MARSH & MCLENNAN COMPANIES, INC.

Listed Company

MRSHCIK 0000062709NYSELarge AcceleratedInsurance Agents, Brokers & ServiceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$26.98B

Net Income

$4.16B

Total Assets

$58.71B

Equity

$15.31B

Shares Out

482.00M

Op. Cash Flow

$5.29B

Business

MARSH & MCLENNAN COMPANIES, INC. is a global professional services firm that advises clients on risk, strategy and people. It offers risk advisory and insurance and reinsurance broking, analytics, program design and placement, health, wealth and career consulting, investment and actuarial services, management and brand consulting, and economic and litigation consulting. The company operates through two principal segments—Risk and Insurance Services (Marsh and Guy Carpenter) and Consulting (Mercer and Oliver Wyman Group). It serves corporate, institutional, public sector and individual clients worldwide through direct and intermediary channels, digital platforms and global specialist networks.

Summary from filing dated 2025-02-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	26,981	24,458	22,736	20,720	—
Compensation and benefits	15,577	13,996	13,099	12,071	11,425
Other operating expenses	5,181	4,645	4,355	4,369	4,083
Operating expenses	20,758	18,641	17,454	16,440	15,508
Operating income	6,223	5,817	5,282	4,280	4,312
Other net benefits credits	194	268	239	235	277
Interest income	48	83	78	15	2
Interest expense	−960	−700	−578	−469	—
Investment income	34	12	5	21	61
Income before income taxes	5,539	5,480	5,026	4,082	4,208
Income tax expense	1,305	1,363	1,224	995	1,034
Net income before non-controlling interests	4,234	4,117	3,802	3,087	3,174
Less: Net income attributable to non-controlling interests	74	57	46	37	31
Net income attributable to the Company	4,160	4,060	3,756	3,050	3,143
Basic (in dollars per share)	8.48	8.26	7.6	6.11	6.2
Diluted (in dollars per share)	8.43	8.18	7.53	6.04	6.13
Basic (in shares)	491	492	494	499	507
Diluted (in shares)	494	496	499	505	513

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	2,687	2,398	3,358	1,442	1,752
Cash and cash equivalents held in a fiduciary capacity	11,473	11,276	10,794	10,660	—
Commissions and fees	7,015	6,533	5,806	5,293	5,093
Advanced premiums and claims	67	84	103	103	136
Other	750	706	660	616	523
Gross receivables	7,832	7,323	6,569	6,012	5,752
Less allowance for credit losses	−162	−167	−151	−160	−166
Net receivables	7,670	7,156	6,418	5,852	5,586
Other current assets	1,370	1,287	1,178	1,005	926
Total current assets	23,200	22,117	21,748	18,959	8,264
Goodwill	24,337	23,306	17,231	16,251	16,317
Other intangible assets	4,746	4,820	2,630	2,537	—
Fixed assets, net	829	859	882	871	847
Pension related assets	2,140	1,914	2,051	2,127	2,270
Right of use assets	1,460	1,498	1,541	1,562	1,868
Deferred tax assets	212	237	357	358	551
Other assets	1,786	1,730	1,590	1,449	1,461
Total assets	58,710	56,481	48,030	44,114	44,010
Short-term debt	1,267	519	1,619	268	—
Accounts payable and accrued liabilities	3,652	3,402	3,403	3,278	3,165
Accrued compensation and employee benefits	3,962	3,620	3,346	3,095	2,942
Current lease liabilities	333	325	312	310	332
Accrued income taxes	373	376	321	221	198
Fiduciary liabilities	11,473	11,276	10,794	10,660	—
Total current liabilities	21,060	19,518	19,795	17,832	6,654
Long-term debt	18,320	19,428	11,844	11,227	—
Pension, post-retirement and post-employment benefits	786	840	779	921	1,632
Long-term lease liabilities	1,529	1,590	1,661	1,667	1,880
Liability for errors and omissions	288	305	314	355	355
Other liabilities	1,412	1,265	1,267	1,363	1,712
Commitments and contingencies	0	0	0	0	0
Preferred stock, $1 par value, authorized 6,000,000 shares, none issued	0	0	0	0	0
Common stock, $1 par value, authorized 1,600,000,000 shares, issued 560,641,640 shares at December 31, 2025 and 2024	561	561	561	561	561
Additional paid-in capital	1,547	1,370	1,242	1,179	1,112
Retained earnings	27,767	25,306	22,759	20,301	18,389
Accumulated other comprehensive loss	−5,429	−6,240	−5,295	−5,314	−4,575
Non-controlling interests	215	193	179	229	213
Stockholders equity subtotal before treasury stock	24,661	21,190	19,446	16,956	15,700
Less treasury shares, at cost, 75,783,063 shares at December 31, 2025 and 69,239,488 shares at December 31, 2024	−9,346	−7,655	−7,076	−6,207	−4,478
Total equity	15,315	13,535	12,370	10,749	11,222
Total liabilities and stockholders' equity	58,710	56,481	48,030	44,114	34,388

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization of fixed assets and capitalized software	361	369	370	381	382
Amortization of intangible assets	549	377	343	338	365
Non-cash lease expense	295	280	288	404	327
Adjustments and payments related to contingent consideration assets and liabilities	37	−77	−11	11	27
Gain on consolidation of entity	−13	0	0	−2	−267
Net (gain) on investments	−34	−9	−5	−21	—
Net (gain) loss on disposition of assets	−13	−48	16	−127	−33
Share-based compensation expense	394	368	363	367	348
Net receivables	−128	−467	−467	−492	−570
Other assets	−143	−217	−154	−122	−354
Accrued compensation and employee benefits	242	92	195	171	574
Provision for taxes, net of payments and refunds	12	123	105	−54	−33
Contributions to pension and other benefit plans in excess of current year credit	−259	−352	−335	−385	−372
Other liabilities	93	55	64	193	358
Operating lease liabilities	−335	−309	−316	—	—
Net cash provided by (used for) operations	5,292	4,302	4,258	3,465	3,516
Purchase of treasury shares	−2,012	−900	−1,150	−1,950	−1,159
Issuance of commercial paper with maturity greater than 90 days	0	0	146	0	0
Repayment of commercial paper with maturity greater than 90 days	0	0	−146	0	0
Proceeds from issuance of debt	0	8,170	2,169	984	743
Repayments of debt	−519	−1,617	−266	−365	−1,016
Payment of bridge loan commitment fees	0	−23	0	0	—
Purchase of non-controlling interests	0	−7	−139	−7	0
Shares withheld for taxes on vested units treasury shares	−148	−180	−148	−198	−101
Issuance of common stock from treasury shares	250	264	199	126	161
Payments of deferred and contingent consideration for acquisitions	−67	−113	−202	−158	−117
Receipts of deferred and contingent consideration for dispositions	0	3	2	3	—
Distributions of non-controlling interests	−57	−40	−31	−27	−36
Dividends paid	−1,699	−1,513	−1,298	−1,138	−1,026
Change in fiduciary liabilities	−382	411	−255	1,684	1,183
Net cash provided by (used for) financing activities	−4,634	4,455	−1,119	−1,046	−1,297
Capital expenditures	−291	−316	−416	−470	−406
Purchases of long-term investments	−26	−108	−57	−22	−28
Sales of long-term investments	100	55	38	86	41
Dispositions	22	89	−17	119	84
Acquisitions, net of cash and cash held in a fiduciary capacity acquired	−652	−8,542	−976	−572	−859
Other, net	2	1	11	9	4
Net cash provided by (used for) investing activities	−845	−8,821	−1,417	−850	−1,164
Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	673	−414	328	−841	−355
Increase (decrease) in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	486	−478	2,050	728	700

Filings

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