Marsh & McLennan Companies, Inc. (MRSH) Income Statement
MRSH 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMRSH revenue and net income
Where MRSH's revenue goes
2025Each bar shows an amount and its share of revenue. MRSH kept 15.4% of revenue as net income.
MRSH profit margins
MRSH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +10.3% | +9.2% | +9.4% | +7.7% |
| Gross profit | +9.0% | +9.7% | +10.0% | +7.4% |
| Operating income | +7.0% | +13.3% | +15.2% | +9.9% |
| Net income | +2.5% | +10.9% | +15.6% | +10.0% |
| EPS (diluted) | +10.8% | +12.5% | +14.4% | +12.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MRSH quarterly EPS vs estimates
Marsh McLennan beat the analyst EPS estimate in 8 of the last 8 quarters.
MRSH income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.98B | $24.46B | $22.74B | $20.72B | $19.82B | $17.22B | $16.65B | $14.95B | $14.02B | $13.21B |
| Cost of revenue | $15.58B | $14.00B | $13.10B | $12.07B | $11.43B | $10.13B | $9.73B | $8.61B | $8.09B | $7.69B |
| Gross profit | $11.40B | $10.46B | $9.64B | $8.65B | $8.39B | $7.09B | $6.92B | $6.34B | $5.94B | $5.52B |
| Sales, general & admin | — | — | — | — | — | — | $9.73B | $8.61B | $8.09B | $7.69B |
| Total operating expenses | $5.18B | $4.64B | $4.36B | $4.37B | $4.08B | $4.03B | $4.24B | $3.58B | $3.28B | $3.09B |
| Operating income | $6.22B | $5.82B | $5.28B | $4.28B | $4.31B | $3.07B | $2.68B | $2.76B | $2.65B | $2.43B |
| Interest income | $48.0M | $83.0M | $78.0M | $15.0M | $2.0M | — | — | — | — | — |
| Interest expense | $960.0M | $700.0M | $578.0M | $469.0M | $444.0M | $515.0M | $524.0M | $290.0M | $237.0M | $189.0M |
| Income before taxes | $5.54B | $5.48B | $5.03B | $4.08B | $4.21B | $2.79B | $2.44B | $2.24B | $2.64B | $2.48B |
| Income taxes | $1.30B | $1.36B | $1.22B | $995.0M | $1.03B | $747.0M | $666.0M | $574.0M | $1.13B | $685.0M |
| Net income | $4.16B | $4.06B | $3.76B | $3.05B | $3.14B | $2.02B | $1.74B | $1.65B | $1.49B | $1.77B |
| EBITDA | $7.39B | $6.93B | $6.32B | $5.27B | $5.40B | $4.05B | $3.61B | $3.03B | $3.36B | $3.11B |
| EPS (diluted) | $9.75 | $8.80 | $7.98 | $6.84 | $6.18 | $4.97 | $4.66 | $4.35 | $3.92 | $3.41 |
| Gross margin | 42.3% | 42.8% | 42.4% | 41.7% | 42.4% | 41.2% | 41.5% | 42.4% | 42.3% | 41.8% |
| Operating margin | 23.1% | 23.8% | 23.2% | 20.7% | 21.8% | 17.8% | 16.1% | 18.5% | 18.9% | 18.4% |
| Net margin | 15.4% | 16.6% | 16.5% | 14.7% | 15.9% | 11.7% | 10.5% | 11.0% | 10.6% | 13.4% |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.86B | $7.40B | $7.60B | $6.59B | $6.35B | $6.97B | $7.06B | $6.07B | $5.70B | $6.22B | $6.47B | $5.55B |
| Cost of revenue | $4.08B | $4.14B | $4.13B | $3.94B | $3.89B | $3.90B | $3.85B | $3.63B | $3.44B | $3.45B | $3.47B | $3.27B |
| Gross profit | $2.79B | $3.26B | $3.47B | $2.66B | $2.46B | $3.08B | $3.21B | $2.44B | $2.25B | $2.77B | $3.00B | $2.29B |
| Total operating expenses | $1.57B | $1.36B | $1.71B | $1.44B | $1.29B | $1.25B | $1.21B | $1.29B | $1.15B | $1.12B | $1.08B | $1.18B |
| Operating income | $1.22B | $1.90B | $1.75B | $1.22B | $1.17B | $1.83B | $2.00B | $1.14B | $1.11B | $1.64B | $1.93B | $1.10B |
| Interest income | — | $8.0M | $11.0M | $14.0M | $10.0M | $5.0M | $19.0M | $22.0M | $12.0M | — | — | — |
| Interest expense | $248.0M | $250.0M | $240.0M | $235.0M | $237.0M | $243.0M | $245.0M | $231.0M | $154.0M | $156.0M | $159.0M | $151.0M |
| Income before taxes | $1.03B | $1.70B | $1.58B | $1.06B | $1.01B | $1.65B | $1.83B | $1.01B | $1.03B | $1.56B | $1.87B | $1.05B |
| Income taxes | $221.0M | $411.0M | $395.0M | $222.0M | $253.0M | $415.0M | $415.0M | $208.0M | $283.0M | $425.0M | $447.0M | $283.0M |
| Net income | $808.0M | $1.27B | $1.15B | $821.0M | $747.0M | $1.21B | $1.38B | $788.0M | $747.0M | $1.12B | $1.40B | $756.0M |
| EBITDA | $1.51B | $1.43B | $1.57B | $1.50B | $1.47B | $2.12B | $2.30B | $1.44B | $1.37B | $1.90B | $2.22B | $1.39B |
| EPS (diluted) | $2.03 | $2.96 | $3.29 | $2.12 | $1.85 | $2.72 | $3.06 | $1.87 | $1.63 | $2.41 | $2.89 | $1.68 |
| Gross margin | 40.6% | 44.1% | 45.6% | 40.3% | 38.7% | 44.1% | 45.5% | 40.2% | 39.6% | 44.5% | 46.4% | 41.2% |
| Operating margin | 17.7% | 25.6% | 23.1% | 18.5% | 18.4% | 26.2% | 28.4% | 18.8% | 19.4% | 26.4% | 29.7% | 19.9% |
| Net margin | 11.8% | 17.1% | 15.1% | 12.4% | 11.8% | 17.4% | 19.6% | 13.0% | 13.1% | 18.1% | 21.6% | 13.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MRSH's financial statements (latest annual report filed February 9, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MRSH financial results
In fiscal year 2025 (ended December 31, 2025), Marsh McLennan reported revenue of $27.0 billion, up 10.3% from the year before. It had net income of $4.2 billion (up 2.5%), a net profit margin of 15.4%. Diluted earnings per share came to $9.75. Over five years revenue grew at an average rate of 9.4% a year.
See the MRSH stock overview for the latest quote and news, or the MRSH chart for price history and technical indicators.
MRSH income statement FAQ
What is Marsh McLennan's annual revenue?
Marsh McLennan reported total revenue of $27.0 billion for fiscal year 2025, which ended on December 31, 2025. That was up 10.3% from $24.5 billion the previous year.
Is Marsh McLennan profitable?
Yes. Marsh McLennan reported net income of $4.2 billion in fiscal 2025, a net profit margin of 15.4%; its operating margin was 23.1%.
What is Marsh McLennan's gross margin?
Marsh McLennan's gross margin was 42.3% in fiscal 2025: for every $100 of revenue, Marsh McLennan kept $42 after the direct cost of its products and services.
How fast is Marsh McLennan growing?
Revenue grew 9.4% a year on average over the last five fiscal years, from $17.2 billion to $27.0 billion.
What are Marsh McLennan's earnings per share?
Marsh McLennan earned $9.75 per diluted share in fiscal 2025, compared with $8.80 a year earlier.
When does Marsh McLennan's fiscal year end?
Marsh McLennan's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 9, 2026.