Marsh & McLennan Companies, Inc. (MMC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.78	$1.85	+3.9%	—	—	—
Q1 26	$2.66	$2.72	+2.3%	—	—	—
Q4 25	$3	$3.06	+2.0%	—	—	—
Q3 25	$1.72	$1.59	-7.6%	—	—	—
Q2 25	$1.61	$1.51	-6.2%	—	—	—
Q1 25	$2.38	$2.27	-4.6%	—	—	—
Q4 24	$2.8	$2.89	+3.2%	—	—	—
Q3 24	$1.63	$1.68	+3.1%	—	—	—
Q2 24	$1.39	$1.57	+12.9%	—	—	—
Q1 24	$2.12	$2.2	+3.8%	—	—	—
Q4 23	$2.47	$2.53	+2.4%	—	—	—
Q3 23	$1.41	$1.47	+4.3%	—	—	—
Q2 23	$1.14	$1.18	+3.5%	—	—	—
Q1 23	$1.86	$1.89	+1.6%	—	—	—
Q4 22	$2.14	$2.3	+7.5%	—	—	—
Q3 22	$1.35	$1.36	+0.7%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$8.48	—	—	$27B	—
FY24	—	$8.26	—	—	$24.5B	—
FY23	—	$7.6	—	—	$22.7B	—
FY22	—	$6.11	—	—	$20.7B	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$13.2B	$14B	$14.9B	$16.7B	$17.2B	$19.8B	$20.7B	$22.7B	$24.5B	$27B
YoY change	+2.47%	+6.15%	+6.6%	+11.4%	+3.44%	+15.1%	+4.54%	+9.73%	+7.57%	+10.3%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	13.2B	14B	14.9B	16.7B	17.2B	19.8B	20.7B	22.7B	24.5B	27B
Cost of revenue	7.7B	8.1B	8.6B	9.7B	10.1B	11.4B	12.1B	13.1B	14B	15.6B
Gross profit	5.5B	5.9B	6.3B	6.9B	7.1B	8.4B	8.6B	9.6B	10.5B	11.4B
Gross margin	41.8%	42.3%	42.4%	41.5%	41.2%	42.4%	41.7%	42.4%	42.8%	42.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	7.7B	8.1B	8.6B	9.7B	—	—	—	—	—	—
Operating expenses	10.8B	11.4B	12.2B	14B	4B	4.1B	4.4B	4.4B	4.6B	5.2B
Operating income	2.4B	2.7B	2.8B	2.7B	3.1B	4.3B	4.3B	5.3B	5.8B	6.2B
Operating margin	18.4%	18.9%	18.5%	16.1%	17.8%	21.8%	20.7%	23.2%	23.8%	23.1%
Non-operating income, net	233M	216M	-238M	247M	235M	338M	256M	244M	280M	228M
Pretax income	2.5B	2.6B	2.2B	2.4B	2.8B	4.2B	4.1B	5B	5.5B	5.5B
Income tax	685M	1.1B	574M	666M	747M	1B	995M	1.2B	1.4B	1.3B
Net income	1.8B	1.5B	1.7B	1.8B	2B	3.2B	3.1B	3.8B	4.1B	4.2B
Net margin	13.6%	10.8%	11.2%	10.6%	11.9%	16%	14.9%	16.7%	16.8%	15.7%
EBITDA	3.1B	3.3B	3.5B	3.6B	4.1B	5.3B	5.2B	6.3B	6.9B	7.4B
EPS	3.41	2.91	3.26	3.44	3.98	6.2	6.11	7.6	8.26	8.48
Diluted EPS	3.38	2.87	3.23	3.41	3.94	6.13	6.04	7.53	8.18	8.43

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Revenue	5.9B	5.9B	5.4B	5.6B	6.5B	6.2B	5.7B	6.1B	7.1B	7B	6.4B	6.6B
Cost of revenue	3.2B	3.3B	3.3B	3.3B	3.5B	3.5B	3.4B	3.6B	3.9B	3.9B	3.9B	3.9B
Gross profit	2.7B	2.5B	2.1B	2.3B	3B	2.8B	2.3B	2.4B	3.2B	3.1B	2.5B	2.7B
Gross margin	45.9%	43.2%	38.9%	41.2%	46.4%	44.5%	39.6%	40.2%	45.5%	44.1%	38.7%	40.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	991M	1.1B	1.1B	1.2B	1.1B	1.1B	1.1B	1.3B	1.2B	1.3B	1.3B	1.4B
Operating income	1.7B	1.5B	996M	1.1B	1.9B	1.6B	1.1B	1.1B	2B	1.8B	1.2B	1.2B
Operating margin	29.1%	24.8%	18.5%	19.9%	29.7%	26.4%	19.4%	18.8%	28.4%	26.2%	18.4%	18.5%
Non-operating income, net	60M	63M	63M	58M	68M	67M	69M	76M	48M	55M	67M	58M
Pretax income	1.7B	1.4B	930M	1B	1.9B	1.6B	1B	1B	1.8B	1.6B	1B	1.1B
Income tax	412M	337M	192M	283M	447M	425M	283M	208M	415M	415M	253M	222M
Net income	1.3B	1B	738M	765M	1.4B	1.1B	752M	801M	1.4B	1.2B	757M	834M
Net margin	21.1%	17.8%	13.7%	13.8%	22%	18.3%	13.2%	13.2%	20%	17.7%	11.9%	12.6%
EBITDA	2B	1.7B	1.3B	1.4B	2.2B	1.9B	1.4B	1.4B	2.3B	2.1B	1.5B	1.5B
EPS	2.5	2.09	1.48	1.53	2.84	2.28	1.52	1.6	2.81	2.46	1.52	1.69
Diluted EPS	2.47	2.07	1.47	1.52	2.82	2.27	1.51	1.59	2.79	2.45	1.51	1.68

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	35.1B	41.8B	40.4B	56.4B	59.2B	88.1B	82.6B	93.6B	104.5B	91.1B	83.1B
Enterprise value	38.9B	46B	45.1B	69.4B	70.7B	99.5B	94.6B	105.7B	124B	109.9B	108.6B
Shares outstanding	519M	513M	506M	506M	506M	507M	499M	494M	492M	491M	491M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	19.5	27.6	24.2	31.8	28.9	27.8	26.7	24.6	25.4	21.5	21.9
P/S	2.66	2.98	2.7	3.39	3.44	4.45	3.99	4.12	4.27	3.38	3.4
P/B	5.59	5.61	5.32	7.1	6.39	7.85	7.68	7.57	7.72	5.95	5.91
EV/EBITDA	12.5	13.8	13	19.1	17.4	18.6	18	16.7	17.9	14.9	14.1
EV/Sales	2.94	3.28	3.02	4.17	4.1	5.02	4.57	4.65	5.07	4.07	4.11
Earnings yield	5.12%	3.62%	4.14%	3.15%	3.46%	3.6%	3.74%	4.06%	3.94%	4.65%	4.56%
FCF yield	5%	3.81%	5.24%	3.44%	5.12%	3.53%	3.63%	4.1%	3.81%	5.49%	5.69%
PEG	—	—	—	—	—	—	—	—	—	—	3.9

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	41.8%	42.3%	42.4%	41.5%	41.2%	42.4%	41.7%	42.4%	42.8%	42.3%	40.3%
Operating margin	18.4%	18.9%	18.5%	16.1%	17.8%	21.8%	20.7%	23.2%	23.8%	23.1%	19.2%
Net margin	13.6%	10.8%	11.2%	10.6%	11.9%	16%	14.9%	16.7%	16.8%	15.7%	15.6%
ROE	28.6%	20.3%	22%	22.3%	22.1%	28.3%	28.7%	30.7%	30.4%	27.6%	28.7%
ROA	9.87%	7.4%	7.74%	5.65%	6.19%	9.23%	7%	7.92%	7.29%	7.21%	7.88%
ROIC	17.5%	12.9%	16.6%	9.26%	10.8%	14.4%	14.2%	16.3%	13.2%	14%	14%
Return on tangible assets	-224.4%	-509.1%	-338.1%	-50.2%	-60.5%	-82.1%	47.2%	45.8%	1.8K%	778.3%	778.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.2	1.31	1.21	1.06	1.24	1.24	1.06	1.1	1.13	1.1	1.12
Quick ratio	1.2	1.31	1.21	1.06	1.24	1.24	1.06	1.1	1.13	1.1	1.1
Debt / equity	0.77	0.74	0.77	1.79	1.47	1.17	1.25	1.25	1.62	1.4	1.4
Debt / assets	0.26	0.27	0.27	0.45	0.41	0.38	0.31	0.32	0.39	0.37	0.37
Net debt / EBITDA	1.22	1.28	1.37	3.6	2.82	2.14	2.29	1.91	2.82	2.54	2.54
Interest coverage	14.1	12.2	8.74	5.65	6.42	10.5	9.7	9.7	8.83	6.77	6.77
Effective tax rate	27.6%	42.9%	25.6%	27.3%	26.7%	24.6%	24.4%	24.4%	24.9%	23.6%	23.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	25.5	27.3	29.5	32.9	34	39.1	41.5	46	49.7	55	53.8
EPS (basic)	3.41	2.91	3.26	3.44	3.98	6.2	6.11	7.6	8.26	8.48	8.48
EPS (diluted)	3.38	2.87	3.23	3.41	3.94	6.13	6.04	7.53	8.18	8.43	8.33
Book value per share	12.1	14.5	15	15.7	18.3	22.1	21.5	25	27.5	31.2	30.9
FCF per share	3.38	3.1	4.18	3.83	6	6.13	6	7.78	8.1	10.2	10.2
Cash per share	1.98	2.35	2.11	2.28	4.13	3.46	2.89	6.8	4.87	5.47	5.13
Capex per share	0.01	0.02	0.01	0.02	0.01	—	—	—	—	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.03%	0.06%	0.02%	0.06%	0.03%	—	—	—	—	—	—
Capex / operating cash flow	0.21%	0.42%	0.15%	0.45%	0.2%	—	—	—	—	—	—
Payout ratio	38%	48.9%	48.3%	50.2%	46.1%	32.3%	36.9%	34.1%	36.8%	40.1%	41.1%
Dividend yield	1.94%	1.77%	2%	1.58%	1.59%	1.16%	1.38%	1.39%	1.45%	1.87%	2.13%

Yield

2.13%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.90

ex-dividend Jan 29, 2026

Payout ratio

41%

of earnings

Dividend growth

16 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jan 29, 2026	$0.90
Oct 2, 2025	$0.90
Jul 24, 2025	$0.90

Period	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Revenue	$5.9B	$5.9B	$5.4B	$5.6B	$6.5B	$6.2B	$5.7B	$6.1B	$7.1B	$7B	$6.4B	$6.6B
YoY change	+6.76%	+9.24%	+12.8%	+10.6%	+9.27%	+5.87%	+5.85%	+9.24%	+9.08%	+12.1%	+11.5%	+8.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1B	1.2B	1.1B	1.2B	2.1B	1.8B	1.4B	3.4B	2.4B	2.7B
Receivables	3.4B	3.8B	4B	4.6B	4.7B	5.1B	5.3B	5.8B	6.5B	7B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	4.9B	5.6B	5.9B	7.1B	8.2B	8.3B	19B	21.7B	22.1B	23.2B
Property, plant & equipment	725M	712M	701M	2.8B	2.8B	2.7B	2.4B	882M	859M	829M
Goodwill & intangibles	19B	20.7B	22.1B	34.9B	36.4B	38.3B	37.6B	39.7B	56.3B	58.2B
Total assets	18.2B	20.4B	21.6B	31.4B	33B	34.4B	44.1B	48B	56.5B	58.7B
Accounts payable	2B	2.1B	2.2B	2.7B	3B	3.2B	3.3B	3.4B	3.4B	3.7B
Short-term debt	312M	262M	314M	1.6B	859M	349M	578M	1.9B	844M	1.6B
Total current liabilities	4.1B	4.3B	4.9B	6.7B	6.6B	6.7B	17.8B	19.8B	19.5B	21.1B
Long-term debt	4.5B	5.2B	5.5B	12.7B	12.7B	12.8B	12.9B	13.5B	21B	19.8B
Total liabilities	11.9B	13B	14B	23.4B	23.8B	23.2B	33.4B	35.7B	42.9B	43.4B
Shareholders' equity	6.3B	7.4B	7.6B	7.9B	9.3B	11.2B	10.7B	12.4B	13.5B	15.3B
Total debt	4.8B	5.5B	5.8B	14.2B	13.6B	13.2B	13.5B	15.4B	21.9B	21.4B
Net debt	3.8B	4.3B	4.8B	13.1B	11.5B	11.4B	12B	12.1B	19.5B	18.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Cash & short-term investments	1B	1.2B	2.9B	3.4B	1.5B	1.7B	1.8B	2.4B	1.6B	1.7B	2.5B	2.7B
Receivables	6B	6.4B	5.9B	5.8B	6.5B	7B	6.8B	6.5B	7.2B	7.8B	7.3B	7B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	9.1B	20.8B	22.3B	21.7B	21.3B	22B	22.3B	22.1B	22.5B	23.3B	23.7B	23.2B
Property, plant & equipment	867M	870M	859M	882M	877M	879M	884M	859M	2.3B	2.3B	2.3B	829M
Goodwill & intangibles	37.5B	38.3B	38.3B	39.7B	39.9B	40.3B	41.9B	56.3B	56.5B	57.4B	57.2B	58.2B
Total assets	34.4B	46.6B	48B	48B	47.6B	48.6B	49.9B	56.5B	57B	58.6B	58.8B	58.7B
Accounts payable	3.4B	3.1B	3.1B	3.4B	3.4B	3.2B	3.1B	3.4B	3.5B	3.4B	3.4B	3.7B
Short-term debt	2.4B	2.7B	2.2B	1.9B	1.5B	1.6B	831M	844M	2B	1.1B	1.6B	1.6B
Total current liabilities	7.9B	19.8B	20.6B	19.8B	18.7B	18.9B	19.6B	19.5B	19.8B	19.4B	21.1B	21.1B
Long-term debt	12.6B	11.9B	13.4B	13.5B	13.9B	13.9B	13.9B	21B	20.4B	20.5B	19.8B	19.8B
Total liabilities	23.2B	34.4B	36.4B	35.7B	35B	35B	36B	42.9B	42.7B	42.6B	43.4B	43.4B
Shareholders' equity	11.2B	12.1B	11.6B	12.4B	12.6B	13.6B	13.9B	13.5B	14.3B	16B	15.4B	15.3B
Total debt	15B	14.6B	15.6B	15.4B	15.4B	15.4B	14.8B	21.9B	22.4B	21.6B	21.4B	21.4B
Net debt	14B	13.5B	12.7B	12.1B	13.9B	13.8B	13B	19.5B	20.8B	19.9B	18.9B	18.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.8B	1.5B	1.7B	1.8B	2B	3.2B	3.1B	3.8B	4.1B	4.2B
Depreciation & amortization	438M	481M	494M	647M	741M	747M	719M	713M	746M	910M
Stock-based compensation	109M	149M	193M	252M	290M	348M	367M	363M	368M	394M
Change in working capital	-450M	-620M	-348M	-892M	-413M	-1.1B	-1.2B	-1.1B	-1.2B	-760M
Operating cash flow	1.9B	1.9B	2B	2.2B	3B	3.5B	3.4B	4.1B	4.3B	5.1B
Capital expenditure	4M	8M	3M	10M	6M	—	—	—	—	—
Investing cash flow	-805M	-641M	-779M	-4.1B	-546M	-758M	-380M	-1B	-8.5B	-554M
Dividends paid	-682M	-740M	-807M	-890M	-943M	-1B	-1.1B	-1.3B	-1.5B	-1.7B
Share repurchases	-839M	-949M	-742M	-574M	-132M	-1.2B	-1.9B	-1.1B	-900M	-2B
Financing cash flow	-1.1B	-1B	-1.3B	4.6B	75M	-1.3B	-1B	-1.3B	4.5B	-4.6B
Net change in cash	55M	244M	-123M	2.7B	2.6B	1.4B	2B	1.8B	217M	-78M
Free cash flow	1.8B	1.6B	2.1B	1.9B	3B	3.1B	3B	3.8B	4B	5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Net income	1.3B	1B	738M	765M	1.4B	1.1B	752M	801M	1.4B	1.2B	757M	834M
Depreciation & amortization	169M	178M	180M	186M	189M	176M	180M	201M	227M	231M	224M	228M
Stock-based compensation	99M	92M	82M	90M	103M	90M	90M	85M	112M	98M	95M	89M
Change in working capital	-769M	-436M	93M	9M	-757M	-740M	162M	168M	-549M	-495M	218M	66M
Operating cash flow	832M	920M	1.2B	1.1B	1B	664M	1.3B	1.3B	1.3B	1.2B	1.4B	1.3B
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-284M	-32M	-331M	-354M	-281M	-336M	-320M	-7.6B	81M	-59M	-155M	-418M
Dividends paid	-296M	-295M	-353M	-354M	-354M	-352M	-404M	-403M	-405M	-405M	-445M	-444M
Share repurchases	-300M	-441M	-304M	-105M	-300M	-473M	-304M	177M	-300M	-442M	-408M	-862M
Financing cash flow	773M	-546M	842M	-2.3B	135M	-519M	-1.4B	6.3B	-138M	-1.7B	-603M	-2B
Net change in cash	1.3B	342M	1.7B	-1.6B	872M	-191M	-492M	27M	1.2B	-601M	617M	-1.2B
Free cash flow	-903M	1.4B	1.7B	1.7B	-868M	1.1B	1.8B	1.9B	-677M	1.6B	2B	2.1B

Date	Ratio
Jul 1, 2002	2:1
Jun 29, 1998	3:2
Jun 30, 1997	2:1
May 15, 1986	2:1

Marsh & McLennan Companies, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history