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Arthur J. Gallagher vs Marsh & McLennan Companies: revenue, profit, margins and growth compared

Arthur J. Gallagher brought in $13.9B of revenue in fiscal 2025, Marsh & McLennan Companies $27B in fiscal 2025. Revenue changed by +20.7% at Arthur J. Gallagher and +10.3% at Marsh & McLennan Companies on the year before, so Arthur J. Gallagher grew faster. Arthur J. Gallagher kept 10.7% of its revenue as net profit, Marsh & McLennan Companies 15.4%. Free cash flow was $1.8B at Arthur J. Gallagher and $5B at Marsh & McLennan Companies.

Side by side, latest fiscal year

AJGMRSH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$13.9B$27B
Revenue growth+20.7%+10.3%
Net income$1.5B$4.2B
Net margin10.7%15.4%
Free cash flow$1.8B$5B
Free cash flow margin12.8%18.5%
Earnings per share (diluted)$5.74$8.43
Cash$1.4B$2.7B
Debt$12.9B$19.6B
Price to earnings40.320.3
Market value$59.2B$81.7B
Dividend yield1.13%2.00%
Rank by revenue in sector#49 of 444 · Finance#20 of 444 · Finance

Over the years

Revenue
AJG FY2018: $6.9BAJG FY2019: $7.2BAJG FY2020: $7BAJG FY2021: $8.2BAJG FY2022: $8.6BAJG FY2023: $10.1BAJG FY2024: $11.6BAJG FY2025: $13.9BMRSH FY2018: $15BMRSH FY2019: $16.7BMRSH FY2020: $17.2BMRSH FY2021: $19.8BMRSH FY2022: $20.7BMRSH FY2023: $22.7BMRSH FY2024: $24.5BMRSH FY2025: $27BFY18FY19FY20FY21FY22FY23FY24FY25
AJG $13.9BMRSH $27B
Net income
AJG FY2018: $633.5MAJG FY2019: $668.8MAJG FY2020: $818.8MAJG FY2021: $906.8MAJG FY2022: $1.1BAJG FY2023: $970MAJG FY2024: $1.5BAJG FY2025: $1.5BMRSH FY2018: $1.7BMRSH FY2019: $1.7BMRSH FY2020: $2BMRSH FY2021: $3.1BMRSH FY2022: $3.1BMRSH FY2023: $3.8BMRSH FY2024: $4.1BMRSH FY2025: $4.2BFY18FY19FY20FY21FY22FY23FY24FY25
AJG $1.5BMRSH $4.2B
Net margin
AJG FY2018: 9.1%AJG FY2019: 9.3%AJG FY2020: 11.7%AJG FY2021: 11.0%AJG FY2022: 13.0%AJG FY2023: 9.6%AJG FY2024: 12.7%AJG FY2025: 10.7%MRSH FY2018: 11.0%MRSH FY2019: 10.5%MRSH FY2020: 11.7%MRSH FY2021: 15.9%MRSH FY2022: 14.7%MRSH FY2023: 16.5%MRSH FY2024: 16.6%MRSH FY2025: 15.4%FY18FY19FY20FY21FY22FY23FY24FY25
AJG 10.7%MRSH 15.4%
Revenue growth
AJG FY2019: +3.8%AJG FY2020: -2.7%AJG FY2021: +17.2%AJG FY2022: +4.2%AJG FY2023: +17.8%AJG FY2024: +14.7%AJG FY2025: +20.7%MRSH FY2019: +11.4%MRSH FY2020: +3.4%MRSH FY2021: +15.1%MRSH FY2022: +4.5%MRSH FY2023: +9.7%MRSH FY2024: +7.6%MRSH FY2025: +10.3%FY19FY20FY21FY22FY23FY24FY25
AJG +20.7%MRSH +10.3%
Free cash flow
AJG FY2018: $640.7MAJG FY2019: $1.1BAJG FY2020: $1.7BAJG FY2021: $1.3BAJG FY2022: $1.2BAJG FY2023: $1.8BAJG FY2024: $2.4BAJG FY2025: $1.8BMRSH FY2018: $2.1BMRSH FY2019: $1.9BMRSH FY2020: $3BMRSH FY2021: $3.1BMRSH FY2022: $3BMRSH FY2023: $3.8BMRSH FY2024: $4BMRSH FY2025: $5BFY18FY19FY20FY21FY22FY23FY24FY25
AJG $1.8BMRSH $5B

Fiscal years as each company reports them; the two may end in different months.

Questions about Arthur J. Gallagher and Marsh & McLennan Companies

Which is bigger by revenue, Arthur J. Gallagher or Marsh & McLennan Companies?

Marsh & McLennan Companies is bigger by revenue: $27B in fiscal 2025, against $13.9B for Arthur J. Gallagher in fiscal 2025.

Which keeps more of its revenue as profit, Arthur J. Gallagher or Marsh & McLennan Companies?

Arthur J. Gallagher had a net margin of 10.7% in fiscal 2025; Marsh & McLennan Companies had 15.4% in fiscal 2025.

Which grew revenue faster, Arthur J. Gallagher or Marsh & McLennan Companies?

In their latest fiscal years revenue changed by +20.7% at Arthur J. Gallagher and +10.3% at Marsh & McLennan Companies.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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