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MARSH & MCLENNAN COMPANIES, INC. 8-K Report, Financial Results (Jan 29, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed January 29, 2026
Period End
January 29, 2026
Securities
MRSHMMC
In the 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 · Mar ’18Mar ’18
  2. Material agreement8-K · May ’20May ’20
  3. Leadership change8-K · Nov ’22Nov ’22
  4. Deal closed8-K · Nov ’24Nov ’24

01—Abstract

Summary

Summary of the 8-K filed January 29, 2026. Cited figures are marked; the original filing is the authoritative source.

Marsh (NYSE: MRSH, formerly MMC) reported fourth-quarter and full-year 2025 results on January 29, 2026, furnished under Item 2.02 as Exhibit 99.1.

Full-year 2025 GAAP revenue rose 10% to $27.0 billiona, but underlying growth was a more modest 4%, with the gap driven largely by the McGriff acquisition. GAAP operating income grew 7% to $6.2 billion, while adjusted operating income rose 11% to $7.3 billion. GAAP diluted EPS was $8.43 versus $8.18 in 2024, and adjusted EPS grew 9% to $9.75.

Fourth-quarter GAAP EPS was $1.68b and adjusted EPS rose 10% to $2.12, though the adjusted figure included a 7-cent benefit from discrete tax items and a 2-cent FX benefit. The quality of growth is the key investor question. Acquisition contribution (McGriff) inflated headline revenue, while organic growth was roughly 4% for the year and only 2% in Risk & Insurance Services in Q4.

Marsh Risk's U.S./Canada underlying growth was 3%c in Q4, and Latin America declined 4%. Consulting was the stronger organic performer at 5% underlying growth for both Q4 and the full year, led by Mercer Wealth. Management cites 18 consecutive years of reported margin expansion, but adjusted margin was 27.1% for 2025 versus 26.8% in 2024, and GAAP operating margin of 23.1% was roughly flat versus 23.8% in 2024, a decline.

Interest expense rose sharply to $960 milliond from $700 million, reflecting acquisition financing, which weighs on GAAP net income. Capital allocation and corporate changes were also notable. The company repurchased 10.1 million shares for $2.0 billion in 2025 and paid $1.7 billion in dividends, while total debt increased to roughly $19.6 billion (short-term plus long-term) from about $20.0 billion, with short-term debt rising to $1.27 billion.

Management rebranded its segments (Marsh Risk, Marsh Management Consulting), launched the three-year Thrive efficiency program, and changed its NYSE ticker to MRSH on January 14, 2026. Thrive-related restructuring charges (about $222 million in 2025) are excluded from adjusted results, so investors should monitor whether promised savings materialize.

02—Key points

Key Highlights

  1. FY2025 GAAP revenue grew 10% to $27.0B, but underlying growth was 4%; the McGriff acquisition drove most of the gap.
  2. FY2025 GAAP diluted EPS rose to $8.43 from $8.18; adjusted EPS grew 9% to $9.75 (adjusted EPS excludes intangible amortization and other items).
  3. Q4 2025 GAAP EPS was $1.68 (up 6%), and adjusted EPS of $2.12 (up 10%) included a 7-cent discrete tax benefit and a 2-cent FX benefit.
  4. Risk & Insurance Services underlying growth slowed to 2% in Q4, with Marsh Risk U.S./Canada at 3% and Latin America down 4%; Consulting was stronger at 5% underlying growth.
  5. Interest expense jumped to $960M in 2025 from $700M, and GAAP operating margin was roughly flat at 23.1% versus 23.8% in 2024.
  6. The company bought back $2.0B of stock and paid $1.7B in dividends in 2025, with year-end shares outstanding at 485M versus 491M.
  7. Management launched the three-year Thrive efficiency program (rebranding, automation, operating model optimization), with restructuring costs excluded from adjusted results; the NYSE ticker changed to MRSH on January 14, 2026.

03—Questions

Frequently Asked Questions

  1. How much of the 2025 revenue growth was organic?

    Of the 10% GAAP revenue growth, the underlying (organic, constant-currency, ex-acquisitions) growth was 4% for the full year and 4% for Q4. Acquisitions, mainly McGriff, contributed roughly 6 percentage points for the year, and currency added a small amount, so most of the headline increase was acquired rather than organic.

  2. Why did GAAP EPS grow only modestly while adjusted EPS grew 9%?

    GAAP diluted EPS rose 3% to $8.43 because adjusted EPS excludes intangible amortization (up to $549M from $377M), noteworthy items such as McGriff integration and Thrive restructuring costs ($222M restructuring in 2025), and other net benefit credits. Higher interest expense ($960M vs. $700M) also pressured GAAP earnings but is not excluded from adjusted EPS.

  3. Is margin expansion continuing?

    Adjusted operating margin rose modestly to 27.1% in 2025 from 26.8%, but GAAP operating margin fell to 23.1% from 23.8%. Management cites 18 consecutive years of reported margin expansion, but the GAAP figure in this release shows a decline for 2025, so investors should weigh the adjusted metric and the Thrive savings targets carefully.

  4. What are the main capital allocation and balance sheet changes?

    The company repurchased $2.0B of shares and paid $1.7B in dividends, funded by $5.3B of operating cash flow. Total debt was about $19.6B at year-end 2025, versus roughly $20.0B a year earlier, with short-term debt rising to $1.27B. Year-end shares outstanding fell to 485M from 491M.

  5. What does the Thrive program mean for investors?

    Thrive is a three-year program launched in Q3 2025 to improve brand strategy, client value, growth, and efficiency through automation and a global operating model redesign. Its costs are excluded from adjusted results, mostly as severance and lease exit charges. Investors should track whether the promised efficiency savings show up in margins and whether the excluded restructuring costs remain recurring.

04—Continue

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