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Overview

MARSH & MCLENNAN COMPANIES, INC.

MRSHNYSEFinancialsInsurance Agents, Brokers & ServiceCIK 0000062709Large-cap benchmark

Latest 10-K: FY2025, filed Feb 9, 2026 · Open the 10-K (Inline XBRL) ↗

Revenue
$26.98B
10.3%YoYup from FY2024
TotalRevenue
Gross profit
Not reported
Operating income
$6.22B
7.0%YoYup from FY2024
OperatingIncome
Net income
$4.16B
2.5%YoYup from FY2024
NetIncome
Diluted EPS
$8.43
3.1%YoYup from FY2024
EPSDiluted
Diluted shares
494.0M
0.4%YoYdown from FY2024
WeightedAvgSharesDiluted

At a glance

Growth

  • MARSH & MCLENNAN COMPANIES, INC. reported revenue of $26.98B for fiscal 2025, up 10.3% from fiscal 2024.
  • Revenue grew faster than the median S&P 500 member in 4 of the last 5 fiscal years.

Profitability

  • Operating margin was 23.1% and net margin was 15.4%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.

Per share

  • Diluted EPS was $8.43, up 3.1% from the prior year.
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Written from the filed figures on this page by fixed rules — no AI.

Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K

Financial statements

Annual figures from the 10-K, most recent fiscal year first.

Income Statement

5 annual periods

Chip: YoY change.

Income Statement, annual, newest fiscal year first. 4Y CAGR: compound annual growth from the oldest to the newest year shown. Muted line: large-cap benchmark median change. Line under a label: how many large-cap benchmark companies its median rests on.
Line itemFY2025FY2024FY2023FY2022FY20214Y CAGR
Revenue
$26.98B10.3%up
Benchmark median 6.4%
$24.46B7.6%up
Benchmark median 4.5%
$22.74B9.7%up
Benchmark median 4.8%
$20.72B4.5%up
Benchmark median 10.3%
$19.82B15.1%up
Benchmark median 13.8%
8.0%
Benchmark median 6.6%
Gross Profit
Median of 315 / 498
—
—
—
—
—
—
Benchmark median 6.2%
Operating Income
Median of 373 / 498
$6.22B7.0%up
Benchmark median 7.3%
$5.82B10.1%up
Benchmark median 7.4%
$5.28B23.4%up
Benchmark median 4.9%
$4.28B0.7%down
Benchmark median 7.5%
$4.31B40.6%up
Benchmark median 23.5%
9.6%
Benchmark median 7.2%
Net Income
$4.16B2.5%up
Benchmark median 4.8%
$4.06B8.1%up
Benchmark median 5.7%
$3.76B23.1%up
Benchmark median 1.9%
$3.05B3.0%down
Benchmark median 1.3%
$3.14B55.9%up
Benchmark median 33.9%
7.3%
Benchmark median 4.1%
EPS (Diluted)
$8.433.1%up
Benchmark median 6.2%
$8.188.6%up
Benchmark median 7.9%
$7.5324.7%up
Benchmark median 1.9%
$6.041.5%down
Benchmark median 1.5%
$6.1355.6%up
Benchmark median 34.8%
8.3%
Benchmark median 5.6%

Balance Sheet

5 annual periods

Chip: YoY change.

Balance Sheet, annual, newest fiscal year first. 4Y CAGR: compound annual growth from the oldest to the newest year shown. Muted line: large-cap benchmark median change. Line under a label: how many large-cap benchmark companies its median rests on.
Line itemFY2025FY2024FY2023FY2022FY20214Y CAGR
Total Assets
$58.71B3.9%up
Benchmark median 5.6%
$56.48B17.6%up
Benchmark median 3.4%
$48.03B8.9%up
Benchmark median 4.1%
$44.11B0.2%up
Benchmark median 2.2%
$44.01B33.2%up
Benchmark median 6.7%
7.5%
Benchmark median 4.7%
Total Liabilities
Median of 357 / 498
—
—
—
—
—
—
Benchmark median 4.4%
Stockholders' Equity
$15.31B13.2%up
Benchmark median 6.8%
$13.54B9.4%up
Benchmark median 5.4%
$12.37B15.1%up
Benchmark median 7.3%
$10.75B4.2%down
Benchmark median 2.5%
$11.22B21.2%up
Benchmark median 9.0%
8.1%
Benchmark median 6.1%
Cash & Equivalents
$2.69B12.1%up
Benchmark median 5.2%
$2.40B28.6%down
Benchmark median 1.9%
$3.36B132.9%up
Benchmark median 6.7%
$1.44B17.7%down
Benchmark median -8.6%
$1.75B16.1%down
Benchmark median -2.9%
11.3%
Benchmark median 2.0%
Total Debt
$19.59B1.8%down
Benchmark median 2.1%
$19.95B48.2%up
Benchmark median 0.2%
$13.46B17.1%up
Benchmark median 0.3%
$11.49B4.8%up
Benchmark median 0.1%
$10.97B7.3%down
Benchmark median -0.1%
15.6%
Benchmark median 4.3%

Cash Flow Statement

5 annual periods

Chip: YoY change.

Cash Flow Statement, annual, newest fiscal year first. 4Y CAGR: compound annual growth from the oldest to the newest year shown. Muted line: large-cap benchmark median change. Line under a label: how many large-cap benchmark companies its median rests on.
Line itemFY2025FY2024FY2023FY2022FY20214Y CAGR
Operating Cash Flow
$5.29B23.0%up
Benchmark median 6.3%
$4.30B1.0%up
Benchmark median 4.8%
$4.26B22.9%up
Benchmark median 9.9%
$3.46B1.5%down
Benchmark median -0.7%
$3.52B4.0%up
Benchmark median 10.7%
10.8%
Benchmark median 7.0%
Capital Expenditures
$291.00M7.9%down
Benchmark median 5.4%
$316.00M24.0%down
Benchmark median 2.8%
$416.00M11.5%down
Benchmark median 11.3%
$470.00M15.8%up
Benchmark median 14.0%
$406.00M16.7%up
Benchmark median 8.1%
-8.0%
Benchmark median 9.0%
Free Cash Flow
Median of 378 / 498
$5.00B25.5%up
Benchmark median 7.3%
$3.99B3.7%up
Benchmark median 6.1%
$3.84B28.3%up
Benchmark median 8.8%
$3.00B3.7%down
Benchmark median -11.3%
$3.11B2.5%up
Benchmark median 10.2%
12.6%
Benchmark median 4.9%

n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.

Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology

Ratios & valuation

FY2025

Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.

Valuation · Earnings yield

What a dollar of market value earned

4.5%

Wall Street

on net earnings

FY2024 3.9%

5.5%

Value investor

on free cash flow

FY2024 3.8%

Gap +1.0 pts: Value-investor figure 1.0 points higher

How it’s calculated

Wall Street · on net earnings

Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)

pe_ratio (ratio table)

P/E 22.0×

Value investor · on free cash flow

(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)

free cash flow ÷ market cap

Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.

Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.

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Smart money

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Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.

Peers, filings & research

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Research Reports

No published research on MRSH yet.

Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on MRSH and publish the result to your public profile.

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Cite this page

Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/MRSH

APA-style text
Valuein. (2026, October 31). MARSH & MCLENNAN COMPANIES, INC. (MRSH) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/MRSH
BibTeX
@misc{valuein_mrsh_2026,
  author = {{Valuein}},
  title = {MARSH \& MCLENNAN COMPANIES, INC. (MRSH) financial statements, earnings power and smart-money summary},
  year = {2026},
  howpublished = {\url{https://valuein.biz/data/MRSH}},
  note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}
Open 10-K in SEC Inline XBRL viewer

10-K filed Feb 9, 2026 · accession 0000062709-26-000022

Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.

point-in-time · survivorship-free · every number traceable to its SEC filing

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