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MARSH & MCLENNAN COMPANIES, INC.MRSH

Sector
Financial Services
Industry
Insurance Agents, Brokers & Service
Exchange
NYSE

Stock Price $MRSH

Latest filings

You are here#22 of 58 in Financials by market cap

Filing record · 2016–202610-K1110-Q338-K115

MRSH filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 115 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jan ’17Jan ’17
  2. Deal closed8-K · Apr ’19Apr ’19
  3. Material agreement8-K · Apr ’21Apr ’21
  4. Leadership change8-K · Jul ’25Jul ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $26.98B
YoY changeLargest recent move+15.1%in FY21Latest +10.3%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All MRSH Financial Metrics56 metrics

Income Statement11

Balance Sheet25

Cash Flow15

Per Share5

02—Overview

MARSH & MCLENNAN COMPANIES, INC. Financial Overview 2021–2025

Updated Jul 10, 2026

Marsh & McLennan deployed $7.75 billiona to acquire McGriff Insurance Services in late FY2024, an aggressive capital allocation move that supercharged its core insurance brokerage segment. This transaction underscores the primary investment thesis: the company leverages programmatic acquisitions and structural market demand to consistently compound shareholder returns across shifting economic cycles.

The firm's baseline expansion demonstrates this execution. Consolidated revenue grew from $19.8 billion in FY2021 to $27.0 billionb in FY2025. This arc was largely driven by the Risk and Insurance Services division, which posted 12% revenue growth to hit $17.3 billion in FY2025. Diluted earnings per share climbed to $8.43 that same year, generating surplus capital that management aggressively returned to investors through $2.0 billion in share repurchases and $1.7 billion in dividends. The underlying business proved resilient even when absorbing an unexpected $425 million litigation charge in Q1 2026; while the company suffered a 12% operating income decline, it still achieved 8% consolidated revenue growth to reach $7.6 billion for the quarter.

Investors have historically priced in this operational reliability. At the close of FY2025, the market valued the $90.0 billion market capc enterprise at a 22.0x P/E ratio, with shares exchanging hands at $185.52.

Recent Developments (Q4 2025 and Q1 2026)

Marsh & McLennan initiated sweeping executive transitions in Q1 2026, highlighted by Mark McGivney's appointment as Chief Operating Officer and Chief Financial Officer. Segment dynamics shifted during the quarter, with Consulting generating 11% revenue growth to outpace the 6% revenue growth rate in Risk and Insurance Services. This builds upon a sturdy base; the company recorded $4.2 billiond in net income for 2025 and deployed $857 million across 20 bolt-on acquisitions.

Bulls argue that the double-digit acceleration in Consulting proves the enterprise can dynamically pivot its growth engines. Conversely, bears highlight that rising expenses and an elevated tax rate, which jumped to 25.0% in Q1 2026 from 22.7%, drove a 15% decline in diluted earnings per share to $2.36e. Exchanging hands at 21.7x earnings as of the April 16, 2026 quarterly report, the stock appears appropriately discounted to reflect these recent profitability headwinds.

What to watch: integration of the two strategic deals closed in Q1 2026; cost-efficiency initiatives implemented by the newly restructured leadership team.

03—Filings

Recent SEC Filings

  1. 8-KMARSH & MCLENNAN COMPANIES, INC. 8-K Report, Financial Results (Oct 15, 2026)Marsh & McLennan (NYSE: MRSH) reported third quarter 2026 results on October 15, 2026, furnished under Item 2.02 via Exhibit 99.1. Consolidated revenue rose 8% to $6.9 billion (5% underlying), and GAAP diluted EPS was $1.69, up from $1.51. Adjusted EPS rose 10% to $2.03. GAAP operating income grew 4% to $1.2 billion, while adjusted operating income grew 6% to $1.5 billion. The quarter's growth was led by Management Consulting (up 14%) and Risk (up 5% underlying), with Reinsurance down 6%. Growth in Risk was concentrated in EMEA, which rose 7% underlying. For the nine months, GAAP operating income fell 3% to $4.9 billion, reflecting roughly $743 million of Risk-segment noteworthy items, including a $569 million Greensill litigation charge. Adjusted operating income rose 7% to $6.1 billion and adjusted EPS rose 9% to $8.29. GAAP nine-month diluted EPS was $6.68, down from $6.75. Nine-month underlying revenue growth was 5%, with Consulting up 7%, Risk and Insurance Services up 3%, and People and Investments up 5%. Capital deployment was active. The company repurchased 2.7 million shares for $500 million in the quarter and $2.0 billion year to date, and it repaid a €550 million senior note. Year-end debt rose, with short-term debt at $1.6 billion and long-term debt at $18.9 billion. Cash from operations fell to $2.3 billion for the nine months from $3.1 billion a year earlier, driven mainly by a $872 million increase in net receivables. The company also disclosed Thrive program restructuring costs, a brand transition to "Marsh," and segment renaming.
  2. 8-KMARSH & MCLENNAN COMPANIES, INC. 8-K Report, Financial Results (Jul 21, 2026)Marsh & McLennan (NYSE: MRSH) reported second-quarter 2026 results with consolidated revenue of $7.4 billion, up 6% on a GAAP basis and 5% on an underlying basis. GAAP operating income rose 4% to $1.9 billion, and adjusted operating income rose 5% to $2.2 billion. Diluted GAAP EPS was $2.63, up from $2.45, and adjusted EPS grew 9% to $2.96. Growth was led by Consulting, where revenue rose 10% (8% underlying) and Marsh Management Consulting grew 15%. Risk & Insurance Services revenue rose 4% (3% underlying), with Marsh Risk up 4% underlying and Guy Carpenter down 2%. The six-month picture is weaker on a GAAP basis. Six-month GAAP operating income fell 5% to $3.7 billion and diluted GAAP EPS fell to $4.99 from $5.23. The main driver is a $425 million charge for Greensill litigation in Risk & Insurance Services, which the company excludes from adjusted results. On an adjusted basis, six-month operating income rose 7% to $4.6 billion and adjusted EPS rose 8% to $6.25. Investors should weigh the GAAP and adjusted figures together, since the gap between them is large this period. Capital returns remained active. The company repurchased about 4.5 million shares for $750 million in the quarter, bringing year-to-date repurchases to $1.5 billion. The Board raised the quarterly dividend 10% to $0.990 per share, payable August 14, 2026. Note that the earnings release is furnished under Item 2.02 and is not deemed filed for Section 18 purposes.
  3. 8-KMARSH & MCLENNAN COMPANIES, INC. 8-K Report, Material Agreement (Jun 4, 2026)Marsh & McLennan Companies, Inc. (MRSH) has announced the establishment of a new, larger revolving credit facility. On June 2, 2026, the company entered into an Amended and Restated 5 Year Credit Agreement, replacing its previous facility. This new facility increases the aggregate borrowing capacity to $4.25 billion, up from $3.5 billion, and extends the term to June 2031. The facility is unsecured and multi-currency, with interest rates tied to Term SOFR plus a margin that varies with the company's credit ratings. This refinancing demonstrates the company's proactive approach to managing its liquidity and capital structure. The increased credit line provides enhanced financial flexibility for potential future investments, acquisitions, or other strategic initiatives. Investors should note that the facility requires the company to maintain specific coverage and leverage ratios, which will be tested quarterly, indicating a continued focus on financial discipline and creditworthiness.
  4. 8-KMARSH & MCLENNAN COMPANIES, INC. 8-K Report, Shareholder Vote Results (May 22, 2026)Marsh & McLennan Companies, Inc. (MRSH) filed an 8-K report on May 22, 2026, detailing the results of its Annual Meeting of Stockholders held on May 21, 2026. The meeting saw a high turnout, with over 90% of outstanding common stock represented. Key outcomes include the election of all thirteen director nominees for a one-year term, overwhelming approval of executive compensation through a non-binding vote, and the ratification of Deloitte & Touche LLP as the independent registered public accounting firm for 2026. These results indicate strong shareholder confidence in the company's leadership and governance structure. The voting outcomes demonstrate robust support for the incumbent board of directors, with each nominee receiving a substantial majority of votes in favor. The advisory vote on executive compensation also passed with significant approval, reflecting shareholder alignment with the company's compensation philosophy. Furthermore, the ratification of the auditor reinforces the company's commitment to transparency and sound financial reporting practices. Overall, the filing suggests a stable and supportive shareholder base for Marsh & McLennan Companies.
  5. 8-KMARSH & MCLENNAN COMPANIES, INC. 8-K Report, Financial Results (Apr 16, 2026)Marsh & McLennan Companies (NYSE: MRSH) reported first-quarter 2026 results that combined solid top-line and underlying performance with a large GAAP earnings decline. Revenue rose 8% to $7.6 billion, or 4% on an underlying basis after a roughly 3-point currency tailwind. Adjusted operating income grew 8% to $2.41 billion, and adjusted EPS rose 8% to $3.29. Consulting was the standout, with revenue up 11% (5% underlying) and adjusted operating income up 13%, led by Mercer and Marsh Management Consulting. Risk and Insurance Services grew more modestly, with underlying revenue up 3%. GAAP results were materially weaker. Operating income fell 12% to $1.75 billion and GAAP diluted EPS fell to $2.36 from $2.79, mainly because of a $425 million charge tied to Greensill litigation. Excluding that charge and other noteworthy items, the quarter looks healthy. Investors will need to judge whether the litigation charge is a one-time item or a sign of continuing legal exposure. Underlying growth of 4% is also modest for a company of this scale, and Marsh Risk's U.S./Canada underlying growth of 3% and Guy Carpenter's 2% suggest the insurance broking and reinsurance businesses are growing more slowly than consulting. Capital allocation remained active. The company repurchased about 4.2 million shares for $750 million, and shares outstanding fell to 482 million from 493 million a year earlier. Net debt-related activity was roughly neutral, with $600 million of senior notes issued and $600 million repaid. A $436 million dividend payable appeared on the balance sheet at quarter-end. Operating cash flow was negative, as is typical for Q1 given annual incentive payouts, with accrued compensation falling from $3.96 billion to $1.95 billion. Total equity declined to $14.8 billion from $15.3 billion, partly reflecting buybacks and dividends.
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04—See also

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