MARSH & MCLENNAN COMPANIES, INC.

MRSH 10-Q · Q3 2025
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MRSH Q3 2025 request

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Income Statement

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Income Statement
Metric Q3 2025 Q3 2024 YoY
Revenue 6,351 5,697 +11.5%
Show Product Lines breakouts
Career · Consulting 319 307 +3.9%
Health · Consulting 555 520 +6.7%
Wealth · Consulting 705 625 +12.8%
Show Business Segments breakouts
Consulting · Intersegment Elimination 20 18 +11.1%
Consulting · Mercer 1,579 1,452 +8.7%
Consulting · Oliver Wyman Group 886 810 +9.4%
Consulting · Operating Segments 2,465 2,262 +9.0%
Risk and Insurance Services · Guy Carpenter 435 430 +1.2%
Risk and Insurance Services · Marsh 3,472 3,023 +14.9%
Risk and Insurance Services · Operating Segments 3,907 3,453 +13.1%
Show Consolidation Items breakouts
Corporate/Eliminations -21 -18 -16.7%
Operating Segments 6,372 5,715 +11.5%
Labor And Related Expense 3,894 3,442 +13.1%
Show Business Segments breakouts
Consulting · Operating Segments 1,429 1,309 +9.2%
Risk and Insurance Services · Operating Segments 2,424 2,095 +15.7%
Show Consolidation Items breakouts
Corporate/Eliminations 41 38 +7.9%
Operating Segments 3,853 3,404 +13.2%
Other Cost And Expense Operating 1,287 1,147 +12.2%
Operating Expenses 5,181 4,589 +12.9%
Operating Income 1,170 1,108 +5.6%
Show Business Segments breakouts
Consulting · Operating Segments 501 462 +8.4%
Risk and Insurance Services · Operating Segments 750 733 +2.3%
Show Retirement Plan Type breakouts
Pension Plans Defined Benefit -8 -5 -60.0%
Show Consolidation Items breakouts
Corporate/Eliminations -81 -87 +6.9%
Operating Segments 1,251 1,195 +4.7%
Defined Benefit Plan Other Costs 52 68 -23.5%
Show Retirement Plan Type breakouts
Pension Plans Defined Benefit 52 67 -22.4%
Interest Income 10 12 -16.7%
Interest Expense -237 -154 -53.9%
Gain Loss On Investments 15 1 +1400.0%
Income Before Taxes 1,010 1,035 -2.4%
Income Tax Expense (Benefit) 253 283 -10.6%
Net Income 757 752 +0.7%
Show Equity Components breakouts
Noncontrolling Interest 10 5 +100.0%
Retained Earnings 747 747 0.0%
Net Income Loss Attributable To Noncontrolling Interest 10 5 +100.0%
Net Income 747 747 0.0%
EPS (Basic) 1.52 1.52 0.0%
EPS (Diluted) 1.51 1.51 0.0%
Wtd Avg Shares (Basic) 491 492 -0.2%
Wtd Avg Shares (Diluted) 494 496 -0.4%
Common Stock Shares Outstanding 490 491 -0.2%
Comprehensive Income 550 1,284 -57.2%
Income Loss From Equity Method Investments (Q) — — —
Show Business Segments breakouts
Risk and Insurance Services · Operating Segments 5 7 -28.6%
Show Investment Type breakouts
Private Equity Funds 15 — —

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 2,511 1,798 +39.7%
Restricted Cash And Cash Equivalents At Carrying Value 12,001 11,923 +0.7%
Accrued Feesand Other Revenue Receivable Gross Current 7,256 6,783 +7.0%
Advanced Premiumsand Claims Receivable Gross Current 63 102 -38.2%
Other Receivables Gross Current 760 702 +8.3%
Accounts Receivable Gross Current 8,079 7,587 +6.5%
Allowance For Doubtful Accounts Receivable Current -173 -165 -4.8%
Receivables Net Current 7,906 7,422 +6.5%
Other Assets Current 1,281 1,143 +12.1%
Total Current Assets 23,699 22,286 +6.3%
Non-Current Assets
Goodwill 23,949 18,235 +31.3%
Show Business Segments breakouts
Consulting 4.7 4.2 +11.9%
Risk and Insurance Services 19.2 — —
Show Business Acquisition breakouts
Current Fiscal Period Acquisitions 234 826 -71.7%
Property, Plant & Equipment 820 884 -7.2%
Defined Benefit Plan Assets For Plan Benefits Noncurrent 2,212 2,384 -7.2%
Operating Lease Right-of-Use Assets 1,436 1,487 -3.4%
Deferred Tax Assets 248 242 +2.5%
Other Non-Current Assets 1,748 1,626 +7.5%
Total Assets 58,783 49,864 +17.9%
Intangible Assets 4,671 2,720 +71.7%
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 4,596 2,677 +71.7%
Other Intangible Assets 75 43 +74.4%
Other Assets
Other Intangible Assets Net 4,671 2,720 +71.7%
Current Liabilities
Debt Current 1,263 518 +143.8%
Accounts Payable And Accrued Liabilities Current 3,355 3,099 +8.3%
Employee Related Liabilities Current 3,089 2,785 +10.9%
Operating Lease Liability Current 332 313 +6.1%
Accrued Income Taxes Current 617 565 +9.2%
Dividends Payable Current 441 401 +10.0%
Fiduciary Liabilities Current 12,001 11,923 +0.7%
Total Current Liabilities 21,098 19,604 +7.6%
Current Portion of Long-Term Debt 1,263 518 +143.8%
Non-Current Liabilities
Long-Term Debt 18,317 12,330 +48.6%
Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent 791 704 +12.4%
Operating Lease Liabilities 1,514 1,618 -6.4%
Other Non-Current Liabilities 1,419 1,396 +1.6%
Long-Term Debt 19,580 12,848 +52.4%
Show Debt Instrument breakouts
Mortgage – 5.70% due 2035 254 271 -6.3%
Other 2 4 -50.0%
Senior notes – 1.349% due 2026 643 623 +3.2%
Senior notes – 1.979% due 2030 642 603 +6.5%
Senior notes – 2.25% due 2030 743 742 +0.1%
Senior notes – 2.375% due 2031 398 397 +0.3%
Senior notes – 2.90% due 2051 346 346 0.0%
Senior notes – 3.75% due 2026 600 599 +0.2%
Senior notes – 4.20% due 2048 594 593 +0.2%
Senior notes – 4.35% due 2047 494 494 0.0%
Senior notes – 4.375% due 2029 1,500 1,499 +0.1%
Senior notes – 4.550% due 2027 945 — —
Senior notes – 4.65% due 2030 992 — —
Senior notes – 4.75% due 2039 496 496 0.0%
Senior notes – 4.850% due 2031 992 — —
Senior notes – 4.90% due 2049 1,239 1,239 0.0%
Senior notes – 5.00% due 2035 1,982 — —
Senior notes – 5.150% due 2034 496 495 +0.2%
Senior notes – 5.35% due 2044 494 — —
Senior notes – 5.40% due 2055 1,479 — —
Senior notes – 5.400% due 2033 593 593 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 989 988 +0.1%
Senior notes – 5.750% due 2032 494 493 +0.2%
Senior notes – 5.875% due 2033 299 298 +0.3%
Senior notes – 6.25% due 2052 492 491 +0.2%
Senior notes – Floating due 2027 298 — —
Other Liabilities
Liability For Errors And Omissions 285 330 -13.6%
Stockholders' Equity
Common Stock 561 561 0.0%
Additional Paid In Capital Common Stock 1,457 1,289 +13.0%
Retained Earnings 26,948 24,520 +9.9%
Accumulated Other Comprehensive Income -5,441 -4,990 -9.0%
Minority Interest 206 194 +6.2%
Stockholders Equity Subtotal Before Treasury Stock 23,731 21,574 +10.0%
Treasury Stock Common Value -8,372 -7,692 -8.8%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 15,359 13,882 +10.6%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -3,566 -3,181 -12.1%
Accumulated Other Comprehensive Income -5,441 -4,990 -9.0%
Accumulated Translation Adjustment -1,875 -1,809 -3.6%
Additional Paid In Capital 1,457 1,289 +13.0%
Noncontrolling Interest 206 194 +6.2%
Retained Earnings 26,948 24,520 +9.9%
Treasury Stock Common -8,372 -7,692 -8.8%
Total Liabilities & Equity 58,783 49,864 +17.9%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Depreciation 270 276 -2.2%
Amortization Of Intangible Assets 412 269 +53.2%
Show Business Segments breakouts
Consulting · Operating Segments 55 36 +52.8%
Risk and Insurance Services · Operating Segments 357 233 +53.2%
Show Consolidation Items breakouts
Operating Segments 412 269 +53.2%
Leases Right Of Use Asset Amortization 219 206 +6.3%
Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1 18 -69 +126.1%
Consolidation Gain Loss Amount -13 — —
Gain Loss On Investments Operating Activities -27 — —
Gain Loss On Sale Of Other Assets -17 -18 +5.6%
Stock-Based Compensation 305 283 +7.8%
Increase Decrease In Receivables -388 -821 +52.7%
Increase Decrease In Other Noncurrent Assets -39 -45 +13.3%
Increase Decrease In Employee Related Liabilities -610 -582 -4.8%
Increase Decrease In Accrued Income Taxes Payable 197 233 -15.5%
Pensionand Other Postretirement Benefit Contributions In Excessof Current Year Expense -190 -262 +27.5%
Increase Decrease In Other Operating Liabilities -157 -211 +25.6%
Increase Decrease In Operating Lease Liability -249 -229 -8.7%
Net Cash from Operations 3,131 2,346 +33.5%
Depreciation & Amortization 270 276 -2.2%
Show Business Segments breakouts
Consulting · Operating Segments 74 88 -15.9%
Risk and Insurance Services · Operating Segments 153 140 +9.3%
Show Consolidation Items breakouts
Corporate/Eliminations 43 48 -10.4%
Operating Segments 227 228 -0.4%
Investing Activities
Capital Expenditures -186 -240 +22.5%
Payments To Acquire Longterm Investments -17 -18 +5.6%
Proceeds From Sale And Maturity Of Other Investments 96 17 +464.7%
Proceeds From Divestiture Of Businesses Net Of Cash Divested 15 106 -85.8%
Payments To Acquire Businesses Net Of Cash Acquired -224 -1,042 +78.5%
Other Investing Activities -6 1 -700.0%
Net Cash from Investing -322 -1,176 +72.6%
Financing Activities
Share Repurchases -1,002 -900 -11.3%
Repayments Of Long Term Debt -514 -1,613 +68.1%
Tax Withholding for Share Compensation -148 -177 +16.4%
Proceeds From Issuance Or Sale Of Equity 212 221 -4.1%
Payments For Acquisitions Deferred And Contingent Consideration -64 -91 +29.7%
Payments Of Dividends Minority Interest -46 -29 -58.6%
Payments Of Dividends Common Stock -1,255 -1,110 -13.1%
Increase Decrease In Fiduciary Liabilities 231 916 -74.8%
Net Cash from Financing -2,586 -1,820 -42.1%
Supplemental
Income Taxes Paid 886 922 -3.9%
Interest Paid 775 538 +44.1%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 615 219 +180.8%
Net Change in Cash 838 -431 +294.4%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 14,512 13,721 +5.8%

Values in millions USD. Source: SEC EDGAR 10-Q filing.

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