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Marsh & McLennan Companies, Inc. (MRSH) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

FINANCIAL SERVICES · Insurance Brokers · DATA UPDATED 2026-07-13

Marsh & McLennan Companies, Inc. (MRSH) operates in the Insurance Brokers industry and is headquartered in New York, United States with about 95,000 employees. Its market capitalization is roughly $86 billion. In the fiscal year ended 2025-12-31, MRSH reported $27.0B in revenue and $4.2B in net income.

Marsh & McLennan Companies, Inc., a professional services company, provides advisory services and insurance solutions to clients in the areas of risk, strategy, and people worldwide. The company operates through Risk and Insurance Services, and Consulting segments.

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MRSH Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$27.5B	$27.0B	$24.5B	$22.7B	$20.7B	$19.8B	$17.2B	$16.7B	$14.9B	$14.0B	$13.2B	$12.9B	$13.0B	$12.3B	$11.9B	$11.5B	$10.6B	$9.8B	$10.7B	$11.2B	$11.9B
Gross Profit	$11.7B	$11.4B	$10.5B	$9.6B	$8.6B	$8.4B	$7.1B	$6.9B	$6.3B	$5.9B	$5.5B	$5.6B	$5.4B	$5.0B	$4.8B	$4.6B	$4.1B	$9.8B	$10.7B	$11.2B	$4.8B
Gross Margin %	42.4%	42.3%	42.8%	42.4%	41.7%	42.4%	41.2%	41.5%	42.4%	42.4%	41.8%	43.1%	42.0%	41.1%	40.2%	39.5%	38.7%	100.0%	100.0%	100.0%	40.3%
Operating Income (EBIT)	$6.0B	$6.2B	$5.8B	$5.3B	$4.3B	$4.3B	$3.1B	$2.7B	$2.8B	$2.7B	$2.4B	$2.4B	$2.3B	$2.1B	$1.8B	$1.6B	$939M	$778M	$679M	$846M	$948M
Operating Margin %	21.7%	23.1%	23.8%	23.2%	20.7%	21.8%	17.8%	16.1%	18.5%	18.9%	18.4%	18.8%	17.8%	16.9%	15.3%	14.2%	8.9%	7.9%	6.3%	7.6%	8.0%
Net Income	$3.9B	$4.2B	$4.1B	$3.8B	$3.0B	$3.1B	$2.0B	$1.7B	$1.6B	$1.5B	$1.8B	$1.6B	$1.5B	$1.4B	$1.2B	$993M	$855M	$227M	($73M)	$2.5B	$990M
Net Margin %	14.3%	15.4%	16.6%	16.5%	14.7%	15.9%	11.7%	10.5%	11.0%	10.6%	13.4%	12.4%	11.3%	11.1%	9.9%	8.6%	8.1%	2.3%	-0.7%	22.1%	8.3%
EBITDA	$6.7B	$7.4B	$6.9B	$6.3B	$5.3B	$5.4B	$4.0B	$3.6B	$3.0B	$3.4B	$3.1B	$2.9B	$2.6B	$2.5B	$2.2B	$1.9B	$1.4B	$1.2B	$1.1B	$1.3B	$1.4B
Earnings Per Share (EPS)	$7.99	$8.49	$8.19	$7.53	$6.04	$6.13	$3.94	$3.41	$3.23	$2.87	$3.37	$2.98	$2.65	$2.43	$2.13	$1.80	$1.57	$0.43	$-0.14	$4.53	$1.78
Shares Outstanding (M)	486M	490M	496M	499M	505M	513M	512M	511M	511M	519M	524M	536M	553M	558M	552M	551M	544M	524M	515M	546M	557M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MRSH Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$7.6B	$6.6B	$6.4B	$7.0B	$7.1B	$6.1B	$5.7B	$6.2B
Gross Profit	$3.5B	$2.7B	$2.5B	$3.1B	$3.2B	$2.4B	$2.3B	$2.8B
Gross Margin %	45.6%	40.3%	38.7%	44.1%	45.5%	40.2%	39.6%	44.5%
Operating Income (EBIT)	$1.8B	$1.2B	$1.2B	$1.8B	$2.0B	$1.1B	$1.1B	$1.6B
Operating Margin %	23.1%	18.5%	18.4%	26.2%	28.4%	18.8%	19.4%	26.4%
Net Income	$1.1B	$821M	$747M	$1.2B	$1.4B	$788M	$747M	$1.1B
Net Margin %	15.1%	12.4%	11.8%	17.4%	19.6%	13.0%	13.1%	18.1%
EBITDA	$1.6B	$1.5B	$1.5B	$2.1B	$2.3B	$1.4B	$1.4B	$1.9B
Earnings Per Share (EPS)	$2.36	$1.68	$1.51	$2.45	$2.79	$1.59	$1.51	$2.27
Shares Outstanding (M)	486M	490M	494M	495M	495M	496M	496M	496M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MRSH Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$5.2B	$5.3B	$4.3B	$4.3B	$3.5B	$3.5B	$3.4B	$2.4B	$2.4B	$1.9B	$2.0B	$1.9B	$2.1B	$1.3B	$1.3B	$1.7B	$722M	$640M	$940M	($231M)	$878M
Capital Expenditures (CapEx)	$298M	$291M	$316M	$416M	$470M	$406M	$348M	$421M	$314M	$302M	$253M	$325M	$368M	$401M	$320M	$280M	$271M	$305M	$386M	$378M	$307M
Free Cash Flow (FCF)	$4.9B	$5.0B	$4.0B	$3.8B	$3.0B	$3.1B	$3.0B	$1.9B	$2.1B	$1.6B	$1.8B	$1.6B	$1.7B	$940M	$1.0B	$1.4B	$451M	$335M	$554M	($609M)	$571M
FCF Margin %	17.9%	18.5%	16.3%	16.9%	14.4%	15.7%	17.6%	11.7%	14.1%	11.3%	13.3%	12.1%	13.5%	7.7%	8.4%	12.4%	4.3%	3.4%	5.2%	-5.5%	4.8%
Dividends Paid	$1.7B	$1.7B	$1.5B	$1.3B	$1.1B	$1.0B	$943M	$880M	$807M	$740M	$682M	$632M	$582M	$533M	$497M	$480M	$452M	$431M	$412M	$413M	$374M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MRSH Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	($688M)	$2.2B	$2.1B	$1.7B	($622M)	$2.0B	$1.9B	$1.2B
Capital Expenditures (CapEx)	$62M	$105M	$72M	$59M	$55M	$76M	$73M	$80M
Free Cash Flow (FCF)	($750M)	$2.1B	$2.0B	$1.6B	($677M)	$1.9B	$1.8B	$1.1B
FCF Margin %	-9.9%	31.2%	31.6%	23.1%	-9.6%	31.0%	32.3%	18.2%
Dividends Paid	$440M	$444M	$445M	$406M	$405M	$403M	$404M	$352M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MRSH Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$58.6B	$58.7B	$56.5B	$48.0B	$44.1B	$34.4B	$33.0B	$31.3B	$21.6B	$20.4B	$18.2B	$18.2B	$17.8B	$16.9B	$16.3B	$15.5B	$15.3B	$15.3B	$15.2B	$17.4B	$18.1B
Cash & Cash Equivalents	$1.6B	$2.7B	$2.4B	$3.4B	$1.4B	$1.8B	$2.1B	$1.2B	$1.1B	$1.2B	$1.0B	$1.4B	$2.0B	$2.3B	$2.3B	$2.1B	$1.9B	$1.8B	$1.7B	$2.1B	$2.1B
Total Liabilities	$43.7B	$43.4B	$42.9B	$35.7B	$33.4B	$23.2B	$23.8B	$23.4B	$14.0B	$13.0B	$11.9B	$11.6B	$10.7B	$9.0B	$9.7B	$9.5B	$8.9B	$9.5B	$9.5B	$9.5B	$12.3B
Total Debt (Short + Long-Term)	$20.9B	$19.9B	$20.3B	$13.8B	$11.8B	$11.3B	$859M	$1.6B	$314M	$262M	$312M	$12M	$11M	$334M	$260M	$260M	$8M	$558M	$408M	$260M	$1.1B
Total Shareholders' Equity	$14.6B	$15.1B	$13.3B	$12.2B	$10.5B	$11.0B	$9.1B	$7.8B	$7.5B	$7.4B	$6.2B	$6.5B	$7.1B	$7.9B	$6.5B	$5.9B	$6.4B	$5.8B	$5.7B	$7.8B	$5.8B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive MRSH viewer.

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