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

Equitable brought in $11.7B of revenue in fiscal 2025, Marsh & McLennan Companies $27B in fiscal 2025. Revenue changed by -6.1% at Equitable and +10.3% at Marsh & McLennan Companies on the year before, so Marsh & McLennan Companies grew faster. Equitable kept -11.8% of its revenue as net profit, Marsh & McLennan Companies 15.4%.

Side by side, latest fiscal year

EQHMRSH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$11.7B$27B
Revenue growth-6.1%+10.3%
Net income-$1.4B$4.2B
Net margin-11.8%15.4%
Free cash flown/a$5B
Free cash flow marginn/a18.5%
Earnings per share (diluted)-$4.83$8.43
Cash$12.5B$2.7B
Debt$3.8B$19.6B
Price to earningsn/a20.3
Market value$14.7B$81.7B
Dividend yield1.95%2.00%
Rank by revenue in sector#57 of 444 · Finance#20 of 444 · Finance

Over the years

Revenue
EQH FY2018: $12.1BEQH FY2019: $9.6BEQH FY2020: $12.4BEQH FY2021: $7.6BEQH FY2022: $12.6BEQH FY2023: $10.5BEQH FY2024: $12.4BEQH FY2025: $11.7BMRSH FY2018: $15BMRSH FY2019: $16.7BMRSH FY2020: $17.2BMRSH FY2021: $19.8BMRSH FY2022: $20.7BMRSH FY2023: $22.7BMRSH FY2024: $24.5BMRSH FY2025: $27BFY18FY19FY20FY21FY22FY23FY24FY25
EQH $11.7BMRSH $27B
Net income
EQH FY2018: $1.9BEQH FY2019: -$1.8BEQH FY2020: -$648MEQH FY2021: $1.8BEQH FY2022: $2.2BEQH FY2023: $1.3BEQH FY2024: $1.3BEQH FY2025: -$1.4BMRSH FY2018: $1.7BMRSH FY2019: $1.7BMRSH FY2020: $2BMRSH FY2021: $3.1BMRSH FY2022: $3.1BMRSH FY2023: $3.8BMRSH FY2024: $4.1BMRSH FY2025: $4.2BFY18FY19FY20FY21FY22FY23FY24FY25
EQH -$1.4BMRSH $4.2B
Net margin
EQH FY2018: 15.4%EQH FY2019: -18.3%EQH FY2020: -5.2%EQH FY2021: 23.0%EQH FY2022: 17.0%EQH FY2023: 12.3%EQH FY2024: 10.3%EQH FY2025: -11.8%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
EQH -11.8%MRSH 15.4%
Revenue growth
EQH FY2019: -20.3%EQH FY2020: +29.1%EQH FY2021: -38.7%EQH FY2022: +66.1%EQH FY2023: -17.3%EQH FY2024: +18.8%EQH FY2025: -6.1%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
EQH -6.1%MRSH +10.3%
Free cash flow
MRSH FY2018: $2.1BMRSH FY2019: $1.9BMRSH FY2020: $3BMRSH FY2021: $3.1BMRSH FY2022: $3BMRSH FY2023: $3.8BMRSH FY2024: $4BMRSH FY2025: $5BFY18FY19FY20FY21FY22FY23FY24FY25
EQHMRSH $5B

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

Questions about Equitable and Marsh & McLennan Companies

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

Marsh & McLennan Companies is bigger by revenue: $27B in fiscal 2025, against $11.7B for Equitable in fiscal 2025.

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

Equitable had a net margin of -11.8% in fiscal 2025; Marsh & McLennan Companies had 15.4% in fiscal 2025.

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

In their latest fiscal years revenue changed by -6.1% at Equitable 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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