Marsh McLennan

Financials Insurance Brokers New York City, New York Last filing Feb 9, 2026 · FY2025

Balance Sheet

Assets, liabilities, and equity

33 accounts · 5 years

Account	2025	2024	2023	2022	2021
Statement
BS Assets Cash	$2.7B	$2.4B	$3.4B	$1.4B	$1.8B
BS Assets Short Term Invest	$12.0M	$0	$0	$0	$0
BS Assets Accts Receivable	$7.7B	$7.2B	$6.4B	$5.9B	$5.6B
BS Assets Prepaid Expenses	$1.4B	$1.3B	$1.2B	$1.0B	$926.0M
BS Assets Other Current Assets	$1.4B	$1.3B	$1.2B	$1.0B	$926.0M
BS Assets Total Current	$23.2B	$22.1B	$21.7B	$8.3B	$8.3B
BS Assets PPE	$829.0M	$859.0M	$882.0M	$871.0M	$847.0M
BS Assets Op Lease ROU	$1.5B	$1.5B	$1.5B	$1.6B	$1.9B
BS Assets Goodwill	$24.3B	$23.3B	$17.2B	$16.3B	$16.3B
BS Assets Intangible Assets	$4.7B	$4.8B	$2.6B	$2.5B	$2.8B
BS Assets LT Investments	$301.0M	$257.0M	$266.0M	$215.0M	$207.0M
BS Assets Deferred Tax Assets	$212.0M	$237.0M	$357.0M	$358.0M	$551.0M
BS Assets Other Noncurrent	$1.8B	$1.7B	$1.6B	$1.4B	$1.5B
BS Assets Total	$58.7B	$56.5B	$48.0B	$33.5B	$34.4B
BS Liab Accts Payable	$3.7B	$3.4B	$3.4B	$3.3B	$3.2B
BS Liab Accrued Liab	$4.0B	$3.6B	$3.3B	$3.1B	$2.9B
BS Liab Current Debt	$1.3B	$519.0M	$1.6B	$268.0M	$17.0M
BS Liab Op Lease Current	$333.0M	$325.0M	$312.0M	$310.0M	$332.0M
BS Liab Other Current	$1.4B	$1.3B	$1.3B	$1.4B	$1.7B
BS Liab Total Current	$21.1B	$19.5B	$19.8B	$7.2B	$6.7B
BS Liab Long Term Debt	$18.3B	$19.4B	$11.8B	$11.2B	$10.9B
BS Liab Op Lease Noncurrent	$1.5B	$1.6B	$1.7B	$1.7B	$1.9B
BS Liab Other Noncurrent	$1.4B	$1.3B	$1.3B	$1.4B	$1.7B
BS Liab Total	$21.1B	$19.5B	$19.8B	$7.2B	$6.7B
BS Equity Preferred Stock	$0	$0	$0	$0	$0
BS Equity Common Stock	$561.0M	$561.0M	$561.0M	$561.0M	$561.0M
BS Equity APIC	$1.5B	$1.4B	$1.2B	$1.2B	$1.1B
BS Equity Retained Earnings	$27.8B	$25.3B	$22.8B	$20.3B	$18.4B
BS Equity Treasury Stock	$9.3B	$7.7B	$7.1B	$6.2B	$1.2B
BS Equity AOCI	$-5.4B	$-6.2B	$-5.3B	$-5.3B	$-4.6B
BS Equity NCI	$215.0M	$193.0M	$179.0M	$229.0M	$213.0M
BS Equity Total	$15.3B	$13.5B	$12.4B	$10.7B	$11.2B
BS Equity Total Liab and Equity	$58.7B	$56.5B	$48.0B	$33.5B	$34.4B

Income Statement

Revenue, expense, and profitability

15 accounts · 5 years

Operating income $6.2B

Net income $4.2B

Account	2025	2024	2023	2022	2021
Statement
IS Expense DA	$361.0M	$369.0M	$370.0M	$381.0M	$747.0M
IS Expense SBC	$394.0M	$368.0M	$363.0M	$367.0M	$348.0M
IS Expense Restructuring	$222.0M	$276.0M	$301.0M	$427.0M	$70.0M
IS Expense Total Opex	$20.8B	$18.6B	$17.5B	$16.4B	$15.5B
IS Operating Income	$6.2B	$5.8B	$5.3B	$4.3B	$4.3B
IS Interest Income	$48.0M	$83.0M	$78.0M	$15.0M	$2.0M
IS Other Nonop Inc Exp	$34.0M	$12.0M	$5.0M	$21.0M	$61.0M
IS Pre Tax Income	$5.5B	$5.5B	$5.0B	$4.1B	$4.2B
IS Tax Expense	$1.3B	$1.4B	$1.2B	$995.0M	$1.0B
IS net Income	$4.2B	$4.1B	$3.8B	$3.0B	$3.1B
IS Comprehensive Income	$5.0B	$3.1B	$3.8B	$2.3B	$3.7B
IS EPS Basic	$8	$8	$8	$6	$6
IS EPS Diluted	$8	$8	$8	$6	$6
IS Shares Basic	$491.0M	$492.0M	$494.0M	$499.0M	$507.0M
IS Shares Diluted	$494.0M	$496.0M	$499.0M	$505.0M	$513.0M

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 5 years

Account	2025	2024	2023	2022	2021
Statement
CF Ops net Income	$4.2B	$4.1B	$3.8B	$3.0B	$3.1B
CF Ops DA	$361.0M	$369.0M	$370.0M	$381.0M	$747.0M
CF Ops SBC	$394.0M	$368.0M	$363.0M	$367.0M	$348.0M
CF Ops Deferred Tax	$123.0M	$157.0M	$-29.0M	$-43.0M	$-63.0M
CF Ops Working Capital	$-335.0M	$-309.0M	$-316.0M	$0	$0
CF Ops Other	$93.0M	$55.0M	$64.0M	$193.0M	$358.0M
CF Ops net Cash	$5.3B	$4.3B	$4.3B	$3.5B	$3.5B
CF Inv Capex	$291.0M	$316.0M	$416.0M	$470.0M	$406.0M
CF Inv Acquisitions	$652.0M	$8.5B	$976.0M	$572.0M	$-859.0M
CF Inv Other	$-2.0M	$-1.0M	$-11.0M	$-9.0M	$-4.0M
CF Inv net Cash	$-845.0M	$-8.8B	$-1.4B	$-850.0M	$-1.2B
CF Fin Debt Repayment	$519.0M	$1.6B	$266.0M	$365.0M	$1.0B
CF Fin Share Repurchases	$2.0B	$900.0M	$1.1B	$1.9B	$1.2B
CF Fin Dividends	$1.7B	$1.5B	$1.3B	$1.1B	$1.0B
CF Fin Stock Issuance	$147.0M	$137.0M	$116.0M	$50.0M	$103.0M
CF Fin Tax Withholding	$148.0M	$180.0M	$148.0M	$198.0M	$101.0M
CF Fin net Cash	$-4.6B	$4.5B	$-1.1B	$-1.0B	$-1.3B
CF FX Effect	$673.0M	$-414.0M	$328.0M	$-841.0M	$-355.0M
CF net Change	$486.0M	$-478.0M	$2.0B	$728.0M	$700.0M
CF Cash Begin	$14.2B	$13.7B	$14.2B	$12.1B	$11.4B
CF Cash End	$14.2B	$13.7B	$14.2B	$12.1B	$11.4B

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Assets, liabilities, and equity

Revenue, expense, and profitability

Operating, investing, and financing flows

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