MARSH & MCLENNAN COMPANIES, INC.

MRSH 10-K · Q4 2025
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MRSH Q4 2025 request

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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 6,595 6,067 +8.7%
Show — breakouts
Revenue -20 -21 +4.8%
Revenue 20 16 +25.0%
Revenue 331 317 +4.4%
Revenue 1,528 1,358 +12.5%
Revenue 2,063 1,842 +12.0%
Revenue 9,741 9,089 +7.2%
Revenue 3,551 3,346 +6.1%
Revenue 6,137 5,699 +7.7%
Revenue 17,260 15,390 +12.2%
Revenue 2,630 2,539 +3.6%
Revenue 14,625 12,846 +13.8%
Show Consolidation Items breakouts
Operating Segments 6,615 6,088 +8.7%
Labor And Related Expense 3,938 3,630 +8.5%
Show — breakouts
Labor And Related Expense 44 31 +41.9%
Labor And Related Expense 1,520 1,421 +7.0%
Labor And Related Expense 5,521 4,562 +21.0%
Show Consolidation Items breakouts
Operating Segments 3,894 3,599 +8.2%
Other Cost And Expense Operating 1,438 1,295 +11.0%
Operating Expenses 5,376 4,925 +9.2%
Operating Income 1,219 1,142 +6.7%
Show Retirement Plan Type breakouts
Pension Plans Defined Benefit -7 -6 -16.7%
Show — breakouts
Operating Income -94 -94 0.0%
Operating Income 483 466 +3.6%
Operating Income 3,223 3,061 +5.3%
Show Consolidation Items breakouts
Operating Segments 1,313 1,236 +6.2%
Defined Benefit Plan Other Costs 51 67 -23.9%
Show Retirement Plan Type breakouts
Pension Plans Defined Benefit 53 65 -18.5%
Interest Income 14 22 -36.4%
Interest Expense -235 -231 -1.7%
Gain Loss On Investments 7 9 -22.2%
Income Before Taxes 1,056 1,009 +4.7%
Income Tax Expense (Benefit) 222 208 +6.7%
Net Income 834 801 +4.1%
Show Equity Components breakouts
Noncontrolling Interest 13 13 0.0%
Retained Earnings 821 788 +4.2%
Net Income Loss Attributable To Noncontrolling Interest 13 13 0.0%
Net Income 821 788 +4.2%
EPS (Basic) 1.69 1.61 +5.0%
EPS (Diluted) 1.68 1.59 +5.7%
Wtd Avg Shares (Basic) -1 0 —
Wtd Avg Shares (Diluted) -1 0 —
Common Stock Shares Outstanding 485 491 -1.2%
Comprehensive Income 833 -462 +280.3%
Income Loss From Equity Method Investments (Q) — — —
Show — breakouts
Income Loss From Equity Method Investments 4 5 -20.0%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 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
Consulting 4.8 — —
Risk and Insurance Services 19.5 — —
Show Business Acquisition breakouts
Current Fiscal Period Acquisitions 562 — —
Property, Plant & Equipment 829 859 -3.5%
Show Geography breakouts
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
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
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
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
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
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

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Depreciation 91 93 -2.2%
Amortization Of Intangible Assets 137 108 +26.9%
Show — breakouts
Amortization Of Intangible Assets 19 15 +26.7%
Amortization Of Intangible Assets 420 290 +44.8%
Show Consolidation Items breakouts
Operating Segments 137 108 +26.9%
Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1 19 -8 +337.5%
Gain Loss On Sale Of Other Assets 4 -30 +113.3%
Stock-Based Compensation 89 85 +4.7%
Increase Decrease In Receivables 260 354 -26.6%
Increase Decrease In Other Noncurrent Assets -104 -172 +39.5%
Increase Decrease In Employee Related Liabilities 852 674 +26.4%
Increase Decrease In Accrued Income Taxes Payable -185 -110 -68.2%
Increase Decrease In Other Operating Liabilities 250 266 -6.0%
Increase Decrease In Operating Lease Liability -86 -80 -7.5%
Net Cash from Operations 2,161 1,956 +10.5%
Depreciation & Amortization 91 93 -2.2%
Show — breakouts
Depreciation & Amortization 14 15 -6.7%
Depreciation & Amortization 26 26 0.0%
Depreciation & Amortization 130 104 +25.0%
Show Consolidation Items breakouts
Operating Segments 77 78 -1.3%
Investing Activities
Capital Expenditures -105 -76 -38.2%
Payments To Acquire Longterm Investments -9 -90 +90.0%
Proceeds From Sale And Maturity Of Other Investments 4 38 -89.5%
Proceeds From Divestiture Of Businesses Net Of Cash Divested 7 -17 +141.2%
Payments To Acquire Businesses Net Of Cash Acquired -428 -7,500 +94.3%
Other Investing Activities 8 0 —
Net Cash from Investing -523 -7,645 +93.2%
Financing Activities
Share Repurchases -1,010 0 —
Repayments Of Long Term Debt -5 -4 -25.0%
Tax Withholding for Share Compensation 0 -3 +100.0%
Proceeds From Issuance Or Sale Of Equity 38 43 -11.6%
Payments Of Dividends Minority Interest -11 -11 0.0%
Payments Of Dividends Common Stock -444 -403 -10.2%
Net Cash from Financing -2,048 6,275 -132.6%
Supplemental
Income Taxes Paid 406 -920.8 +144.1%
Interest Paid 110 53 +107.5%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 58 -633 +109.2%
Net Change in Cash -352 -47 -648.9%
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.

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