Marsh McLennan

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

                    Revenue
                    FY2025
                
Not reported
                    
                    No matching line (16 accounts checked)
                    
                    Net income
                    FY2025
                
$4.2B
                    
                    +2.5%
                    
                    Total assets
                    FY2025
                
$58.7B
                    ROA +7.1%
                    
                    P82
                    
                    +3.9%
                    
                    Operating cash flow
                    FY2025
                
$5.3B
                    
                    +23.0%

20 yrs · FY2006–FY2025 8 filed · 0 derived · 1 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

33 accounts · 5 years

Total assets $58.7B

Total liabilities $21.1B

Shareholders equity $15.3B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$2.7B 12.1%	$2.4B -28.6%	$3.4B 132.9%	$1.4B -17.7%	$1.8B
Short Term Investments	$12.0M	$0	$0	$0	$0
Accounts Receivable	$7.7B 7.2%	$7.2B 11.5%	$6.4B 9.7%	$5.9B 4.8%	$5.6B
Prepaid Expenses	$1.4B 6.4%	$1.3B 9.3%	$1.2B 17.2%	$1.0B 8.5%	$926.0M
Other Current Assets	$1.4B 6.4%	$1.3B 9.3%	$1.2B 17.2%	$1.0B 8.5%	$926.0M
Total Current Assets	$23.2B 4.9%	$22.1B 1.7%	$21.7B 162.1%	$8.3B 0.4%	$8.3B
Property,Plant and Equipment	$829.0M -3.5%	$859.0M -2.6%	$882.0M 1.3%	$871.0M 2.8%	$847.0M
Operating Lease Assets	$1.5B -2.5%	$1.5B -2.8%	$1.5B -1.3%	$1.6B -16.4%	$1.9B
Goodwill	$24.3B 4.4%	$23.3B 35.3%	$17.2B 6.0%	$16.3B -0.4%	$16.3B
Intangible Assets	$4.7B -1.5%	$4.8B 83.3%	$2.6B 3.7%	$2.5B -9.7%	$2.8B
Long Term Investments	$301.0M 17.1%	$257.0M -3.4%	$266.0M 23.7%	$215.0M 3.9%	$207.0M
Deferred Tax Assets	$212.0M -10.5%	$237.0M -33.6%	$357.0M -0.3%	$358.0M -35.0%	$551.0M
Other Noncurrent Assets	$1.8B 3.2%	$1.7B 8.8%	$1.6B 9.7%	$1.4B -0.8%	$1.5B
Total Assets	$58.7B 3.9%	$56.5B 17.6%	$48.0B 43.6%	$33.5B -2.7%	$34.4B
Liabilities
Accounts Payable	$3.7B 7.3%	$3.4B 0.0%	$3.4B 3.8%	$3.3B 3.6%	$3.2B
Accrued Liabilities	$4.0B 9.4%	$3.6B 8.2%	$3.3B 8.1%	$3.1B 5.2%	$2.9B
Current Portion of Long Term Debt	$1.3B 144.1%	$519.0M -67.9%	$1.6B 504.1%	$268.0M 1476.5%	$17.0M
Operating Lease Liabilities	$333.0M 2.5%	$325.0M 4.2%	$312.0M 0.6%	$310.0M -6.6%	$332.0M
Other Current Liabilities	$1.4B 11.6%	$1.3B -0.2%	$1.3B -7.0%	$1.4B -20.4%	$1.7B
Total Current Liabilities	$21.1B 7.9%	$19.5B -1.4%	$19.8B 176.0%	$7.2B 7.8%	$6.7B
Long Term Debt	$18.3B -5.7%	$19.4B 64.0%	$11.8B 5.5%	$11.2B 2.7%	$10.9B
Operating Lease Liabilities Noncurrent	$1.5B -3.8%	$1.6B -4.3%	$1.7B -0.4%	$1.7B -11.3%	$1.9B
Other Noncurrent Liabilities	$1.4B 11.6%	$1.3B -0.2%	$1.3B -7.0%	$1.4B -20.4%	$1.7B
Total Liabilities	$21.1B 7.9%	$19.5B -1.4%	$19.8B 176.0%	$7.2B 7.8%	$6.7B
Equity
Preferred Stock	$0	$0	$0	$0	$0
Common Stock	$561.0M 0.0%	$561.0M 0.0%	$561.0M 0.0%	$561.0M 0.0%	$561.0M
Additional Paid In Capital	$1.5B 12.9%	$1.4B 10.3%	$1.2B 5.3%	$1.2B 6.0%	$1.1B
Retained Earnings	$27.8B 9.7%	$25.3B 11.2%	$22.8B 12.1%	$20.3B 10.4%	$18.4B
Treasury Stock	$9.3B 22.1%	$7.7B 8.2%	$7.1B 14.0%	$6.2B 417.3%	$1.2B
Accumulated Other Comprehensive Income	$-5.4B 13.0%	$-6.2B -17.8%	$-5.3B 0.4%	$-5.3B -16.2%	$-4.6B
Noncontrolling Interest	$215.0M 11.4%	$193.0M 7.8%	$179.0M -21.8%	$229.0M 7.5%	$213.0M
Total Stockholders Equity	$15.3B 13.2%	$13.5B 9.4%	$12.4B 15.1%	$10.7B -4.2%	$11.2B
Total Liabilitiesand Equity	$58.7B 3.9%	$56.5B 17.6%	$48.0B 43.6%	$33.5B -2.7%	$34.4B

Income Statement

Revenue, expense, and profitability

15 accounts · 5 years

Revenue Not reported

Operating income $6.2B

Net income $4.2B

Account	2025	2024	2023	2022	2021
IncomeStatement
Expenses Depreciation and Amortization	$361.0M -2.2%	$369.0M -0.3%	$370.0M -2.9%	$381.0M -49.0%	$747.0M
Expenses Share Based Compensation	$394.0M 7.1%	$368.0M 1.4%	$363.0M -1.1%	$367.0M 5.5%	$348.0M
Expenses Restructuring and Asset Impairment	$222.0M -19.6%	$276.0M -8.3%	$301.0M -29.5%	$427.0M 510.0%	$70.0M
Expenses Operating Expenses	$20.8B 11.4%	$18.6B 6.8%	$17.5B 6.2%	$16.4B 6.0%	$15.5B
Other Income Expense Operating Income	$6.2B 7.0%	$5.8B 10.1%	$5.3B 23.4%	$4.3B -0.7%	$4.3B
Other Income Expense Interest Income	$48.0M -42.2%	$83.0M 6.4%	$78.0M 420.0%	$15.0M 650.0%	$2.0M
Other Income Expense Other Income/expense	$34.0M 183.3%	$12.0M 140.0%	$5.0M -76.2%	$21.0M -65.6%	$61.0M
Other Income Expense Income Before Tax	$5.5B 1.1%	$5.5B 9.0%	$5.0B 23.1%	$4.1B -3.0%	$4.2B
Income Tax Income Tax Expense	$1.3B -4.3%	$1.4B 11.4%	$1.2B 23.0%	$995.0M -3.8%	$1.0B
net Income net Income	$4.2B 2.5%	$4.1B 8.1%	$3.8B 23.1%	$3.0B -3.0%	$3.1B
net Income Comprehensive Income	$5.0B 59.6%	$3.1B -17.5%	$3.8B 63.3%	$2.3B -37.2%	$3.7B
Earnings Per Share Basic Eps	$8 2.7%	$8 8.7%	$8 24.4%	$6 -1.5%	$6
Earnings Per Share Diluted Eps	$8 3.1%	$8 8.6%	$8 24.7%	$6 -1.5%	$6
Earnings Per Share Weighted Average Shares Basic	$491.0M -0.2%	$492.0M -0.4%	$494.0M -1.0%	$499.0M -1.6%	$507.0M
Earnings Per Share Weighted Average Shares Diluted	$494.0M -0.4%	$496.0M -0.6%	$499.0M -1.2%	$505.0M -1.6%	$513.0M

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 5 years

Operating cash flow $5.3B

Investing cash flow $-845.0M

Financing cash flow $-4.6B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$4.2B 2.5%	$4.1B 8.1%	$3.8B 23.1%	$3.0B -3.0%	$3.1B
Operating Activities Depreciation and Amortization	$361.0M -2.2%	$369.0M -0.3%	$370.0M -2.9%	$381.0M -49.0%	$747.0M
Operating Activities Stock Based Compensation	$394.0M 7.1%	$368.0M 1.4%	$363.0M -1.1%	$367.0M 5.5%	$348.0M
Operating Activities Deferred Income Taxes	$123.0M -21.7%	$157.0M 641.4%	$-29.0M 32.6%	$-43.0M 31.7%	$-63.0M
Operating Activities Changes In Operating Assets and Liabilities	$-335.0M -8.4%	$-309.0M 2.2%	$-316.0M	$0	$0
Operating Activities Other Non Cash Items	$93.0M 69.1%	$55.0M -14.1%	$64.0M -66.8%	$193.0M -46.1%	$358.0M
Operating Activities net Cash From Operating Activities	$5.3B 23.0%	$4.3B 1.0%	$4.3B 22.9%	$3.5B -1.5%	$3.5B
Investing Activities Capital Expenditures	$291.0M -7.9%	$316.0M -24.0%	$416.0M -11.5%	$470.0M 15.8%	$406.0M
Investing Activities Business Acquisitions	$652.0M -92.4%	$8.5B 775.2%	$976.0M 70.6%	$572.0M 166.6%	$-859.0M
Investing Activities Other Investing Activities	$-2.0M -100.0%	$-1.0M 90.9%	$-11.0M -22.2%	$-9.0M -125.0%	$-4.0M
Investing Activities net Cash From Investing Activities	$-845.0M 90.4%	$-8.8B -522.5%	$-1.4B -66.7%	$-850.0M 27.0%	$-1.2B
Financing Activities Repayment of Debt	$519.0M -67.9%	$1.6B 507.9%	$266.0M -27.1%	$365.0M -64.1%	$1.0B
Financing Activities Repurchase of Common Stock	$2.0B 123.6%	$900.0M -21.7%	$1.1B -41.0%	$1.9B 68.2%	$1.2B
Financing Activities Dividends Paid	$1.7B 12.3%	$1.5B 16.6%	$1.3B 14.1%	$1.1B 10.9%	$1.0B
Financing Activities Proceeds From Stock Issuance	$147.0M 7.3%	$137.0M 18.1%	$116.0M 132.0%	$50.0M -51.5%	$103.0M
Financing Activities Tax Withholding On Stock Based Compensation	$148.0M -17.8%	$180.0M 21.6%	$148.0M -25.3%	$198.0M 96.0%	$101.0M
Financing Activities net Cash From Financing Activities	$-4.6B -204.0%	$4.5B 498.1%	$-1.1B -7.0%	$-1.0B 19.4%	$-1.3B
Cash Reconciliation Effect of Exchange Rate On Cash	$673.0M 262.6%	$-414.0M -226.2%	$328.0M 139.0%	$-841.0M -136.9%	$-355.0M
Cash Reconciliation net Change In Cash	$486.0M 201.7%	$-478.0M -123.3%	$2.0B 181.6%	$728.0M 4.0%	$700.0M
Cash Reconciliation Cash At Beginning of Period	$14.2B 3.6%	$13.7B -3.4%	$14.2B 16.9%	$12.1B 6.4%	$11.4B
Cash Reconciliation Cash At End of Period	$14.2B 3.6%	$13.7B -3.4%	$14.2B 16.9%	$12.1B 6.4%	$11.4B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	—	—	—	—	—
Net margin	—	—	—	—	—
FCF margin	—	—	—	—	—
Growth
Revenue CAGR (3y)	—	—	—	—	—
Returns
ROE	+27.2%	+30.0%	+30.4%	+28.4%	+28.0%
ROA	+7.1%	+7.2%	+7.8%	+9.1%	+9.1%
ROIC	+14.8%	+14.1%	+17.8%	+15.6%	+15.9%
Liquidity
Current ratio	1.10x	1.13x	1.10x	1.16x	1.24x
Quick ratio	0.49x	0.49x	0.49x	1.02x	1.10x
Leverage
D/E	1.38x	1.44x	1.60x	0.67x	0.59x
Interest coverage	—	—	9.14x	9.13x	9.71x
Efficiency
Asset turnover	—	—	—	—	—
Cash conversion cycle	—	—	—	—	—

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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Marsh McLennan

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Margins, returns, liquidity, leverage, efficiency

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