01—Abstract
Summary
Summary of the 10-Q filed July 17, 2025. Cited figures are marked; the original filing is the authoritative source.
Marsh & McLennan Companies, Inc. (MRSH) reported a strong financial performance for the second quarter and first half of 2025.
Total revenue saw a significant increase of 12% year-over-year for the quarter, reaching $7.0 billiona, and a 11% increase to $14.0 billion for the six-month period. This growth was driven by robust performance in both the Risk and Insurance Services and Consulting segments, with underlying revenue increasing by 4% and 4% respectively on a consolidated basis for the six months. Diluted Earnings Per Share (EPS) also demonstrated positive growth, rising 8% to $2.45 for the quarter and 3% to $5.23 for the six-month period.
The company continues to execute its growth strategy through targeted acquisitions, completing five in the Risk and Insurance Services segment and two in the Consulting segment during the first half of the year. Furthermore, Marsh & McLennan is actively returning capital to shareholders through share repurchases and dividends, demonstrating financial strength and a commitment to shareholder value.
02—Key points
Key Highlights
- Consolidated revenue increased by 12% to $7.0 billion for Q2 2025 and 11% to $14.0 billion for the first six months of 2025, year-over-year.
- Underlying revenue growth was 4% for both the Risk and Insurance Services and Consulting segments on a consolidated basis for the six months.
- Diluted Earnings Per Share (EPS) increased by 8% to $2.45 for Q2 2025 and 3% to $5.23 for the first six months of 2025.
- Risk and Insurance Services segment revenue grew 15% to $4.6 billion for the quarter, with Marsh revenue up 18% and Guy Carpenter revenue up 7%.
- Consulting segment revenue increased 7% to $2.4 billion for the quarter, driven by growth in Mercer (up 9%) and Oliver Wyman Group (up 5%).
- The company repurchased 2.7 million shares for $600 million in the first six months of 2025 and declared a quarterly dividend of $0.900 per share.
- Seven acquisitions were completed in the first half of 2025, enhancing the company's service offerings and market reach.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed July 17, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $6.97B$6.22B | +12.1% |
| Operating Expenses | $5.14B$4.58B | +12.4% |
| Operating Income | $1.83B$1.64B | +11.4% |
| Net Income | $1.21B$1.13B | +7.6% |
| EPS (Basic) | $2.46$2.28 | +7.9% |
| EPS (Diluted) | $2.45$2.27 | +7.9% |
| Shares Outstanding (Basic) | 492.00M492.00M | 0.0% |
| Shares Outstanding (Diluted) | 495.00M496.00M | −0.2% |
05—Questions
Frequently Asked Questions
What was Marsh & McLennan's revenue growth in the second quarter of 2025?
Marsh & McLennan reported a consolidated revenue of $7.0 billion for the three months ended June 30, 2025, representing a 12% increase compared to the $6.2 billion reported in the same period of 2024. On an underlying basis, excluding the impact of foreign currency, acquisitions, and dispositions, revenue increased by 4%.
How did the company's operating segments perform?
The Risk and Insurance Services segment saw revenue grow by 15% to $4.6 billion, driven by strong performance in Marsh and Guy Carpenter. The Consulting segment's revenue increased by 7% to $2.4 billion, with contributions from Mercer and Oliver Wyman Group. Both segments showed underlying revenue growth.
What is the company's profitability performance?
Operating income increased by 11% to $1.8 billion for the second quarter of 2025. Net income attributable to the Company was $1.2 billion. Diluted Earnings Per Share (EPS) rose to $2.45 from $2.27 in the prior year's second quarter, an 8% increase.
What is the company's capital allocation strategy?
Marsh & McLennan demonstrated a commitment to shareholder returns by repurchasing 2.7 million shares for $600 million in the first half of 2025 and declaring a quarterly dividend of $0.900 per share. The company also continues to invest in growth through acquisitions, completing seven during the first half of the year.
06—Continue