NYSE : MRSH
Marsh & McLennan Companies, Inc. — Financial statements
United States
Last price 197.03 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 93.69B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Marsh & McLennan Companies, Inc. (MRSH) reported revenue of 28.46B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 28.46B | 26.98B | 24.46B | 22.74B | 20.72B | 19.82B |
| Cost of Revenue | 15.80B | 15.21B | 13.56B | 12.71B | 11.72B | 11.11B |
| Gross Profit | 12.66B | 11.77B | 10.89B | 10.02B | 8.99B | 8.71B |
| Other Operating Expenses | 5.69B | 4.85B | 4.41B | 4.20B | 4.05B | 3.96B |
| Operating Expenses | 5.69B | 4.85B | 4.41B | 4.20B | 4.05B | 3.96B |
| Operating Income | 6.97B | 6.92B | 6.48B | 5.82B | 4.94B | 4.75B |
| Interest Expense | -973.00M | -960.00M | -700.00M | -578.00M | -469.00M | -444.00M |
| Interest & Investment Income | 59.00M | 82.00M | 95.00M | 83.00M | 36.00M | 63.00M |
| EBT Excluding Unusual Items | 6.06B | 6.04B | 5.88B | 5.33B | 4.51B | 4.37B |
| Merger & Restructuring Charges | -686.00M | -504.00M | -395.00M | -301.00M | -427.00M | -163.00M |
| Pretax Income | 5.37B | 5.54B | 5.48B | 5.03B | 4.08B | 4.21B |
| Income Tax Expense | 1.25B | 1.30B | 1.36B | 1.22B | 995.00M | 1.03B |
| Earnings From Continuing Operations | 4.12B | 4.23B | 4.12B | 3.80B | 3.09B | 3.17B |
| Net Income to Company | 4.12B | 4.23B | 4.12B | 3.80B | 3.09B | 3.17B |
| Minority Interest in Earnings | -82.00M | -74.00M | -57.00M | -46.00M | -37.00M | -31.00M |
| Net Income | 4.04B | 4.16B | 4.06B | 3.76B | 3.05B | 3.14B |
| Net Income to Common | 4.04B | 4.16B | 4.06B | 3.76B | 3.05B | 3.14B |
| Shares Outstanding (Basic) | 482.00M | 491.00M | 492.00M | 494.00M | 499.00M | 507.00M |
| Shares Outstanding (Diluted) | 484.25M | 494.00M | 496.00M | 499.00M | 505.00M | 513.00M |
| EPS (Basic) | 8.38 | 8.47 | 8.25 | 7.60 | 6.11 | 6.20 |
| EPS (Diluted) | 8.35 | 8.43 | 8.18 | 7.53 | 6.04 | 6.13 |
| Free Cash Flow | 4.15B | 5.00B | 3.99B | 3.84B | 3.00B | 3.11B |
| Free Cash Flow Per Share | 8.58 | 10.12 | 8.04 | 7.70 | 5.93 | 6.06 |
| Dividend Per Share | 3.78 | 3.52 | 3.15 | 2.72 | 2.31 | 2.07 |
| Gross Margin | 44.48% | 43.63% | 44.54% | 44.09% | 43.41% | 43.95% |
| Operating Margin | 24.50% | 25.65% | 26.49% | 25.61% | 23.85% | 23.98% |
| Profit Margin | 14.20% | 15.42% | 16.60% | 16.52% | 14.72% | 15.86% |
| Free Cash Flow Margin | 14.60% | 18.54% | 16.30% | 16.90% | 14.46% | 15.69% |
| EBITDA | 7.88B | 7.83B | 7.23B | 6.54B | 5.66B | 5.50B |
| EBITDA Margin | 27.71% | 29.02% | 29.54% | 28.74% | 27.32% | 27.74% |
| D&A For EBITDA | 913.00M | 910.00M | 746.00M | 713.00M | 719.00M | 747.00M |
| EBIT | 6.97B | 6.92B | 6.48B | 5.82B | 4.94B | 4.75B |
| EBIT Margin | 24.50% | 25.65% | 26.49% | 25.61% | 23.85% | 23.98% |
| Effective Tax Rate | 23.25% | 23.56% | 24.87% | 24.35% | 24.38% | 24.57% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.84B | 2.69B | 2.40B | 3.36B | 1.44B | 1.75B |
| Cash & Short-Term Investments | 1.84B | 2.69B | 2.40B | 3.36B | 1.44B | 1.75B |
| Accounts Receivable | 8.46B | 7.46B | 6.92B | 6.12B | 5.57B | 5.35B |
| Other Receivables | 760.00M | 750.00M | 706.00M | 659.00M | 613.00M | 518.00M |
| Receivables | 9.22B | 8.21B | 7.63B | 6.77B | 6.18B | 5.87B |
| Other Current Assets | 13.04B | 12.30B | 12.09B | 11.62B | 11.33B | 641.00M |
| Total Current Assets | 24.11B | 23.20B | 22.12B | 21.75B | 18.96B | 8.26B |
| Property, Plant & Equipment | 2.23B | 2.29B | 2.36B | 2.42B | 2.43B | 2.71B |
| Long-Term Investments | 568.00M | 515.00M | 541.00M | 449.00M | 396.00M | 468.00M |
| Goodwill | 24.61B | 24.34B | 23.31B | 17.23B | 16.25B | 16.32B |
| Other Intangible Assets | 4.50B | 5.21B | 5.29B | 3.15B | 3.03B | 3.29B |
| Long-Term Deferred Tax Assets | 195.00M | 212.00M | 237.00M | 357.00M | 358.00M | 551.00M |
| Long-Term Deferred Charges | 460.00M | 399.00M | 372.00M | 347.00M | 314.00M | |
| Other Long-Term Assets | 3.59B | 2.48B | 2.23B | 2.30B | 2.34B | 2.47B |
| Total Assets | 59.81B | 58.71B | 56.48B | 48.03B | 44.11B | 34.39B |
| Accounts Payable | 3.58B | 3.56B | 3.32B | 3.33B | 3.21B | 3.09B |
| Accrued Expenses | 3.33B | 3.96B | 3.62B | 3.35B | 3.10B | 2.94B |
| Short-Term Debt | 1.62B | |||||
| Current Portion of Long-Term Debt | 21.00M | 1.27B | 519.00M | 1.62B | 268.00M | 17.00M |
| Current Portion of Leases | 324.00M | 333.00M | 325.00M | 312.00M | 310.00M | 332.00M |
| Current Income Taxes Payable | 485.00M | 373.00M | 376.00M | 321.00M | 221.00M | 198.00M |
| Other Current Liabilities | 12.74B | 11.56B | 11.36B | 10.87B | 10.72B | 79.00M |
| Total Current Liabilities | 22.11B | 21.06B | 19.52B | 19.80B | 17.83B | 6.65B |
| Long-Term Debt | 18.89B | 18.32B | 19.43B | 11.84B | 11.23B | 10.93B |
| Long-Term Leases | 1.48B | 1.53B | 1.59B | 1.66B | 1.67B | 1.88B |
| Pension & Post-Retirement Benefits | 693.00M | 786.00M | 840.00M | 779.00M | 921.00M | 1.63B |
| Long-Term Deferred Tax Liabilities | 537.00M | 454.00M | 543.00M | 522.00M | 737.00M | |
| Other Long-Term Liabilities | 1.73B | 1.16B | 1.12B | 1.04B | 1.20B | 1.33B |
| Total Liabilities | 44.90B | 43.40B | 42.95B | 35.66B | 33.37B | 23.17B |
| Common Stock | 561.00M | 561.00M | 561.00M | 561.00M | 561.00M | 561.00M |
| Additional Paid-In Capital | 1.61B | 1.55B | 1.37B | 1.24B | 1.18B | 1.11B |
| Retained Earnings | 29.16B | 27.77B | 25.31B | 22.76B | 20.30B | 18.39B |
| Treasury Stock | -11.15B | -9.35B | -7.66B | -7.08B | -6.21B | -4.48B |
| Comprehensive Income & Other | -5.51B | -5.43B | -6.24B | -5.29B | -5.31B | -4.58B |
| Total Common Equity | 14.68B | 15.10B | 13.34B | 12.19B | 10.52B | 11.01B |
| Minority Interest | 235.00M | 215.00M | 193.00M | 179.00M | 229.00M | 213.00M |
| Shareholders' Equity | 14.91B | 15.31B | 13.54B | 12.37B | 10.75B | 11.22B |
| Total Liabilities & Equity | 59.81B | 58.71B | 56.48B | 48.03B | 44.11B | 34.39B |
| Total Debt | 22.33B | 21.45B | 21.86B | 15.44B | 13.47B | 13.16B |
| Net Cash (Debt) | -20.49B | -18.76B | -19.46B | -12.08B | -12.03B | -11.41B |
| Net Cash Per Share | -42.31 | -37.98 | -39.24 | -24.20 | -23.82 | -22.24 |
| Filing Date Shares Outstanding | 475.51M | 484.12M | 491.13M | 491.66M | 494.57M | 502.77M |
| Total Common Shares Outstanding | 475.41M | 484.86M | 491.40M | 492.00M | 494.79M | 503.54M |
| Working Capital | 2.00B | 2.14B | 2.60B | 1.95B | 1.13B | 1.61B |
| Book Value Per Share | 30.87 | 31.14 | 27.15 | 24.78 | 21.26 | 21.86 |
| Tangible Book Value | -14.44B | -14.45B | -15.26B | -8.19B | -8.76B | -8.59B |
| Tangible Book Value Per Share | -30.38 | -29.80 | -31.05 | -16.64 | -17.70 | -17.07 |
| Land | 363.00M | 364.00M | 360.00M | 372.00M | 385.00M | |
| Machinery | 710.00M | 696.00M | 776.00M | 772.00M | 811.00M | |
| Leasehold Improvements | 1.43B | 1.34B | 1.31B | 1.26B | 1.24B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.04B | 4.16B | 4.06B | 3.76B | 3.05B | 3.14B |
| Depreciation & Amortization | 913.00M | 910.00M | 746.00M | 713.00M | 719.00M | 747.00M |
| Loss (Gain) From Sale of Assets | -8.00M | -13.00M | -48.00M | 16.00M | -88.00M | -33.00M |
| Loss (Gain) From Sale of Investments | -16.00M | -34.00M | -9.00M | -5.00M | -21.00M | -61.00M |
| Stock-Based Compensation | 418.00M | 394.00M | 368.00M | 363.00M | 367.00M | 348.00M |
| Other Operating Activities | 243.00M | 393.00M | 260.00M | 323.00M | 450.00M | 118.00M |
| Change in Accounts Receivable | -612.00M | -128.00M | -467.00M | -467.00M | -492.00M | -570.00M |
| Change in Income Taxes | -116.00M | 12.00M | 123.00M | 105.00M | -54.00M | -33.00M |
| Change in Other Net Operating Assets | -389.00M | -402.00M | -731.00M | -546.00M | -466.00M | -143.00M |
| Operating Cash Flow | 4.47B | 5.29B | 4.30B | 4.26B | 3.46B | 3.52B |
| Capital Expenditures | -320.00M | -291.00M | -316.00M | -416.00M | -470.00M | -406.00M |
| Cash Acquisitions | -691.00M | -652.00M | -8.54B | -976.00M | -572.00M | -859.00M |
| Divestitures | 23.00M | 22.00M | 89.00M | -17.00M | 119.00M | 84.00M |
| Investment in Securities | -22.00M | 74.00M | -53.00M | -19.00M | 64.00M | 13.00M |
| Other Investing Activities | -6.00M | 2.00M | 1.00M | 11.00M | 9.00M | 4.00M |
| Investing Cash Flow | -1.02B | -845.00M | -8.82B | -1.42B | -850.00M | -1.16B |
| Short-Term Debt Issued | 146.00M | |||||
| Long-Term Debt Issued | 8.17B | 2.17B | 984.00M | 743.00M | ||
| Total Debt Issued | 2.22B | 8.17B | 2.31B | 984.00M | 743.00M | |
| Short-Term Debt Repaid | -146.00M | |||||
| Long-Term Debt Repaid | -519.00M | -1.62B | -266.00M | -365.00M | -1.02B | |
| Total Debt Repaid | -1.25B | -519.00M | -1.62B | -412.00M | -365.00M | -1.02B |
| Net Debt Issued (Repaid) | 966.00M | -519.00M | 6.55B | 1.90B | 619.00M | -273.00M |
| Issuance of Common Stock | 156.00M | 250.00M | 264.00M | 199.00M | 126.00M | 161.00M |
| Repurchase of Common Stock | -3.15B | -2.16B | -1.08B | -1.30B | -2.15B | -1.26B |
| Common Dividends Paid | -1.78B | -1.69B | -1.50B | -1.28B | -1.12B | -1.01B |
| Other Financing Activities | -520.00M | 217.00M | -638.00M | 1.48B | 1.09B | |
| Financing Cash Flow | -3.81B | -4.63B | 4.46B | -1.12B | -1.05B | -1.30B |
| Foreign Exchange Rate Adjustments | -43.00M | 673.00M | -414.00M | 328.00M | -841.00M | -355.00M |
| Net Cash Flow | -397.00M | 486.00M | -478.00M | 2.05B | 728.00M | 700.00M |
| Free Cash Flow | 4.15B | 5.00B | 3.99B | 3.84B | 3.00B | 3.11B |
| Free Cash Flow Margin | 14.60% | 18.54% | 16.30% | 16.90% | 14.46% | 15.69% |
| Free Cash Flow Per Share | 8.58 | 10.12 | 8.04 | 7.70 | 5.93 | 6.06 |
| Levered Free Cash Flow | 4.32B | 4.73B | 3.89B | 3.67B | 3.36B | 3.54B |
| Unlevered Free Cash Flow | 4.93B | 5.33B | 4.33B | 4.04B | 3.65B | 3.82B |
| Cash Interest Paid | 946.00M | 885.00M | 591.00M | 499.00M | 431.00M | 441.00M |
| Cash Income Tax Paid | 1.36B | 1.29B | 1.10B | 1.10B | 1.05B | 1.07B |
| Change in Working Capital | -1.12B | -518.00M | -1.07B | -908.00M | -1.01B | -746.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 95.40B | 90.89B | 104.32B | 93.42B | 82.08B | 87.76B |
| Enterprise Value | 115.89B | 110.01B | 117.49B | 106.30B | 94.79B | 99.50B |
| Last Close Price | 200.62 | 181.55 | 204.59 | 179.87 | 154.86 | 160.39 |
| PE Ratio | 24.03 | 21.85 | 25.69 | 24.87 | 26.91 | 27.92 |
| Forward PE | 17.87 | 18.36 | 23.04 | 22.35 | 22.78 | 26.23 |
| PS Ratio | 3.35 | 3.37 | 4.26 | 4.11 | 3.96 | 4.43 |
| PB Ratio | 6.50 | 5.93 | 7.71 | 7.55 | 7.64 | 7.82 |
| P/FCF Ratio | 22.97 | 18.17 | 26.17 | 24.32 | 27.41 | 28.22 |
| P/OCF Ratio | 21.32 | 17.18 | 24.25 | 21.94 | 23.69 | 24.96 |
| PEG Ratio | 2.53 | 3.03 | 2.62 | 1.94 | 2.49 | 1.95 |
| EV/Sales Ratio | 4.07 | 4.08 | 4.80 | 4.67 | 4.58 | 5.02 |
| EV/EBITDA Ratio | 14.70 | 14.05 | 16.26 | 16.27 | 16.74 | 18.09 |
| EV/EBIT Ratio | 16.62 | 15.89 | 18.13 | 18.26 | 19.18 | 20.94 |
| EV/FCF Ratio | 27.90 | 22.00 | 29.48 | 27.67 | 31.65 | 31.99 |
| Debt / Equity Ratio | 1.50 | 1.40 | 1.61 | 1.25 | 1.25 | 1.17 |
| Debt / EBITDA Ratio | 2.67 | 2.58 | 2.85 | 2.21 | 2.20 | 2.19 |
| Debt / FCF Ratio | 5.38 | 4.29 | 5.49 | 4.02 | 4.50 | 4.23 |
| Net Debt / Equity Ratio | 1.37 | 1.23 | 1.44 | 0.98 | 1.12 | 1.02 |
| Net Debt / EBITDA Ratio | 2.60 | 2.40 | 2.69 | 1.85 | 2.12 | 2.08 |
| Net Debt / FCF Ratio | 4.93 | 3.75 | 4.88 | 3.14 | 4.02 | 3.67 |
| Asset Turnover | 0.48 | 0.47 | 0.47 | 0.49 | 0.53 | 0.59 |
| Quick Ratio | 0.50 | 0.52 | 0.51 | 0.51 | 0.43 | 1.15 |
| Current Ratio | 1.09 | 1.10 | 1.13 | 1.10 | 1.06 | 1.24 |
| Return on Equity (ROE) | 27.24% | 29.35% | 31.79% | 32.89% | 28.10% | 30.99% |
| Return on Assets (ROA) | 7.35% | 7.51% | 7.75% | 7.90% | 7.87% | 8.81% |
| Return on Invested Capital (ROIC) | 14.96% | 15.77% | 16.95% | 18.65% | 16.46% | 16.53% |
| Return on Capital Employed (ROCE) | 18.50% | 18.40% | 17.50% | 20.60% | 18.80% | 17.10% |
| Earnings Yield | 4.16% | 4.58% | 3.89% | 4.02% | 3.72% | 3.58% |
| FCF Yield | 4.35% | 5.50% | 3.82% | 4.11% | 3.65% | 3.54% |
| Dividend Yield | 1.97% | 1.88% | 1.49% | 1.43% | 1.39% | 1.19% |
| Payout Ratio | 47.43% | 40.51% | 36.92% | 34.21% | 36.88% | 32.26% |
| Buyback Yield / Dilution | 2.22% | 0.40% | 0.60% | 1.19% | 1.56% | -0.19% |
| Total Shareholder Return | 4.20% | 2.28% | 2.09% | 2.62% | 2.95% | 0.99% |