Marsh & McLennan Companies, Inc. (MRSH) Balance Sheet
MRSH balance sheet, 2025
December 31, 2025 · U.S. dollars$58.71B assets = $43.40B liabilities + $15.31B equity
Both columns are drawn to the same scale: what MRSH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MRSH financial health
Descriptive bands, not a rating. Fiscal 2025.
MRSH balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $18.19B2016 | $58.71B2025 | +13.9%/yr | |
| Total liabilities | $11.92B2016 | $43.40B2025 | +15.4%/yr | |
| Shareholders’ equity | $6.19B2016 | $15.10B2025 | +10.4%/yr | |
| Cash & short-term investments | $1.03B2016 | $2.69B2025 | +11.3%/yr | |
| Total debt | $4.81B2016 | $21.45B2025 | +18.1%/yr | |
| Net cash (debt) | −$3.78B2016 | −$18.76B2025 | −$15.0B | |
| Working capital | $802.0M2016 | $2.14B2025 | +$1.3B | |
| Book value per share | $11.822016 | $30.822025 | +11.2%/yr | |
| Debt / equity | 0.782016 | 1.422025 | +0.64 | |
| Shares outstanding | 524.0M2016 | 490.0M2025 | −0.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MRSH assets
MRSH liabilities and equity
MRSH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MRSH balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $2.69B | $2.40B | $3.36B | $1.44B | $1.75B | $2.09B | $1.16B | $1.07B | $1.21B | $1.03B |
| Cash & equivalents | $2.69B | $2.40B | $3.36B | $1.44B | $1.75B | $2.09B | $1.16B | $1.07B | $1.21B | $1.03B |
| Receivables | $7.67B | $7.16B | $6.42B | $5.85B | $5.59B | $5.33B | $5.24B | $4.32B | $4.13B | $3.64B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $12.84B | $12.56B | $11.97B | $11.66B | $926.0M | $701.0M | $677.0M | $551.0M | $224.0M | $215.0M |
| Total current assets | $23.20B | $22.12B | $21.75B | $18.96B | $8.26B | $8.12B | $7.07B | $5.93B | $5.56B | $4.88B |
| Property, plant & equipment (net) | $2.29B | $2.36B | $2.42B | $2.43B | $2.71B | $2.75B | $2.78B | $701.0M | $712.0M | $725.0M |
| Goodwill & intangible assets | $29.55B | $28.13B | $19.86B | $19.28B | $19.13B | $18.22B | $17.45B | $11.04B | $10.36B | $9.49B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $3.67B | $3.88B | $4.00B | $3.44B | $4.28B | $3.95B | $4.03B | $3.91B | $3.79B | $3.09B |
| Total assets | $58.71B | $56.48B | $48.03B | $44.11B | $34.39B | $33.03B | $31.32B | $21.58B | $20.43B | $18.19B |
| Liabilities | ||||||||||
| Accounts payable | $3.65B | $3.40B | $3.40B | $3.28B | $3.17B | $3.05B | $2.75B | $2.23B | $2.08B | $1.97B |
| Short-term debt | $1.60B | $844.0M | $1.93B | $578.0M | $349.0M | $859.0M | $1.56B | $314.0M | $262.0M | $312.0M |
| Total current liabilities | $21.06B | $19.52B | $19.80B | $17.83B | $6.65B | $6.56B | $6.68B | $4.92B | $4.26B | $4.08B |
| Long-term debt | $18.32B | $19.43B | $11.84B | $11.23B | $10.93B | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $1.86B | $1.92B | $1.97B | $1.98B | $2.21B | — | — | — | — | — |
| Other long-term liabilities | $4.01B | $4.00B | $4.02B | $4.31B | $5.58B | $17.23B | $16.73B | $9.07B | $8.72B | $7.84B |
| Total liabilities | $43.40B | $42.95B | $35.66B | $33.37B | $23.17B | $23.79B | $23.41B | $13.99B | $12.99B | $11.92B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $561.0M | $561.0M | $561.0M | $561.0M | $561.0M | $561.0M | $561.0M | $561.0M | $561.0M | $561.0M |
| Retained earnings (deficit) | $27.77B | $25.31B | $22.76B | $20.30B | $18.39B | $16.27B | $15.20B | $14.35B | $13.14B | $12.39B |
| Accumulated other comprehensive income | −$5.43B | −$6.24B | −$5.29B | −$5.31B | −$4.58B | −$5.11B | −$5.05B | −$4.65B | −$4.04B | −$5.09B |
| Minority interest | $215.0M | $193.0M | $179.0M | $229.0M | — | — | — | — | — | — |
| Total shareholders' equity | $15.10B | $13.34B | $12.19B | $10.52B | $11.01B | $9.10B | $7.79B | $7.51B | $7.36B | $6.19B |
| Key figures | ||||||||||
| Total debt | $21.45B | $21.86B | $15.44B | $13.47B | $13.16B | $13.58B | $14.22B | $5.82B | $5.49B | $4.81B |
| Net cash (debt) | −$18.76B | −$19.46B | −$12.08B | −$12.03B | −$11.41B | −$11.49B | −$13.07B | −$4.76B | −$4.28B | −$3.78B |
| Working capital | $2.14B | $2.60B | $1.95B | $1.13B | $1.61B | $1.56B | $389.0M | $1.01B | $1.30B | $802.0M |
| Tangible book value | −$14.45B | −$14.78B | −$7.67B | −$8.76B | −$8.12B | −$9.11B | −$9.65B | −$3.52B | −$3.00B | −$3.30B |
| Book value per share | $30.82 | $26.90 | $24.43 | $20.83 | $21.46 | $17.78 | $15.25 | $14.70 | $14.18 | $11.82 |
| Shares outstanding | 490.0M | 496.0M | 499.0M | 505.0M | 513.0M | 512.0M | 511.0M | 511.0M | 519.0M | 524.0M |
| Current ratio | 1.10 | 1.13 | 1.10 | 1.06 | 1.24 | 1.24 | 1.06 | 1.21 | 1.31 | 1.20 |
| Quick ratio | 0.49 | 0.49 | 0.49 | 0.41 | 1.10 | 1.13 | 0.96 | 1.09 | 1.25 | 1.14 |
| Debt / equity | 1.42 | 1.64 | 1.27 | 1.28 | 1.20 | 1.49 | 1.83 | 0.78 | 0.75 | 0.78 |
| Equity / assets | 25.7% | 23.6% | 25.4% | 23.8% | 32.0% | 27.6% | 24.9% | 34.8% | 36.0% | 34.0% |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.84B | $1.70B | $1.61B | $2.69B | $2.51B | $1.68B | $1.60B | $2.40B | $1.80B | $1.65B | $1.45B | $3.36B |
| Cash & equivalents | $1.84B | $1.70B | $1.61B | $2.69B | $2.51B | $1.68B | $1.60B | $2.40B | $1.80B | $1.65B | $1.45B | $3.36B |
| Receivables | $8.55B | $8.94B | $8.43B | $7.67B | $7.91B | $8.46B | $7.87B | $7.16B | $7.42B | $7.74B | $7.22B | $6.42B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $13.72B | $13.69B | $13.20B | $12.84B | $13.28B | $13.20B | $12.98B | $12.56B | $13.07B | $12.63B | $12.63B | $11.97B |
| Total current assets | $24.11B | $24.33B | $23.24B | $23.20B | $23.70B | $23.33B | $22.46B | $22.12B | $22.29B | $22.02B | $21.30B | $21.75B |
| Property, plant & equipment (net) | $2.23B | $2.23B | $2.27B | $2.29B | $2.26B | $2.31B | $2.32B | $2.36B | $2.37B | $2.35B | $2.37B | $2.42B |
| Goodwill & intangible assets | $29.12B | $28.86B | $28.88B | $29.55B | $28.62B | $28.69B | $28.27B | $28.13B | $20.95B | $20.15B | $19.95B | $19.86B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $4.35B | $4.26B | $4.16B | $3.67B | $4.21B | $4.22B | $3.96B | $3.88B | $4.25B | $4.07B | $3.96B | $4.00B |
| Total assets | $59.81B | $59.68B | $58.55B | $58.71B | $58.78B | $58.55B | $57.02B | $56.48B | $49.86B | $48.59B | $47.57B | $48.03B |
| Liabilities | ||||||||||||
| Accounts payable | $3.58B | $4.05B | $4.18B | $3.65B | $3.35B | $3.43B | $3.45B | $3.40B | $3.10B | $3.21B | $3.38B | $3.40B |
| Short-term debt | $1.97B | $2.00B | $2.03B | $1.60B | $1.59B | $1.10B | $1.99B | $844.0M | $831.0M | $1.57B | $1.48B | $1.93B |
| Total current liabilities | $22.11B | $21.36B | $2.03B | $21.06B | $21.10B | $19.40B | $19.77B | $19.52B | $19.60B | $18.86B | $18.66B | $19.80B |
| Long-term debt | $0 | $18.89B | $18.90B | $18.32B | $18.32B | $18.96B | $18.86B | $19.43B | $12.33B | $0 | $0 | $0 |
| Lease obligations | — | $1.82B | $1.85B | $1.86B | $1.85B | $1.88B | $1.89B | $1.92B | $1.93B | — | — | — |
| Other long-term liabilities | $22.79B | $4.00B | $22.82B | $4.01B | $4.01B | $4.22B | $4.11B | $4.00B | $4.05B | $16.16B | $16.29B | $15.87B |
| Total liabilities | $44.90B | $44.25B | $43.75B | $43.40B | $43.42B | $42.58B | $42.75B | $42.95B | $35.98B | $35.03B | $34.95B | $35.66B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $561.0M | $561.0M | $561.0M | $561.0M | $561.0M | $561.0M | $561.0M | $561.0M | $561.0M | $561.0M | $561.0M | $561.0M |
| Retained earnings (deficit) | $29.16B | $29.30B | $28.04B | $27.77B | $26.95B | $27.09B | $25.88B | $25.31B | $24.52B | $24.58B | $23.46B | $22.76B |
| Accumulated other comprehensive income | −$5.51B | −$5.58B | −$5.56B | −$5.43B | −$5.44B | −$5.24B | −$5.90B | −$6.24B | −$4.99B | −$5.53B | −$5.51B | −$5.29B |
| Minority interest | — | $250.0M | $237.0M | $215.0M | $206.0M | $209.0M | — | — | — | — | — | — |
| Total shareholders' equity | $14.68B | $15.18B | $14.57B | $15.10B | $15.15B | $15.77B | $14.06B | $13.34B | $13.69B | $13.37B | $12.42B | $12.19B |
| Key figures | ||||||||||||
| Total debt | $22.33B | $22.38B | $22.45B | $21.45B | $21.43B | $21.61B | $22.42B | $21.86B | $14.78B | $15.44B | $15.38B | $15.44B |
| Net cash (debt) | −$20.49B | −$20.68B | −$20.84B | −$18.76B | −$18.91B | −$19.93B | −$20.82B | −$19.46B | −$12.98B | −$13.78B | −$13.93B | −$12.08B |
| Working capital | $2.00B | $2.97B | $21.21B | $2.14B | $2.60B | $3.93B | $2.69B | $2.60B | $2.68B | $3.16B | $2.64B | $1.95B |
| Tangible book value | −$14.44B | −$13.67B | −$14.31B | −$14.45B | −$13.47B | −$12.92B | −$14.21B | −$14.78B | −$7.27B | −$6.79B | −$7.52B | −$7.67B |
| Book value per share | $30.64 | $31.37 | $29.98 | $30.82 | $30.67 | $31.85 | $28.41 | $26.90 | $27.60 | $26.95 | $24.99 | $24.48 |
| Shares outstanding | 479.0M | 484.0M | 486.0M | 490.0M | 494.0M | 495.0M | 495.0M | 496.0M | 496.0M | 496.0M | 497.0M | 498.0M |
| Current ratio | 1.09 | 1.14 | 11.46 | 1.10 | 1.12 | 1.20 | 1.14 | 1.13 | 1.14 | 1.17 | 1.14 | 1.10 |
| Quick ratio | 0.47 | 0.50 | 4.95 | 0.49 | 0.49 | 0.52 | 0.48 | 0.49 | 0.47 | 0.50 | 0.46 | 0.49 |
| Debt / equity | 1.52 | 1.47 | 1.54 | 1.42 | 1.41 | 1.37 | 1.59 | 1.64 | 1.08 | 1.15 | 1.24 | 1.27 |
| Equity / assets | 24.5% | 25.4% | 24.9% | 25.7% | 25.8% | 26.9% | 24.7% | 23.6% | 27.5% | 27.5% | 26.1% | 25.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 9, 2026); data from EODHD.
MRSH financial position
At the end of fiscal 2025 (December 31, 2025), Marsh McLennan had total assets of $58.7 billion (up 3.9% from a year earlier), total liabilities of $43.4 billion and shareholders' equity of $15.1 billion. It held $2.7 billion in cash and short-term investments against $21.4 billion of debt, net debt of $18.8 billion. Its current ratio was 1.10. In the latest quarter (ended September 30, 2026) total assets were $59.8 billion and equity $14.7 billion.
Related: MRSH income statement, MRSH cash flow statement, MRSH key metrics. See the MRSH stock overview for the latest quote and news.
MRSH balance sheet FAQ
What are Marsh McLennan's total assets?
Marsh McLennan reported total assets of $58.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $56.5 billion a year earlier.
How much debt does Marsh McLennan have?
Marsh McLennan had $21.4 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.42.
How much cash does Marsh McLennan have?
Marsh McLennan held $2.7 billion in cash and short-term investments at the end of fiscal 2025; with $21.4 billion of debt that is net debt of $18.8 billion.
What is Marsh McLennan's book value?
Marsh McLennan's shareholders' equity (book value) was $15.1 billion at the end of fiscal 2025, or $30.82 per share.
What is Marsh McLennan's current ratio?
Marsh McLennan had current assets of $23.2 billion and current liabilities of $21.1 billion, a current ratio of 1.10 (it can cover its short-term obligations).
How much goodwill does Marsh McLennan have?
Marsh McLennan carried $29.5 billion of goodwill and intangible assets, 50.3% of total assets, at the end of fiscal 2025.