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

481.79M

Op. Cash Flow

$5.29B

MRSH$182.13−0.55% · past 6 monthsDBEQ Basic

Daily closing prices

Business

Marsh & McLennan Companies is a global leader in risk, reinsurance and capital, people and investments, and management consulting, operating in 130 countries. The company provides risk management, insurance and reinsurance broking, program management, risk consulting, alternative risk financing, and specialized management and health consulting services. It operates through two reportable segments: Risk and Insurance Services (Marsh Risk and Guy Carpenter) and Consulting (Mercer and Marsh Management Consulting), serving businesses, government entities, professional organizations, and individuals.

Summary from 10-K filed 2026-02-09

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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Frequently asked questions

What is MARSH & MCLENNAN COMPANIES, INC.'s CIK number?

MARSH & MCLENNAN COMPANIES, INC.'s SEC CIK number is 0000062709 (62709). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find MARSH & MCLENNAN COMPANIES, INC.'s SEC filings?

All of MARSH & MCLENNAN COMPANIES, INC.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did MARSH & MCLENNAN COMPANIES, INC. last report earnings?

MARSH & MCLENNAN COMPANIES, INC. (MRSH) most recently filed an earnings 8-K with the SEC on Apr 16, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0000062709-26-000096). This is MARSH & MCLENNAN COMPANIES, INC.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is MARSH & MCLENNAN COMPANIES, INC.'s most recent earnings 8-K?

MARSH & MCLENNAN COMPANIES, INC.'s latest earnings 8-K (Item 2.02) was filed Apr 16, 2026 under accession 0000062709-26-000096. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

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