MARSH & MCLENNAN COMPANIES, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MARSH & MCLENNAN COMPANIES, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	13,211	14,024	14,950	16,652	17,224	19,820	20,720	22,736	24,458	26,981
Operating expenses	10,780	11,369	12,189	13,975	14,158	15,508	16,440	17,454	18,641	20,758
Operating income	2,431	2,655	2,761	2,677	3,066	4,312	4,280	5,282	5,817	6,223
Interest expense	189	237	290	524	515	444	469	578	700	960
Interest income	5	9	11	39	7	2	15	78	83	48
Pre-tax income	2,480	2,643	2,244	2,439	2,793	4,208	4,082	5,026	5,480	5,539
Income tax	685	1,133	574	666	747	1,034	995	1,224	1,363	1,305
Income from continuing operations	1,768	1,490	1,650	1,742
Net income to minority interests	27	20	20	31	30	31	37	46	57	74
Net income	1,768	1,492	1,650	1,742	2,016	3,143	3,050	3,756	4,060	4,160
EBITDA	2,869	3,136	3,255	3,324	3,807	5,059	4,661	5,652	6,186	6,584
EPS, basic	3.41	2.91	3.26	3.44	3.98	6.20	6.11	7.60	8.26	8.48
EPS, diluted	3.38	2.87	3.23	3.41	3.94	6.13	6.04	7.53	8.18	8.43
Shares, basic (weighted)	519	513	506	506	506	507	499	494	492	491
Shares, diluted (weighted)	524	519	511	511	512	513	505	499	496	494
Dividend per share							2.25	2.60	3.05	3.43

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,026	1,205	1,066	1,155	2,089	1,752	1,442	3,358	2,398	2,687
Receivables	3,643	4,133	4,317	5,236	5,326	5,586	5,852	6,418	7,156	7,670
Other current assets	215	224	551	677	740	926	1,005	1,178	1,287	1,370
Total current assets	4,884	5,562	5,934	7,068	8,155	8,264	18,959	21,748	22,117	23,200
Property, plant and equipment	725	712	701	858	856	847	871	882	859	829
Lease right-of-use assets			0	1,921	1,894	1,868	1,562	1,541	1,498	1,460
Goodwill	8,369	9,089	9,599	14,671	15,517	16,317	16,251	17,231	23,306	24,337
Intangible assets	1,126	1,274	1,437	2,774	2,699	2,810	2,537	2,630	4,820	4,746
Other non-current assets	1,213	1,430	1,539	1,757	1,458	1,461	1,449	1,590	1,730	1,786
Total assets	18,190	20,429	21,578	31,357	33,049	44,010	44,114	48,030	56,481	58,710
Accounts payable	1,969	2,083	2,234	2,746	3,050	3,165	3,278	3,403	3,402	3,652
Accrued liabilities	1,655	1,718	1,778	2,197	2,400	2,942	3,095	3,346	3,620	3,962
Short-term debt	312	262	314	1,215	517	17	268	1,619	519	1,267
Total current liabilities	4,082	4,262	4,924	6,679	6,556	6,654	17,832	19,795	19,518	21,060
Long-term debt	4,495	5,225	5,510	10,741	10,796	10,933	11,227	11,844	19,428	18,320
Lease liabilities			0	1,926	1,924	1,880	1,667	1,661	1,590	1,529
Other non-current liabilities	957	1,311	1,362	1,397	1,485	1,712	1,363	1,267	1,265	1,412
Total liabilities	11,918	12,987	13,994	23,414	23,789	23,166	33,365	35,660	42,946	43,395
Total debt	4,757	5,487	5,824	11,956	11,313	10,950	11,495	13,463	19,947	19,587
Paid-in capital	842	784	817	862	943	1,112	1,179	1,242	1,370	1,547
Retained earnings	12,388	13,140	14,347	15,199	16,272	18,389	20,301	22,759	25,306	27,767
Treasury stock	-2,506	-3,083	-3,567	-3,774	-3,562	-4,478	-6,207	-7,076	-7,655	-9,346
Other comprehensive income	-5,093	-4,043	-4,647	-5,055	-5,110	-4,575	-5,314	-5,295	-6,240	-5,429
Minority interests	80	83	73	150	156	213	229	179	193	215
Total equity	6,272	7,442	7,584	7,943	9,260	11,222	10,749	12,370	13,535	15,315
Total liabilities and equity	18,190	20,429	21,578	31,357	33,049	34,388	44,114	48,030	56,481	58,710
Shares outstanding	514	509	504	504	508	504	495	492	491	485

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,795	1,512	1,670	1,773	2,046	3,174	3,087	3,802	4,117	4,234
Depreciation and amortization	438	481	494	647	741	747	381	370	369	361
Stock-based compensation	109	149	193	252	290	348	367	363	368	394
Deferred income tax	68	396	-39	84	40	-63	-43	-29	157	123
Change in receivables	-154	-454	-78	-130	412	-570	-492	-467	-467	-128
Change in payables		87	23	120	241	225
Cash from operations	2,007	1,893	2,428	2,361	3,382	3,516	3,465	4,258	4,302	5,292
Capital expenditures	-253	-302	-314	-421	-348	-406	-470	-416	-316	-291
Acquisitions	-813	-655	-884	-4,229	-647	859	-572	-976	-8,542	-652
Cash from investing	-1,056	-956	-1,089	-4,395	-793	-1,164	-850	-1,417	-8,821	-845
Debt issued	347	987	591	6,459	737	743	984	2,169	8,170	0
Debt repaid	-12	-315	-263	-1,064	-2,515	-1,016	-365	-266	-1,617	-519
Stock issued	105	127	46.7	107	72	103	50	116	137	147
Share buybacks	-800	-900	-675	-485	0	-1,159	-1,950	-1,150	-900	-2,012
Dividends paid	-682	-740	-807	-890	-943	-1,026	-1,138	-1,298	-1,513	-1,699
Cash from financing	-1,067	-1,009	-1,310	4,331	-925	-1,297	-1,046	-1,119	4,455	-4,634
Exchange rate effect	-232	251	-168	135	511	-355	-841	328	-414	673
Net change in cash	-348	179	-139	2,432	2,175	700	728	2,050	-478	486
Free cash flow	1,754	1,591	2,114	1,940	3,034	3,110	2,995	3,842	3,986	5,001
Interest paid	178	199	264	427	481	441	431	499	591	885
Income taxes paid	642	583	632	661	673	1,069	1,049	1,100	1,200	1,292

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $171.12 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	21.6%	Operating income / revenue.
EBITDA margin	22.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	19.1%	Pre-tax income / revenue.
Net margin	14.2%	Net income / revenue.
FCF margin	17.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.2%	Cash from operations / revenue.
Effective tax rate	23.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	6.7%	Net income / average total assets.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	1.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	7.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	13.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	15.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	6.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	12.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	2.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	10.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	15.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	3.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	11.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	16.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	23.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	15.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	25.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	18.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	10.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	12.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	15.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	3.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.14x	Current assets / current liabilities.
Quick ratio	0.50x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.08x	(Cash + short-term investments) / current liabilities.
Debt / assets	32.7%	Total debt / total assets.
Liabilities / assets	74.1%	Total liabilities / total assets.
Net debt	$17.84B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.79x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.28x	Operating income / interest expense.
Working capital	$2.97B	Current assets - current liabilities.
Goodwill and intangibles / assets	48.4%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.47x	Revenue / average total assets.
Fixed asset turnover	34.7x	Revenue / average property, plant and equipment.
Receivables turnover	3.13x	Revenue / average receivables.
Days sales outstanding	117 days	365 x average receivables / revenue.
FCF conversion	119.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	6.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$8.26	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$57.98	Revenue / diluted weighted shares.
FCF per share	$9.89	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.54	Cash from operations / diluted weighted shares.
Cash per share	$3.56	(Cash + short-term investments) / shares outstanding.
Payout ratio	44.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	37.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	61.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$81.66B	Share price x shares outstanding.
Enterprise value	$99.50B	Market cap + total debt - cash - short-term investments.
P/E	20.5x	Market cap / net income. Only when net income is positive.
P/S	2.92x	Market cap / revenue.
P/FCF	17.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	16.1x	Market cap / cash from operations, when positive.
EV/Sales	3.56x	Enterprise value / revenue.
EV/EBIT	16.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.8%	Free cash flow / market cap.
Earnings yield	4.9%	Net income / market cap (the inverse of P/E).
Dividend yield	2.2%	Dividends paid over the period / market cap.
Shareholder yield	5.7%	(Dividends paid + share buybacks) / market cap.
PEG	1.75x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was MARSH & MCLENNAN COMPANIES, INC.'s revenue in fiscal 2025?

MARSH & MCLENNAN COMPANIES, INC. reported revenue of $26.98B for fiscal 2025, 10.3% higher than the year before.

Was MARSH & MCLENNAN COMPANIES, INC. profitable in fiscal 2025?

Yes. Net income was $4.16B, a net margin of 15.4%.

How much free cash flow did MARSH & MCLENNAN COMPANIES, INC. generate in fiscal 2025?

Cash from operations of $5.29B minus capital expenditures of $291.0M left free cash flow of $5.00B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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