Marsh & McLennan Companies revenue and financials
$171.74Change from previous close: +0.77%Absolute change: +$1.31
In the fiscal year ended December 2025, Marsh & McLennan Companies reported revenue of $26.98B (+10.32% year over year). Net income was $4.16B, a net margin of 15.4%.
Fiscal year ending in December. Sources and method on the page Methodology and sources.
At a glance
- Revenue growth
- +10.32%
- 2025 vs 2024
- Net income growth
- +2.46%
- 2025 vs 2024
- Net margin
- 15.4%
- 2024: 16.6%
Financial data
Amounts in millions of USD; per-share values in USD; shares in millions.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 5,292 | 4,302 | 4,258 | 3,465 | 3,516 | 3,382 | 2,361 | 2,428 | 1,893 | 2,007 |
| Depreciation and amortization | 361 | 369 | 370 | 381 | 747 | 741 | 647 | 494 | 481 | 438 |
| Capital expenditure | -291 | -316 | -416 | -470 | -406 | -348 | -421 | -314 | -302 | -253 |
| Investing cash flow | -845 | -8,821 | -1,417 | -850 | -1,164 | — | — | — | — | — |
| Financing cash flow | -4,634 | 4,455 | -1,119 | -1,046 | -1,297 | — | — | — | — | — |
| Dividends paid | -1,699 | -1,513 | -1,298 | -1,138 | -1,026 | -943 | -890 | -807 | -740 | -682 |
| Share repurchases | -2,012 | -900 | -1,150 | -1,950 | -1,159 | 0.0 | -485 | -675 | -900 | -800 |
| Debt issued | 0.0 | 8,170 | 2,315 | 984 | 743 | — | — | — | — | — |
| Debt repaid | -519 | -1,617 | -412 | -365 | -1,016 | — | — | — | — | — |
| Effect of exchange rates | 673 | -414 | 328 | -841 | -355 | — | — | — | — | — |
| Net change in cash | 486 | -478 | 2,050 | 728 | 700 | — | — | — | — | — |
| Free cash flow | 5,001 | 3,986 | 3,842 | 2,995 | 3,110 | — | — | — | — | — |
| Levered free cash flow | 4,731 | 3,892 | 3,675 | 3,356 | 3,544 | — | — | — | — | — |