MARSH & MCLENNAN COMPANIES, INC.
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MRSH FY 2025 request
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| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Revenue | 26,981 | 24,458 | +10.3% |
Show Product Lines breakouts |
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| Career · Consulting | 1,087 | 1,059 | +2.6% |
| Health · Consulting | 2,284 | 2,100 | +8.8% |
| Wealth · Consulting | 2,819 | 2,584 | +9.1% |
Show Business Segments breakouts |
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| Consulting · Intersegment Elimination | 73 | 60 | +21.7% |
| Consulting · Marsh Management Consulting | 3,604 | 3,390 | +6.3% |
| Consulting · Mercer Consulting Group | 6,190 | 5,743 | +7.8% |
| Consulting · Operating Segments | 9,794 | 9,133 | +7.2% |
| Risk and Insurance Services · Guy Carpenter Reinsurance Group | 2,635 | 2,544 | +3.6% |
| Risk and Insurance Services · Marsh Insurance Group | 14,630 | 12,851 | +13.8% |
| Risk and Insurance Services · Operating Segments | 17,265 | 15,395 | +12.1% |
Show Geography breakouts |
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| GB | 3,816 | 3,595 | +6.1% |
| Other | 9,899 | 9,262 | +6.9% |
| US | 13,344 | 11,671 | +14.3% |
Show Consolidation Items breakouts |
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| Corporate/Eliminations | -78 | -70 | -11.4% |
| Operating Segments | 27,059 | 24,528 | +10.3% |
| Labor And Related Expense | 15,577 | 13,996 | +11.3% |
Show Business Segments breakouts |
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| Consulting · Operating Segments | 5,710 | 5,358 | +6.6% |
| Risk and Insurance Services · Operating Segments | 9,711 | 8,499 | +14.3% |
Show Consolidation Items breakouts |
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| Corporate/Eliminations | 156 | 139 | +12.2% |
| Operating Segments | 15,421 | 13,857 | +11.3% |
| Other Cost And Expense Operating | 5,181 | 4,645 | +11.5% |
| Operating Expenses | 20,758 | 18,641 | +11.4% |
| Operating Income | 6,223 | 5,817 | +7.0% |
Show Business Segments breakouts |
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| Consulting · Operating Segments | 1,896 | 1,770 | +7.1% |
| Risk and Insurance Services · Operating Segments | 4,636 | 4,365 | +6.2% |
Show Retirement Plan Type breakouts |
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| Pension Plans Defined Benefit | -28 | -23 | -21.7% |
Show Consolidation Items breakouts |
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| Corporate/Eliminations | -309 | -318 | +2.8% |
| Operating Segments | 6,532 | 6,135 | +6.5% |
| Defined Benefit Plan Other Costs | 194 | 268 | -27.6% |
Show Retirement Plan Type breakouts |
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| Other Postretirement Benefit Plans Defined Benefit | -2 | 5 | -140.0% |
| Pension Plans Defined Benefit | 196 | 263 | -25.5% |
| Interest Income | 48 | 83 | -42.2% |
| Interest Expense | -960 | -700 | -37.1% |
| Gain Loss On Investments | 34 | 12 | +183.3% |
| Income Before Taxes | 5,539 | 5,480 | +1.1% |
| Income Tax Expense (Benefit) | 1,305 | 1,363 | -4.3% |
| Net Income | 4,234 | 4,117 | +2.8% |
Show Equity Components breakouts |
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| Noncontrolling Interest | 74 | 57 | +29.8% |
| Retained Earnings | 4,160 | 4,060 | +2.5% |
| Net Income Loss Attributable To Noncontrolling Interest | 74 | 57 | +29.8% |
| Net Income | 4,160 | 4,060 | +2.5% |
| EPS (Basic) | 8.48 | 8.26 | +2.7% |
| EPS (Diluted) | 8.43 | 8.18 | +3.1% |
| Wtd Avg Shares (Basic) | 491 | 492 | -0.2% |
| Wtd Avg Shares (Diluted) | 494 | 496 | -0.4% |
| Common Stock Shares Outstanding | 485 | 491 | -1.2% |
| Comprehensive Income | 4,971 | 3,115 | +59.6% |
| Income Loss From Equity Method Investments (FY) | — | — | — |
Show Business Segments breakouts |
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| Risk and Insurance Services · Operating Segments | 24 | 22 | +9.1% |
Show Investment Type breakouts |
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| Private Equity Funds | 30 | 4 | +650.0% |
Balance Sheet
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 2,687 | 2,398 | +12.1% |
| Restricted Cash And Cash Equivalents At Carrying Value | 11,473 | 11,276 | +1.7% |
| Accrued Feesand Other Revenue Receivable Gross Current | 7,015 | 6,533 | +7.4% |
| Advanced Premiumsand Claims Receivable Gross Current | 67 | 84 | -20.2% |
| Other Receivables Gross Current | 750 | 706 | +6.2% |
| Accounts Receivable Gross Current | 7,832 | 7,323 | +7.0% |
| Allowance For Doubtful Accounts Receivable Current | -162 | -167 | +3.0% |
| Receivables Net Current | 7,670 | 7,156 | +7.2% |
| Other Assets Current | 1,370 | 1,287 | +6.4% |
| Total Current Assets | 23,200 | 22,117 | +4.9% |
| Non-Current Assets | |||
| Goodwill | 24,337 | 23,306 | +4.4% |
Show Business Segments breakouts |
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| Consulting | 4.8 | — | — |
| Risk and Insurance Services | 19.5 | — | — |
Show Business Acquisition breakouts |
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| Current Fiscal Period Acquisitions | 562 | — | — |
| Property, Plant & Equipment | 829 | 859 | -3.5% |
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| GB | 136 | 150 | -9.3% |
| Other | 224 | 215 | +4.2% |
| US | 469 | 494 | -5.1% |
| Defined Benefit Plan Assets For Plan Benefits Noncurrent | 2,140 | 1,914 | +11.8% |
Show Retirement Plan Type breakouts |
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| Pension Plans Defined Benefit · Foreign Plan | 2,140 | 1,913 | +11.9% |
| Operating Lease Right-of-Use Assets | 1,460 | 1,498 | -2.5% |
| Deferred Tax Assets | 212 | 237 | -10.5% |
| Other Non-Current Assets | 1,786 | 1,730 | +3.2% |
| Total Assets | 58,710 | 56,481 | +3.9% |
| Intangible Assets | 4,746 | 4,820 | -1.5% |
Show Finite Lived Intangible Assets By Major Class breakouts |
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| Customer Lists | 4,669 | 4,689 | -0.4% |
| Other Intangible Assets | 77 | 131 | -41.2% |
| Other Assets | |||
| Other Intangible Assets Net | 4,746 | 4,820 | -1.5% |
| Current Liabilities | |||
| Debt Current | 1,267 | 519 | +144.1% |
| Accounts Payable And Accrued Liabilities Current | 3,652 | 3,402 | +7.3% |
| Employee Related Liabilities Current | 3,962 | 3,620 | +9.4% |
| Operating Lease Liability Current | 333 | 325 | +2.5% |
| Accrued Income Taxes Current | 373 | 376 | -0.8% |
| Fiduciary Liabilities Current | 11,473 | 11,276 | +1.7% |
| Total Current Liabilities | 21,060 | 19,518 | +7.9% |
| Current Portion of Long-Term Debt | 1,267 | 519 | +144.1% |
| Non-Current Liabilities | |||
| Long-Term Debt | 18,320 | 19,428 | -5.7% |
| Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent | 786 | 840 | -6.4% |
Show Retirement Plan Type breakouts |
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| Other Postretirement Benefit Plans Defined Benefit · Foreign Plan | 45 | 43 | +4.7% |
| Other Postretirement Benefit Plans Defined Benefit · US | 14 | 14 | 0.0% |
| Pension Plans Defined Benefit · Foreign Plan | 248 | 244 | +1.6% |
| Pension Plans Defined Benefit · US | 437 | 495 | -11.7% |
| Operating Lease Liabilities | 1,529 | 1,590 | -3.8% |
| Other Non-Current Liabilities | 1,412 | 1,265 | +11.6% |
| Long-Term Debt | 19,587 | 19,947 | -1.8% |
Show Debt Instrument breakouts |
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| Mortgage – 5.701% due 2035 | 249 | 267 | -6.7% |
| Other | 1 | 2 | -50.0% |
| Senior notes – 1.349% due 2026 | 647 | 579 | +11.7% |
| Senior notes – 1.979% due 2030 | 646 | 566 | +14.1% |
| Senior notes – 2.250% due 2030 | 744 | 742 | +0.3% |
| Senior notes – 2.375% due 2031 | 398 | 397 | +0.3% |
| Senior notes – 2.900% due 2051 | 346 | 346 | 0.0% |
| Senior notes – 3.750% due 2026 | 600 | 599 | +0.2% |
| Senior notes – 4.200% due 2048 | 594 | 593 | +0.2% |
| Senior notes – 4.350% due 2047 | 494 | 494 | 0.0% |
| Senior notes – 4.375% due 2029 | 1,499 | 1,499 | 0.0% |
| Senior notes – 4.550% due 2027 | 946 | 945 | +0.1% |
| Senior notes – 4.650% due 2030 | 992 | 991 | +0.1% |
| Senior notes – 4.750% due 2039 | 496 | 496 | 0.0% |
| Senior notes – 4.850% due 2031 | 992 | 992 | 0.0% |
| Senior notes – 4.900% due 2049 | 1,240 | 1,239 | +0.1% |
| Senior notes – 5.000% due 2035 | 1,983 | 1,982 | +0.1% |
| Senior notes – 5.150% due 2034 | 496 | 495 | +0.2% |
| Senior notes – 5.350% due 2044 | 495 | 495 | 0.0% |
| Senior notes – 5.400% due 2033 | 594 | 593 | +0.2% |
| Senior notes – 5.400% due 2055 | 1,479 | 1,479 | 0.0% |
| Senior notes – 5.450% due 2053 | 591 | 591 | 0.0% |
| Senior notes – 5.450% due 2054 | 493 | 493 | 0.0% |
| Senior notes – 5.700% due 2053 | 989 | 989 | 0.0% |
| Senior notes – 5.750% due 2032 | 494 | 494 | 0.0% |
| Senior notes – 5.875% due 2033 | 298 | 299 | -0.3% |
| Senior notes – 6.250% due 2052 | 492 | 491 | +0.2% |
| Senior notes – Floating due 2027 | 299 | 299 | 0.0% |
| Other Liabilities | |||
| Liability For Errors And Omissions | 288 | 305 | -5.6% |
| Stockholders' Equity | |||
| Common Stock | 561 | 561 | 0.0% |
| Additional Paid In Capital Common Stock | 1,547 | 1,370 | +12.9% |
| Retained Earnings | 27,767 | 25,306 | +9.7% |
| Accumulated Other Comprehensive Income | -5,429 | -6,240 | +13.0% |
| Minority Interest | 215 | 193 | +11.4% |
| Stockholders Equity Subtotal Before Treasury Stock | 24,661 | 21,190 | +16.4% |
| Treasury Stock Common Value | -9,346 | -7,655 | -22.1% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 15,315 | 13,535 | +13.2% |
Show Equity Components breakouts |
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| Accumulated Defined Benefit Plans Adjustment | -3,707 | -3,408 | -8.8% |
| Accumulated Other Comprehensive Income | -5,429 | -6,240 | +13.0% |
| Accumulated Translation Adjustment | -1,722 | -2,832 | +39.2% |
| Additional Paid In Capital | 1,547 | 1,370 | +12.9% |
| Common Stock | 561 | 561 | 0.0% |
| Noncontrolling Interest | 215 | 193 | +11.4% |
| Retained Earnings | 27,767 | 25,306 | +9.7% |
| Treasury Stock Common | -9,346 | -7,655 | -22.1% |
| Total Liabilities & Equity | 58,710 | 56,481 | +3.9% |
Cash Flow Statement
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Depreciation | 361 | 369 | -2.2% |
| Amortization Of Intangible Assets | 549 | 377 | +45.6% |
Show Business Segments breakouts |
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| Consulting · Operating Segments | 74 | 51 | +45.1% |
| Risk and Insurance Services · Operating Segments | 475 | 326 | +45.7% |
Show Consolidation Items breakouts |
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| Operating Segments | 549 | 377 | +45.6% |
| Leases Right Of Use Asset Amortization | 295 | 280 | +5.4% |
| Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1 | 37 | -77 | +148.1% |
| Consolidation Gain Loss Amount | -13 | — | — |
| Gain Loss On Investments Operating Activities | -34 | -9 | -277.8% |
| Gain Loss On Sale Of Other Assets | -13 | -48 | +72.9% |
| Stock-Based Compensation | 394 | 368 | +7.1% |
| Increase Decrease In Receivables | -128 | -467 | +72.6% |
| Increase Decrease In Other Noncurrent Assets | -143 | -217 | +34.1% |
| Increase Decrease In Employee Related Liabilities | 242 | 92 | +163.0% |
| Increase Decrease In Accrued Income Taxes Payable | 12 | 123 | -90.2% |
| Pensionand Other Postretirement Benefit Contributions In Excessof Current Year Expense | -259 | -352 | +26.4% |
| Increase Decrease In Other Operating Liabilities | 93 | 55 | +69.1% |
| Increase Decrease In Operating Lease Liability | -335 | -309 | -8.4% |
| Net Cash from Operations | 5,292 | 4,302 | +23.0% |
| Depreciation & Amortization | 361 | 369 | -2.2% |
Show Business Segments breakouts |
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| Consulting · Operating Segments | 100 | 114 | -12.3% |
| Risk and Insurance Services · Operating Segments | 204 | 192 | +6.2% |
Show Consolidation Items breakouts |
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| Corporate/Eliminations | 57 | 63 | -9.5% |
| Operating Segments | 304 | 306 | -0.7% |
| Deferred Income Taxes | 123 | 157 | -21.7% |
| Investing Activities | |||
| Capital Expenditures | -291 | -316 | +7.9% |
| Payments To Acquire Longterm Investments | -26 | -108 | +75.9% |
| Proceeds From Sale And Maturity Of Other Investments | 100 | 55 | +81.8% |
| Proceeds From Divestiture Of Businesses Net Of Cash Divested | 22 | 89 | -75.3% |
| Payments To Acquire Businesses Net Of Cash Acquired | -652 | -8,542 | +92.4% |
| Other Investing Activities | 2 | 1 | +100.0% |
| Net Cash from Investing | -845 | -8,821 | +90.4% |
| Financing Activities | |||
| Share Repurchases | -2,012 | -900 | -123.6% |
| Repayments Of Long Term Debt | -519 | -1,617 | +67.9% |
| Tax Withholding for Share Compensation | -148 | -180 | +17.8% |
| Proceeds From Issuance Or Sale Of Equity | 250 | 264 | -5.3% |
| Payments For Acquisitions Deferred And Contingent Consideration | -67 | -113 | +40.7% |
| Payments Of Dividends Minority Interest | -57 | -40 | -42.5% |
| Payments Of Dividends Common Stock | -1,699 | -1,513 | -12.3% |
| Increase Decrease In Fiduciary Liabilities | -382 | 411 | -192.9% |
| Net Cash from Financing | -4,634 | 4,455 | -204.0% |
| Supplemental | |||
| Income Taxes Paid | 1,292 | 1.2 | +107566.7% |
| Interest Paid | 885 | 591 | +49.7% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 673 | -414 | +262.6% |
| Net Change in Cash | 486 | -478 | +201.7% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 14,160 | 13,674 | +3.6% |
Values in millions USD. Source: SEC EDGAR 10-K filing.