FirmAtlas
Company handbook · MRSH · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
MRSH · CIK 62709 · LATEST FILING: 10-Q SEP '26 · FILED OCT 15, 2026
Marsh & McLennan Companies, Inc.
$188.35
+1.81 (+0.97%)
Close, Oct 16, 2026 · 52-week $157–198
Last fiscal year
Marsh & McLennan Companies, Inc. reported revenue of $27.0B for the year ended Dec 31, 2025 (FY25), up 10.3% from FY24. Net income was $4.2B. Source: 10-K filed Feb 9, 2026.
Market cap
$91.3B
P/E
22.6
P/B
6.1
Div yield
2.01%
Op. ROE
28.6%
Revenue 1Y
10.3%/yr
EPS 1Y
3.1%/yr
Shares 1Y
−1%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJohn Q. Doyle
HQNew York, NY
AuditorDeloitte & Touche LLP
Employees95,000
Year endsDecember
Revenue by segment · FY25
Riskand Insurance Services64%
Consulting36%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
11.1%
3.1%
−0.7%
1.0%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the earnings went · FY24–FY25
$8.2B net income
Dividends
$3.2B
39.1%
Buybacks
$2.9B
35.4%
Retained
$2.1B
25.5%
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Sep '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Balance sheet
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
4,302
5,292+23.0%
4,474
Net income
4,117
4,234+2.8%
—
Depreciation & amortization
369
361−2.2%
—
Stock-based compensation
368
394+7.1%
—
Working capital & other
(552)
303n/m
—
Cash from investing
(8,821)
(845)n/m
—
Capex
(316)
(291)n/m
—
Acquisitions
(8,542)
(652)n/m
—
Other investing
37
98+164.9%
—
Cash from financing
4,455
(4,634)−204.0%
—
Debt raised
8,170
0−100.0%
—
Debt repaid
(1,617)
(519)n/m
—
Dividends
(1,513)
(1,699)n/m
—
Buybacks
(900)
(2,012)n/m
—
Shares issued
137
147+7.3%
—
Other financing
178
(551)−409.6%
—
Net change in cash
(478)
486n/m
—
Free cash flow (OCF − capex)
3,986
5,001+25.5%
4,154
Where the earnings went
Income
Dec '25
Mar '26
Jun '26
Sep '26
Revenue
6,595
7,597
7,404
6,863
vs year-ago quarter
Operating income
1,219
1,754
1,899
1,215
Net income
821
1,146
1,266
808
vs year-ago quarter
Net margin
12.4%
15.1%
17.1%
11.8%
EPS (diluted, $)
1.69
2.36
2.63
1.69
vs year-ago quarter
Balance sheet
Dec '25
Mar '26
Jun '26
Sep '26
Total assets
58,710
58,552
59,682
59,806
Cash & equivalents
14,160
13,355
13,903
14,115
Total debt
19,587
20,602
20,561
20,533
Shareholders’ equity
15,315
14,806
15,433
14,910
Cash flow
Dec '25
Mar '26
Jun '26
Sep '26
Operating cash flow
2,161
(688)
1,523
1,478
Capex
105
62
72
81
Free cash flow
2,056
(750)
1,451
1,397
vs year-ago quarter