MARSH & MCLENNAN COMPANIES, INC.
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MRSH Q2 2025 request
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| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Revenue | 6,974 | 6,221 | +12.1% |
Show Product Lines breakouts |
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| Career · Consulting | 219 | 220 | -0.5% |
| Health · Consulting | 594 | 547 | +8.6% |
| Wealth · Consulting | 685 | 612 | +11.9% |
Show Business Segments breakouts |
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| Consulting · Intersegment Elimination | 18 | 13 | +38.5% |
| Consulting · Mercer | 1,498 | 1,379 | +8.6% |
| Consulting · Oliver Wyman Group | 873 | 837 | +4.3% |
| Consulting · Operating Segments | 2,371 | 2,216 | +7.0% |
| Risk and Insurance Services · Guy Carpenter | 710 | 680 | +4.4% |
| Risk and Insurance Services · Intersegment Elimination | 4 | 4 | 0.0% |
| Risk and Insurance Services · Marsh | 3,915 | 3,342 | +17.1% |
| Risk and Insurance Services · Operating Segments | 4,625 | 4,022 | +15.0% |
Show Consolidation Items breakouts |
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| Corporate/Eliminations | -22 | -17 | -29.4% |
| Operating Segments | 6,996 | 6,238 | +12.2% |
| Labor And Related Expense | 3,895 | 3,454 | +12.8% |
Show Business Segments breakouts |
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| Consulting · Operating Segments | 1,398 | 1,314 | +6.4% |
| Risk and Insurance Services · Operating Segments | 2,462 | 2,108 | +16.8% |
Show Consolidation Items breakouts |
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| Corporate/Eliminations | 35 | 32 | +9.4% |
| Operating Segments | 3,860 | 3,422 | +12.8% |
| Other Cost And Expense Operating | 1,250 | 1,125 | +11.1% |
| Operating Expenses | 5,145 | 4,579 | +12.4% |
| Operating Income | 1,829 | 1,642 | +11.4% |
Show Business Segments breakouts |
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| Consulting · Operating Segments | 456 | 410 | +11.2% |
| Risk and Insurance Services · Operating Segments | 1,443 | 1,297 | +11.3% |
Show Retirement Plan Type breakouts |
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| Pension Plans Defined Benefit | -7 | -6 | -16.7% |
Show Consolidation Items breakouts |
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| Corporate/Eliminations | -70 | -65 | -7.7% |
| Operating Segments | 1,899 | 1,707 | +11.2% |
| Defined Benefit Plan Other Costs | 48 | 66 | -27.3% |
Show Retirement Plan Type breakouts |
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| Pension Plans Defined Benefit | 47 | 64 | -26.6% |
| Postretirement Benefit Costs | -1 | — | — |
| Interest Income | 5 | 12 | -58.3% |
| Interest Expense | -243 | -156 | -55.8% |
| Gain Loss On Investments | 7 | 1 | +600.0% |
| Income Before Taxes | 1,646 | 1,565 | +5.2% |
| Income Tax Expense (Benefit) | 415 | 425 | -2.4% |
| Net Income | 1,231 | 1,140 | +8.0% |
Show Equity Components breakouts |
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| Noncontrolling Interest | 20 | 15 | +33.3% |
| Retained Earnings | 1,211 | 1,125 | +7.6% |
| Net Income Loss Attributable To Noncontrolling Interest | 20 | 15 | +33.3% |
| Net Income | 1,211 | 1,125 | +7.6% |
| EPS (Basic) | 2.46 | 2.28 | +7.9% |
| EPS (Diluted) | 2.45 | 2.27 | +7.9% |
| Wtd Avg Shares (Basic) | 492 | 492 | 0.0% |
| Wtd Avg Shares (Diluted) | 495 | 496 | -0.2% |
| Common Stock Shares Outstanding | 492 | 492 | 0.0% |
| Comprehensive Income | 1,863 | 1,107 | +68.3% |
| Income Loss From Equity Method Investments (Q) | — | — | — |
Show Business Segments breakouts |
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| Risk and Insurance Services · Operating Segments | 15 | 10 | +50.0% |
Show Investment Type breakouts |
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| Private Equity Funds | 8 | 1 | +700.0% |
Balance Sheet
| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 1,677 | 1,653 | +1.5% |
| Restricted Cash And Cash Equivalents At Carrying Value | 11,871 | 11,497 | +3.3% |
| Accrued Feesand Other Revenue Receivable Gross Current | 7,751 | 7,031 | +10.2% |
| Advanced Premiumsand Claims Receivable Gross Current | 105 | 119 | -11.8% |
| Other Receivables Gross Current | 770 | 749 | +2.8% |
| Accounts Receivable Gross Current | 8,626 | 7,899 | +9.2% |
| Allowance For Doubtful Accounts Receivable Current | -169 | -160 | -5.6% |
| Receivables Net Current | 8,457 | 7,739 | +9.3% |
| Other Assets Current | 1,329 | 1,133 | +17.3% |
| Total Current Assets | 23,334 | 22,022 | +6.0% |
| Non-Current Assets | |||
| Goodwill | 23,919 | 17,516 | +36.6% |
Show Business Segments breakouts |
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| Consulting | 4.7 | 4.1 | +14.6% |
| Risk and Insurance Services | 19.3 | — | — |
Show Business Acquisition breakouts |
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| Current Fiscal Period Acquisitions | 100 | 430 | -76.7% |
| Property, Plant & Equipment | 839 | 879 | -4.6% |
| Defined Benefit Plan Assets For Plan Benefits Noncurrent | 2,203 | 2,187 | +0.7% |
| Operating Lease Right-of-Use Assets | 1,471 | 1,468 | +0.2% |
| Deferred Tax Assets | 280 | 285 | -1.8% |
| Other Non-Current Assets | 1,739 | 1,596 | +9.0% |
| Total Assets | 58,555 | 48,591 | +20.5% |
| Intangible Assets | 4,770 | 2,638 | +80.8% |
Show Finite Lived Intangible Assets By Major Class breakouts |
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| Customer Relationships | 4,656 | 2,593 | +79.6% |
| Other Intangible Assets | 114 | 45 | +153.3% |
| Other Assets | |||
| Other Intangible Assets Net | 4,770 | 2,638 | +80.8% |
| Current Liabilities | |||
| Debt Current | 769 | — | — |
| Accounts Payable And Accrued Liabilities Current | 3,434 | 3,205 | +7.1% |
| Employee Related Liabilities Current | 2,372 | 2,086 | +13.7% |
| Operating Lease Liability Current | 335 | 304 | +10.2% |
| Accrued Income Taxes Current | 619 | 505 | +22.6% |
| Fiduciary Liabilities Current | 11,871 | 11,497 | +3.3% |
| Total Current Liabilities | 19,400 | 18,864 | +2.8% |
| Current Portion of Long-Term Debt | 619 | — | — |
| Non-Current Liabilities | |||
| Long-Term Debt | 18,960 | — | — |
| Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent | 816 | 715 | +14.1% |
| Operating Lease Liabilities | 1,546 | 1,586 | -2.5% |
| Other Non-Current Liabilities | 1,577 | 1,261 | +25.1% |
| Long-Term Debt | 19,579 | — | — |
Show Debt Instrument breakouts |
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| Mortgage – 5.70% due 2035 | 257 | — | — |
| Other | 1 | — | — |
| Senior notes – 1.349% due 2026 | 654 | — | — |
| Senior notes – 1.979% due 2030 | 630 | — | — |
| Senior notes – 2.25% due 2030 | 743 | — | — |
| Senior notes – 2.375% due 2031 | 398 | — | — |
| Senior notes – 2.90% due 2051 | 346 | — | — |
| Senior notes – 3.75% due 2026 | 600 | — | — |
| Senior notes – 4.20% due 2048 | 594 | — | — |
| Senior notes – 4.35% due 2047 | 494 | — | — |
| Senior notes – 4.375% due 2029 | 1,499 | — | — |
| Senior notes – 4.550% due 2027 | 945 | — | — |
| Senior notes – 4.65% due 2030 | 991 | — | — |
| Senior notes – 4.75% due 2039 | 496 | — | — |
| Senior notes – 4.850% due 2031 | 992 | — | — |
| Senior notes – 4.90% due 2049 | 1,239 | — | — |
| Senior notes – 5.00% due 2035 | 1,982 | — | — |
| Senior notes – 5.150% due 2034 | 496 | — | — |
| Senior notes – 5.35% due 2044 | 494 | — | — |
| Senior notes – 5.40% due 2055 | 1,479 | — | — |
| Senior notes – 5.400% due 2033 | 593 | — | — |
| Senior notes – 5.450% due 2053 | 591 | — | — |
| Senior notes – 5.450% due 2054 | 493 | — | — |
| Senior notes – 5.700% due 2053 | 989 | — | — |
| Senior notes – 5.750% due 2032 | 494 | — | — |
| Senior notes – 5.875% due 2033 | 299 | — | — |
| Senior notes – 6.25% due 2052 | 492 | — | — |
| Senior notes – Floating due 2027 | 298 | — | — |
| Other Liabilities | |||
| Liability For Errors And Omissions | 280 | 322 | -13.0% |
| Stockholders' Equity | |||
| Common Stock | 561 | 561 | 0.0% |
| Additional Paid In Capital Common Stock | 1,362 | 1,197 | +13.8% |
| Retained Earnings | 27,088 | 24,578 | +10.2% |
| Accumulated Other Comprehensive Income | -5,244 | -5,527 | +5.1% |
| Minority Interest | 209 | 198 | +5.6% |
| Stockholders Equity Subtotal Before Treasury Stock | 23,976 | 21,007 | +14.1% |
| Treasury Stock Common Value | -8,000 | -7,442 | -7.5% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 15,976 | 13,565 | +17.8% |
Show Equity Components breakouts |
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| Accumulated Defined Benefit Plans Adjustment | -3,632 | -3,050 | -19.1% |
| Accumulated Other Comprehensive Income | -5,244 | -5,527 | +5.1% |
| Accumulated Translation Adjustment | -1,612 | -2,477 | +34.9% |
| Additional Paid In Capital | 1,362 | 1,197 | +13.8% |
| Noncontrolling Interest | 209 | 198 | +5.6% |
| Retained Earnings | 27,088 | 24,578 | +10.2% |
| Treasury Stock Common | -8,000 | -7,442 | -7.5% |
| Total Liabilities & Equity | 58,555 | 48,591 | +20.5% |
Cash Flow Statement
| Metric | YTD Q2 2025 | YTD Q2 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Depreciation | 179 | 186 | -3.8% |
| Amortization Of Intangible Assets | 279 | 179 | +55.9% |
Show Business Segments breakouts |
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| Consulting · Operating Segments | 38 | 23 | +65.2% |
| Risk and Insurance Services · Operating Segments | 241 | 156 | +54.5% |
Show Consolidation Items breakouts |
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| Operating Segments | 279 | 179 | +55.9% |
| Leases Right Of Use Asset Amortization | 145 | 132 | +9.8% |
| Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1 | 11 | -75 | +114.7% |
| Consolidation Gain Loss Amount | -13 | — | — |
| Gain Loss On Investments Operating Activities | -12 | -2 | -500.0% |
| Gain Loss On Sale Of Other Assets | -15 | -20 | +25.0% |
| Stock-Based Compensation | 210 | 193 | +8.8% |
| Increase Decrease In Receivables | -921 | -1,287 | +28.4% |
| Increase Decrease In Other Noncurrent Assets | -69 | -62 | -11.3% |
| Increase Decrease In Employee Related Liabilities | -1,334 | -1,226 | -8.8% |
| Increase Decrease In Accrued Income Taxes Payable | 190 | 214 | -11.2% |
| Pensionand Other Postretirement Benefit Contributions In Excessof Current Year Expense | -117 | -182 | +35.7% |
| Increase Decrease In Other Operating Liabilities | 38 | -30 | +226.7% |
| Increase Decrease In Operating Lease Liability | -165 | -150 | -10.0% |
| Net Cash from Operations | 1,049 | 434 | +141.7% |
| Depreciation & Amortization | 179 | 186 | -3.8% |
Show Business Segments breakouts |
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| Consulting · Operating Segments | 49 | 63 | -22.2% |
| Risk and Insurance Services · Operating Segments | 101 | 92 | +9.8% |
Show Consolidation Items breakouts |
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| Corporate/Eliminations | 29 | 31 | -6.5% |
| Operating Segments | 150 | 155 | -3.2% |
| Investing Activities | |||
| Capital Expenditures | -114 | -167 | +31.7% |
| Payments To Acquire Longterm Investments | -15 | -14 | -7.1% |
| Proceeds From Sale And Maturity Of Other Investments | 84 | 14 | +500.0% |
| Proceeds From Divestiture Of Businesses Net Of Cash Divested | 15 | 27 | -44.4% |
| Payments To Acquire Businesses Net Of Cash Acquired | -62 | -644 | +90.4% |
| Other Investing Activities | -3 | 1 | -400.0% |
| Net Cash from Investing | -95 | -783 | +87.9% |
| Financing Activities | |||
| Share Repurchases | -600 | -600 | 0.0% |
| Proceeds From Repayments Of Commercial Paper | 150 | 749 | -80.0% |
| Repayments Of Long Term Debt | -510 | -1,609 | +68.3% |
| Tax Withholding for Share Compensation | -142 | -173 | +17.9% |
| Proceeds From Issuance Or Sale Of Equity | 175 | 167 | +4.8% |
| Payments For Acquisitions Deferred And Contingent Consideration | -43 | -81 | +46.9% |
| Payments Of Dividends Minority Interest | -34 | -21 | -61.9% |
| Payments Of Dividends Common Stock | -810 | -706 | -14.7% |
| Increase Decrease In Fiduciary Liabilities | -19 | 901 | -102.1% |
| Net Cash from Financing | -1,833 | -384 | -377.3% |
| Supplemental | |||
| Income Taxes Paid | 640 | 658 | -2.7% |
| Interest Paid | 442 | 295 | +49.8% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 753 | -269 | +379.9% |
| Net Change in Cash | -126 | -1,002 | +87.4% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 13,548 | 13,150 | +3.0% |
Values in millions USD. Source: SEC EDGAR 10-Q filing.