Marsh & McLennan Companies (MRSH) financial statements
Marsh & McLennan Companies reported revenue of $27.0B in fiscal 2025, up 8.3% a year over 9 years.
Net income was $4.2B and the operating margin 23.1%, against 18.4% in 2016.
Free cash flow was $5.0B, and the company returned $1.7B in dividends and $2.0B in net buybacks.
The diluted share count fell 6% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Marsh & McLennan Companies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.2B | $14.0B | $14.9B | $16.7B | $17.2B | $19.8B | $20.7B | $22.7B | $24.5B | $27.0B |
| Operating income | $2.4B | $2.7B | $2.8B | $2.7B | $3.1B | $4.3B | $4.3B | $5.3B | $5.8B | $6.2B |
| Interest expense | $189M | $237M | $290M | $524M | $515M | $444M | $469M | $578M | $700M | $960M |
| Pre-tax income | $2.5B | $2.6B | $2.2B | $2.4B | $2.8B | $4.2B | $4.1B | $5.0B | $5.5B | $5.5B |
| Income tax | $685M | $1.1B | $574M | $666M | $747M | $1.0B | $995M | $1.2B | $1.4B | $1.3B |
| Net income | $1.8B | $1.5B | $1.6B | $1.7B | $2.0B | $3.1B | $3.0B | $3.8B | $4.1B | $4.2B |
| EPS (diluted) | $3.38 | $2.87 | $3.23 | $3.41 | $3.94 | $6.13 | $6.04 | $7.53 | $8.18 | $8.43 |
| Diluted shares | 524M | 519M | 511M | 511M | 512M | 513M | 505M | 499M | 496M | 494M |
| 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, from Marsh & McLennan Companies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.0B | $1.2B | $1.1B | $1.2B | $2.1B | $1.8B | $1.4B | $3.4B | $2.4B | $2.7B |
| Receivables | $3.6B | $4.1B | $4.3B | $5.2B | $5.3B | $5.6B | $5.9B | $6.4B | $7.2B | $7.7B |
| Total current assets | $4.9B | $5.6B | $5.9B | $7.1B | $8.2B | $8.3B | $19.0B | $21.7B | $22.1B | $23.2B |
| Property, plant and equipment | $725M | $712M | $701M | $858M | $856M | $847M | $871M | $882M | $859M | $829M |
| Goodwill | $8.4B | $9.1B | $9.6B | $14.7B | $15.5B | $16.3B | $16.3B | $17.2B | $23.3B | $24.3B |
| Total assets | $18.2B | $20.4B | $21.6B | $31.4B | $33.0B | $44.0B | $44.1B | $48.0B | $56.5B | $58.7B |
| Total current liabilities | $4.1B | $4.3B | $4.9B | $6.7B | $6.6B | $6.7B | $17.8B | $19.8B | $19.5B | $21.1B |
| Long-term debt | $4.5B | $5.2B | $5.5B | $10.7B | $10.8B | $10.9B | $11.2B | $11.8B | $19.4B | $18.3B |
| Total liabilities | $11.9B | $13.0B | $14.0B | $23.4B | $23.8B | $23.2B | $33.4B | $35.7B | $42.9B | $43.4B |
| Shareholders' equity | $6.3B | $7.4B | $7.6B | $7.9B | $9.3B | $11.2B | $10.7B | $12.4B | $13.5B | $15.3B |
| Net debt | $3.8B | $4.3B | $4.8B | $10.8B | $9.2B | $9.2B | $10.1B | $10.1B | $17.5B | $16.9B |
Cash flow
Fiscal years, from Marsh & McLennan Companies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.0B | $1.9B | $2.4B | $2.4B | $3.4B | $3.5B | $3.5B | $4.3B | $4.3B | $5.3B |
| Capital spending | $253M | $302M | $314M | $421M | $348M | $406M | $470M | $416M | $316M | $291M |
| Free cash flow | $1.8B | $1.6B | $2.1B | $1.9B | $3.0B | $3.1B | $3.0B | $3.8B | $4.0B | $5.0B |
| Stock-based compensation | $109M | $149M | $193M | $252M | $290M | $348M | $367M | $363M | $368M | $394M |
| Dividends paid | $682M | $740M | $807M | $890M | $943M | $1.0B | $1.1B | $1.3B | $1.5B | $1.7B |
| Share buybacks (net) | -$800M | -$900M | -$675M | -$485M | $0 | -$1.2B | -$1.9B | -$1.1B | -$900M | -$2.0B |
| Net borrowing | $335M | $672M | $328M | $5.7B | -$778M | -$273M | $619M | $1.9B | $6.6B | -$519M |
| Free cash flow margin | 13.3% | 11.3% | 14.1% | 11.7% | 17.6% | 15.7% | 14.5% | 16.9% | 16.3% | 18.5% |
| Dividends per share | $1.30 | $1.43 | $1.58 | $1.74 | $1.84 | $2.00 | $2.25 | $2.60 | $3.05 | $3.44 |
Questions
What was Marsh & McLennan Companies's revenue in 2025?
$27.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Marsh & McLennan Companies generate?
$5.0B in fiscal 2025 (operating cash flow minus capital spending).
From Marsh & McLennan Companies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.