01—Abstract
Summary
Summary of the 10-K filed February 9, 2026. Cited figures are marked; the original filing is the authoritative source.
Marsh & McLennan Companies, Inc. (MRSH) reported strong financial performance for the fiscal year ending December 31, 2025.
The company generated $27.0 billiona in consolidated revenue, representing a 10% increase (4% on an underlying basis) compared to the prior year. This growth was driven by robust performance in both the Risk and Insurance Services segment, which saw revenue increase by 12% to $17.3 billion, and the Consulting segment, with revenue up 7% to $9.8 billion. Net income attributable to the company rose to $4.2 billion, resulting in diluted earnings per share of $8.43, a 3% increase year-over-year.
The company continues to execute its strategic growth initiatives, including significant investment in technology and operational efficiency through its 'Thrive' program. Acquisitions remain a key part of the strategy, with the company completing 20 acquisitions in 2025 for a total consideration of $857 millionb. Notably, the McGriff acquisition, completed in late 2024, significantly contributed to the Risk and Insurance Services segment's growth.
Marsh & McLennan also demonstrated a strong commitment to shareholder returns, repurchasing $2.0 billionc of its common stock and paying $1.7 billion in dividends during 2025. The company's financial position remains solid, with a credit rating of A- (Stable) from S&P and Fitch, and A3 (Stable) from Moody's.
02—Key points
Key Highlights
- Consolidated revenue reached $27.0 billion in 2025, up 10% year-over-year (4% underlying), driven by strong performance in both major segments.
- Risk and Insurance Services segment revenue grew 12% to $17.3 billion, with Marsh Risk and Guy Carpenter showing solid increases.
- Consulting segment revenue increased 7% to $9.8 billion, with both Mercer and Marsh Management Consulting contributing to the growth.
- Net income attributable to the company was $4.2 billion, and diluted EPS grew 3% to $8.43.
- The company repurchased $2.0 billion of its common stock and paid $1.7 billion in dividends in 2025, indicating a commitment to shareholder returns.
- Completed 20 acquisitions in 2025 for a total consideration of $857 million, supporting the company's growth strategy.
- The company is actively investing in its 'Thrive' program focused on brand strategy, client value, growth, and efficiency, including investments in AI and data analytics.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 9, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $26.98B$24.46B | +10.3% |
| Operating Expenses | $20.76B$18.64B | +11.4% |
| Operating Income | $6.22B$5.82B | +7.0% |
| Net Income | $4.16B$4.06B | +2.5% |
| EPS (Basic) | $8.48$8.26 | +2.7% |
| EPS (Diluted) | $8.43$8.18 | +3.1% |
| Shares Outstanding (Basic) | 491.00M492.00M | −0.2% |
| Shares Outstanding (Diluted) | 494.00M496.00M | −0.4% |
05—Questions
Frequently Asked Questions
What was Marsh & McLennan's total revenue for the fiscal year 2025?
Marsh & McLennan reported consolidated revenue of $27.0 billion for the fiscal year ending December 31, 2025.
How did the company's two main segments perform in 2025?
The Risk and Insurance Services segment generated $17.3 billion in revenue, an increase of 12%, while the Consulting segment reported $9.8 billion in revenue, a 7% increase.
What is the company's strategy regarding acquisitions?
Acquisitions remain a key part of Marsh & McLennan's business strategy. In 2025, the company completed 20 acquisitions for a total consideration of $857 million, aiming to drive growth and enhance its service offerings.
How is the company returning value to shareholders?
Marsh & McLennan is returning value to shareholders through share repurchases and dividends. In 2025, the company repurchased $2.0 billion of its common stock and paid $1.7 billion in dividends.
06—Continue