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

Marsh & McLennan Companies brought in $27B of revenue in fiscal 2025, Ryan Specialty $3.1B in fiscal 2025. Revenue changed by +10.3% at Marsh & McLennan Companies and +21.3% at Ryan Specialty on the year before, so Ryan Specialty grew faster. Marsh & McLennan Companies kept 15.4% of its revenue as net profit, Ryan Specialty 2.1%. Free cash flow was $5B at Marsh & McLennan Companies and $640.7M at Ryan Specialty.

Open the MRSH pageOpen the RYAN page

Side by side, latest fiscal year

MRSHRYAN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$27B$3.1B
Revenue growth+10.3%+21.3%
Net income$4.2B$63.4M
Net margin15.4%2.1%
Free cash flow$5B$640.7M
Free cash flow margin18.5%21.0%
Earnings per share (diluted)$8.43n/a
Cash$2.7B$158.3M
Debt$19.6B$3.3B
Price to earnings20.3n/a
Market value$81.7B$9.7B
Dividend yield2.00%n/a
Rank by revenue in sector#20 of 444 · Finance#122 of 444 · Finance

Over the years

Revenue
MRSH FY2018: $15BMRSH FY2019: $16.7BMRSH FY2020: $17.2BMRSH FY2021: $19.8BMRSH FY2022: $20.7BMRSH FY2023: $22.7BMRSH FY2024: $24.5BMRSH FY2025: $27BRYAN FY2019: $765.1MRYAN FY2021: $1BRYAN FY2021: $1.4BRYAN FY2022: $1.7BRYAN FY2023: $2.1BRYAN FY2024: $2.5BRYAN FY2025: $3.1BFY18FY19FY20FY21FY22FY23FY24FY25
MRSH $27BRYAN $3.1B
Net income
MRSH FY2018: $1.7BMRSH FY2019: $1.7BMRSH FY2020: $2BMRSH FY2021: $3.1BMRSH FY2022: $3.1BMRSH FY2023: $3.8BMRSH FY2024: $4.1BMRSH FY2025: $4.2BRYAN FY2019: $64.2MRYAN FY2021: $68.1MRYAN FY2021: $65.9MRYAN FY2022: $61.1MRYAN FY2023: $61MRYAN FY2024: $94.7MRYAN FY2025: $63.4MFY18FY19FY20FY21FY22FY23FY24FY25
MRSH $4.2BRYAN $63.4M
Net margin
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%RYAN FY2019: 8.4%RYAN FY2021: 6.7%RYAN FY2021: 4.6%RYAN FY2022: 3.5%RYAN FY2023: 2.9%RYAN FY2024: 3.8%RYAN FY2025: 2.1%FY18FY19FY20FY21FY22FY23FY24FY25
MRSH 15.4%RYAN 2.1%
Revenue growth
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%RYAN FY2021: +33.1%RYAN FY2021: +40.7%RYAN FY2022: +20.4%RYAN FY2023: +20.4%RYAN FY2024: +21.1%RYAN FY2025: +21.3%FY19FY20FY21FY22FY23FY24FY25
MRSH +10.3%RYAN +21.3%
Free cash flow
MRSH FY2018: $2.1BMRSH FY2019: $1.9BMRSH FY2020: $3BMRSH FY2021: $3.1BMRSH FY2022: $3BMRSH FY2023: $3.8BMRSH FY2024: $4BMRSH FY2025: $5BRYAN FY2019: $149.4MRYAN FY2021: $130.2MRYAN FY2021: -$69.7MRYAN FY2022: $327.8MRYAN FY2023: $477.2MRYAN FY2024: $514.9MRYAN FY2025: $640.7MFY18FY19FY20FY21FY22FY23FY24FY25
MRSH $5BRYAN $640.7M

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

Questions about Marsh & McLennan Companies and Ryan Specialty

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

Marsh & McLennan Companies is bigger by revenue: $27B in fiscal 2025, against $3.1B for Ryan Specialty in fiscal 2025.

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

Marsh & McLennan Companies had a net margin of 15.4% in fiscal 2025; Ryan Specialty had 2.1% in fiscal 2025.

Which grew revenue faster, Marsh & McLennan Companies or Ryan Specialty?

In their latest fiscal years revenue changed by +10.3% at Marsh & McLennan Companies and +21.3% at Ryan Specialty.

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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