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Marsh & McLennan Companies vs Willis Towers Watson: revenue, profit, margins and growth compared

Marsh & McLennan Companies brought in $27B of revenue in fiscal 2025, Willis Towers Watson $9.7B in fiscal 2025. Revenue changed by +10.3% at Marsh & McLennan Companies and -2.2% at Willis Towers Watson on the year before, so Marsh & McLennan Companies grew faster. Marsh & McLennan Companies kept 15.4% of its revenue as net profit, Willis Towers Watson 16.5%. Free cash flow was $5B at Marsh & McLennan Companies and $1.5B at Willis Towers Watson.

Side by side, latest fiscal year

MRSHWTW
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$27B$9.7B
Revenue growth+10.3%-2.2%
Net income$4.2B$1.6B
Net margin15.4%16.5%
Free cash flow$5B$1.5B
Free cash flow margin18.5%15.9%
Earnings per share (diluted)$8.43$16.26
Cash$2.7B$3.1B
Debt$19.6B$9.7B
Price to earnings20.318.1
Market value$81.7B$27.3B
Dividend yield2.00%1.25%
Rank by revenue in sector#20 of 444 · Finance#62 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: $27BWTW FY2018: $8.5BWTW FY2019: $8.4BWTW FY2020: $8.6BWTW FY2021: $9BWTW FY2021: $8.9BWTW FY2023: $9.5BWTW FY2024: $9.9BWTW FY2025: $9.7BFY18FY19FY20FY21FY22FY23FY24FY25
MRSH $27BWTW $9.7B
Net income
MRSH FY2018: $1.7BMRSH FY2019: $1.7BMRSH FY2020: $2BMRSH FY2021: $3.1BMRSH FY2022: $3.1BMRSH FY2023: $3.8BMRSH FY2024: $4.1BMRSH FY2025: $4.2BWTW FY2018: $695MWTW FY2019: $1BWTW FY2020: $996MWTW FY2021: $4.2BWTW FY2021: $1BWTW FY2023: $1.1BWTW FY2024: -$98MWTW FY2025: $1.6BFY18FY19FY20FY21FY22FY23FY24FY25
MRSH $4.2BWTW $1.6B
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%WTW FY2018: 8.2%WTW FY2019: 12.5%WTW FY2020: 11.6%WTW FY2021: 46.9%WTW FY2021: 11.4%WTW FY2023: 11.1%WTW FY2024: -1.0%WTW FY2025: 16.5%FY18FY19FY20FY21FY22FY23FY24FY25
MRSH 15.4%WTW 16.5%
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%WTW FY2019: -1.7%WTW FY2020: +2.9%WTW FY2021: +4.4%WTW FY2021: -1.5%WTW FY2023: +7.0%WTW FY2024: +4.7%WTW FY2025: -2.2%FY19FY20FY21FY22FY23FY24FY25
MRSH +10.3%WTW -2.2%
Free cash flow
MRSH FY2018: $2.1BMRSH FY2019: $1.9BMRSH FY2020: $3BMRSH FY2021: $3.1BMRSH FY2022: $3BMRSH FY2023: $3.8BMRSH FY2024: $4BMRSH FY2025: $5BWTW FY2018: $1BWTW FY2023: $1.1BWTW FY2024: $1.3BWTW FY2025: $1.5BFY18FY19FY20FY21FY22FY23FY24FY25
MRSH $5BWTW $1.5B

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

Questions about Marsh & McLennan Companies and Willis Towers Watson

Which is bigger by revenue, Marsh & McLennan Companies or Willis Towers Watson?

Marsh & McLennan Companies is bigger by revenue: $27B in fiscal 2025, against $9.7B for Willis Towers Watson in fiscal 2025.

Which keeps more of its revenue as profit, Marsh & McLennan Companies or Willis Towers Watson?

Marsh & McLennan Companies had a net margin of 15.4% in fiscal 2025; Willis Towers Watson had 16.5% in fiscal 2025.

Which grew revenue faster, Marsh & McLennan Companies or Willis Towers Watson?

In their latest fiscal years revenue changed by +10.3% at Marsh & McLennan Companies and -2.2% at Willis Towers Watson.

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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