10-QPeriod: Q2 FY2025

MARSH & MCLENNAN COMPANIES, INC. Quarterly Report for Q2 Ended Jun 30, 2025

Filed July 17, 2025For Securities:MRSHMMC

Summary

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 billion, 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.

Financial Highlights

49 data points
Beta

Revenue

$6.97B

Net Income

$1.21B

17.4% Net Margin

EPS (Diluted)

$2.45

Total Assets

$58.55B

Cash & Equivalents

$1.68B

Free Cash Flow

$1.61B

Financial Statements
Beta
Revenue$6.97B
Operating Expenses$5.14B
Operating Income$1.83B
Net Income$1.21B
EPS (Basic)$2.46
EPS (Diluted)$2.45
Shares Outstanding (Basic)492.00M
Shares Outstanding (Diluted)495.00M

Key Highlights

  • 1Consolidated 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.
  • 2Underlying revenue growth was 4% for both the Risk and Insurance Services and Consulting segments on a consolidated basis for the six months.
  • 3Diluted 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.
  • 4Risk 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%.
  • 5Consulting segment revenue increased 7% to $2.4 billion for the quarter, driven by growth in Mercer (up 9%) and Oliver Wyman Group (up 5%).
  • 6The 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.
  • 7Seven acquisitions were completed in the first half of 2025, enhancing the company's service offerings and market reach.

Frequently Asked Questions

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%.

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.

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.

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.