10-QPeriod: Q3 FY2025

MARSH & MCLENNAN COMPANIES, INC. Quarterly Report for Q3 Ended Sep 30, 2025

Filed October 16, 2025For Securities:MRSHMMC

Summary

Marsh & McLennan Companies, Inc. (MRSH) reported solid financial results for the nine months ended September 30, 2025, demonstrating resilience and growth. Consolidated revenue increased by 11% to $20.4 billion compared to the prior year, driven by robust performance in both the Risk and Insurance Services (RIS) and Consulting segments. Operating income saw a notable 7% increase to $5.0 billion, reflecting effective operational management amidst rising expenses. Diluted earnings per share (EPS) grew to $6.75, up from $6.59 in the prior year, indicating enhanced profitability. The company also continues to invest in growth through strategic acquisitions, with eight acquisitions in RIS and four in Consulting during the first nine months of the year. Additionally, Marsh McLennan launched its "Thrive" restructuring program, aimed at driving efficiency and growth, while also returning capital to shareholders through share repurchases and dividends.

Financial Highlights

49 data points
Beta

Revenue

$6.35B

Net Income

$747.00M

11.8% Net Margin

EPS (Diluted)

$1.51

Total Assets

$58.78B

Cash & Equivalents

$2.51B

Free Cash Flow

$2.01B

Financial Statements
Beta
Revenue$6.35B
Operating Expenses$5.18B
Operating Income$1.17B
Net Income$747.00M
EPS (Basic)$1.52
EPS (Diluted)$1.51
Shares Outstanding (Basic)491.00M
Shares Outstanding (Diluted)494.00M

Key Highlights

  • 1Consolidated revenue for the nine months ended September 30, 2025, increased by 11% to $20.4 billion, up from $18.4 billion in the prior year.
  • 2Operating income grew by 7% to $5.0 billion for the nine months ended September 30, 2025, compared to $4.7 billion in the prior year.
  • 3Diluted earnings per share (EPS) increased to $6.75 for the nine months ended September 30, 2025, from $6.59 in the prior year.
  • 4The Risk and Insurance Services (RIS) segment revenue increased by 13% to $13.3 billion for the nine months ended September 30, 2025.
  • 5The Consulting segment revenue increased by 7% to $7.2 billion for the nine months ended September 30, 2025.
  • 6The company launched the 'Thrive' program, a three-year restructuring initiative focused on brand strategy, client value, growth, and efficiency, expecting to incur approximately $500 million in costs over its term.
  • 7Marsh & McLennan completed 12 acquisitions during the first nine months of 2025, strategically expanding its service offerings and market reach.

Frequently Asked Questions

Revenue growth in the third quarter of 2025 was primarily driven by increases in both the Risk and Insurance Services (RIS) segment, up 13%, and the Consulting segment, up 9%. This growth was supported by new business, renewals, and strategic acquisitions, partially offset by declining insurance and reinsurance rates.

Profitability has shown improvement. For the nine months ended September 30, 2025, operating income increased by 7% to $5.0 billion, and diluted earnings per share (EPS) rose to $6.75 from $6.59 in the prior year. This indicates effective cost management and operational efficiency.

The "Thrive" program is a three-year restructuring initiative launched in the third quarter of 2025, focusing on brand strategy, delivering greater value to clients, accelerating growth, and improving efficiency. The company anticipates incurring approximately $500 million in costs over the program's duration, with expected annualized savings of approximately $400 million.

Marsh McLennan is actively returning value to shareholders through share repurchases and dividends. For the nine months ended September 30, 2025, the company repurchased approximately $1 billion of its common stock and paid $1.3 billion in dividends. The Board of Directors also declared a quarterly dividend of $0.900 per share payable in November 2025.