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 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 1,523 | -688 | 2,161 | 2,082 | 1,671 | -622 | 1,956 | 1,912 | 1,215 | -781 | 1,783 | 1,810 |
| Depreciation and amortization | 227 | 227 | 228 | 224 | 231 | 227 | 201 | 180 | 176 | 189 | 186 | 180 |
| Capital expenditure | -72.0 | -62.0 | -105 | -72.0 | -59.0 | -55.0 | -76.0 | -73.0 | -80.0 | -87.0 | -120 | -111 |
| Investing cash flow | -161 | -104 | -523 | -227 | -121 | 26.0 | -7,645 | -393 | -415 | -368 | -474 | -442 |
| Financing cash flow | -800 | 114 | -2,048 | -753 | -1,695 | -138 | 6,275 | -1,436 | -519 | 135 | -2,334 | 988 |
| Dividends paid | -438 | -440 | -430 | -445 | -405 | -405 | -389 | -404 | -352 | -354 | -341 | -353 |
| Share repurchases | -762 | -873 | -1,010 | -408 | -305 | -437 | -3.0 | -304 | -304 | -469 | -253 | -304 |
| Debt issued | -25.0 | 1,644 | 0.0 | -150 | -898 | 1,048 | 7,182 | -749 | 698 | 1,039 | -1.0 | 1,219 |
| Debt repaid | -5.0 | -605 | -5.0 | -4.0 | -5.0 | -505 | -4.0 | -4.0 | -605 | -1,004 | -254 | -150 |
| Effect of exchange rates | -14.0 | -127 | 58.0 | -138 | 510 | 243 | -633 | 488 | -41.0 | -228 | 448 | -362 |
| Net change in cash | 548 | -805 | -352 | 964 | 365 | -491 | -47.0 | 571 | 240 | -1,242 | -577 | 1,994 |
| Free cash flow | 1,451 | -750 | 2,056 | 2,010 | 1,612 | -677 | 1,880 | 1,839 | 1,135 | -868 | 1,663 | 1,699 |
| Levered free cash flow | 790 | -385 | 1,746 | 2,539 | 1,006 | -620 | 1,738 | 2,197 | 746 | -788 | 1,434 | 2,283 |