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Brown & Brown vs Marsh & McLennan Companies: revenue, profit, margins and growth compared

Brown & Brown brought in $5.9B of revenue in fiscal 2025, Marsh & McLennan Companies $27B in fiscal 2025. Revenue changed by +22.8% at Brown & Brown and +10.3% at Marsh & McLennan Companies on the year before, so Brown & Brown grew faster. Brown & Brown kept 17.9% of its revenue as net profit, Marsh & McLennan Companies 15.4%. Free cash flow was $1.4B at Brown & Brown and $5B at Marsh & McLennan Companies.

Side by side, latest fiscal year

BROMRSH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$5.9B$27B
Revenue growth+22.8%+10.3%
Net income$1.1B$4.2B
Net margin17.9%15.4%
Free cash flow$1.4B$5B
Free cash flow margin23.4%18.5%
Earnings per share (diluted)$3.16$8.43
Cash$1.1B$2.7B
Debt$7.6B$19.6B
Price to earnings19.320.3
Market value$20.4B$81.7B
Dividend yield1.02%2.00%
Rank by revenue in sector#91 of 444 · Finance#20 of 444 · Finance

Over the years

Revenue
BRO FY2018: $2BBRO FY2019: $2.4BBRO FY2020: $2.6BBRO FY2021: $3.1BBRO FY2022: $3.6BBRO FY2023: $4.3BBRO FY2024: $4.8BBRO FY2025: $5.9BMRSH FY2018: $15BMRSH FY2019: $16.7BMRSH FY2020: $17.2BMRSH FY2021: $19.8BMRSH FY2022: $20.7BMRSH FY2023: $22.7BMRSH FY2024: $24.5BMRSH FY2025: $27BFY18FY19FY20FY21FY22FY23FY24FY25
BRO $5.9BMRSH $27B
Net income
BRO FY2018: $344.3MBRO FY2019: $398.5MBRO FY2020: $480.5MBRO FY2021: $587.1MBRO FY2022: $672MBRO FY2023: $871MBRO FY2024: $993MBRO FY2025: $1.1BMRSH FY2018: $1.7BMRSH FY2019: $1.7BMRSH FY2020: $2BMRSH FY2021: $3.1BMRSH FY2022: $3.1BMRSH FY2023: $3.8BMRSH FY2024: $4.1BMRSH FY2025: $4.2BFY18FY19FY20FY21FY22FY23FY24FY25
BRO $1.1BMRSH $4.2B
Net margin
BRO FY2018: 17.1%BRO FY2019: 16.7%BRO FY2020: 18.4%BRO FY2021: 19.2%BRO FY2022: 18.8%BRO FY2023: 20.5%BRO FY2024: 20.7%BRO FY2025: 17.9%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
BRO 17.9%MRSH 15.4%
Revenue growth
BRO FY2019: +18.8%BRO FY2020: +9.2%BRO FY2021: +16.8%BRO FY2022: +17.1%BRO FY2023: +19.1%BRO FY2024: +12.9%BRO FY2025: +22.8%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
BRO +22.8%MRSH +10.3%
Free cash flow
BRO FY2018: $526MBRO FY2019: $605.1MBRO FY2020: $642.3MBRO FY2021: $763.8MBRO FY2022: $829MBRO FY2023: $941MBRO FY2024: $1.1BBRO FY2025: $1.4BMRSH FY2018: $2.1BMRSH FY2019: $1.9BMRSH FY2020: $3BMRSH FY2021: $3.1BMRSH FY2022: $3BMRSH FY2023: $3.8BMRSH FY2024: $4BMRSH FY2025: $5BFY18FY19FY20FY21FY22FY23FY24FY25
BRO $1.4BMRSH $5B

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

Questions about Brown & Brown and Marsh & McLennan Companies

Which is bigger by revenue, Brown & Brown or Marsh & McLennan Companies?

Marsh & McLennan Companies is bigger by revenue: $27B in fiscal 2025, against $5.9B for Brown & Brown in fiscal 2025.

Which keeps more of its revenue as profit, Brown & Brown or Marsh & McLennan Companies?

Brown & Brown had a net margin of 17.9% in fiscal 2025; Marsh & McLennan Companies had 15.4% in fiscal 2025.

Which grew revenue faster, Brown & Brown or Marsh & McLennan Companies?

In their latest fiscal years revenue changed by +22.8% at Brown & Brown 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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