B	-$781.00M	$1.22B	$1.91B	$1.96B	-$622.00M	$1.67B	$2.08B	$2.16B	-$688.00M	$1.52B	$1.48B
Capital expenditures	$120.00M	$87.00M	$80.00M	$73.00M	$76.00M	$55.00M	$59.00M	$72.00M	$105.00M	$62.00M	$72.00M	$81.00M
Free cash flow	$1.66B	-$868.00M	$1.14B	$1.84B	$1.88B	-$677.00M	$1.61B	$2.01B	$2.06B	-$750.00M	$1.45B	$1.40B
Investing cash flow	-$474.00M	-$368.00M	-$415.00M	-$393.00M	-$7.64B	$26.00M	-$121.00M	-$227.00M	-$523.00M	-$104.00M	-$161.00M	-$228.00M
Financing cash flow	-$2.33B	$135.00M	-$519.00M	-$1.44B	$6.28B	-$138.00M	-$1.70B	-$753.00M	-$2.05B	$114.00M	-$800.00M	-$1.08B
Dividends paid	$354.00M	$354.00M	$352.00M	$404.00M	$403.00M	$405.00M	$405.00M	$445.00M	$444.00M	$440.00M	$438.00M	$476.00M
Share buybacks	$250.00M	$300.00M	$300.00M	$300.00M	$0	$300.00M	$300.00M	$402.00M	$1.01B	$755.00M	$757.00M	$504.00M
Stock-based compensation	$90.00M	$103.00M	$90.00M	$90.00M	$85.00M	$112.00M	$98.00M	$95.00M	$89.00M	$139.00M	$96.00M	$94.00M
Depreciation & amortization	$100.00M	$99.00M	$87.00M	$90.00M	$93.00M	$88.00M	$91.00M	$91.00M	$91.00M	$89.00M	$90.00M	$89.00M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.